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Investor Webinar A breakthrough in titanium production, made in America November 2026 IperionX Limited NASDAQ and ASX: IPX
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Disclaimers IPERIONX LIMITED ABN 84 618 935 372 Forward Looking Statements Information included in this release constitutes forward - looking statements. Often, but not always, forward looking statements c an 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 pl ans , 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 Iperion X L imited’s (the “Company”) actual results, performance, and achievements to differ materially from any forecast future results, performance or achievements. Relevant factors may include, but are not limited to, changes in commodity prices, fore ign 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 diminishin g q uantities or grades of mineralization, the Company’s ability to comply with the relevant contractual terms to access the technologies, commercially scale its closed - loop titanium production process, or protect its intellectual property rights , political and social risks, changes to the regulatory framework within which the company operates or may in the future operat e, environmental conditions including extreme weather conditions, recruitment and retention of personnel, industrial relations i ssu es and litigation. Forward looking statements are based on the Company and its management’s good faith assumptions relating to the financial, ma rke t, 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 dif fer 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 reasonabl e c ontrol 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 ap pli cable 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 li abi lities, 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 re tur n 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 s itu ation 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. Compliance Statement This presentation contains information relating to a Mineral Resource Estimate and an Ore Reserve Estimate for the Titan depo sit (where the Mineral Resource Estimate was prepared by Mr. John Eckman, a Competent Person, and the Ore Reserve Estimate was prepared by Mr. Justin Douthat, also a Competent Person) extracted from an ASX market announcement titled “Iperi onX Titan DFS Confirms High - Return U.S. Rare Earths and Critical Minerals Project” and published on the ASX platform (www.asx.com.au) on June 4, 2026. The Company confirms that it is not aware of any new information or data that materially af fec ts the information included in the original market announcement and that all material assumptions and technical parameters underpinning the estimates in the release of June 4, 2026 continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Pers on s' findings are presented have not been materially modified from the original market announcement. This presentation contains exploration results relating to the Atlas deposit extracted from an ASX market announcement titled “A cquisition Delivers High Value Critical Minerals” and published on the ASX platform (www.asx.com.au) on July 2, 2026. The Company confirms that it is not aware of any new information or data that materially affects the information included in the ori ginal market announcement. The Company confirms that the form and context in which the Competent Persons’ findings are presented have not been materially modified from the original market announcement. The Competent Person was Mr. Adam Karst. This presentation contains information relating to the Company's production targets and financial forecasts for the Titan Pro jec t extracted from the Company's ASX announcement titled "IperionX Titan DFS Confirms High - Return U.S. Rare Earths and Critical Minerals Project" and published on the ASX platform (www.asx.com.au) on June 4, 2026. The Company confirms that all the material assumptions underpinning the production target and the forecast financial information derived from the production target in the original ASX announcement continue to apply and have not materially changed. Not an offer in the United States This presentation does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States or any other jurisdiction. Any securities described in this presentation have not been, and will not be, registered under the US S ecurities Act of 1933 and may not be offered or sold in the United States except in transactions exempt from, or not subject to, the re gis tration requirements of the US Securities Act and applicable US state securities laws. This presentation has been authorized for release by the CEO and Managing Director. 2
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Capacity built, products delivering 19 t inventory finished powder inventory 19 t titanium powder in existing inventory >200 tpa HAMR furnace validated 1.6 t in 63 hours of back - to - back runs, above nameplate 4 products delivering to U.S. defense Army fasteners x2, ballistic plate, Navy pump components US$18.5m new Army Task Order 2 funds industrial fastener and track - pin production 6x GenX throughput validated with >75% less power per kilogram than batch HAMR US$96.7m available liquidity US$63.0m cash plus US$33.7m obligated U.S. Government funding MATERIAL DEVELOPMENTS Powder capacity is no longer the constraint; qualified products and funded orders are the focus 3
