EX-99.1 2 ef20012215_ex99-1.htm EXHIBIT 99.1

Exhibit 99.1

 Corporate Presentation  October 2023  IperionX Limited  NASDAQ & ASX: IPX  ABN 84 618 935 372 
 

 Disclaimers  2  Forward Looking Statements  Information included in this release constitutes forward-looking statements. Often, but not always, forward looking statements can generally be identified by the use of forward looking words such as “may”, “will”, “expect”, “intend”, “plan”, “estimate”, “anticipate”, “continue”, and “guidance”, or other similar words and may include, without limitation, statements regarding plans, strategies and objectives of management, anticipated production or construction commencement dates and expected costs or production outputs.  Forward looking statements inherently involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance, and achievements to differ materially from any future results, performance or achievements. Relevant factors may include, but are not limited to, changes in commodity prices, foreign exchange fluctuations and general economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development, including the risks of obtaining necessary licenses and permits and diminishing quantities or grades of reserves, political and social risks, changes to the regulatory framework within which the company operates or may in the future operate, environmental conditions including extreme weather conditions, recruitment and retention of personnel, industrial relations issues and litigation.  Forward looking statements are based on the Company and its management’s good faith assumptions relating to the financial, market, regulatory and other relevant environments that will exist and affect the Company’s business and operations in the future. The Company does not give any assurance that the assumptions on which forward looking statements are based will prove to be correct, or that the Company’s business or operations will not be affected in any material manner by these or other factors not foreseen or foreseeable by the Company or management or beyond the Company’s control.  Although the Company attempts and has attempted to identify factors that would cause actual actions, events or results to differ materially from those disclosed in forward looking statements, there may be other factors that could cause actual results, performance, achievements or events not to be as anticipated, estimated or intended, and many events are beyond the reasonable control of the Company. Accordingly, readers are cautioned not to place undue reliance on forward looking statements. Forward looking statements in these materials speak only at the date of issue. Subject to any continuing obligations under applicable law or any relevant stock exchange listing rules, in providing this information the company does not undertake any obligation to publicly update or revise any of the forward looking statements or to advise of any change in events, conditions or circumstances on which any such statement is based.  Cautionary Statements and Important Information  This presentation has been prepared by the Company as a summary only and does not contain all information about assets and liabilities, financial position and performance, profits and losses, prospects, and the rights and liabilities attaching to securities. Any investment in the Company should be considered speculative and there is no guarantee that they will make a return on capital invested, that dividends would be paid, or that there will be an increase in the value of the investment in the future.  The Company does not purport to give financial or investment advice. No account has been taken of the objectives, financial situation or needs of any recipient of this presentation. Recipients of this presentation should carefully consider whether the securities issued by the Company are an appropriate investment for them in light of their personal circumstances, including their financial and taxation position.  Competent Persons Statements  The information in this document that relates to Exploration Results, Mineral Resources, Production Targets, Process Design, Mine Design, Cost Estimates, and Financial Analysis is extracted from IperionX’s ASX Announcement dated June 30, 2022 (“Original ASX Announcement”) which is available to view at IperionX’s website at www.IperionX.com.  The Company confirms that a) it is not aware of any new information or data that materially affects the information included in the Original ASX Announcement; b) all material assumptions and technical parameters underpinning the Production Target, and related forecast financial information derived from the Production Target included in the Original ASX Announcement continue to apply and have not materially changed; and c) the form and context in which the relevant Competent Persons’ findings are presented in this report have not been materially changed from the Original ASX Announcement.  IPERIONX LIMITED ABN 84 618 935 372 
 

 What do we do?  We produce high-performance, sustainable, low-cost titanium metal products in the U.S. using proprietary technologies  Panerai Submersible S BRABUS eTitanio  Made with IperionX 100% recycled titanium using Direct Metal Laser Sintering (DMLS3) 
 

