Slide 1: IperionX Company Presentation
IperionX Company Presentation December 2025 IperionX Limited NASDAQ and ASX: IPX
Slide 2: Disclaimers
Disclaimers Forward Looking Statements Information included in this release constitutes forward-looking statements. Often, but not always, forward looking statements can generally be identified by the use of forward looking words such as “may”, “will”, “expect”, “intend”, “plan”, “estimate”, “antici
Slide 3: We are reshoring a low cost, sustainable, U.S. titanium supply chain
We are reshoring a low cost, sustainable, U.S. titanium supply chain 1 Titanium supply chain is currently high cost, environmentally unsustainable and dominated by China and Russia 2 IperionX offers an end-to-end, cheaper and cleaner solution via innovative technologies 3 Large scale existing produc
Slide 4: Titanium has superior material properties prized across advanced industries
Titanium has superior material properties that are prized across advanced industries Lockheed Martin F-35 Lightning II ~20% titanium by weight High strength-to-weight ratio Titanium alloys can have a far higher strength-to-weight ratio than aluminum and magnesium alloys 45% lighter than steel Titani
Slide 5: China and Russia control ~70% of the global titanium supply chain
China and Russia control ~70% of the global titanium supply chain PRIMARY TITANIUM (TITANIUM SPONGE) PRODUCTION CAPACITY Metric tons per annum 10,000 5,000 Source: U.S. Geological Survey. Locations shown are approximate. Primary global titanium supply chain. 5
Slide 6: Current production of titanium is complex, high cost and unsustainable
Current production of titanium is complex, high cost and unsustainable High temperature (1,300oC), highly corrosive chlorination, reduction and distillation process to form titanium metal sponge High temperature (1,850oC) multi-vacuum melting processes to form 6-11t ingots 5-15% typical yield from i
Slide 7: IperionX has a simple, low waste, vertically integrated solution
IperionX has a simple, low waste, vertically integrated solution Current Industry Up to 10 forging / rolling steps Reduction & Vacuum Arc Feedstock Chlorination Forging Rolling Machining Products Distillation Remelting Titanium Minerals Titanium Sponge Titanium Ingot Titanium Mill Products Titanium
Slide 8: A Step Change in the Titanium Supply Chain
A Step Change in the Titanium Supply Chain Current Industry Kroll TiO2 Reduction Process (Cl2 gas, 1,300oC) HAMR VAR (<700oC) Titanium Refining (1,850oC) Traditional Hot Working HSPT Titanium Forging (Open or close die forging + Rolling or Extrusion) (Sintering process) Semi-finished Products Mill P
Slide 9: Allowing the production of a wide range of low-cost products
Allowing the production of a wide range of low-cost products through a variety of manufacturing modalities 9
Slide 10: We produce titanium components at our Virginia Titanium Manufacturing Campus
We produce titanium components at our Virginia Titanium Manufacturing Campus TPF / 1080 Building Titanium Production Facility “TPF / 1080 Building” ”Refining” of titanium scrap into high-quality titanium metal powders AMC / 1092 Building Advanced Manufacturing Center “AMC / 1092 Building” “Forging”
Slide 11: Titanium Production Facility - production ramp up in progress
Titanium Production Facility - production ramp up in progress, operating capacity increased Large scale increase in titanium production capacity Initially scaled from ~2 tpa to 125+ tpa of titanium powder Scalability validated by higher titanium production capacity Nameplate titanium powder capacity
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Slide 13: Advanced Manufacturing Center - making titanium products today
Advanced Manufacturing Center - making titanium products today Advanced manufacturing of high-strength titanium products Semi-finished titanium products, near-net shape titanium components and high-value titanium products using advanced manufacturing Manufacturing high-performance titanium product r
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Slide 15: Our high-performance titanium products have secured interest of leading potential customers
Our high-performance titanium products have secured the interest of leading potential customers Industrial Fasteners Industrial Gears Consumer and Luxury Goods Automotive Components Defense Applications 1. Richemont: See ASX announcements dated August 20, 2022 and November 17, 2022 for details; Ford
Slide 16: U.S. DoD backed expansion by mid-2027
U.S. DoD backed expansion by mid- >10,000 2027, to become the largest volume & 75 lowest cost U.S. producer 55 Accelerated expansion to 1,400 tpa 7x expansion in titanium production capacity, positioning IperionX to be the largest volume American titanium powder producer Lowest cost U.S. producer Ta
Slide 17: Titan Project underpins a low-cost, end-to-end U.S. titanium supply chain
Titan Project underpins a low-cost, end-to-end U.S. titanium supply chain solution The fully permitted Titan Project in Tennessee is one of the largest titanium mineral resources in North America Titan Project combined with our titanium technologies to deliver an end-to-end solution for the U.S. tit
Slide 18: The U.S. titanium supply chain is fragmented, high risk, and vulnerable
