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IperionX Limited
UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
for the interim periods ended December 31, 2025 and 2024
PAGE
F-1

IperionX Limited
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE INTERIM PERIODS ENDED DECEMBER 31, 2025 AND 2024
Six Months Ended
NotesDecember 31,
2025		December 31,
2024
US$ US$
Continuing operations
Research and development costs(10,785,188)(6,809,195)
Exploration and evaluation expenses(3,298,759)(1,393,608)
Corporate and administrative expenses(16,211,542)(3,276,853)
Business development expenses(1,649,418)(2,154,733)
Share-based payment expenses13(4,665,849)(6,908,182)
Finance income1,197,169 4,419,753 
Finance costs(1,430,404)(152,790)
Other income and expenses2,075,875 38,737 
Loss before income tax(34,768,116)(16,236,871)
Income tax expense- - 
Loss for the period(34,768,116)(16,236,871)
Loss attributable to shareholders of IperionX Limited(34,768,116)(16,236,871)
Other comprehensive income/(loss)
Items that may be reclassified subsequently to profit or loss:
Exchange differences arising on translation into presentation currency 1,306,846 (4,892,234)
Other comprehensive loss for the period, net of tax1,306,846 (4,892,234)
Total comprehensive loss for the period(33,461,270)(21,129,105)
Total comprehensive loss attributable to shareholders of IperionX Limited(33,461,270)(21,129,105)
Basic loss per share (US$ per share)(0.10)(0.06)
Diluted loss per share (US$ per share)(0.10)(0.06)
The above Condensed Consolidated Statement of Profit or Loss and other Comprehensive Income should be read in conjunction with the accompanying notes.
2

IperionX Limited
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS OF DECEMBER 31, 2025 AND JUNE 30, 2024
NotesDecember 31,
2025		June 30,
2025
US$US$
ASSETS
Current Assets
Cash and cash equivalents65,826,830 54,814,125 
Trade and other receivables41,154,337 823,268 
Prepayments and other assets52,165,290 3,238,894 
Inventories6425,712 - 
Total Current Assets69,572,169 58,876,287 
Non-Current Assets
Property, plant and equipment735,936,076 25,197,638 
Intangible assets812,911,649 13,550,993 
Exploration and evaluation assets97,515,238 6,512,326 
Prepayments and other assets53,220,982 897,735 
Total Non-Current Assets59,583,945 46,158,692 
TOTAL ASSETS129,156,114 105,034,979 
LIABILITIES
Current Liabilities
Trade and other payables1010,367,158 7,489,397 
Provisions105,795,320 467,001 
Loans and borrowings111,106,387 472,018 
Total Current Liabilities17,268,865 8,428,416 
Non-Current Liabilities
Other long term liability333,000 700,000 
Loans and borrowings113,352,359 3,462,564 
Total Non-Current Liabilities3,685,359 4,162,564 
TOTAL LIABILITIES20,954,224 12,590,980 
NET ASSETS108,201,890 92,443,999 
EQUITY
Contributed equity12243,329,280 197,985,920 
Reserves138,871,451 3,688,804 
Accumulated losses(143,998,841)(109,230,725)
TOTAL EQUITY108,201,890 92,443,999 
The above Condensed Consolidated Statement of Financial Position should be read in conjunction with the accompanying notes.