 4  What is our plan?  Build low-cost, sustainable metal production today, and integrate with minerals production tomorrow, entirely within the U.S.  Scale metal production capacity via revolutionary patented titanium metal technologies using titanium scrap as a raw material  100% recycled titanium products - fully circular, a world first  Zero scope 1 & 2 greenhouse gas emissions  Significant reductions to the cost of titanium  Backward integrate our titanium metal production with titanium minerals from our Titan Project in the medium term  One of the largest JORC & SK-1300 titanium mineral resources in U.S.  Fully permitted for Phase 1 development and operations  Highly valuable co-products of rare earth minerals and zircon  2  1 
 

 5  Why do we focus on titanium?  Titanium has superior material properties that are prized across industries from defense to consumer electronics  High strength-to-weight ratio  (Titanium alloys can have a far higher strength-to- weight ratio than aluminum & magnesium alloys)  45% lighter than steel  (Titanium alloys can be 3-5x stronger than stainless steel)  Superior corrosion resistance  (Durable, long-life products that don't need paint)  Lockheed Martin F-35 Lightning II  ~20% titanium by weight  Consumer Electronics  Titanium used in frames and enclosures 
 

 Why do we focus on titanium?  The current global titanium supply chain has become +70% reliant on China & Russia  6  Source: U.S. Geological Survey. Locations shown are approximate.  PRIMARY TITANIUM (TITANIUM SPONGE) PRODUCTION CAPACITY  Metric tons per annum  10,000  5,000 
 

 Billets  Titanium Watch Case  Titanium Mineral  ~$2/kg  Chlorination  TiCl4  Reduction & Distillation  (Kroll)  Sponge  ~$10/kg  VAR/EBM  Ingot  ~$25/kg  Breakdown Forging  7  Why do we focus on titanium?  The current titanium supply chain is complex, expensive, and generates large volumes of scrap  Bar Rolling  Upwards of 10:1 to 20:1 Scrap-to-  Product (“Buy-to-Fly”) ratios  Annealing  Hot Rolling  Machining  Bar  ~$80-100/kg  CNC  Machining  Slicing  The Current Titanium Supply Chain – Mineral to Final Part 
 

 8  Why do we focus on titanium?  The current titanium supply is unsustainable, with high carbon emissions and cannot achieve full circularity  40  30  20  10  0  Carbon emission estimates of stainless steel, aluminum, and  titanium ingot (via Kroll)  50  Stainless Steel Ingot  (20% Recycled)  Aluminum Ingot  (0% Recycled)  Kroll Ti Ingot  (0% Recycled)  Estimated Life Cycle CO2e Emissions  (kg CO2e / kg metal)  Source for Stainless Steel Ingot figures: International Stainless Steel Forum Source for Aluminum Ingot figures: International Journal of Life Cycle Assessment Source for Titanium Ingot figures: EcoInvent Database 3.8  Current supply chain is non-circular and high waste 
 

 9  Why do we focus on titanium?  Low-cost, sustainable titanium has a large-scale opportunity to disrupt lightweight structural materials markets  Aluminum Market2  ~$165bn*  Stainless Steel Market3  ~$200bn*  Titanium Market1  ~$4bn*  * Estimated Global Market Summary in USD. TAM market sizes are built up using 2022 material pricing  Sources: Roskill, Argus Metals. 2019 titanium melt products production of ~283kt at Q4-2022 Rotterdam Ti64 pricing of ~$16/kg. Note: Titanium market size uses 2019 volumes as base year, due to the Ukraine-Russia conflict.  Sources: Jefferies Equity Research, LME. Harbor Aluminum. 2021 global aluminum demand of ~67Mt at Q4-2022 pricing of ~$2.4/kg.  Sources: International Stainless Steel Forum, MEPS, 2021 global stainless steel melt shop production of ~56Mt at Q4-2022 304 Coil pricing of ~$3.6/kg. 
 

