IperionX Limited (IPX) surged 19.45 percent to $29.17 on Thursday after announcing it had secured a Phase III Small Business Innovation Research contract from the U.S. Department of Defense.
The stock opened at $29.89 and traded between $28.85 and $30.30 on the Nasdaq. Volume rose to 132,724 shares, nearly doubling the average of 69,720. IperionX's 52-week range is between $12.27 and $38.93.
The contract, structured as an Indefinite Delivery, Indefinite Quantity agreement, enables U.S. government agencies to place project-specific orders totaling up to $99 million for IperionX's titanium components.
This Phase III SBIR designation allows for direct procurement without further competition and marks a significant step in the company's commercialization of its titanium technology for defense applications.
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