3

IperionX Limited
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE INTERIM PERIODS ENDED DECEMBER 31, 2025 AND 2024
NotesContributed
 Equity		Share-Based Payments ReserveForeign Currency Translation
Reserve		Accumulated LossesTotal
 Equity
US$US$US$US$US$
Balance at June 30, 2025197,985,920 6,469,201 (2,780,397)(109,230,725)92,443,999 
Net loss for the period - - - (34,768,116)(34,768,116)
Exchange differences arising on translation into presentation currency - - 1,306,846 - 1,306,846 
Total comprehensive loss for the period - - 1,306,846 (34,768,116)(33,461,270)
Issue of shares – share placement 45,717,352 - - - 45,717,352 
Issue of shares – exercise of options 971,471 (405,315)- - 566,156 
Issue of shares – conversion of RSU's384,731 (384,733)- - (2)
Share issue costs(1,730,194)- - - (1,730,194)
Share-based payment expense - 4,665,849 - - 4,665,849 
Balance at December 31, 2025243,329,280 10,345,002 (1,473,551)(143,998,841)108,201,890 
Balance at June 30, 2024112,959,638 13,440,265 (1,178,258)(73,882,050)51,339,595 
Net loss for the period- - - (16,236,871)(16,236,871)
Exchange differences arising on translation into presentation currency- - (4,892,234)- (4,892,234)
Total comprehensive loss for the period- - (4,892,234)(16,236,871)(21,129,105)
Issue of shares - share placement70,919,564 - - - 70,919,564 
Issue of shares - exercise of options123,737 - - - 123,737 
Issue of shares - conversion of RSUs349,032 (349,032)- - - 
Issue of shares - conversion of rights13,059,034 (13,059,034)- - - 
Share issue costs(2,619,570)- - - (2,619,570)
Share-based payment expense- 6,908,182 - - 6,908,182 
Balance at December 31, 2024194,791,435 6,940,381 (6,070,492)(90,118,921)105,542,403 
The above Condensed Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes.
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IperionX Limited
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE INTERIM PERIODS ENDED DECEMBER 31, 2025 AND 2024
Six Months Ended
December 31,
2025		December 31,
2024
 US$  US$
Operating activities
Payments to suppliers and employees(17,763,598)(13,134,633)
Receipts from third-parties29,325 500,000 
Interest paid(145,895)(120,143)
Interest received1,190,039 1,005,970 
Income tax paid(12,625)- 
Net cash flows used in operating activities(16,702,754)(11,748,806)
Investing activities
Purchase of property, plant and equipment(14,415,687)(4,067,215)
Proceeds from sale of property, plant and equipment- 9,416 
Purchases of intangible assets(889,711)(6,500,000)
Purchase of exploration and evaluation assets(1,002,912)(416,643)
Other investing(73,694)- 
Net cash flows used in investing activities(16,382,004)(10,974,442)
Financing activities
Proceeds from issue of shares46,283,511 71,043,301 
Share issue costs(1,744,944)(2,563,410)
Repayment of borrowings(351,043)(3,129)
Payment of principal portion of lease liabilities(263,121)(270,541)
Net cash flows from financing activities43,924,403 68,206,221 
Net increase in cash and cash equivalents10,839,645 45,482,973 
Net foreign exchange differences173,060 (1,514,470)
Cash and cash equivalents at beginning of the period54,814,125 33,157,356 
Cash and cash equivalents at the end of the period65,826,830 77,125,859 
Supplemental cash flow information:
Property, plant, equipment and intangible additions in accounts payable and other accrued liabilities2,508,971 734,708 
Insurance premiums financed1,056,797 - 
The above Condensed Consolidated Statement of Cash Flows should be read in conjunction with the accompanying notes.
5

IperionX Limited
NOTES TO AND FORMING PART OF THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED DECEMBER 31, 2025 AND 2024
1.    STATEMENT OF MATERIAL ACCOUNTING POLICIES
IperionX is a for-profit company limited by shares, incorporated and domiciled in Australia. Our ordinary shares are listed on the Australian Securities Exchange, or ASX, under the symbol “IPX”, and our American Depository Shares, or ADSs, each representing ten (10) of our ordinary shares, are listed on the Nasdaq Capital Market, or Nasdaq, under the symbol “IPX”.
The principal activities of the Group during the period consisted of the development of its titanium metal technologies and the development of its mineral properties in the United States.
The Group is operating a U.S. based, integrated titanium business to support a range of advanced industries, including consumer electronics, aerospace, defense, medical, bicycles, additive manufacturing, and automotive. We expect to offer a range of titanium products and alloys for customers across these key industries.
