IperionX Limited has priced an underwritten public offering of 2,275,000 American Depositary Shares (ADSs) at $21.98 per ADS, aiming to raise aggregate gross proceeds of approximately $50 million. The offering, led by U.S. institutional investors, is expected to close on July 9, 2026, subject to customary closing conditions. Each ADS represents 10 of the company's ordinary shares, with the issuance utilizing the company's placement capacity under Listing Rule 7.1.

Proceeds from the offering will be allocated to continue the commercialization and scale-up of titanium and metal alloy production technologies. Key areas of investment include the expansion of the company’s Titanium Manufacturing Campus in Virginia, associated titanium metal research and development activities, and the continued development of the Camden-Titan Project in Tennessee. Funds will also support general corporate purposes.

Cantor is acting as the sole book-running manager for the offering, while Roth Capital Partners and B. Riley Securities are serving as co-managers. The offering is being conducted under a shelf registration statement on Form F-3 (File No. 333-273519), which was filed with the U.S. Securities and Exchange Commission (SEC) on July 28, 2023, and declared effective on August 9, 2023.

The offering is made available only through a prospectus supplement and accompanying prospectus, which are part of the registration statement. A preliminary prospectus supplement has been filed with the SEC and is available on the SEC’s website and the ASX’s website. A final prospectus supplement will be filed and made available upon completion of the offering.

Offering Details

IperionX focuses on producing high-performance titanium alloys using patented technologies aimed at lowering energy consumption, costs, and carbon emissions. The company has transitioned to a commercial producer of titanium metal products in the United States, leveraging its portfolio of technologies to create sustainable competitive advantages.

IperionX Limited has announced the successful completion of its acquisition of the Camden critical mineral, property, and infrastructure assets in Tennessee, marking a significant expansion of its footprint within the Big Sandy Critical Minerals Province. The Camden site sits directly adjacent to IperionX's existing Titan Critical Minerals Project, and the combined Camden-Titan platform is positioned as a potential upstream feedstock source for titanium, zircon, and heavy rare earth-bearing minerals in the United States.

Ultra-High-Grade Surface Stockpiles: A Rare Starting Advantage

Decades of historical high-purity silica sand operations at Camden inadvertently created a strategic opportunity. Processing circuits optimised for silica production separated heavier mineral fractions — including titanium, zircon, and rare-earth-bearing minerals — into surface stockpiles spanning approximately 70 acres. IperionX has now secured these stockpiles as a potential high-grade starter feedstock for the Camden-Titan development.

Assay results from these pre-processed stockpiles have returned exceptional grades, as summarised below:

These stockpile grades represent an outstanding 5x to 10x uplift compared to the Titan Project's average Mineral Resource grade. Historical drilling has indicated depths of approximately 12 meters of mineral stockpiles prior to intersecting the Lower McNairy formation. Grab samples grading at 19% or greater have an average in-situ monazite and xenotime value of approximately 1,100 ppm, alongside average in-situ grades of rutile and zircon of 2.1% and 1.1% respectively.

Pre-Stripped Lower McNairy: Accelerated Access to High-Grade Mineralization

Historical mining at Camden effectively removed overburden across approximately 180 acres, directly exposing the Lower McNairy high-grade mineralized formation. At the Titan Project, this seam accounts for approximately 70% of the minerals contained within the total mineral resource estimate. Grades of rutile, ilmenite, and zircon in the Lower McNairy are approximately 2x the concentration of the Upper McNairy, while grades of rare earths are approximately 10x the concentration of the Upper McNairy.

This pre-stripping provides the potential for rapid mining development of the Lower McNairy formation without incurring significant costs associated with overburden removal. IperionX intends to initiate a drill campaign at Camden in the coming months to quantify this pre-stripped material, with the intent of delivering a formal mineral resource estimate.

Turnkey Infrastructure and Strategic Value Drivers

The Camden site provides an established industrial footprint that includes active high-voltage power, industrial-scale water, natural gas, and heavy-haul rail infrastructure. The potential to integrate Titan's planned mineral processing into Camden's existing infrastructure footprint offers an opportunity to reduce execution risk and capital requirements currently included in the Titan Definitive Feasibility Study (DFS) capital cost build-up.

The Camden acquisition consolidates four key value drivers for the combined project:

• Scale: Adjacent mineral sands position increases the scale of the combined Camden-Titan project
• Ultra-high-grade stockpiles: Pre-mined, pre-processed critical mineral stockpiles of approximately 70 acres at surface
• Pre-stripped mineralization: Approximately 180 acres of near-zero-overburden access to the rich Lower McNairy seam
• Established, turnkey infrastructure: Ready-to-use industrial assets, utilities, and rail infrastructure

Heavy Rare Earths and U.S. Supply Chain Significance

Mineralization in the McNairy formation has been proven to be rich in monazite and xenotime — heavy rare earth-bearing critical minerals typically rich in dysprosium (Dy), terbium (Tb), and yttrium (Y). These elements are vital for high-performance NdFeB magnets used in defense, aerospace, electric vehicles, drones, robotics, and high-temperature advanced technology applications.

IperionX CEO Taso Arima noted that Camden provides a turnkey platform adjacent to Titan with mineral rights, ultra-high-grade stockpiles, established infrastructure, and the potential to accelerate U.S.-sourced rare earth and critical mineral feedstock supply. He added that Camden does not replace Titan but strengthens it, with the combined platform having the potential to accelerate long-term domestic supply of titanium, zircon, and heavy rare earth feedstocks.

2026 Development Roadmap and Next Steps

IperionX is advancing an accelerated work program targeting an integrated Camden-Titan techno-economic study by the end of 2026. Key milestones include:

• Resource Definition: Sonic drilling of the 70-acre surface stockpiles and 180-acre pre-stripped zones to establish a formal JORC/S-K 1300 compliant Mineral Resource Estimate
• Metallurgy: Detailed assemblage analysis to optimise recoveries of titanium, zircon, monazite, and xenotime
• Commercial Engagement: Fast-tracked commercial qualification with downstream processors, strategic customers, and U.S. Government stakeholders
• Integrated Economic Studies: Delivery of an integrated economic assessment for the development of the Camden-Titan complex

IperionX also intends to engage U.S. government stakeholders, downstream processors, and strategic customers as further technical and economic data becomes available.