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IperionX secures US$18.5M US Army order
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IperionX secures US$18.5M US Army order

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  • IperionX received a US$18.5 million firm-fixed-price Task Order 2 from the U.S. Army under its Small Business Innovation Research Phase III contract.
  • Following the announcement, the IperionX share price was unchanged at $3.05.
  • The task order aims to expand domestic titanium powder-to-part manufacturing capacity for U.S. defence applications.

IperionX (ASX:IPX) has secured a firm-fixed-price task order from the U.S. An army valued at US$18.5 million to expand domestic titanium manufacturing capacity.

The award represents Task Order 2 under an indefinite delivery, indefinite quantity contract capped at US$99 million, following Task Order 1 to bring aggregate orders to approximately US$19.8 million.

The government programme provides funding to bring titanium fastener finishing in-house at the company's Virginia manufacturing facility.

"The SBIR Phase III award aims to advance continuous and industrial-scale HSPT and dehydride capacity and bring titanium fastener finishing fully in-house at our Virginia titanium manufacturing facility," stated IperionX CEO Taso Arima.

Initial funding for the order stands at US$11.5 million, with unexercised options potentially raising the total order value to US$25.4 million.

Following the announcement, the IperionX share price was unchanged at $3.05.

The company states that its primary contract enables qualifying U.S. Government agencies to place project-specific orders with US$79.2 million in remaining contract ceiling.

The underlying programme is designed to increase titanium component-processing capabilities and reduce acquisition lead times for defence platforms.

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