Our portfolio of assets includes our operations at the Titanium Manufacturing Campus in Halifax County, Virginia; our Titan Project in Tennessee, which is in the exploration stage; and IPF R&D center in Salt Lake City, Utah, that together are re-shoring a sustainable titanium supply chain in the U.S.
The unaudited interim condensed consolidated financial statements of IperionX and its subsidiaries (the “consolidated Entity” or the “Group”) for the six months ended December 31, 2025 (the “Interim Financial Statements”) were authorized for issue in accordance with a resolution of the Directors on March 12, 2026.
(a)    Basis of preparation
The Interim Financial Statements have been prepared in accordance with International Accounting Standard 34 Interim Financial Reporting issued by the International Accounting Standard Board (“IASB”). The preparation of the Interim Financial Statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses on a year-to-date basis. Actual results may differ from those estimates.
The Interim Financial Statements do not include all the notes of the type normally included in annual financial statements and are not necessarily indicative of the results of operations and cash flows expected for the year ended June 30, 2026. Accordingly, the Interim Financial Statements are to be read in conjunction with the annual consolidated financial statements of the Group for the year ended June 30, 2025. In the opinion of management, the accompanying Interim Financial Statements reflect all adjustments consisting only of normal recurring adjustments, which are necessary for a fair presentation of the financial results of such period. The financial report has been prepared on a historical cost basis and is presented in United States dollars (US$ or $).
The accounting policies and methods of computation adopted in the preparation of the Interim Financial Statements are consistent with those adopted and disclosed in the annual consolidated financial statements of the Group for the year ended June 30, 2025, except as disclosed below. These accounting policies are consistent with International Financial Reporting Standards as issued by the IASB.
Going concern
The Interim Financial Statements have been prepared on the going concern basis, which contemplates the continuity of normal business activity and the realization of assets and the settlement of liabilities in the normal course of business.
The Group had net outflows from operating and investing activities of US$(33.1) million for the six months ended December 31, 2025 (2024: US$(22.7) million). At December 31, 2025, the Group has cash and cash equivalents of US$65.8 million (June 30, 2025: US$54.8 million).
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On October 10, 2025, the Company completed the placement of 14 million new fully paid ordinary shares at A$5.00 per share, to raise gross proceeds of A$70 million (approximately US$46.0 million) before costs.
The Company's current financial projections, support the Company's ability to meet its obligations as they become due for at least one year from the issuance of these financial statements. No adjustments are required to the carrying amounts or classification of assets and liabilities in the financial statements.
(b)    New standards, interpretations and amendments
In the current period, the Group has adopted all of the new and revised Accounting Standards and Interpretations effective from July 1, 2025 that are mandatory.
The adoption of the aforementioned standards has had no impact on the financial statements of the Company as at December 31, 2025. The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective.
(c) Accounting for Government Funding Arrangements
The U.S. government has invested significant resources to re-shore to the U.S. a secure domestic titanium supply chain. As of December 31, 2025, the Company has received awards under the U.S. DPA and Industrial Base Analysis and Sustainment (“IBAS”) funding programs in the amount of US$59.8 million, of which US$55.2 million has been obligated as of December 31, 2025 under contracts as described below. These contracts are accounted for under IAS 20, Accounting for Government Grants and Disclosure of Government Assistance.
Funding under DPA US12.7 million
In October 2023, IperionX executed a US$12.7 million contract in funding under the United States Department of War (“U.S. DoW”) DPA Title III authorities to address the U.S. titanium supply chain vulnerabilities. The government share will be matched with US$13.4 million in funding from IperionX, for a total funding amount of US$26.1 million. This funding is being applied towards the Group’s Titanium Production Facility in Virginia. The agreement has an initial term of 39 months, scheduled to terminate on January 30, 2027, and provides that it may be extended by mutual agreement. Under the agreement, the Company and the U.S. government have agreed to use best efforts to achieve the goals of the agreement, which include the Company conducting a research and development program with respect to titanium technology.
