IperionX (ASX:IPX) has obtained US$11.5 million ($16.07 million) in funding under its second US Army task order to advance titanium manufacturing capabilities at its Virginia facility.
The US Army awarded Task Order 2 under the company’s existing US$99 million Small Business Innovation Research (SBIR) Phase III contract for Low-Cost, Domestic Titanium for Defense Applications. The task order has a stated base value of US$18.5 million.
A further US$6.9 million of unexercised options could increase the maximum potential task order value to US$25.4 million.
The SBIR funding supports equipment and manufacturing systems to expand titanium powder-to-part manufacturing capacity, bring processing steps in-house, and support shorter lead times.
CEO Taso Arima says the second order represents an important step in scaling the company’s titanium powder-to-part manufacturing platform.
“The SBIR Phase III award aims to advance continuous and industrial-scale HSPT™ and dehydride capacity and bring titanium fastener finishing fully in-house at our Virginia titanium manufacturing facility,” Arima says.
“This award aligns with GenX™, our next-generation continuous HAMR™ production platform, which together will provide an integrated American titanium manufacturing system.
“The program will expand our capacity to manufacture titanium track pins, bolts, and fasteners for the US Army, shorten production lead times, and strengthen the domestic titanium manufacturing capabilities required to support US defence supply chains.”
IperionX says the three funded work packages under Task Order Two support continuous HSPT™ furnace development, centerless grinding, and thread-rolling equipment for in-house fastener production, and industrial-scale continuous HSPT™ and dehydrogenation furnaces.
Task Orders 1 and 2 have an aggregate stated value of approximately US$19.8 million, with US$79.2 million remaining available under the indefinite delivery, indefinite quantity (IDIQ) contract ceiling.
IperionX is an American titanium metal and critical materials company with its own Titan Critical Minerals Project in the US.
Write to Paula Fabe at Mining.com.au
Images: IperionX