 What is our solution?  Our award-winning titanium metal production can convert titanium minerals or scrap into high-performance titanium metal products  10 
 

 *IperionX holds exclusive rights over the HAMR and HSPT technologies.  11  What is our solution?  Our technologies provide a low-cost, sustainable solution to the refining and forging of titanium metal  Titanium Refining Technologies Titanium 'Forging' Technologies  High-performance titanium powders  Hydrogen Assisted Metallothermic Reduction (HAMR)*  Titanium deoxygenation technology; far more efficient than industry standard Kroll process  A direct replacement to the high-cost Kroll and Ingot manufacturing process  Titanium minerals or scrap can be manufactured directly into titanium metal powders and products  'Forged' near-net shape titanium products  Hydrogen Sintering & Phase Transformation (HSPT)*  Technology refines the microstructure of titanium to give it wrought-quality (forged) properties  Solves the current high-cost and complex titanium manufacturing process  Significant cost savings by reducing total part weight for subtractive manufacturing OEMs 
 

 What is our solution?  Our technologies1 disrupt the titanium supply chain to deliver a low-cost, sustainable solution, with no sacrifice on performance  Spherical Powder  Titanium Products  Titanium Scrap (or Titanium Minerals)  Titanium Refining Technologies  Additive Manufacturing  1. IperionX has exclusive rights over a suite of titanium metal technologies. Refer to ASX announcement dated December 8 2022 for further details.  12  Angular Powder  Titanium Forging Technologies  Near Net Shape or Mill Products  Subtractive Manufacturing  2:1 to 7:1  Buy-to-Fly 
 

 * IperionX has exclusive rights over HAMR, HSPT, and range of other award-winning titanium technologies.  13  Traditional Puck  IPX Donut Puck  IPX “Forged” Ovoid  Puck  IPX 3D Printed Blank  Final CNC Machined Watch Case  Traditional Bar Feedstock  Powder Metallurgy Bar Feedstock  IPX Proprietary Near-Net Shape Feedstock  Additively Manufactured Product  Final Part  Weight: >300g Buy-to-fly: >13:1  Weight: <250g Buy-to-Fly: >11:1  Weight: <150g Buy-to-Fly: <7:1  Weight: ~50g Buy-to-fly: <3:1  Weight: <30g  What is our solution?  Our technologies deliver high-performance products to our customers, providing significant cost and waste reductions  IperionX near-net shape titanium products – for higher CNC productivity, lower cost, and improved sustainability 
 

 7.1  16.5  47.1  124.9  7.8  0  20  40  60  80  100  120  140  Stainless Steel Ingot  (20% Recycled)  Aluminum Ingot  (0% Recycled)  Kroll Ti Ingot  (0% Recycled)  Ti Powder by Plasma Atomization (80% Recycled)  HAMR-GSD  Ti Powder (100% Recycled)  Estimated Life Cycle CO2e Emissions  (kg CO2e / kg metal)  Atomization process to produce metal powders not included in ingot carbon values. This will be the scope of IperionX's upcoming comparative LCA.  14  What is our solution?  We can provide a sustainable, fully circular U.S. titanium supply chain with zero scope 1 & 2 carbon emissions  See ASX Announcement dated April 26 2023 for details  Atomization process to produce metal powders not included in ingot carbon values. This will be the scope of IperionX's upcoming comparative LCA. Source for Stainless Steel ingot emissions, assuming 20% recycled content: https://www.worldstainless.org/files/issf/non-image-  files/PDF/ISSF_Stainless_Steel_and_CO2.pdf  Source for Aluminum ingot emissions: https://link.springer.com/article/10.1007/s11367-015-1003-7  Source for Kroll ingot emissions: Gao, F., Nie, Z., Yang, D., Sun, B., Liu, Y., Gong, X., & Wang, Z. (2018). Environmental impacts analysis of titanium sponge production using Kroll process in China. Journal of Cleaner Production, 174, 771-779. doi: https://doi.org/10.1016/j.jclepro.2017.09.240. and https://ecoinvent.org/the-ecoinvent- database/data-releases/ecoinvent-3-8/  See ASX Announcement dated June 15 2023 for details  First UL Validated 100% Recycled Titanium Metal Powders 
 

