SOUTH BOSTON, VA, USA, Sep 28, 2026 — IperionX Limited (IperionX) (NASDAQ: IPX, ASX: IPX) is pleased to announce that GenX, its next-generation continuous HAMR titanium production platform, has been successfully validated through the first four production campaigns, completed on the commercial-scale GenX system at IperionX’s Virginia R&D facility.

GenX validation opens a pathway to a step change in titanium production economics. Moving beyond the batch model used in conventional Kroll titanium production, continuous processing offers the potential for higher throughput, significantly lower unit costs, improved equipment utilization and reduced processing time.

Successful testing demonstrates low-oxygen titanium powder production

The GenX system processed more than 500 kg of titanium powder across four separate continuous runs totaling 41 hours, at an average rate of approximately 12 kg per hour. Product from each run was collected separately, with samples randomly selected from different locations for oxygen analysis.

Table 1: GenX continuous titanium production results

Seven of the eight angular powder samples collected met the Grade 5 oxygen limit applicable to Ti-6Al-4V plate and bar under ASTM B265 and B348. Four of the eight also met the more stringent Grade 23 oxygen limit. One sample collected during an interrupted furnace run did not complete the HAMR cycle and was excluded from the validation assessment. IperionX anticipates that minor process refinements will enable angular powder to meet the Grade 23 oxygen limit. All spherical titanium powder samples met the Grade 23 oxygen limit and therefore also satisfied the Grade 5 oxygen specifications.

GenX continuous processing – potential to materially shift the titanium cost curve

The patented HAMR process is IperionX’s hydrogen-enabled, low-temperature process for low-oxygen titanium powder, currently in operation on a batch basis in Virginia. GenX applies that process continuously, eliminating the repeated furnace heat-up, cool-down, loading and unloading time inherent in batch cycles. Measured GenX data has firmly established the potential to materially reduce the cost base for HAMR titanium production.

1. Actual operating data based upon current batch HAMR operations

Table 2: GenX measured inputs and throughput compared to batch HAMR

All comparisons are measured results against the batch HAMR reference; power use was measured directly on the GenX system. Magnesium is HAMR’s largest reagent cost, and lower use also reduces the by-product requiring downstream leaching and handling, which will be evaluated and quantified in further production campaigns.

Continuous GenX operation is expected to improve equipment utilization, eliminate ancillary process steps and support expansion through replicated and scaled-up production lines. Operational data highlights the potential for far lower installed capital per ton of annual capacity, and IperionX estimates significant potential labor cost savings.

Engineering the next stage

During Q4 2026, IperionX will continue to run and optimize the GenXfurnace, integrate the current furnace into a full powder production line; and conduct technoeconomic and engineering evaluation for the first industrial-scale GenX production line. GenX remains a high capacity, low cost development platform but is not required to achieve low cost production for the existing 200 tpa production ramp or planned expansions in Virginia. Similar industrial scale furnace types in service are achieving throughputs measured in 1000s of tons per annum per unit.

GenX also complements continuous HSPT development, supporting a pathway from continuous titanium powder production to finished titanium components. U.S. Army Task Order 2, awarded on August 31, 2026 under IperionX’s US$99 million SBIR Phase III contract, funds a continuous HSPT development furnace and industrial-scale continuous HSPT and dehydrogenation capacity in Virginia.

IperionX CEO Taso Arima said, “Achieving continuous primary titanium production has long been the ultimate aspiration for the titanium industry. IperionX’s GenX process is a continuous titanium production platform that is more efficient to operate and easier to scale. These first results exceeded our expectations: more than 500 kilograms of recycled titanium powder processed across four separate runs, with every sample meeting its relevant oxygen specification.

Substantially lower magnesium, hydrogen and power consumption at steady state, together with processing throughput increasing by six times, give us a strong basis for industrial development. Our next step is the engineering and economic evaluation of the first industrial-scale GenX production line. We aim to establish a scalable platform for expansion that lowers production costs and brings titanium within reach of a broader range of applications.”

About IperionX

IperionX is a leading American titanium metal and critical materials company – using patented metal technologies to produce high performance titanium alloys, from titanium minerals or scrap titanium, at lower energy, cost and carbon emissions.

Our Titan critical minerals project is the largest JORC-compliant mineral resource of titanium, rare earth and zircon mineral sands in the United States.

IperionX’s titanium metal and critical minerals are essential for advanced U.S. industries including space, aerospace, defense, consumer electronics, hydrogen, automotive and additive manufacturing. For more information, visit https://iperionx.com.