As of December 31, 2025, the Company has procured assets on behalf of the government that cost approximately US$12.7 million, (June 30, 2025: US$10.3 million). These costs will be fully reimbursed pursuant to the terms of the agreement. As of December 31, 2025, the Company has received cash reimbursements totaling US$10.3 million from the U.S. DoW. The remaining amount due of US$2.4 million has been recorded as a receivable, of which US$1.1 million is classified as current and US$1.3 million as other non-current contract assets. The non-current portion represents retainage that is payable upon completion of the contract in accordance with the terms of the agreement. The Company anticipates fulfilling all remaining obligations under the agreement by the end of fiscal year 2027.
Funding under IBAS US$47.1 million
In February 2025, the Company was awarded up to US$47.1 million by the U.S. DoW to strengthen the U.S. Defense Industrial Base by accelerating the scale-up of a resilient, low-cost, and fully-integrated U.S. mineral-to-metal titanium supply chain. The grant will be matched with US$49.2 million in funding by IperionX, for a total funding amount of US$96.3 million. This funding aims to bolster the U.S. defense Industrial base by developing a fully integrated, low-cost titanium supply chain sourced domestically. The project scope under the IBAS program had been revised to prioritize accelerated expansion of IperionX’s titanium metal and manufacturing production capacity at IperionX’s Virginia Titanium Manufacturing Campus.
As part of the initial phase, the DoW has obligated US$5.0 million to expedite the Titan Critical Minerals Project in Tennessee to ‘shovel-ready’ status, an important milestone in securing a new domestic source of titanium, rare earths and zircon critical minerals. The DoW obligated an additional US$12.5 million in August of 2025, and another US$25.0 million in September of 2025, through the IBAS program to purchase orders for long-lead, major capital equipment
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required for the next stage of capacity scale-up to over 1,400 metric tons per year at the Virginia Titanium Manufacturing Campus. Total obligations now stand at US$42.5 million as of December 31, 2025 with the remaining US$4.6 million obligated in January of 2026. Government reimbursements provided as grants are subject to conditional funding provisions. Grants for the initial phase are recognized as “Other income and expenses” in the consolidated statements of profit and loss and other comprehensive income, once all conditions for reimbursement are met.
2.    SEGMENT INFORMATION
IFRS 8 requires operating segments to be identified on the basis of internal reports about components of the Consolidated Entity that are regularly reviewed by the chief operating decision maker in order to allocate resources to the segment and to assess its performance. The Consolidated Entity operates in one segment, being exploration and evaluation of mineral properties in the U.S. and research and development of associated metals technologies to support an integrated titanium processing operation.
3.    DIVIDENDS PAID OR PROVIDED FOR ON ORDINARY SHARES
No dividends have been paid or proposed for the six months ended December 31, 2025 (December 31, 2024: nil).
4.    TRADE AND OTHER RECEIVABLES
December 31,
2025		June 30,
2025
US$US$
Current
Receivables from U.S. Government(1)
1,112,458 774,248 
Receivables from other third-parties 41,879 49,020 
Total trade and other receivables1,154,337 823,268 
Notes:
(1)See Note 1(c) for additional details.
5.    PREPAYMENTS AND OTHER ASSETS
December 31,
2025		June 30,
2025
US$US$
Current
Construction prepayments1,036,849 2,741,220 
Other prepayments1,128,441 497,674 
Total current prepayments2,165,290 3,238,894 
Non-current
Other non-current contract assets from U.S. Government(1)
1,270,000 - 
Security deposits447,647 438,704 
Other non-current prepayments1,503,335 459,031 
Total non-current prepayments and other assets3,220,982 897,735 
Notes:
(1)See Note 1(c )
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6.    INVENTORY
The Company values its inventories at the lower of cost or estimated net realizable value. Inventory consumed prior to commercialization was expensed as research and development expense as incurred. The Company determines the cost of its inventories on a first-in, first-out basis. The Company performs an assessment of the recoverability of capitalized inventory during each reporting period, and it writes down any excess and obsolete inventories to their estimated net realizable value in the period in which the impairment is first identified. Such impairment charges, if they occur, are recorded within cost of product sales.
