IPX IperionX Ltd

Exhibit		Description
99.1		Press Release

	IPERIONX LIMITED
	(registrant)
Date: July 27, 2023	By:  /s/ Gregory Swan
	Name: Gregory Swan
	Title:   Chief Financial Officer

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IperionX announced plans for the world’s largest recycled titanium powder facility, with initial production from the first stage 125 tpa Titanium Demonstration Facility (TDF) expected in early 2024, followed by a simple, modular expansion to the 1,125 tpa Titanium Commercial Facility (TCF-1) by the end of 2025.

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The design of the TDF and TCF-1 is built upon the operational experience from our Industrial Pilot Facility (IPF) operations in Utah, where IperionX has been successfully producing titanium metal since early 2022. The full development of the TCF-1 will scale titanium production to commercial levels, at substantially lower costs, and position IperionX to compete on price with other structural metals, including stainless steel and aluminum.

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The TCF-1 has projected titanium powder production cash costs of ~US$42/kg versus a third-party estimated current titanium powder market price of ~US$200/kg.

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At full capacity, the TCF-1 could generate ~US$100 million of EBITDA based on key operating assumptions and a using titanium metal powder price of ~US$130/kg.

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IperionX advanced a pipeline of government funding and incentive packages that aim to strengthen U.S. manufacturing and critical materials supply chains.

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IperionX agreed to supply titanium metal components for Ford Motor Company (Ford). Ford and IperionX plan to additively manufacture a series of high-quality titanium components for future Ford Performance production vehicles.

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Ford Performance is the high-performance and racing division of the Ford Motor Company, well known for a leading range of performance cars such as the F150 Raptor, Bronco Raptor, Mustang Mach 1 and the Shelby GT500.

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Ford’s Sustainability and Advanced Materials divisions performed a series of testing procedures to verify that IperionX’s titanium surpassed the quality specifications required under ASTM International standards.

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The additively manufactured titanium components will undergo a final study to evaluate a range of potential surface finishes. The insights gained from this work will inform the final specifications, and unit costs, for the low-carbon titanium components for Ford Performance production vehicles.

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IperionX and Aperam Recycling through its American entity ELG Utica Alloys (ELG) forged an agreement to create a low-carbon 100% recycled titanium supply chain.

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IperionX and ELG plan to use titanium feedstocks generated from manufacturing waste and end-of-life titanium metal products to create low-carbon titanium metal for a fully circular supply chain.

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A successful partnership with ELG has the potential to supply most of the titanium feedstocks required for the TDF in 2024.

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IperionX achieved the UL Environmental Claim Validation Procedure 2809 for its 100% recycled, low-carbon titanium metal powder. UL Solutions is a global leader in sustainability standards, and IperionX’s titanium is the first commercial titanium metal powder for additive manufacturing to achieve UL validation for 100% recycled content.

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Titanium has been mass produced in the same way since the 1940’s when the existing ‘Kroll’ process was developed. The Kroll process is disadvantaged by its limited ability to use recycled titanium feedstocks, leading to higher costs and a supply chain that can’t achieve full circularity. The current manufacturing process for titanium products also generates large volumes of titanium waste that is downcycled to the ferro-titanium market or shipped to landfill.

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IperionX’s titanium production technologies use less energy to produce titanium, at lower costs, with zero Scope 1 and 2 greeenhouse emissions, and provide a pathway to sustainable production of titanium by using 100% scrap titanium instead of relying on mined resources.

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IperionX completed a LCA for the production of 100% recycled, low carbon titanium using its patented technologies.  The LCA highlights that titanium powder from IperionX's planned TDF has the potential for a life cycle carbon footprint of just 7.8 kg of carbon dioxide equivalents (CO2e) per kg.

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This estimated carbon footprint is over 90% lower than competing titanium powders from plasma atomization, 80% lower than from titanium ingot produced from the Kroll process, more than 50% lower than aluminum ingot and near equal to stainless steel.

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The LCA confirms the class-leading sustainability of IperionX's titanium technologies, with the lowest quantified life cycle carbon footprint for titanium powders in the market today.

