IPX IPERIONX Ltd
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Executive Summary
IperionX released a Definitive Feasibility Study (DFS) for its 100%-owned Titan Critical Minerals Project in Tennessee, confirming a high-return, multi-product critical minerals development. The DFS reports an after-tax NPV8 of US$813 million, 39.4% IRR, US$1.9 billion after-tax free cash flow, and a 3.6-year payback over a 14-year mine plan producing heavy rare earth concentrate, titanium minerals, and zircon. The study was supported by ~US$5 million in U.S. Government IBAS funding, underscoring the project's strategic relevance to domestic supply chains.
Actionable Insight
The DFS confirms Titan as a shovel-ready, high-return U.S. critical minerals project with strong government backing. Monitor for Final Investment Decision (FID), offtake agreements, and financing milestones — Phase 1 construction is targeted to start January 2027. The multi-product revenue base (HREE, titanium, zircon) provides diversification and strategic relevance to defense and advanced manufacturing supply chains.
Key Facts
- DFS delivers after-tax NPV8 of US$813 million, after-tax IRR of 39.4%, and 3.6-year payback.
- Total life-of-mine EBITDA of US$2.8 billion and after-tax free cash flow of US$1.9 billion.
- Maiden Ore Reserve of 117 million tons at 3.2% THM, with ~80% classified as Proved.
- Phase 2 annual production: 5,287 tpa HREC, 118,658 tpa ilmenite, 24,656 tpa rutile, 65,668 tpa zircon concentrate.
- Total development capital of US$381.3 million (Phase 1: US$228.1M, Phase 2 incremental: US$153.2M).
- DFS funded by U.S. Department of War IBAS program (~US$5 million) as part of a broader US$47.1 million contract.
- Key mine-area permits already in place; Phase 1 construction target January 2027, commissioning June 2028.
- No binding offtake agreements executed as of filing date.
Financial Impact
DFS forecasts US$813M after-tax NPV8, US$1.9B after-tax FCF, and US$2.8B LOM EBITDA over 14 years.
Risk Factors
- Project execution and financing risk — no binding funding commitments secured yet.
- Commodity price sensitivity — DFS economics are most sensitive to product pricing assumptions.
- Permitting and regulatory approvals still required for full mine and plant sites beyond existing permits.
- No binding offtake agreements in place; revenue assumptions based on independent market studies.
Market Snapshot
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001140361-26-023931 |
| Document: ef20075531_6k.htm | 0001140361-26-023931 |
| Document: 0001140361-26-023931-index-headers.html | 0001140361-26-023931 |
| Document: 0001140361-26-023931-index.html | 0001140361-26-023931 |
| Document: 0001140361-26-023931.txt | 0001140361-26-023931 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
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Jun 10, 2026
4d ago
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6-K
| $34.17 awaiting T+1 | awaiting T+1 | — | $36.05 (+5.50%) |
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Jun 4, 2026
10d ago
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6-K
| $40.29 $35.22 | ▼ −12.58% | ▼ −9.99% | $36.05 (−10.52%) |
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Jun 1, 2026
13d ago
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6-K
| $44.57 $44.00 | ▼ −1.28% | ▼ −1.42% | $36.05 (−19.12%) |
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May 21, 2026
24d ago
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Press Release
| $36.15 $37.62 | ▲ +4.07% | ▲ +3.62% | $36.05 (−0.28%) |
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May 21, 2026
24d ago
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6-K
| $36.15 $37.62 | ▲ +4.07% | ▲ +3.62% | $36.05 (−0.28%) |
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Apr 28, 2026
6w ago
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6-K
| $30.72 $29.05 | ▼ −5.44% | ▼ −5.43% | $36.05 (+17.35%) |
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Apr 28, 2026
6w ago
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Insider Cluster
| $30.72 $29.05 | ▼ −5.44% | ▼ −5.43% | $36.05 (+17.35%) |
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Apr 28, 2026
6w ago
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Insider Cluster
| $30.72 $29.05 | ▼ −5.44% | ▼ −5.43% | $36.05 (+17.35%) |
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Apr 27, 2026
6w ago
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Press Release
| $32.65 $30.72 | ▼ −5.91% | ▼ −5.43% | $36.05 (+10.41%) |
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Apr 27, 2026
6w ago
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6-K
| $32.65 $30.72 | ▼ −5.91% | ▼ −5.43% | $36.05 (+10.41%) |
US Market Status
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