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Webinar Presentation A U.S. critical mineral - to - metals platform for defense , aerospace, nuclear, semiconductors, robotics and advanced manufacturing supply chains August 2026 IperionX Limited NASDAQ and ASX: IPX
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Disclaimers 2 Forward Looking Statements This presentation is being made to you solely as a prospective investor considering purchasing American Depositary Shares (“ADSs”) offered by IperionX Limited (“IPX” or the “Company”). You may not take away, reproduce or distribute this presentation, in whole or in part. IPX has filed a registration statement (including a prospectus) with the SEC (Reg. No. 333-273519) for the offering to which this presentation relates. Before you invest, you should read the prospectus in that registration statement and the other documents IPX has filed with the SEC that are incorporated by reference therein, including any prospectus supplement or free writing prospectus, for more information about IPX and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, IPX, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by contacting [Cantor Fitzgerald & Co., Attention: Capital Markets, 110 East 59th Street, 6th Floor, New York, New York 10022 via email at prospectus@cantor.com]. The statements in this presentation relating to matters that are not historical facts are forward-looking statements. These forward-looking statements are based upon assumptions of management of IPX which are believed to be reasonable at the time made and are subject to significant risks and uncertainties. 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 IPX’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 IPX 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. Additional factors that could cause results to differ materially from those described in the forward-looking statements can be found in the “Risk Factors” section of our Form 20-F for the year ended June 30, 2025, which can be found at www.iperionx.com and on the Securities and Exchange Commission’s website at www.sec.gov, and which are incorporated by reference into the prospectus supplement and the accompanying prospectus for this offering. There is no assurance that any of the actions, events or results of the forward-looking statements will occur, or if any of them do, what impact they will have on our results of operations or financial condition. Forward-looking statements speak only as of the date they were made and are based on the estimates and opinions of management of IPX at the time the statements are made. IPX does not assume any obligation to update forward-looking statements should circumstances or management’s estimates or opinions change, except as required by law. Compliance Statement The information in this document that relates to Exploration Results in respect of the Titan Project, Mineral Resources and Ore Reserves was extracted from our Technical Report Summary dated June 4, 2026, which is available to view at the Company’s website at www.iperionx.com and in the ASX announcement dated June 4, 2026 (the “original ASX announcement”). The Competent Persons who prepared the Exploration Results in respect of the Titan Project, Mineral Resources and Ore Reserves are Mr. Adam Karst, Mr. John Eckman and Mr. Justin Douthat, respectively. The Company confirms that a) it is not aware of any new information or data that materially affect the information included in the original ASX announcement; (b) all material assumptions and technical parameters underpinning the Mineral Resources and Ore Reserves 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 presentation have not been materially changed from the original ASX announcement. The information in this document that relates to Exploration Results in respect of Atlas was extracted from our press release dated July 2, 2026 “Acquisition Delivers High Value Critical Minerals", which is available to view at the Company’s website at www.iperionx.com and in the ASX announcement dated July 2, 2026 (the “original ASX announcement”). The Competent Person who prepared the Exploration Results in respect of Atlas is Mr. Adam Karst. The Company confirms that it is not aware of any new information or data that materially affect the information included in the original ASX announcement and that the form and context in which the relevant Competent Persons’ findings are presented in this presentation have not been materially changed from the original ASX announcement. In addition, this document contains information relating to the Company's production targets and financial forecasts for the Titan Project extracted from our Technical Report Summary dated June 4, 2026, which is available to view at the Company’s website at www.iperionx.com and in the original ASX announcement. 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. This presentation has been authorized for release by the CEO and Managing Director. IPERIONX LIMITED ABN 84 618 935 372
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I. Overview
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Investment highlights 4 IperionX is scaling up at an opportune time - high titanium demand, current supply chain threats, and policy support GenX platform for future large-scale expansion High demand for titanium products, combined with current supply chain risks Substantial need for a U.S.-based titanium supply chain Strong U.S. Government support for domestic production Proven technology that is being built out; high performance at lower cost/energy/carbon Increasing customer engagement across multi-industries; prototype orders secured Backward integration anchored by a fully permitted, shovel-ready titanium and rare earth project (Atlas-Titan Project) in Tennessee 1 2 3 4 5 6 7
