IperionX receives $12.5M U.S. govt funding for expansion of U.S. titanium production

* IperionX (NASDAQ:IPX [https://seekingalpha.com/symbol/IPX]) said on Tuesday that the U.S. Department of Defense has obligated [https://seekingalpha.com/pr/20211482-iperionx-receives-12_5m-u-s-government-funding-to-accelerate-expansion-of-u-s-titanium] $12.5M under IperionX’s previously announced $47.1M award for the U.S. Defense Industrial Base.
* The $12.5M will be applied to purchase orders for long-lead, major capital equipment required for the next stage of capacity scale-up to over 1,000 metric tons per year at the Virginia Titanium Manufacturing Campus.
* The $12.5M in funding follows on from the $5M previously obligated to advance the titanium, zircon and rare earth critical mineral-rich ‘Titan Critical Minerals Project’ in Tennessee.
* Total funding obligations received under the DoD award now stand at $17.5M, with the remaining $29.6M expected to be obligated by the DoD over the contract term to support additional titanium production capacity at the Virginia Titanium Manufacturing Campus.
* IperionX (NASDAQ:IPX [https://seekingalpha.com/symbol/IPX]) shares were up more than 2% in premarket trading.

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