 Industrial Pilot Facility  Titanium production + R&D facilities  Salt Lake City, UT  Commercial Titanium Production Titanium production + advanced manufacturing  1,125tpa by Q4-20251  Halifax County, VA  Titan Critical Minerals Project  Fully permitted, largest known JORC/SK-1300 titanium and rare earth mineral resource in America  Camden, TN  1. See ASX Announcement dated April 27 2023 for details  15  What are we doing today?  We produce high-performance titanium at our industrial pilot facility in Utah, and plan to scale production in Virginia 
 

 1. See ASX Announcement dated April 27 2023 for details. Based on key operating assumptions as outlined in announcement.  16  Where are we going tomorrow?  By scaling production at our Virginia facility, we begin to re-shore a fully integrated U.S. titanium supply chain  0  200  400  600  800  1,000  1,200  0  20  40  60  80  100  120  Year 1  Annual EBITDA (LHS)  Annual Titanium Production  (metric tonnes)  Annual EBITDA  (US$ million)  Year 2 Year 3  Annual Titanium Production (RHS)  Virginia Titanium Production Facility  Techno-Economic Assessment Outcomes (April 2023)1 
 

 U.S.  Defense  Additive Manufacturing  Luxury Goods  Bikes & Micromobility  Automotive  Green Hydrogen  Consumer Electronics  Industrial Applications  Current Industries1  Target Industries  Who are our partners?  Our plans have already led to strong collaborations across industries, and we expect this to only grow as we scale  17  1. Richemont: See ASX announcements dated August 20, 2022 and November 17, 2022 for details; AFRL: See ASX announcement dated January 18, 2023 for details; Carver Pump and NAVSEA (US Navy):See ASX announcement dated February 6, 2023 for details; U.S. Navy’s Naval Air Systems Command: See ASX announcement dated February 3, 2022 for details; SLM: See ASX announcement dated March 14, 2023 for details; Canyon: See ASX announcement dated March 29, 2023 for details; Ford: See ASX Announcement dated June 13 2023 for details; Lockheed Martin: See ASX Announcement dated July 18 2023 for details; GKN Aerospace: See ASX announcement dated October 2 
 

 Supporting Information 
 

 19    Secure strategic partners for our titanium metal products    Test powders and/or prototype parts with prospective customers    Secured customer & government validation    Secure additional customers across core industry sectors    Progress Titan Project to be construction ready    Definition of largest known titanium mineral resource in U.S.1    Scoping study defining highly economic, low-cost operation    Feasibility Study level metallurgical report completion    State Mine & NPDES permit    Feasibility Study, Critical Minerals sales contracts and FID    Scale up production of titanium powder and products    Scale up of titanium pilot plant production    Secured Virginia site for Titanium Demonstration Facility (“TDF”)    Announce TDF+ (expansion to 1,000+tpa) CAPEX & OPEX    Large scale furnace hot test & powder production run    Complete final engineering for TDF    Commence equipment installation at TDF  1. JORC and SK-1300 code compliant  Common Shares / ADR’s (1:10) Outstanding  194.7 million / 19.5 million  Last 10 Days – Avg. Daily Volume (ASX / NASDAQ)  A$383k / US$502k  Market Capitalization (2-Oct-2023)  ~US$186 million  Cash (30-June-2023)  ~US$12 million  Fidelity Management & Research (FMR)  ~10%  Fidelity International (FIL)  ~9%  B Riley Financial  ~5%  Insider Ownership  ~30%  High value, near-term catalysts  Corporate Overview (NASDAQ / ASX Ticker Symbol: IPX)  $15.00  $12.50  $10.00  $7.50  $5.00  $2.50  $0.00  ADR Price  (US$) 
 