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CONSTRUCTION · 2024 – 2025 PRODUCTION · 2026 Six years from idea to production DEVELOPMENT · 2020 – 2023 2020 – 2021 • Company founded • Titan Project acquired • University of Utah titanium R&D • First titanium metal from Tennessee minerals • Aerospace, defense and luxury engagement 2022 • Nasdaq listing • Serial production at Utah pilot plant • First UL - validated 100% recycled titanium; first commercial contract • Virginia site selected 2023 • Won U.S. Air Force Titanium Recycling Challenge • US$12.7m DoW DPA Title III award • Receipt of key permits for Titan Project development 2024 • HAMR and HSPT technologies acquired outright • First furnace run • First automotive contract 2026 • Furnace validated above 200 tpa • Parts delivered to Army and Navy; US$18.5m Task Order 2 • Titan DFS, Atlas, GenX validated 2025 • Virginia campus built and commissioned • US$47.1m IBAS award for 1,400 tpa & $99m SBIR Phase III • 24/7 operations; first defense purchase orders 4
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Titanium is in every fighter jet, missile, naval vessel and armored vehicle. The United States stopped making primary titanium in 2020, and the incumbent supply chain is now sold out. 0 U.S. titanium sponge capacity Last plant closed in 2020; every U.S. titanium part starts with imported metal ~80% controlled by China and Russia Chinese sponge capacity now exceeds 500,000 tpa ~20 months lead time for premium titanium Peer reports of backlog a record US$4.3bn; forgings out two years; buyers paying more for capacity Sources: U.S. Geological Survey; Argus Metals; ATI Q3 2026 results and call, Oct 29, 2026 The U.S. cannot make its own titanium 5
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HAMR and HSPT significantly improve the efficiency and cost of the supply chain HSPT Titanium Blank Thread Rolling Titanium Bolt IperionX’s HAMR and HSPT technologies provide a step change in the overall efficiency of titanium manufacturing Titanium Scrap HAMR Titanium Powders Titanium Sponge Vacuum Arc Remelting Forging Carbothermic Chlorination Titanium Minerals Titanium 36” Ingot Titanium 0.50” Bar Kroll Process Rolling Titanium 16” Billet Cold Drawing CNC Machining Thread Rolling Titanium Blank Titanium Bolt 100% Import Reliant Primary titanium 1 st intermediate product Intermediate product Intermediate product Semi - finished product Final product Process Product Incumbent industry case study – production of a 0.50” hex head bolt (highly simplified 1 ) 1. Case study based on Company management’s internal analysis 6
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HAMR + HSPT is commercially proven for primary titanium at the Titanium Manufacturing Campus in Halifax County, Virginia >200 tpa HAMR furnace validated: 1.6 t in 63 h (>200 tpa). Full system rating by year - end Grade 5 Aerospace - grade quality met consistently; spherical powder within Grade 23 oxygen 3x Forming capacity from the 300 - ton SACMI press; ~11 million single - cavity parts a year 3 furnaces New Elnik HSPT sintering furnaces: one commissioned, the second in the December quarter, plus existing furnace DEMAND - LED FROM HERE 19 t of powder and 207 t of scrap in hand; output is now scheduled to customer orders Proven technology operating at commercial scale 8.7 t / 1 5.9 t Finished powder / HAMR powder quarterly production 1 , up from 1.4 t / 5.1 t in the June quarter 1. Finished powder basis (after leaching, drying and other final steps). HAMR powder basis (furnace deoxygenation throughput, i.e. work in process). 7
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One platform, three product families. Parts first: fastest to qualify, highest value per kilogram Engineered products · now Fasteners, track pins, impellers, brackets, gears. Pressed and sintered to near - net shape in Virginia Mill products · qualifying Billet, bar, plate and sheet from the CIP line, into a market with 20 - month lead times Titanium powders · test prints Spherical and angular powder for additive manufacturing and consumer electronics Product family Indicative pricing Sales cycle Target market entry Products in development Lead customers Engineered products US$200 – 1,000+ per kg <6 to 18 months 2026 ~19 U.S. Army, U.S. Navy, automotive Titanium powders US$60 – 120 per kg 6 – 12 months 2027 ~5 Consumer electronics, defense Mill products US$50 – 80 per kg 12+ months 2028 ~5 Aerospace and mill customers Sales process: parts, then powder, then mill products 8
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The platform is built Most of the Phase 1 capital is now sunk; each additional ton of product spreads it further PHASE 1 COMPLETE RAMP IS UNDERWAY SCAL ING IS NEXT A complete platform in place • Six years of investment created the Virginia campus with HAMR and HSPT at commercial scale . • P ressing and sintering capacity to turn powder into parts is in place. Spend shift ing from construction to production • Phase 1 capital is complete. • The next tranche of Virginia capacity is supported with funding by the U.S. Government , and operating spend is scheduled to customer orders. Fixed costs are sunk; scaling volume reduces costs • The cost of the platform has already been paid. • Each additional ton of product carries less capital and less overhead, so cost per ton falls as output scales. FROM BUILD TO STEADY STATE Most of the capital is sunk; its benefit arrives as production scales 9
