What did IperionX (ASX:IPX) announce regarding its Titan Project?

IperionX announced the results of its U.S. government-supported Definitive Feasibility Study (DFS) for its 100%-owned Titan Critical Minerals Project in Tennessee.

Why does the Titan DFS matter for the IperionX (ASX:IPX) investment thesis?

The DFS provides the financial and operational blueprint that moves the Titan Project from an exploration concept to a shovel-ready development asset. It establishes a clear pathway to commercial production and significant cash generation.

What are the key financial metrics from the IperionX (ASX:IPX) Titan study?

The study projects a compelling after-tax net present value ($NPV_8$) of US$813 million and an internal rate of return (IRR) of 39%. The 14-year mine plan is forecast to generate US$1.9 billion in after-tax free cash flow. Once Phase 2 is fully operational, the project is expected to deliver an average annual EBITDA of US$226 million.

How much capital expenditure (capex) does IperionX (ASX:IPX) need for development?

IperionX plans a capital-efficient, staged development pathway totaling US$381.3 million in capex. Phase 1 development requires an upfront capital investment of US$228.1 million. Phase 2 execution will require an incremental US$153.2 million to scale up to full production capacity and higher annual cash flows.

What specific critical minerals will IperionX (ASX:IPX) produce at Titan?

The Titan Project is a multi-mineral platform designed to produce titanium minerals, zircon, and a Heavy Rare Earth Concentrate (HREC). The HREC is highly enriched in strategically vital heavy rare earth elements, specifically dysprosium, terbium, and yttrium.

How does the Titan Project fit into IperionX’s (ASX:IPX) long-term strategy?

Titan serves as the cornerstone upstream asset for IperionX’s integrated U.S. minerals-to-metals strategy. The company aims to supply domestic critical mineral feedstocks from Tennessee to feed its downstream titanium metal technologies and manufacturing platform in Virginia.

Image for illustrative purposes only. Not a real photo.

IperionX Titan study confirms high-return US project

Written by Liezl GambePublished Jun. 4 2026Last Updated Jun. 4 2026

IperionX (ASX:IPX) has announced the results of its US government-supported definitive feasibility study for the Titan Critical Minerals Project, confirming it as a high-return, shovel-ready asset designed to secure domestic supply chains.

Located near Camden, Tennessee, the 100%-owned project boasts an initial 14-year mine plan based entirely on proved and probable ore reserves, with a maiden ore reserve of 117 million tonnes.

The study delivers a compelling investment case, forecasting an after-tax net present value of US$813 million, an internal rate of return of 39%, and US$1.9 billion in after-tax free cash flow.

Development will follow a capital-efficient, staged pathway, requiring US$228.1 million for Phase 1 and an incremental US$153.2 million for Phase 2.

Once fully operational, the project is projected to generate an average annual Phase 2 EBITDA of US$226 million.

As a multi-critical-mineral platform, Titan will produce titanium minerals, zircon, and a heavy rare earth concentrate rich in dysprosium, terbium, and yttrium. These minerals are vital to US defence, aerospace, advanced manufacturing, and semiconductor sectors.

Supported by Industrial Base Analysis and Sustainment funding, the project leverages exceptional regional infrastructure and key existing permits.

IperionX CEO Taso Arima highlighted Titan as a cornerstone for an integrated strategy to reduce reliance on foreign supply chains.

At the time of reporting, IperionX’s share price was $5.57.