 Senior leadership team  Anastasios “Taso” Arima  Co-founder, MD & CEO  Successful founder of multiple billion-dollar companies, including most  recently Piedmont Lithium (Nasdaq: PLL)  Todd Hannigan  Executive Chairman  25+ years of global experience in natural resources as company founder, CEO, private capital investor, and non-executive director  Toby Symonds President, Chief Strategy Officer 30+ years in capital markets, founder of two  asset management firms  Jeanne McMullin Chief Legal Officer  25+ years in corporate law, previously CLO of start-up tech PE firm  Dominic Allen Chief Commercial Officer  15+ years commercial experience across the metals and minerals sector  Vaughn Taylor  Audit Committee Chair Rem. Committee Chair  20+yrs senior investment executive, Ex CIO of AMB Capital Partners, Board member global organizations  Independent Board Members  Lorraine Martin  Audit Committee Member ESG Committee Member  35+yrs senior aerospace exec. at Lockheed Martin, CEO National Safety Council, Board Member; Kennametal  Beverly Wyse  Audit Committee Member Rem. Committee Member ESG Committee Member  30+yrs senior aerospace exec. at Boeing, Board Member; Heroux-Devtek  Melissa Waller  ESG Committee Chair Rem. Committee Member  30+yrs senior finance exec. President of the AIF Institute  20  Scott Sparks Chief Operating Officer  30+ years in engineering, construction and management  Marcela Castro Chief Accounting Officer  25+ years of financial leadership experience across multiple industries 
 

 We are an industrial technology company that can disrupt the metals sector, with our sights on stainless steel & aluminum  Metal & Global Market Size1  Consumer Metal Products  Automotive & Transportation  Construction Materials  Machinery, Equipment, & Electronics  Other  Stainless Steel Market2  ~$200bn 2021 global stainless steel melt shop production: 56Mtpa  ~$76bn  21.1Mtpa  ~$27bn  7.7Mtpa  ~$25bn  6.9Mtpa  ~$16bn  4.4Mtpa  ~$58bn  16.2Mtpa  Aluminum Market3  ~$165bn 2021 global aluminum demand: 67Mtpa  ~$38bn  15.4Mtpa  ~$41bn  15.4Mtpa  ~$41bn  16.8Mtpa  ~$38bn  15.4Mtpa  ~$10bn  4Mtpa  * Estimated Global Market Summary in USD. TAM market sizes are built up using 2022 material pricing, which differs from spot prices shown. Numbers may not sum due to rounding.  Sources: Roskill, Argus Metals. 2019 titanium melt products production of ~283kt at Q4-2022 Rotterdam Ti64 pricing of ~$16/kg. Note: Titanium market size uses 2019 volumes as base year, due to the sustained impact on aerospace demand (as the primary driver of the titanium metal market) since COVID-19 and the Ukraine-Russia conflict.  Sources: Jefferies Equity Research, LME. Harbor Aluminum. 2021 global aluminum demand of ~67Mt at Q4-2022 pricing of ~$2.4/kg.  3. Sources:, International Stainless Steel Forum, MEPS, 2021 global stainless steel melt shop production of ~56Mt at Q4-2022 304 Coil pricing of ~$3.6/kg.  21 
 

 We are leveraged to the growth of the Additive Manufacturing industry – we are the titanium 'ink' for 3D printers  22  Source: SmarTech Analysis.  $0.0  $2.0  $4.0  $6.0  $8.0  $10.0  $12.0  2023E  2024E  2025E  2026E  2027E  2028E  2029E  2030E  2031E  2032E  Market Size  (US$ Bn)  Forecasted Global Metal AM Market by Region  North America Europe Asia Pacific China Rest of World  $0.0  $2.0  $4.0  $6.0  $8.0  $10.0  Forecasted Global Metal AM Market by Metal  $12.0  2023E  2032E  Market Size  (US$ Bn)  Others  Aluminum Nickels Steels Titanium 
 

