**IperionX (NASDAQ: IPX) Just Hit a Major Milestone – Here's Why It Matters**

**Production is live and scaling fast**

IperionX has officially brought all major manufacturing equipment online at its Virginia Titanium Manufacturing Campus, and the results are already impressive. The company just bumped up titanium powder production capacity by 60% *without spending additional capital* – that's the kind of operational leverage that gets investors' attention. Sales are expected to ramp progressively through 2026, with a positive EBITDA inflection point projected by year-end 2026.

Beyond powder production, the company is now processing consumer electronics scrap and has started producing fastener components for U.S. military, commercial, and industrial markets. These aren't small contracts – they're proof that customers are willing to buy what IperionX is making.

**The real story: A $75M government-backed expansion**

Here's where things get interesting. IperionX is scaling titanium capacity to 1,400 metric tonnes per annum (tpa), with commissioning planned for mid-2027. When operational, this will make them America's largest *and* lowest-cost titanium powder producer.

The kicker? The U.S. Department of War is backing this play. The company received a US$47.1 million Industrial Base Analysis and Sustainment (IBAS) award, with US$42.5 million already obligated. Total project capex is around US$75 million. This isn't venture funding – it's strategic government investment in reshoring a critical supply chain.

Why does Washington care? Titanium is essential for aerospace, defense, and EV manufacturing. Reducing reliance on foreign imports and building domestic capacity is a national security priority.

**Technology is the hidden advantage**

IperionX isn't just throwing money at capacity. The company holds patented HAMR and HSPT technologies that significantly boost manufacturing yields while cutting process steps, energy consumption, and capital intensity. Translation: they can compete on cost in the long run.

The company is now fitting out a new facility in Halifax County, Virginia to deploy next-generation versions of these technologies. The roadmap targets cost competitiveness with stainless steel and aluminum by 2030 – that's a game-changing shift for the titanium market.

**Cash position and private placement**

At the end of Q3 2025, IperionX closed with US$79.2 million in cash. In July, the company raised A$70 million (US$46 million) through a private placement of 14 million shares at A$5.00 per share, bringing pro-forma cash to approximately US$100 million.

That capital is earmarked for accelerating Phase 2 scale-up, ramping Phase 1 operations, expanding HSPT pressing capacity, and funding R&D. Management and directors subscribed for A$2.2 million (US$1.4 million) of the placement – skin in the game matters.

**Bottom line**

IperionX has moved from pilot phase to commercial production with real customer orders. Government backing de-risks the expansion, and the company's proprietary technology provides a structural cost advantage. The 1,400 tpa target for mid-2027 is ambitious but backed by committed capital and proven operations.