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Quarterly execution record 5 Significant progress achieved across multiple value drivers Titanium production Virginia maintained a 24/7 operating schedule; temporary furnace downtime resolved; Grade 5 powder quality was maintained; 200 tpa exit run-rate target unchanged 300-ton SACMI press commissioned; first additional large HSPT furnace in commissioning; further large and medium furnaces arriving shortly Fasteners exceeded relevant steel and aerospace-titanium benchmarks; additional JLTV prototype order received; Navy and automotive components successfully produced Titan DFS completed; US$3 million Atlas acquisition closed; integrated Atlas-Titan study targeted by year-end Approximately US$84.0 million pro-forma cash; substantial obligated government support remaining; approximately US$6.2 million of director and officer purchases Downstream capacity Commercial validation Critical minerals Capital alignment
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Dates shown are approximate. Timeline is not to scale. 6 Acquired the Titan Critical Minerals Project Serial production at pilot facility, Utah First commercial contract with Panerai, a luxury watchmaker Secured patents related to titanium production Virginia Site Selection Successful demonstration of Green Rutile titanium enrichment technology First UL validated 100% recycled titanium Complete acquisition of titanium technologies – HAMR and HSPT First titanium furnace production run Commencement of Titan Project DFS with U.S. government support Ongoing expansion of customer base IperionX founded ASX listing ($IPX) Customer engagement begins with aerospace, defense, and luxury goods R&D and technical validation Nasdaq listing ($IPX) First production of titanium metal from Tennessee minerals Titan Project Scoping Study Won the U.S. Air Force Titanium Recycling Challenge $12.7M U.S. government funding under DPA Secured sourcing contract with global automaker Grow portfolio to 40+ patents $47.1M U.S. government funding under IBAS R&D 100 award for the HAMR process Titan Project development through permitting and enters feasibility-level metallurgical studies Last US titanium sponge plant shutdown Low-Rate Initial Production for DoW fastener applications 1st DoW task order received under Small Business Innovation Research 24/7 operations in VA, continuing powder and product ramp-up, and sourcing additional customer contractsInitial commissioning of the Virginia facility Purchase orders received for U.S. defense products (Navy impellers, Army ground combat systems) New equipment installations for enhanced production capabilities 2020 2021 2022 2023 2024 2025 2026 IperionX is ramping up commercial operations after 3+ years of successful piloting, supported by funding from DoW Titan Project DoW- funded DFS complete and key permits in place Acquisition of Atlas project, adjacent to the Titan Project
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71. U.S. Geological Survey. Locations shown are approximate. Primary global titanium supply chain. 2. 2026 figures shown are estimates and projections, and Chinese data includes projections for incremental 2026 capacity from Argus Metals. Primary titanium production capacity (metric tons per year)1,2Primary titanium geographic capacity1 0 100,000 200,000 300,000 400,000 500,000 600,000 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026E U.S.A China + Russia China and Russia control ~80% of the global titanium supply chain We believe re - shoring titanium production to the United States will be essential to restoring supply chain resilience and reducing reliance on foreign sources of critical materials
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8 HAMR and HSPT significantly improvethe efficiency and cost of the supply chain HSPT Titanium Blank Thread RollingTitanium Bolt IperionX’s HAMR and HSPT technologies provide a step change in the overall efficiency of titanium manufacturing 1. Case study based on Company management’s internal analysis 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 1st 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 simplified1)
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Capital alignment, balance sheet strength and proposed U.S. redomiciliation 1. Includes US$2.4 million subsequently received after quarter end 9 Strengthened balance sheet supports the next execution phase, with a proposed redomicile to the U.S. ▪ Intention to redomicile from Australia to the United States ▪ Strategic objective: align domicile and primary market with IperionX’s U.S.-focused operations, growth strategy and investor base ▪ Final transaction structure and implementation steps to be developed in consultation with stakeholders – including shareholders, the U.S. Government and relevant market participants CAPITAL ALIGNMENT U.S. REDOMICILE ▪ ~US$84 million pro-forma cash following net offering proceeds and the subsequent US$2.4 million DPA reimbursement ▪ US$37.1 million of obligated reimbursable U.S. Government funding remained at June 301 ▪ Approximately 290 tons of titanium scrap transferred at no cost by the U.S. Government ▪ Approximately US$6.2 million of director and officer purchases during March–April and July
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II. Virginia Operations
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Titanium powder deoxygenation performance by month (metric tons) 11 Virginia operations: HAMR powder production ramp up continues 0 1 2 3 4 5 Oct. 25 - Dec. 25 avg. Jan. 26 Feb. 26 Mar. 26 Apr. 26 May 26 Jun. 26 Jul. 26 (f'cst) metric tons ▪ Reduced HAMR titanium powder production in the prior quarter, primarily reflective of temporary furnace downtime and associated maintenance. ▪ Downtime did not affect the availability of titanium powder for downstream production activities. ▪ Operations have returned to regular ramp up cadence. ▪ Step change expected in H2 2026 as planned frequency of furnace cycles is increased. Titanium powder quality maintained; cycle frequency is an H2 production lever
