IperionX Limited — FY2026 Form 20-F
Reporting period: Year ended June 30, 2026; filed September 29, 2026. Financial statements are prepared under IFRS in U.S. dollars. IperionX is an Australian company developing U.S.-based titanium manufacturing and critical-minerals businesses.
Business context and reporting period
The company describes FY2026 as a transition from commissioning to commercial operations and production ramp-up. Its Virginia campus produces titanium powder and is expanding component manufacturing; its Tennessee Titan project is a proposed source of titanium minerals, rare earth-bearing concentrate and zircon. The Utah facility is focused on research and development. IperionX reports one operating segment and had 139 employees at year-end.
Key financial metrics
| Metric | FY2026 | FY2025 |
|---|---|---|
| Revenue | No revenue recognized | No revenue recognized |
| Loss before tax / net loss | $66.8 million | $35.3 million |
| Loss per share, basic and diluted | $0.20 | $0.12 |
| Cash used in operating activities | $45.0 million | $21.8 million |
| Cash used in investing activities | $18.6 million | $24.3 million |
| Cash provided by financing activities | $43.2 million | $68.0 million |
| Capital expenditures | $19.0 million | $17.6 million |
At June 30, 2026, cash and cash equivalents were $35.2 million (prior year: $54.8 million), total assets $105.8 million, total liabilities $17.5 million and net assets $88.3 million. Current assets were $44.0 million and current liabilities $13.6 million. Loans and borrowings totaled $4.2 million, including $4.0 million of lease liabilities; other borrowings were $0.2 million. No dividends were declared. Gross margin is not meaningful because the company reported no revenue.
Material changes versus FY2025
- Net loss increased to $66.8 million from $35.3 million. Research and development expense rose to $25.2 million from $12.7 million, while corporate and administrative expense rose to $25.9 million from $10.7 million. Management cites increased operating and scale-up activity, staffing, systems and compliance costs; corporate expense also included $5.23 million of non-cash expense settled with share issuance.
- Operating cash outflow increased to $45.0 million from $21.8 million. Cash fell by $19.6 million during FY2026, compared with a $21.9 million increase in FY2025.
- Inventory increased from nil to $3.9 million as the company began capitalizing eligible production inventory after commercial milestones. The balance includes government-provided titanium scrap.
- Titan reported its first proven and probable reserve estimate: 117.0 million metric tons at 3.2% total heavy minerals. Reported resources exclusive of reserves declined to 296.9 million metric tons at 1.8% from 431 million metric tons at 2.2%, primarily reflecting reserve conversion and updated modeling and classification; no mining depletion occurred.
Outlook, commentary, risks and unusual items
- Titanium ramp: Virginia operations moved to a 24/7 schedule, and HAMR powder reportedly met or exceeded Grade 5 quality parameters. Management targets an annualized production run rate of approximately 200 metric tons per year by the end of calendar 2026, subject to ramp-up and optimization. An expansion to approximately 1,400 metric tons per year of installed powder capacity is targeted during 2027; the longer-term goal is more than 10,000 metric tons per year of components by 2030. These are targets, not assured results. Projected steady-state powder unit cost of about $55/kg assumes full utilization.
- Titan project: The June 2026 feasibility study estimates an initial 14-year mine plan, $381.3 million total capital cost, after-tax NPV at 8% of $813 million, after-tax IRR of 39.4%, 3.6-year payback and $1.9 billion forecast after-tax free cash flow. These are study estimates based on assumptions, not current results. IperionX has not made a final investment decision, secured development financing or started mine construction. The Mineral Separation Plant and Rare Earth Plant require additional permits.
- Post-year-end financing and developments: On July 7, 2026, the company raised gross proceeds of approximately $50 million through an ADS placement, before costs, issuing 22.75 million ordinary shares. On July 1, it completed the $3.0 million Atlas asset acquisition adjacent to Titan; acquired assets are not included in Titan’s reported resource or reserve estimates. The company is assessing Atlas reclamation obligations, with cost and timing not yet determined. In August, it announced a proposed Texas redomiciliation, subject to approvals, and received a U.S. Army SBIR Phase III Task Order 2 with a stated base value of $18.5 million and options up to $25.4 million; aggregate potential task-order value under the contract was stated as up to $26.7 million.
- Funding and liquidity: The company reported a going-concern basis and management concluded there was no substantial doubt about its ability to continue for at least 12 months from issuance, considering cash, the subsequent $50 million raise, government programs and discretionary spending. Government DPA Title III and IBAS awards were fully obligated at $12.7 million and $47.1 million, respectively, but are generally reimbursable after qualifying expenditure and review. At year-end, $37.1 million of obligated reimbursable funding remained available, subject to program terms and eligible spending. The company expects continuing losses and may need further financing for expansion and any Titan development.
- Principal risks: Manufacturing scale-up, yields, equipment and supplier availability, customer qualification and repeat orders, product performance, cost overruns, and access to capital. Titan additionally faces commodity-price, permitting, environmental, water, power, construction, metallurgical and financing risks. Federal funding assets are government-owned during the agreement and may not be transferred to IperionX. The company does not hedge commodity or foreign-exchange exposure.
- Other notable items: FY2026 finance costs included $3.2 million of net foreign-exchange losses. The government provided approximately 290 metric tons of titanium scrap at no cost; $2.8 million fair value was initially recorded with deferred income, of which $1.0 million had been released to profit or loss by year-end. The company reported no material legal proceedings or known environmental breaches. Management and the auditor concluded internal control over financial reporting was effective; the ERP implementation changed processes and controls but was not assessed to have adversely affected effectiveness.
Important facts for investors to verify
- Whether production reaches the targeted 200 tpa annualized run rate, with repeatable quality, yields, uptime and commercially viable unit costs.
- Customer qualification, delivery and conversion of prototype programs into recurring orders and revenue; no revenue was recognized in FY2026.
- Cash burn, working-capital needs, government reimbursement timing and whether additional financing will be required for the Virginia expansion or Titan.
- The assumptions and sensitivities behind Titan’s feasibility economics, required permits and financing, and the final investment decision; separately assess Atlas assets and unresolved reclamation costs.
- Completion terms and dilution from the post-year-end ADS placement, and the approvals, tax effects, reporting changes and shareholder-rights implications of the proposed redomiciliation.