IperionX receives $6.8m funding from US government

The news: American-based titanium and critical materials company IperionX has received the final USD4.6 million ($6.8 million) tranche of the previously announced USD47.1 million award from the US Department of War.

The funds will be used to scale up titanium production and expand advanced manufacturing capacity at IperionX's Titanium Manufacturing Campus, enabling output of up to 1,400 metrics tons per year.

The context: The final payment follows prior tranches totalling USD42.5 million, which were used to fund the titanium manufacturing equipment for the Titan Critical Minerals Project in Tennessee.

In addition, the US government has transferred approximately 290 metric tons of high quality titanium alloy to IperionX, representing around 1.5 years' worth of feedstock at the company's current full operating capacity.