IperionX Ltd. (IPX), a titanium metal and critical materials company, on Friday announced that the U.S. Department of War, through its Industrial Base Analysis and Sustainment program, has obligated an additional $25 million to raise titanium production and advanced manufacturing capacity.
Shares of IperionX are increasing by around 4.71% higher at $50.44 on the Nasdaq.
The company said that the additional obligation will be used to raise titanium production and advanced manufacturing capacity at the company's Titanium Manufacturing Campus, enabling output of up to 1,400 metric tons per year.
The company also said that the recent obligation follows the previous tranches of $12.5 million and $5 million to advance the Titan Critical Minerals Project in Tennessee to shovel-ready status.
The recent obligation is under the previously awarded $47.1 million.
The company's total obligations are valued at $42.5 million, with the remaining $4.6 million expected to be obligated by the Department of War over the contract term.
The Industrial Base Analysis and Sustainment program is developed to reinforce U.S. defense supply chains by promoting a resilient, low-cost, mineral-to-metal titanium platform that reduces reliance on imports and establishes a secure, uninterruptible domestic source of critical materials.
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