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March 16, 2026
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ASX Compliance
Level 40 Central Park
152-158 St Georges Terrace
PERTH WA 6000
Response to ASX Price Query
IperionX Limited (NASDAQ: IPX, ASX: IPX) (IperionX) provides this response in relation to ASX’s letter dated 16 March 2026 regarding a change in the price of IPX’s securities from a high of $6.93 on 12 March 2026 to an intraday low of $4.58 today.
In response to the questions detailed in ASX’s letter the Company advises as follows:
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1.
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Is IPX aware of any information concerning it that has not been announced to the market which, if known by some in the market,
could explain the recent trading in its securities?
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No.
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2.
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If the answer to question 1 is “yes”
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Not applicable.
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3.
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If the answer to question 1 is “no”, is there any other explanation that IPX may have for the recent trading in its securities?
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The Company is not aware of any reason or information which could be an explanation for the manner of trading in the Company’s securities
over the period.
The Company notes that its half year report was released last week, and it has received requests from stakeholders for further information
relating to the funding mechanics of its U.S. Department of War grants, provided below:
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1.
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IperionX makes cash payments for spending upon projects under its U.S. Department of War grants.
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2.
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The U.S. Government subsequently re-imburses IperionX after these payments have been made.
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3.
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For the period to Dec 31, 2025, approximately $6.6 million in payments were incurred that were not yet reimbursed.
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4.
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Under IperionX’s accounting treatment, the Company procures equipment solely in an agency capacity on behalf of the U.S. Government. When an asset is
purchased for the U.S. Government, IperionX records a receivable representing the amount due for reimbursement, rather than recognizing the asset or related expense.
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5.
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The U.S. Government can elect to, but is not obliged to, transfer title to all or a portion of equipment or real property to IperionX at the
conclusion of the U.S. Department of War projects.
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6.
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As previously disclosed in the December 31, 2025 quarterly activities report, a balance of $46.5 million remains available for reimbursement from the
U.S. Government.
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4.
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Please confirm that the Entity is in compliance with the Listing Rules and, in particular, Listing Rule 3.1
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The Company confirms that it is in compliance with the Listing Rules and, in particular, Listing Rule 3.1.
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5.
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Approval of responses
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The above responses have been authorized and approved by the Managing Director and CEO of IPX with delegated authority from the board to
respond to ASX on disclosure matters.
Yours faithfully
IperionX Limited
Louisa Martino
Company Secretary
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Virginia
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Tennessee
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Utah
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1092 Confroy Drive
South Boston, VA 24592
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279 West Main Street
Camden, TN 38320
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1782 W 2300 S
West Valley City, UT 84119
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IperionX Limited ABN 84 618 935 372
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