IperionX (ASX:IPX) has been awarded a Small Business Innovation Research (SBIR) phase three contract by the US Department of Defense (DoD) for up to US$99 million ($152.52 million).
The contract establishes a funding mechanism through which qualifying US Government agencies can place project-specific task orders for the supply of IperionX titanium components and parts.
The SBIR program progresses innovations through three stages, with stage three being reserved for commercialisation activities. These activities allow federal agencies to procure proven SBIR-funded technologies without further competition.
IperionX, which has a market capitalisation of $1.18 billion, is working with the DoD agencies on project task orders that will draw down on the contract ceiling.
Initial titanium manufacturing and supply projects are expected to begin in the coming months and will include titanium fasteners produced using the company’s patented titanium production and advanced forging technologies.
These titanium parts will be manufactured at IperionX’s Titanium Manufacturing Campus in Virginia.
IperionX notes task orders may comprise additional product forms outside of fasteners, including higher value aerospace components.
CEO Anastasios Arima says securing this contract validates the performance of the company’s technologies and underscores the DoD’s commitment to reshore an all-American titanium supply chain.
According to Addere Additive Manufacturing, titanium has become increasingly popular to use across the military and defence industry, with the material offering numerous benefits across the majority of vehicles and structures both areas use.
IperionX is a US titanium metal and critical materials company focused on using patented metal technologies to produce high performance titanium alloys, from titanium minerals or scrap.
Titanium is a lustrous, silver-grey metal highly resistant to corrosion, with low density but is both strong and lightweight. It is used in a variety of industries including power generation, utilities, automotive, and healthcare, due to its excellent strength-to-weight ratio and resistance to extreme temperatures and chemicals.
The titanium market has grown in recent years and is projected to grow from US$27.23 billion in 2024 to US$28.68 billion in 2025 at a compound annual growth rate of 5.3%. This growth is attributed to aerospace advancements, military and defence applications, industrial expansion, medical implants and devices, as well as sports equipment development.
Write to Aaliyah Rogan at Mining.com.au
Images: IperionX
