IperionX (ASX:IPX) has executed a sourcing contract with Ford Motor (NYSE:F).
The 45-month contract, set to commence in 2025, involves the supply of titanium metal powder and the manufacture of metal components, with expected total revenues of approximately US$11 million ($16.1 million).
Revenues and timing are contingent on Ford's annual volume estimates and final delivery schedule, subject to changes in component designs before production begins.
The final engineering design will dictate the specifics. "This contract is a significant milestone for IperionX as we expand our reach in the automotive sector," said Anastasios Arima, CEO and Managing Director of IperionX.
IperionX is a producer of titanium alloys, titanium products, and critical minerals. The principal activities of the company are the exploration and development of its mineral properties in the United States and the research and development of associated metal technologies.
The company holds a 100% interest in the Titan Project, covering more than 11,000 acres of mineral properties in western Tennessee, which is prospective for critical minerals including titanium, rare earth elements, silica sand and zircon.
At the time of reporting, IperionX's share price was $2.77.