 Alloy  Composition  Current Applications  YS (MPa)  UTS (MPa)  Elongation (%)  E Modulus (GPa)  Aluminum 6061  99% Al - <1% Fe - <1% Si  Broad / Bike Frames  276  310  12 -17  69  Stainless Steel 316L  65% Fe – 17% Cr – 12% Ni - 2.5% Mo –  2% Mn – 1% Si  Broad / Springs  205  515  60  193  IperionX Ti 6-4  6% Al - 4% V  Aerospace & Medical  1,100  1,160  15  114  Ti-3-2.5  3% Al – 2.5% V  Bicycle Tubes  483  620  12  95 - 103  Ti-5-5-5-3  5% Al - 5% V - 5% Mo - 3% Cr - 0.4% Fe  Aircraft Landing Gear  1,288  1,364  6  112  Ti 10-2-3  10% V - 2% Fe - 3% Al  Aircraft Landing Gear  1,198  1,274  7  110  Ti-Beta-C  3% Al - 8% V - 6% Cr - 4% Mo - 4% Zr  Springs  1,120  1,240  8  99 -124  Ti-1-8-5  1% Al - 8% V - 5% Fe  Armor Plate  1,233  1,263  15  114  23  We can offer unique titanium alloys that were not commercially available for customers 
 

 We take titanium scrap from the supply chain and recycle it into high-performance titanium metal powders and products  Significant quantities of titanium scrap is lost, or unusable, in the current U.S. supply chain  IperionX technologies1 can sustainably recycle this scrap to produce high-performance titanium products  Titanium supply chain – scrap generation  U.S. titanium scrap supply chain  Titanium Products  Sponge Feedstock  Melting Shops / Ingot Production  Ingots  Milling and Extrusion / Billet Production  Machining Scrap  Manufacturing End-of-Life Scrap Scrap  Machining Powder scrap, End-of-Life Scrap failed builds Scrap  Additive Manufacturing  Subtractive Manufacturing  Billets and Near-Net- Shape products  Sponge 35,200t  Scrap 50,000t  Ingot-Billet-Mill Product  Titanium Parts / Components 13,320t  Titanium Scrap 61,500t  Lost 10,460t  Recycled Export FeTi 24,000t 11,900t 2,100t  24  Source: U.S. Geological Survey, 2018 data shown.  1. IperionX has exclusive rights over a suite of titanium metal technologies. Refer to ASX announcement dated December 8 2022 for further details. 
 

 The Titan Project is a future multi- decade source of U.S. titanium, with significant rare earth product  Geological formation targeted is the McNairy Sand, a massive formation extending North-South through West Tennessee  Projected 25-year initial operational life covers only a small portion of existing landholdings  Potential for additional resource discovery and conversion within land controlled by IperionX  Significant potential for additional land acquisition could add to resource base  2022 Scoping Study showed potential operation generating US$117 million of average annual EBITDA, with a US$692 million NPV and 40% IRR1  Based on June 2022 Scoping Study. June 2022 Scoping Study projections are based on Q1-2022 price projections and cost estimates in U.S. Dollars. Evaluation was carried out on a 100% equity basis using an 8% discount rate. For further information, see Scoping Study press release dated June 30, 2022  See ASX announcement dated October 6 2021 for details  JORC Mineral Resource2  Total Critical Mineral Assemblage  Titan Project  Cut-off  Tonnes  TCM %  TCM  Zircon  Rutile  Ilmenite  REE  (TCM %)  (Mt)  (%)  (Mt)  (%)  (%)  (%)  (%)  Indicated  0.4  241  2.2  5.3  11.3  9.3  39.7  2.1  Inferred  0.4  190  2.2  4.2  11.7  9.7  41.2  2.2  Total Mineral Resource  0.4  431  2.2  9.5  11.5  9.5  40.3  2.1  Including High Grade Core  2.0  195  3.7  7.1  12.1  9.9  42  2.3  25 
 

 Simple, proven extraction and processing to produce multiple high- value product streams including rare earths  McNairy  Sand Ore  Sustainable Mineral Extraction  Wet Concentration Plant  Rare Earth Rich Mineral Concentrate  90%+ of the sand extracted is returned to void for reclamation  Rare Earth Flotation Plant  Rare Earth Concentrate (Monazite / Xenotime)  Dry Separation Plant  Rutile 93%+ TiO2  Ilmenite 60%+ TiO2  Premium Zircon 66%+ ZrO2+HfO2  Zircon Con.  33%+ ZrO2+HfO2  Low-Impact, Sustainable Processing  No drilling, no blasting and no harmful chemicals  Gravity concentration of valuable critical minerals from in-situ sand  Rare earth recovery via flotation process, titanium & zircon via dry separation plant (electromagnetic/static)  Energy Fuels  (NYSE: UUUU)  Partnership1  Separated Rare Earth Oxides  Synthetic Rutile Process  Synthetic Rutile 85-90%+  TiO2  Ti & Zr rich Mineral Concentrate  ~16,700tpa2  ~95,500tpa2  ~22,400tpa2  ~16,100tpa2  ~4,650tpa2 of concentrate, incl. ~580tpa of Nd+Pr and ~65tpa of Dy+Tb oxides  26  See ASX announcements dated April 22nd, 2021, and update announcement dated March 8th, 2022 for details  LOM annual average production based on the results of 2022 Scoping Study. See ASX Announcement dated June 30, 2022 for detail 
 