December 31,
2025		June 30,
2025
US$US$
Raw materials425,712 — 
Total Inventory425,712 — 
At 31 December 2025, no inventory was pledged as security for liabilities.
7.    PROPERTY, PLANT AND EQUIPMENT
Plant and
 equipment		Right-of-
use assets		Total
US$US$US$
Six Months ended December 31, 2025
Carrying amount at June 30, 202521,445,038 3,752,600 25,197,638 
Additions14,445,370 81,552 14,526,922 
Disposals(2,392,942)(93,686)(2,486,628)
Depreciation(941,094)(360,762)(1,301,856)
Carrying amount at December 31, 202532,556,372 3,379,704 35,936,076 
 - at cost35,034,333 4,367,524 39,401,857 
 - accumulated depreciation and impairment
(2,477,961)(987,820)(3,465,781)
Six Months ended December 31, 2024
Carrying amount at June 30, 20246,188,697 1,585,115 7,773,812 
Additions5,884,582 2,924,314 8,808,896 
Depreciation(256,919)(397,122)(654,041)
Carrying amount at December 31, 202411,816,360 4,112,307 15,928,667 
- at cost12,332,678 5,407,386 17,740,064 
 - accumulated depreciation and impairment
(516,318)(1,295,079)(1,811,397)
Carrying amount at June 30, 202521,445,038 3,752,600 25,197,638 
- at cost22,350,584 5,444,538 27,795,122 
 - accumulated depreciation and impairment(905,546)(1,691,938)(2,597,484)
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8.    INTANGIBLES
Intellectual property rights
US$
Six months ended December 31, 2025
Carrying amount at June 30, 2025, (net of accumulated amortization of $768,128)
13,550,993 
Additions9,588 
Amortization(648,932)
Carrying amount at December 31, 202512,911,649 
- at cost14,328,709 
- accumulated amortization(1,417,060)
Six months ended December 31, 2024
Carrying amount at June 30, 2024- 
Additions8,757,289 
Transfers from prepayments5,513,206 
Amortization
(122,039)
Carrying amount at December 31, 202414,148,456 
- at cost14,270,495 
- accumulated amortization(122,039)
Notes:
(1) During the prior six month period ended December 31, 2024, the Group exercised its exclusive option to purchase intellectual property rights of Blacksand Technology, LLC. The group now holds the exclusive commercial licensing rights for more than 40 global patents through a license agreement with the University of Utah including the global patents for patented technologies that can produce low-cost and low-carbon titanium metal. As consideration for the option, IperionX has made or will make payments totaling US$14.3 million (of which US$12.1 million was paid in prior periods, US$0.9 million was paid during the six months ended December 31, 2025).
9.    EXPLORATION AND EVALUATION ASSETS
Titan Project (1)
US$
Six months ended December 31, 2025
Carrying amount at June 30, 20256,512,326 
Additions1,002,912 
Carrying amount at December 31, 20257,515,238 
Six months ended December 31, 2024
Carrying amount at June 30, 20246,114,061 
Additions416,643 
Carrying amount at December 31, 20246,530,704 
Notes:
(1)As of December 31, 2025, the Titan Project comprised approximately 10,086 acres of surface and associated mineral rights in Tennessee, of which approximately 1,486 acres are owned by IperionX, approximately 674 acres are subject
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to long-term lease by IperionX, and approximately 7,926 acres are subject to exclusive option agreements with IperionX. These exclusive option agreements, upon exercise, allow IperionX to lease or, in some cases, purchase the surface property and associated mineral rights.
(2)The ultimate recoupment of costs carried forward for exploration and evaluation is dependent on the successful development and commercial exploitation or sale of the respective areas of interest.
