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A LEADING, SUSTAINABLE U.S. CRITICAL MINERAL PROJECT

CHARLOTTE, N.C.--(BUSINESS WIRE)-- IperionX Limited (NASDAQ: IPX, ASX: IPX) (IperionX or Company) is pleased to announce the positive results of the Scoping Study (Scoping Study or Study) on the Company’s Titan Project (the Project) located in west Tennessee, U.S. The Scoping Study results demonstrate the Project’s potential to be a sustainable, low cost and globally significant North American producer of titanium, rare earths and other critical minerals needed for a low carbon future.

IperionX has two businesses – our critical minerals business at the Titan Project, which is the subject of this Scoping Study – and our titanium metals business, where we are currently producing titanium metal powders and prototype parts using our patented titanium manufacturing technologies that have the potential to significantly reduce both the cost and carbon emissions of titanium production relative to what is commercially available today – a separate economic evaluation is planned to be released for project development activities associated with our titanium metals business.

Largest potential source of U.S. titanium and rare earths minerals, including heavy rare earths

Potential for significant cashflow generation including average annual EBITDA of US$117 million

Globally significant U.S. critical mineral resource with massive potential upside in the region

Infrastructure, location and decarbonized supply chain advantage to major target markets and end users

Sustainable and community focused development

Rapidly progressing to be construction ready in 2023

All values in the Scoping Study are measured in metric units and are displayed in US$ unless specified.

Table 1: Key Scoping Study metrics.

Annual average production – rare earth concentrate

Annual average production – premium zircon

Annual average production – zircon concentrate

Unit operating costs (incl. royalties & transport)

Annual average operating costs (incl. royalties & transport)

NPV to capex cost ratio

Payback from start of operations

Anastasios (Taso) Arima, CEO and Managing Director said: “The delivery of the maiden Scoping Study at the Titan Project is a significant milestone for IperionX and we are delighted to put Tennessee on the map as a major source of critical minerals for the U.S.

The Scoping Study confirms the Titan Project as a globally significant development of titanium and rare earths minerals, including the heavy rare earths that are essential for electric motors and defense applications, located in a leading jurisdiction and in close proximity to major potential customers. Importantly, the Scoping Study does not yet consider the potential upside associated with integration of the minerals operation with the Company’s breakthrough titanium metal technologies.

The Titan Project economics showcase the potential for IperionX to generate significant cashflows from mineral operations over a 25 year operational life, including low-costs, an average annual EBITDA of US$117 million, with an NPV of US$692 million and IRR of 40% highlight the outstanding value associated with the Project.

We are now rapidly progressing to be construction ready in 2023, with feasibility study level activities already underway and optimization of mine planning, processing and permitting pathways to commence shortly.

We are looking forward to working with the community in west Tennessee to develop a generational critical mineral asset for the U.S., as well as advancing engagement with our other stakeholders including offtake partners.”

The full Scoping Study report can be found here.

Information included in this release constitutes forward-looking statements. Often, but not always, forward looking statements can generally be identified by the use of forward-looking words such as “may”, “will”, “expect”, “intend”, “plan”, “estimate”, “anticipate”, “continue”, and “guidance”, or other similar words and may include, without limitation, statements regarding plans, strategies and objectives of management, anticipated production or construction commencement dates and expected costs or production outputs.

Forward looking statements inherently involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance, and achievements to differ materially from any future results, performance, or achievements. Relevant factors may include, but are not limited to, changes in commodity prices, foreign exchange fluctuations and general economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development, including the risks of obtaining necessary licenses and permits and diminishing quantities or grades of reserves, political and social risks, changes to the regulatory framework within which the company operates or may in the future operate, environmental conditions including extreme weather conditions, recruitment and retention of personnel, industrial relations issues and litigation, as well as other uncertainties and risks set out in filings made by the Company from time to time with the Australian Securities Exchange and the U.S. Securities and Exchange Commission (“SEC”).

Forward looking statements are based on the Company and its management’s assumptions relating to the financial, market, regulatory and other relevant environments that will exist and affect the Company’s business and operations in the future. The Company does not give any assurance that the assumptions on which forward looking statements are based will prove to be correct, or that the Company’s business or operations will not be affected in any material manner by these or other factors not foreseen or foreseeable by the Company or management or beyond the Company’s control.

There may be other factors that could cause actual results, performance, achievements, or events not to be as anticipated, estimated or intended, and many events are beyond the reasonable control of the Company. Accordingly, readers are cautioned not to place undue reliance on forward looking statements. Forward looking statements in these materials speak only at the date of issue. Except as required by applicable law or stock exchange listing rules, the Company does not undertake any obligation to publicly update or revise any of the forward-looking statements or to advise of any change in events, conditions or circumstances on which any such statement is based.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220630005401/en/

Anastasios (Taso) Arima, CEO and Managing Director Dominic Allen, Corporate Development [email protected] +1 980 237 8900 www.iperionx.com

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