They are already past first revenue - so understand your point, they have already demonstrated that it works
The TDF appears to be just the first step, and the production rate for their TCF is over 4x and the costs fall by nearly half…so at that rate it is ‘commercial’ and the largest 100% recycled titanium plant in the US
Ann: IperionX Receives Key Permits for Titan Project Development, page-6
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