10.    TRADE AND OTHER PAYABLES
December 31,
2025		June 30,
2025
US$US$
Current
Trade payables5,201,257 6,004,071 
Accruals2,193,103 1,307,087 
Employee benefits and other payables2,972,798 178,239 
Total trade and other payables10,367,158 7,489,397 
Other provisions5,795,320 467,001 
Total provisions5,795,320 467,001 
Other provisions consist of accruals for certain employee benefit obligations as well as an estimate for the settlement of certain legal claims. On February 23, 2026, subsequent to the reporting date, a full and final settlement of a legal claim made during 2025 was executed for total consideration of US$5.8 million, part of which was satisfied through the issuance of Company shares. As the settlement had not been finalized as at the reporting date of December 31, 2025, a provision was appropriately measured at US$5.8 million.
11.    LOANS AND BORROWINGS
Other Loans and BorrowingsLease
 Liabilities		Total Loans
 and Borrowings
US$US$US$
Carrying amount at December 31, 2025
724,821 3,733,925 4,458,746 
Current715,433 390,954 1,106,387 
Non-Current9,388 3,342,971 3,352,359 
Carrying amount at June 30, 202519,067 3,915,515 3,934,582 
Current6,764 465,254 472,018 
Non-Current12,303 3,450,261 3,462,564 

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12.    CONTRIBUTED EQUITY
December 31,
2025		June 30,
2025
US$US$
Issued capital
336,322,679 (June 30, 2025: 319,927,854) fully paid ordinary shares
243,329,280 197,985,920 
We do not have a limit on our authorized share capital and the concept of par value is not recognized under Australian law.
(a)    Movements in issued capital
Number of
 Ordinary
Shares		Number of
 Class A
 Performance
Shares		Number of
 Class B
 Performance
Shares		US$
Six months ended December 31, 2025
Opening balance at June 30, 2025319,927,854-19,800,000197,985,920 
Issue of shares – share placements14,000,000--45,717,352 
Issue of shares – exercise of options2,047,489--971,471 
Issue of shares – conversion of RSUs347,306--384,731 
Issue of shares – conversion of performance shares30-(19,800,000)- 
Share issue costs---(1,730,194)
Closing balance at December 31, 2025336,322,679--243,329,280
Six months ended December 31, 2024
Opening Balance June 30, 2024257,244,75919,800,00019,800,000112,959,638 
Issue of shares – share placements34,951,630--70,919,564 
Issue of shares – exercise of options900,000--123,737 
Issue of shares – conversion of rights22,273,335--13,059,034 
Issue of shares – conversion of RSUs476,494--349,032 
Issue of shares – conversion of performance shares30(19,800,000)-- 
Share issue costs---(2,619,570)
Closing balance at December 31, 2024315,846,248-19,800,000194,791,435 
On October 10, 2025, the Company completed the placement of 14,000,000 new fully paid ordinary shares at A$5.00 per share, to raise gross proceeds of A$70 million (approximately US$46 million) before costs.
Subsequent to December 31,2025 through the date of this report the Company issued an aggregate of 3,061,391 ordinary shares following (a) the conversion of 1,788,212 employee incentive securities and (b) the satisfaction of obligations through the issuance of 1,273,179 ordinary shares in lieu of cash under certain third-party agreements.
As of March 12, 2026, the Company has 339,384,070 ordinary shares issued and outstanding.
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13.    RESERVES
December 31,
2025		June 30,
2025
US$US$
Share-based payments reserve10,345,002 6,469,201 
Foreign currency translation reserve(1,473,551)(2,780,397)
8,871,451 3,688,804 
Movements in share-based payments reserve during the period
Number of
Unlisted
Options
Number of
Performance
Rights
No. of
Restricted Stock
Units
US$
Six months ended December 31, 2025
Opening balance at June 30, 202512,904,1187,504,4094,798,2256,469,201 
Grant of employee options, rights and RSUs235,000109,000130,875- 
Exercise of options, rights and RSUs(2,118,279)-(347,306)(790,048)
Expiry of options/ rights(8,000,000)(150,000)-- 
Lapse/forfeiture of employee rights and RSUs-(80,000)-- 
Share-based payment expense---4,665,849 
Closing balance at December 31, 20253,020,8397,383,4094,581,79410,345,002 
Six months ended December 31, 2024
Opening balance at June 30,202411,749,37227,469,3354,377,03413,440,265 
Grant of employee rights and RSUs-1,815,000195,076- 
Exercise of options, rights and RSUs(900,000)--- 
Conversion of rights and RSUs-(22,273,335)(476,494)(13,408,065)
Expiry of employee rights-(90,000)-- 
Share-based payment expense---6,908,182 
Closing balance at December 31, 202410,849,3726,921,0004,095,6166,940,382 

14.    SUBSIDIARIES
(a)    Subsidiaries
Equity Interest
Country ofDecember 31,
2025		December 31,
2024
Incorporation%%
Hyperion Metals (Australia) Pty LtdAustralia100 100 
IperionX Critical Minerals LLCUnited States100 100 
IperionX Technology LLCUnited States100 100 
IperionX Inc.United States100 100 
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(b)    Ultimate Parent
IperionX Limited is the ultimate parent of the Group.