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Virginia operations: Downstream capacity arriving and being installed to scale HSPT production Installation and commissioning of equipment ongoing to match powder production with component production capacity 300-ton SACMI press commissioned New sintering furnace delivered and being commissionedCold isostatic press operations 12
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13 Mill Products Titanium Powders Engineered Products Sinter Based AM Melt Based AM Titanium Scrap1 HAMR HSPT Fasteners Enclosures Brackets Impellers Actuators and Gears Plate Bar Sheet Wire Spherical Angular Powder Metallurgy Virginia operations: Ability to produce a range of high value products for diverse markets IperionX products can either be sold into the powder markets or further processed into final titanium metal products 1. Chart based on Company management’s internal analysis
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14 Consumer and Luxury Goods Industrial Fasteners Industrial Gears Defense Applications Ground Vehicles Automotive Components Marine Industrial Base Current and prior commercial partners1 Select products in development 1. Carver Pump: See ASX Announcement dated December 15, 2025 for details; Ford: See ASX Announcement dated June 132023 for details; Lockheed Martin: See ASX announcement dated August 17, 2023 for details; Rheinmetall: See ASX announcements dated January 22, 2026 for details; Richemont: See ASX announcements dated August 20, 2022 and November 17, 2022 for details; Vegas Fastener Manufacturing: See ASX announcement May 1, 2024; United Stars: See ASX announcement April 15, 2024 for details. Customer programs are progressing through a repeatable qualification pathway to mass production
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15 Customer Segment Product Type # of Prototype Engagements Estimated Product Pricing ($/kg) Sales Cycle Targeted Market Entry Aerospace Mill Products Engineered Products Titanium Powder 4 US$50 - 200 >12 months 2028 Automotive Engineered Products 6 US$50 - 1,000+ 6-18 months 2026 Consumer Electronics Titanium Powder 1 US$50 - 100 6-12 months 2027 Consumer Electronics Engineered Products 2 US$50 - 200 12+ months 2028 Consumer Goods Engineered Products 2 US$200 - 1,000 <6 months 2026 Defense Engineered Products 3 US$200 12 months 2026 Industrial Fasteners Engineered Products 2 US$200 <6 months 2026 Mill Market Mill Products 2 US$50 - 100 12+ months 2028 IperionX targeted customer segment information ▪ Tiered go-to-market strategy, current focus on three core categories – Engineered Products, Mill Products, and Titanium Metal Powders ▪ Strong collaborations ranging from customers in the defense industry (fasteners) through to automotive components ▪ Pace of customer development expected to increase as production ramps and further furnaces are commissioned for metal products Customer engagement is increasing as powder production ramps up and additional furnaces are commissioned for titanium products
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GenX : Next - generation continuous HAMR platform for capital - efficient, large - scale operations 16 BATCH FURNACES CONTINUOUS FURNACES Intermittent operation Fixed batch sizes Downtime between batches Continuous operation Steady material flow Higher throughput and efficiency Initial GenX scale up results and outcomes expected in calendar H2 2026 From batch to continuous
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III. Atlas - Titan Critical Minerals Overview
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High temperature magnets Advanced ceramics Lightweight, high-strength titanium alloys Nuclear systems and semiconductors Drones, missiles, actuators, robotics, EVs, weapons systems High-temperature thermal barriers, hypersonics, radar, laser systems Aerospace, ground vehicles, robotics Nuclear systems, semiconductors, high-temperature alloys TITAN Tennessee Domestic mineral feedstock platform February 2025 DoW IBAS award with $5mm allocated to accelerate Titan Project $47.1mm 22 Ti Titanium 47.867 60 Nd Neodymium 144.24 59 Pr Praseodymium 140.91 65 Tb Terbium 158.93 66 Dy Dysprosium 162.50 39 Y Yttrium 88.906 40 Zr Zirconium 91.22 72 Hf Hafnium 178.49 40 Zr Zirconium 91.22 Titan addresses multiple defense - critical material chokepoints Titan secures four key critical material families from a leading U.S. critical mineral reserve, potentially solving multiple supply chain chokepoints across defense, nuclear, semiconductors, AI infrastructure and robotics 18 ONE PROJECT - FOUR STRATEGIC MATERIAL STREAMS
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AFTER-TAX NPV DEVELOPMENT CAPEXLIFE OF MINE EBITDA AND FCF HEAVY RARE EARTH CONCENTRATE1 TITANIUM MINERALS1 ZIRCON CONCENTRATE1 US$813M US$381MUS$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 787s2 13,000,000 Electric Vehicles2 5,700,000 Humanoid Robots2 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; Benchmark 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 19
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Atlas acquisition: Unlocking ultra - high - grade critical minerals to support U.S. supply chains Atlas surface stockpiles return exceptional grades up to 23% THM, positioning IperionX to support strategic titanium, zircon, and heavy rare earth feedstocks to the U.S. defense and advanced technology sectors 201. Source: MP Materials (link), Energy Fuels (link), USA Rare Earths (link) The Atlas acquisition combines value-drivers that are not readily available together in a U.S. critical minerals development project: 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 funding1 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 Earth 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