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GenX : continuous titanium production, validated The next - generation HAMR platform runs continuously, eliminating the heat - up, cool - down and reloading of every batch cycle From batch furnaces to one continuous line 6x higher throughput on a like - for - like run time >75% less power per kilogram of titanium powder >45% less magnesium, HAMR ’s largest reagent cost >60% less hydrogen per kilogram of titanium powder GENX CAMPAIGN Over 500 kg of powder across four continuous runs totalling 41 hours, at a rate equivalent to ~100 tpa GENX QUALITY 100% of valid samples met ASTM oxygen specifications; all spherical powder within Grade 23 10
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After - tax NPV Development Capex Life of Mine EBITDA and FCF Heavy Rare Earth Concentrate 1 Titanium Minerals 1 Zircon Concentrate 1 US$813M US$381M US$2.8B ~5,300 tpa ~143,300 tpa ~65,700 tpa 39.4% IRR Phase 1: US$228M Phase 2: US$153M US$1.9B FCF Heavy rare earth concentrate Rutile: ~24,700 tpa Ilmenite: ~118,700 tpa Zircon concentrate 37,000 BOEING 787 s 2 13,000,000 Electric Vehicles 2 5,700,000 Humanoid Robots 2 Refer to ASX Announcement dated June 4 2026 for details. 1. Phase 2 production rates shown, rounded. All production values stated in metric tons throughout presentation. 2. Equivalent product figures shown are rounded. Based on Titan’s LOM projected production of titanium in ilmenite and rutile, a nd NdPr in HREC oxides. IPX estimates for material intensities for various end - use applications. Sources: Adamas Intelligence; Benc hmark Minerals; ORNL; DoE; MDPI Minerals 2023, 13, 1274; Resources, Conservation & Recycling (2025) 107966 Titan DFS: strong economics, strategic products and shovel - ready Leading U.S. rare earth and critical minerals project with strong economics and near - term development pathway SITE ECONOMICS POTENTIAL MARKET OPPORTUNITY 11
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1. Refer to ASX announcement dated July 2, 2026 2. Source: MP Materials ( link ), Energy Fuels ( link ), USA Rare Earths ( link ) Atlas acquisition: unlocking ultra - high - grade critical minerals to support U.S. supply chains Atlas surface stockpiles return exceptional grades up to 23% THM 1 , positioning IperionX to support strategic titanium, zircon, and heavy rare earth feedstocks to the U.S. defense and advanced technology sectors The Atlas acquisition combines value - drivers that are not readily available together in a U.S. critical minerals development pro ject: 1. Scale: Adjacent mineral sands position increases the scale potential of the combined Atlas - Titan project. 2. Ultra - high - grade stockpiles: Pre - mined, pre - processed critical mineral stockpiles of approximately 70 acres at surface. 3. Pre - stripped mineralization: approximately 180 acres of near - zero - overburden access to the rich Lower McNairy seam. 4. Established, turnkey infrastructure: Ready - to - use industrial assets, utilities and rail infrastructure. U.S. rare earths supply chain components and associated U.S. Government funding 2 Company Heavy rare earths minerals Refining / Processing & Separation Metallization Magnet Production U.S. Government rare earths funding MP Materials N/A Mountain Pass California Fort Worth Texas 2025 package incl. $400m preferred equity + $150m loan + 10 - yr NdPr floor & magnet offtake. Energy Fuels Various Madagascar Brazil Australia White Mesa Utah ASM South Korea Vacuumschmelze Germany 2026 conditional commitment for up to US$725m senior - secured debt. Supports White Mesa expansion + planned U.S. metals / alloy capacity. USA Rare Earths Serra Verde Brazil Wheat Ridge Colorado Less Common Metals, UK Blacksburg South Carolina 2026 $277m federal funding + up to $1.3bn CHIPS loan capacity IperionX Titan / Camden Tennessee Titan / Camden is a potential near - term domestic source of heavy rare earth minerals, with key permits already in place 12
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1. JORC and SK - 1300 code compliant 2. Last disclosed ✓ Secure strategic partners for our titanium metal products ✓ Test powders and/or prototype parts with prospective customers ✓ Prototype orders secured – U.S. Army GVSC, Carver Pump ✓ Convert qualification programs into commercial - scale orders ✓ Progress Atlas - Titan Project to be construction ready ✓ Definition of largest known titanium mineral resource in U.S. 1 ✓ State Mine and NPDES permits granted ✓ Titan DFS completed – after - tax NPV 8 US$813m, IRR 39% ✓ Atlas acquisition completed – ultra - high - grade stockpiles ✓ Atlas - Titan integrated study, offtake, U.S. funding and FID ✓ Scale up production of titanium powder and products ✓ HAMR furnace commissioned; 24/7 operations in Virginia ✓ 300 - ton SACMI press commissioned; fasteners made in - house ✓ Additional HSPT sintering furnaces delivered to Virginia ✓ GenX HAMR validated – 6x throughput, >75% lower power use ✓ ~200 tpa titanium powder run - rate capacity by end CY2026 ✓ 1,400 tpa expansion under US$47.1m IBAS award (underway) High value catalysts are imminent Ordinary Shares / ADR’s (1:10) Outstanding 362.2 million / 36.2 million Market Capitalization (30 - Oct - 2026) ~US$0.54 billion Cash (30 - Sep - 2026) ~US$63 million Fidelity Management and Research (FMR) 2 ~9% State Street 2 ~8% Vanguard 2 ~5% Insider/management Ownership ~16% Corporate Overview (NASDAQ / ASX Ticker Symbol: IPX) $0.00 $5.00 $10.00 $15.00 $20.00 $25.00 $30.00 $35.00 $40.00 $45.00 $50.00 $55.00 $60.00 $65.00 ADS Price (US$) 13