- IperionX’s HAMR titanium furnace, the foundation asset to
produce low-cost titanium, has completed final mechanical assembly
and successfully passed factory acceptance tests with the IPX
technical team
- This advanced HAMR titanium industrial furnace is now being
transported to the U.S. with anticipated delivery to the Titanium
Manufacturing Campus during the first quarter of 2024
- Installation and commissioning of the HAMR titanium furnace is
expected during the second quarter, before producing first titanium
metal in mid-year 2024
- Construction and internal fit-out of the Titanium Manufacturing
Campus is advancing to schedule
- IperionX has received the first US$2.4 million payment from the
US$12.7 million Department of Defense DPA Title III grant to fund
Phase I ramp-up of the Virginia Titanium Production Facility
IperionX Limited (NASDAQ: IPX, ASX: IPX) is pleased to announce
significant progress in advancing its commercial-scale titanium
metal manufacturing capabilities at IperionX’s Titanium
Manufacturing Campus in Virginia, comprising the Titanium
Production Facility and the Advanced Manufacturing Center.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20240214680723/en/
Figure 1: IperionX’s HAMR Furnace, the
heart of the Titanium Production Facility(Photo: Business Wire)
Commercial Scale HAMR Titanium Furnace
The HAMR titanium furnace has completed final mechanical
assembly and successfully passed factory acceptance testing
overseen by the IperionX technical team. The furnace is currently
being transported from the European manufacturer to the Titanium
Manufacturing Campus in Virginia. This large-scale titanium furnace
is expected to be installed within the Titanium Production Facility
during the second quarter, paving the way for the production of
titanium metal in mid-2024.
A critical IperionX production asset, this large-scale,
industrial titanium furnace leverages patented company
technologies, such as HAMR1 and HSPT2, to produce sustainable,
high-quality and high-strength titanium metal products at
commercial scale. This first production milestone will combine
leading innovation and sustainability to set new industry standards
in titanium metal production.
Importantly, the application of this conventional furnace
technology for titanium production has been de-risked via a
comprehensive furnace test work program. In 2023, the IperionX
technical team successfully completed two full-scale titanium
production test runs that surpassed the core target production
parameters for the Titanium Production Facility.
Construction Progress - Titanium Production Facility,
Virginia
Construction of the Titanium Production Facility is advancing to
schedule, with the HAMR titanium furnace expected to be
commissioned and to produce first titanium metal in mid-2024.
Construction Progress – Advanced Manufacturing Center,
Virginia
Construction of the Advanced Manufacturing Center is on-schedule
and anticipated to be commissioned during the second quarter of
2024. This advanced manufacturing unit will utilize angular and
spherical titanium powders from the Titanium Production Facility to
manufacture a wide range of low-cost and high-performance titanium
products using powder metallurgy, HSPT forging and additive
manufacturing/3D printing. It will also leverage CNC machining,
post-processing equipment and advanced R&D laboratories to
support customer and government engagement.
Anastasios (Taso) Arima, IperionX CEO said:
“IperionX is nearing an important milestone designed to
revitalize the U.S. titanium supply chain with a unique end-to-end
solution that spans from recycled scrap titanium to
high-performance forged titanium products.
Our patented titanium technologies can produce a wide range of
high-performance titanium products - including angular and
spherical titanium powders, semi-finished titanium products,
near-net titanium shape products and additively manufactured
titanium components - with superior energy efficiency, lower costs,
and lower environmental impacts.
We have a strong pipeline of potential U.S. government funding
and incentive programs designed to re-shore and secure critical
mineral and metal supply chains. The commissioning of our Virginia
Titanium Manufacturing Campus will be a pivotal step forward,
positioning IperionX with an innovative end-to-end titanium supply
chain capable of manufacturing high-performance and low-cost
titanium products for advanced American industries.”
About IperionX
IperionX aims to become a leading American titanium metal and
critical materials company – using patented metal technologies to
produce high performance titanium alloys, from titanium minerals or
scrap titanium, at lower energy, cost and carbon emissions.
Our Titan critical minerals project is one of the largest
mineral resources of titanium, rare earth and zircon minerals sands
in the United States.
IperionX’s titanium metal and critical minerals are essential
for advanced U.S. industries including space, aerospace, defense,
consumer electronics, hydrogen, electric vehicles and additive
manufacturing.
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, the Company’s ability
to comply with the relevant contractual terms to access the
technologies, commercially scale its closed-loop titanium
production processes, 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 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.
Full details and appendices relating to the announcement can
be found here.
1 HAMR: Hydrogen Assisted Metallothermic Reduction
2 HSPT: Hydrogen Sintering and Phase Transformation
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240214680723/en/
Anastasios (Taso) Arima, Founder and CEO Toby Symonds, President
Dominic Allen, Chief Commercial Officer Investors:
investorrelations@iperionx.com Media: media@iperionx.com +1 980 237
8900 www.iperionx.com
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