IperionX Limited - Titan DFS Presentation

This report details the Titan Definitive Feasibility Study (DFS) for IperionX Limited, outlining a plan to establish a U.S. domestic supply chain for critical minerals including heavy rare earths, titanium, zirconium, and hafnium. The project aims to re-shore end-to-end titanium metal production and develop a critical mineral platform for defense, aerospace, and advanced manufacturing sectors. The DFS indicates strong economics, with an after-tax NPV of US$813M and an IRR of 39.4%, based on a total development CAPEX of US$381M. Phase 1 development is estimated at US$228M, with Phase 2 at US$153M. The project is described as "shovel-ready" with key permits in place, and a staged development approach is planned, targeting initial production ramp-up completion by September 2028. The report highlights the strategic importance of the Titan project in addressing U.S. supply chain vulnerabilities, particularly in rare earth magnets, zirconium-hafnium for semiconductors and nuclear applications, and titanium metal production.