Ann: March 2025 Quarterly Report, page-2

IPERIONX – QUARTERLY REPORT MARCH 2025
Some things sound very, very good:Commercial operations – on track and accelerating• Commissioning of the Titanium Manufacturing Campus in Virginia progressed rapidly during the quarter. The system is expected to reach full operating capacity for producing titanium forged products from scrap by mid-2025.• Several additional government grant applications are pending, with significant potential for accelerated review under the new US administration.• Titanium production capacity is expected to be expanded by the end of 2026. Further modular production expansions are planned through 2030. Expansion plans are expected to be released in mid-2025.Stable titanium production from the entire system is expected to begin in mid-2025.Based on current performance and new process improvements, IperionX plans to increase its initial capacity of 125 tons per year. The new titanium powder production capacity is expected to be confirmed by mid-2025. Notably, most of the production ancillary processes have already been scaled beyond nominal capacity, supporting future titanium production growth through modular expansion with HAMR furnaces with lower capital investment.IperionX is currently conducting a private activity bond process with the Industrial Development Authority of Halifax County, Virginia (IDA), which has approved the issuance of tax-exempt bonds in a minimum of $100 million and up to $400 million. IperionX is currently advancing a process for the potential issuance of these tax-exempt private activity bonds, which, subject to further approvals, is expected to be completed by the end of 2025.IperionX continues to apply for several additional U.S. government grants. The new administration may expedite the review process.Below is a selection of U.S. government grant opportunities:


It's now becoming very clear to me that IperionX intends to grow quite rapidly, and the foundations are now being laid for this. Among other things, they're planning (tax-exempt) activity bonds with the Industrial Development Authority worth at least $100 million to $400 million!We'll know more by mid-year—I'm excited!