15.    CONTINGENT ASSETS AND LIABILITIES
Titan Project
The Titan Project is prospective for critical mineral sands including titanium minerals, rare earth minerals, high grade silica sand and zircon minerals. At December 31, 2025, the Group had entered into exclusive option agreements with local landowners in Tennessee, in relation to its Titan Project, which upon exercise, allows the Group to lease or, in some cases purchase, the acres of surface property and the associated mineral rights from the local landowners. As of December 31, 2025, the Titan Project comprised approximately 10,086 acres of surface and associated mineral rights in Tennessee, of which approximately 1,486 acres are owned by IperionX, approximately 674 acres are subject to long-term lease by IperionX, and approximately 7,926 acres are subject to exclusive option agreements with IperionX. During the option period, our option agreements provide us with exclusive right to access, enter, occupy and use the surface property for all purposes related to exploring for and evaluating all minerals in return for making annual option payments and bonus payments during periods when we conduct drilling. Upon exercise, in the case of an option to lease, the Company will pay a production royalty to the landowners, subject to a minimum royalty. Upon exercise, in the case of a purchase, the Company will pay cash consideration approximating the fair market value of the property, excluding the value of any minerals, plus a premium.
On August 26, 2025, the Company announced that the U.S. DoW had obligated US$12.5 million under IperionX’s previously announced US$47.1 million award to strengthen the U.S. Defense Industrial Base by accelerating the scale-up of a resilient, low-cost, and fully-integrated U.S. mineral-to-metal titanium supply chain. The US$12.5 million was applied to purchase orders for long-lead, major capital equipment required for the next stage of capacity scale-up to over 1,400 metric tons per year at the Virginia Titanium Manufacturing Campus.
On September 26, 2025, the Company announced that the DoW obligated an additional US$25.0 million under IperionX’s previously announced US$47.1 million award bringing the total obligated award to US$42.5 million, with the remaining US$4.6 million to be obligated through the end of the contract term.
16.    EVENTS SUBSEQUENT TO BALANCE DATE
On January 16, 2026, the company announced that the U.S. DoW through its IBAS program, has obligated the final US$4.6 million under IperionX’s previously awarded US$47.1 million million award.
Additionally, the U.S. Government has transferred ~290 metric tons (320 short tons) of high-quality titanium alloy (Ti64) scrap metal to IperionX for no cost, which is material that is surplus to the U.S. Government needs. The scrap metal is equivalent to approximately 1.5 years’ worth of IperionX’s titanium feedstocks at the existing full operating capacity of 200 metric tons per year.
On January 22, 2026, the company announced that it has received a US$0.3 million prototype purchase order from American Rheinmetall for the production of 700 lightweight titanium components for U.S. Army heavy ground combat systems. This initial purchase order has the potential to lead to a significantly larger agreement upon successful delivery of this initial scope of work.
Other than the above, as at the date of this report there are no other matters or circumstances which have arisen since December 31, 2025 that have significantly affected or may significantly affect:
•the operations, in financial years subsequent to December 31, 2025, of the Group;
•the results of those operations, in financial years subsequent to December 31, 2025, of the Group; or
•the state of affairs, in financial years subsequent to December 31, 2025, of the Group.
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