Highlights

• IperionX posted a larger FY26 loss as investment in titanium expansion increased.
• Virginia operations shifted to continuous production during the financial year.
• US Government funding continues to support the company’s planned capacity growth.

IperionX Limited (ASX: IPX) was in focus on 29 September 2026 after publishing its 2026 Annual Report, which showed continued progress across its US titanium platform alongside a deeper annual loss. The stock is trading at AU$2.630, down 2.2%, as investors assess the company’s rising development expenditure against its plans to increase manufacturing capacity and build a larger domestic titanium supply chain.

Higher Development Costs Weigh on FY26 Result

IperionX recorded a net loss after tax of US$66.8 million in FY26, compared with US$35.3 million in the previous year. The wider loss reflected increased spending across technology development, operating scale-up and corporate infrastructure.

Research and development expenses reached US$25.2 million, while corporate and administrative costs increased to US$25.9 million. Exploration and evaluation expenditure stood at US$5.4 million, and share-based payment expenses totalled US$9.2 million. The company remained in the scale-up stage during FY26 and did not report operating revenue for the period.

Cash Position Remains Important as Expansion Continues

At 30 June 2026, cash and cash equivalents stood at US$35.2 million, compared with US$54.8 million a year earlier. Total assets were US$105.8 million, while total liabilities reached US$17.5 million, leaving net assets of US$88.3 million.

Operating and investing activities produced combined net cash outflows of US$63.5 million. After year-end, IperionX raised about US$50 million in gross proceeds through a US public offering completed on 7 July 2026.

Virginia Titanium Operations Move Into Higher Gear

The Virginia Titanium Manufacturing Campus moved to a 24/7 production schedule during FY26. IperionX is targeting an annualised titanium powder production rate of around 200 tonnes by the end of calendar 2026.

The company’s next expansion stage is designed to increase installed HAMR powder capacity to approximately 1,400 tonnes per annum during 2027. Estimated capital expenditure for this phase is around US$75 million, with targeted production costs of about US$29 per kilogram at full utilisation.

Government Backing Adds Strategic Support

IperionX continues to benefit from US Government funding, including the US$47.1 million IBAS award and US$12.7 million DPA Title III award, both fully obligated.

The Titan Project continues to represent an important part of IperionX’s longer-term development strategy. The project’s definitive feasibility study estimated an after-tax NPV8 of US$813 million, an after-tax IRR of 39.4%, and cumulative after-tax free cash flow of US$1.9 billion across the initial 14-year operating period.

Execution Becomes the Key Market Focus

Attention is now likely to shift toward production stability, customer qualification and the conversion of development programs into commercial revenue. Progress against the 200-tonne target and the planned 1,400-tonne expansion could shape market sentiment toward IPX over the coming period.

Note- All data presented is based on information available at the time of writing.

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