Slide 1: Titan DFS
For personal use only Titan DFS Building a U.S. Supply Chain for Heavy Rare Earths, Titanium, Zirconium and Hafnium A U.S. critical mineral-to-metals platform for defense, aerospace, nuclear, semiconductors, robotics and advanced manufacturing supply chains June 2026 IperionX Limited NASDAQ and ASX:
Slide 2: Disclaimers
Disclaimers Forward Looking Statements Information included in this release constitutes forward - looking statements. Often, but not always, forward looking statements c an generally be identified by the use of forward looking words such as “may”, “will”, “expect”, “intend”, “plan”, “estimate”, “ant
Slide 3: Why Titan Matters
For personal use only Why Titan Matters Strategic Minerals, Strong Economics, Shovel Ready 3
Slide 4: A vertically integrated minerals-to-metals platform in the U.S.
A vertically integrated minerals - to- metals platform in the U.S. Proprietary titanium manufacturing technologies, underpinned with secure Tennessee critical minerals reserves For personal use only TITANIUM METAL OPERATIONS TITAN CRITICAL MINERAL DEVELOPMENT Titanium manufacturing • powder • parts
Slide 5: Titan DFS: strong economics, strategic products and shovel-ready
Titan DFS: strong economics, strategic products and shovel - ready Leading U.S. rare earth and critical minerals project with strong economics and near - term development pathway 37,000 For personal use only AFTER-TAX NPV LIFE OF MINE EBITDA AND FCF DEVELOPMENT CAPEX BOEING 787s2 US$813M US$2.8B US$
Slide 6: Four strategic material streams, one U.S. supply-chain platform
Four strategic material streams , one U.S. supply - chain platform Titan is a rare U.S. critical minerals platform that can solve multiple supply chain chokepoints across defense, nuclear, semiconductors, AI infrastructure, robotics and advanced manufacturing For personal use only CORNERSTONE PROJEC
Slide 7: Titan addresses multiple defense-critical material chokepoints
Titan addresses multiple defense - critical material chokepoints Titan secures four key defense - critical material families, from leading U.S. critical mineral reserve For personal use only 66 65 High temperature magnets Dy Tb Terbium Dysprosium 162.50 158.93 Drones, missiles, actuators, robotics,
Slide 8: Titan is a cornerstone for U.S. critical-mineral supply chain security
Titan is a cornerstone for U.S. critical - mineral supply chain security Shovel ready U.S. critical mineral platform with key permits in place With a suitable funding pathway, potential for a U.S. supply-chain solution in For personal use only Robust economics 2028 1 US$813M NPV8 // 39.4% IRR // US$
Slide 9: America's strategic mineral stronghold: Titan + Big Sandy
America’s strategic mineral stronghold: Titan + Big Sandy Titan is a leading U.S. rare earth and critical mineral reserve with heavy rare earths, zirconium - hafnium and titanium can support defense, nuclear, semiconductors, aerospace and robotics For personal use only CHINA STRATEGIC WEAKNESS U.S.
Slide 10: Titan Products
For personal use only Titan Products Critical Minerals for Key U.S. Supply Chains 10
Slide 11: Titan targets the heavy rare earth bottleneck
Titan targets the heavy rare earth bottleneck Titan’s heavy rare earth concentrate is rich in Dy + Tb + Y — the heavy rare earths essential for high - temperature magnets and thermal - barrier ceramics For personal use only ANNUAL PROJECTED DY + TB AND Y MINED OUTPUT – TITAN vs. MP MATERIALS1 YTTRIU
Slide 12: Zircon + Hafnium: critical supply for semiconductors, nuclear and defense
Zircon + Hafnium: critical supply for semiconductors, nuclear and defense Titan has the potential to be a key U.S. feedstock source for zirconium, hafnium and advanced material supply chains For personal use only TITAN ZIRCONIUM-HAFNIUM PATHWAY Zircon concentrate + TITAN FEEDSTOCK ZIRCON / ZIRCONIA
Slide 13: Surging AI memory growth pulling hafnium into large structural deficit
Surging AI memory growth pulling hafnium into large structural deficit Surging demand for memory, including DRAM and HBM, is moving hafnium towards a semiconductor scaling bottleneck For personal use only Zirconium / Hafnium Demand Pull Titan Project supply ▪ Titan has potential to supply Hafnium an
Slide 14: Titan underpins the scale-up of a U.S. titanium mineral-to-metal supply chain
Titan underpins the scale - up of a U.S. titanium mineral - to- metal supply chain IperionX is re - shoring an end - to- end U.S. titanium supply chain, using patented technologies and Titan minerals feedstock For personal use only PRIMARY TITANIUM PRODUCTION CAPACITY (METRIC TONS PER YEAR)1 Secure,
Slide 15: Robotics needs Titan's titanium and rare earth product streams
Robotics needs Titan’s titanium and rare earth product streams for long - duration hyper - growth Robotics growth could multiply demand for high - strength lightweight structures, precision actuators, high - performance magnets, bearings, spacers and thermal materials For personal use only Case stud
Slide 16: IperionX is scaling a technology-led, vertically-integrated U.S. titanium platform
IperionX is scaling a technology - led, vertically - integrated U.S. titanium platform A vertically integrated U.S. titanium technology platform developed over 15 years For personal use only 5 4 3 2 AN INTEGRATED 1 Titanium TITANIUM PLATFORM Products World-Class Titanium Research Technologies Minera
Slide 17: Appendix
For personal use only Appendix 17
Slide 18: Reserve-backed, conventional and infrastructure advantaged project with key permits in place
Reserve - backed, conventional and infrastructure advantaged project with key permits in place ▪ Open-pit, excavator-and-truck mineral 117.0 Mt Ore Reserve at 3.17% THM For personal use only sands mining No inferred resources included in the production target ▪ No drilling/blasting or hard-rock crus
Slide 19: A low-risk, staged development approach
A low - risk, staged development approach METRIC UNIT PHASE 1 PHASE 2 Titan Project Annual Ore Production and Grade ROM Ore - Proven (Mt) ROM Ore - Probable (Mt) In-situ Grade (THM %) Mine life Years 1-4 5-14 14.0 6.00% For personal use only 12.0 5.00% Annual ore feed Mt pa 3.5 10 THM Grade (%) 10.0
Slide 20: Industry standard flowsheet: wet concentration followed by mineral separation
Industry standard flowsheet: wet concentration followed by mineral separation Wet Concentrator plant site layout Mineral separation plant site layout For personal use only Refer to ASX Announcement dated June 4, 2026 for details. 20
Slide 21: Compelling economics: returns, cash flow and resilience
Compelling economics: returns, cash flow and resilience For personal use only Titan Project Sensitivity Analysis - After Tax NPV Titan Project After Tax Real Cash Flows (US$ Millions) (US$ Millions) Revenue Operating Costs Royalties Capital Costs Net Cash Flow (After Tax) $600 $650 $700 $750 $800 $8
Slide 22: Endnote: peer comparison and material assumptions
Endnote: peer comparison and material assumptions Company / project Status Proved reserves Probable reserves Total reserves Grade IperionX / Titan DFS 93.3 Mt 23.7 Mt 117.0 3.2% THM For personal use only MP Materials / Mountain Pass Producer 1.0 Mt 27.9 Mt 29.0 5.9% TREO Source: IperionX – Titan Pro