 HAMR – the breakthrough science behind the revolutionary process  Most common metals can be reduced to metal from oxides by carbon (or hydrogen) - this is not the case for Titanium Dioxide (“TiO2”) because of the stability of the Ti-O bonds  In 1940, William Kroll invented a process to overcome this challenge and it relies on chlorination of TiO2 in a carbothermal reaction to create TiCl4, which is then reduced by molten magnesium in a vacuum and distilled to produce Titanium sponge (primary metal)  This sponge is then vacuum melted multiple times to create a titanium ingot which can then be hot worked into mill products  Dr Zak Fang discovered in 2016 that TiO2 can be reduced by solid magnesium under a hydrogen atmosphere because Hydrogen destabilizes the Ti-O bonds – Hydrogen Assisted Metallothermic Reduction (“HAMR”)  This principle also applies to deoxygenation of recycled titanium scrap as the most difficult impurity to “clean” is the pickup of oxygen on the surfaces – especially prevalent with machining scrap  HAMR revolutionizes the ability to manufacture titanium metal from mineral or scrap that was previously not thought possible  Hydrogen’s effect on the Ti-O bonds  Ti-O bonds at various weight percent (solid lines) vs. Ti-O-H bonds destabilized at various weight percent (dashed lines) @ 700 Co  -255  -250  -245  -240  -235  -230  -225  -220  0.0  0.1  0.4  0.5  0.2 0.3  molar ratio of H /Ti  Oxygen potential, kcal/mole O2  Ti-2.0wt% O-H Ti-1.0wt% O-H Ti-0.5wt% O-H  Ti-0.166wt% O-H  Ti-2.0wt% O  Ti-0.166wt% O  MgO  Ti-1.0wt% O Ti-0.5wt% O  * IperionX holds an exclusive option to acquire the HAMR technology and other associated technologies  Dr Fang’s history: https://powder.metallurgy.utah.edu/research/hamr.php  Original HAMR discovery article “A novel chemical pathway for energy efficient production of Ti metal from upgraded titanium slag”: https://www.sciencedirect.com/science/article/abs/pii/S1385894715015016  27 
 

 300  200  100  600  500  400  700  800  900  1000  1100  1200  1,000  10,000  100,000  Number of Cycles to Failure  1,000,000  10,000,000  Maximum Stress (MPa)  As-sintered HSPT HSPT GIFed  HSPT+GIF+HT(Globular) HSPT+GIF+HT(Bi-modal)  Mill-annealed  Pre-alloyed  Blended Elemental  Vacuum as-sintered  microstructure  HSPT as-sintered microstructure  HSPT – Forged quality titanium, without the forging process  IperionX holds exclusive rights over the HSPT technology.  28  The proprietary Hydrogen Sintering and Phase Transformation (“HSPT”) technology is a powder metallurgy pathway to produce forged quality titanium near-net shape parts and components  HSPT delivers mechanical properties that can compete with wrought processes, but avoids the high-cost and high-emissions associated with them  The process accepts angular powders produced via HAMR as feedstock  HSPT technology combined with HAMR provides a clear pathway to low-cost and  sustainable production of high-quality titanium parts for the most challenging applications  HSPT = Hydrogen sintering and Phase Transformation; GIF = Gaseous Isostatic Forging; HT = Heat Treatment