Dual Nasdaq/ASX listed IperionX jumps on US gov't titanium funding boost
IperionX (ASX:IPX) jumped by +2.6% according to Cboe live pricing in late morning trades after flagging the latest US gov’t move to boost its own titanium manufacturing industry with a further US$12.5M in funding (A$19.3M) – not too long after a similar announcement in June that put IperionX up +25%.
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You can probably figure out that the company, by way of a US government funding pledge and focus on manufacturing, works in defence.
IperionX bills itself as a ‘titanium specialist’ and the metal is used heavily in defence applications – a thematic any market watcher worth their salt is well aware of.
The thematic has helped IperionX join the ranks of Aussie defence stocks pumping on the back of global remilitarisation, a cohort of stocks probably best represented by Droneshield, that most popular mascot.
“The US$12.5 million will be applied to purchase orders for long-lead, major capital equipment required for the next stage of capacity scale-up to over 1,000 metric tons per year at the Virginia Titanium Manufacturing Campus,” the company wrote.
“The US$12.5 million in funding follows on from the US$5 million previously obligated to advance the titanium, zircon and rare earth critical mineral-rich ‘Titan Critical Minerals Project’ in Tennessee to shovel-ready status.”
IPX last traded at $6.76/sh.
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