The U.S. titanium supply chain is fragmented, high risk, and vulnerable to supply shocks $140 Exported Semi-Finished Wrought Titanium Products ~$111/kg pricing on ~$1.3bn Exported Titanium Bars & Rods Imported Titanium Scrap of U.S. exported semi-finished titanium products in $120 2024 $100 ~$61/kg
Slide 19: Meet the Senior Leadership Team
Meet the Senior Leadership Team Anastasios “Taso” Arima Todd Hannigan Co-founder, MD and CEO Executive Chairman Successful founder of multiple billion-dollar companies, including most 25+ years of global experience in natural resources as company founder, recently Piedmont Lithium (Nasdaq: PLL) CEO,
Slide 20: High value catalysts are imminent
High value catalysts are imminent Secure strategic partners for our titanium metal products Corporate Overview (NASDAQ / ASX Ticker Symbol: IPX) $70.00 Test powders and/or prototype parts with prospective customers $60.00 Secured prospective customer and government validation $50.00 Secure a
Slide 21: Supporting Information
Supporting Information 21
Slide 22: Titan Project is a very large potential source of U.S. titanium minerals
Titan Project is a very large potential source of U.S. titanium minerals Titanium, zircon, and rare earth critical minerals Geological target is the McNairy Sand, a massive mineral formation that extends across West Tennessee Existing mineral resource estimate covers only a small portion of th
Slide 23: IperionX's Green Rutile technology could add significant value to the Titan Project
TM IperionX’s Green Rutile technology could add significant value to the Titan Project IperionX’s patented low-carbon “Green RutileTM” mineral enrichment technology can upgrade lower-grade ilmenite titanium minerals into a high-grade, higher-value titanium ‘synthetic rutile’ product Green RutileTM h
Slide 24: Titan Project Technical Studies
Titan Project Technical Studies IperionX has now completed key long lead assessments for the Titan Project DFS and / or Feasibility Study, including metallurgical test work and permits Titan Project technical studies (DFS and / or Feasibility Study) are now being advanced following US$5 million in f
Slide 25: Total addressable market is the global lightweight structural metals market
In the long term, the total addressable market is the global lightweight structural metals market ~$200bn* ~$165bn* ~$4bn* Titanium Market1 Aluminum Market2 Stainless Steel Market3 * Estimated Global Market Summary in USD. TAM market sizes are built up using 2022 material pricing 1. Sources: Roskill
Slide 26: Titanium production is complex, high cost and unsustainable
Titanium Mineral $1.50 - $2.50/kg Titanium production is complex, high cost Kroll and unsustainable Process Kroll Process Titanium Titanium High temperature (1,300Co) batch process that requires high-quality titanium mineral feedstocks $10 - $15/kg $3 - $15/kg Sponge Scrap Uses chlorine gas and
Slide 27: Our titanium technologies can deliver low-cost, high-strength and sustainable production
Our titanium technologies can deliver low-cost, high-strength and sustainable titanium production HAMR “refining” technology Titanium $3 - $15/kg Hydrogen Assisted Metallothermic Reduction (HAMR) process is based on a scientific Scrap breakthrough by Dr Zak Fang, Professor of Metallurgical Enginee
Slide 28: HAMR: The breakthrough science of a revolutionary technology
HAMR: The breakthrough science of a revolutionary technology Most common metals can be reduced to metal from oxides by carbon Hydrogen’s effect on the Ti-O bonds (or hydrogen) - this is not the case for Titanium Dioxide (TiO2) because Ti-O bonds at various weight percent (solid lines) vs. Ti-O-H b
Slide 29: HSPT: 'Forged' titanium, without the high-cost forging process
HSPT: ‘Forged’ titanium, without the high-cost forging process Our patented HSPT technology unlocks a superior powder metallurgy pathway to manufacture HSPT as-sintered microstructure ‘forged quality’ near-net shape titanium parts and components HSPT delivers mechanical performance properties wi
Slide 30: HAMR enables a fully circular titanium economy
HAMR enables a fully circular titanium economy IperionX Kroll Other Titanium Circular Economy Attribute Technology Process Processes Can recycle 100% titanium scrap Yes No Some Can upcycle high oxygen content titanium Yes No No scrap Can divert high-oxygen titanium scrap from Yes No No landfill Abil
Slide 31: EarthShift Global providing Life Cycle Analysis
EarthShift Global Zero Scope 1: No carbon dioxide or other GHG No Direct emissions produced in IperionX process, providing Life Cycle Carbon Use and no natural gas or direct carbon used Analysis – Zero Scope 1 and 2 Emissions Identified Zero Scope 2: 100% Renewable electricity utilized for Lifecycle
Slide 32: Estimated cradle-to-gate CO2e Emissions
Life Cycle Assessment progress Estimated Cradle-to-Gate Life Cycle Carbon Emissions of 1 kg of IperionX Recycled Spherical Ti Powder Compared to Conventional Spherical Ti, Al, and SS Metal Powders Single Product LCA – Q2-2023 Based on Strength-to-Weight Equivalency For IPX 100% recycled spherical
Slide 33: Completed UL 2809-2 – Recycled Content Environ. Claim Validation
Completed UL 2809-2 – Recycled Content Environ. Claim Validation UL validation of 100% recycled titanium powder completed in June 2023; re-validated in May 2024 First known metal powder to receive this UL validation 33