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IperionX released a market study on green hydrogen (which can be found here) that highlighted the critical importance of titanium to meet the demands for this high growth market.

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Green hydrogen production is forecast to surge by over 1,000x by 2030, driven by increasing demand for clean energy and record government incentives to accelerate the scale-up of green hydrogen.

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Titanium is an essential material for the PEM electrolyzers used for green hydrogen production and for hydrogen fuel cells that will power automotive, truck and bus transportation, as well as marine, aerospace and military applications.

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The potential demand from this rapidly growing sector could be over 270,000 tpa by 2040, which is as large as the entire current global titanium production capacity in 2022.

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IperionX is in active discussions with over 70 potential customers, including across the automotive, consumer electronics, bicycle, green hydrogen, aerospace, luxury goods, defense and additive manufacturing sectors.

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IperionX completed a placement of 20 million new fully paid ordinary shares at an issue price of A$1.00 per share to institutional, sophisticated and professional investors to raise gross proceeds of A$20 million.

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The placement was led by IperionX’s two largest shareholders, Fidelity Management & Research Company and Fidelity International, confirming their continued support for IperionX. Directors of IperionX also participated in the placement by subscribing for a total of 1 million shares.

Tenements	Location	Interest
ML-001 to ML-100, ML-051a (total of 101 claims)	Utah, USA	100%

Activity	US$000
Geological consultants	(39)
Engineering consultants	(51)
Metallurgical testwork	(41)
Permitting	(11)
Sustainability	(58)
Community relations	(20)
Surveying	(12)
Data and imagery	(12)
Field supplies, equipment rental, vehicles, travel and other	(58)
Total as reported in Appendix 5B	(302)

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 the timing of any Nasdaq listing, 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, 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, as well as other uncertainties and risks summarized in filings made by the Company from time to time with the Australian Securities Exchange and in the Form 20-F filed with the U.S. Securities and Exchange Commission. Forward looking statements are based on the Company and its management’s 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. 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. Except as required by applicable law or stock exchange listing rules, 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. Competent Persons Statement The information in this announcement that relates to Production Targets, Process Design, Mine Design, Cost estimates and Financial Analysis is extracted from IperionX’s ASX Announcement dated June 30, 2022 (“Original ASX Announcement”) which is available to view at IperionX’s website at www.iperionx.com. IperionX confirms that a) it is not aware of any new information or data that materially affects the information included in the Original ASX Announcement; b) all material assumptions 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 report have not been materially changed from the Original ASX Announcement. The information in this announcement that relates to Mineral Resources is extracted from IperionX’s ASX Announcement dated October 6, 2021 (“Original ASX Announcement”) which is available to view at IperionX’s website at www.iperionx.com. IperionX confirms that a) it is not aware of any new information or data that materially affects the information included in the Original ASX Announcement; b) all material assumptions 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 report have not been materially changed from the Original ASX Announcement.

Name of entity

IperionX Limited

ABN		Quarter ended (“current quarter”)
84 618 935 372		30 June 2023

Consolidated statement of cash flows		Current quarter USD$’000	Year to date (12 months) USD$’000
1.	Cash flows from operating activities	1	7
1.1	Receipts from customers
1.2	Payments for	(302)	(2,407)
	(a)          exploration & evaluation
	(b)          development	-	-
	(c)          production	-	-
	(d)          staff costs	(1,490)	(6,255)
	(e)          administration and corporate costs	(974)	(3,443)
1.3	Dividends received (see note 3)	-	-
1.4	Interest received	91	140
1.5	Interest and other costs of finance paid	(24)	(46)
1.6	Income taxes paid	-	-
1.7	Government grants and tax incentives	-	-
1.8	Other (provide details if material): (a)          business development (b)          research & development	(133) (787)	(914) (2,671)
1.9	Net cash from / (used in) operating activities	(3,618)	(15,589)
2.	Cash flows from investing activities	-	-
2.1	Payments to acquire:
	(a)          entities
	(b)          tenements	(147)	(731)
	(c)          property, plant and equipment	(632)	(2,302)
	(d)          exploration & evaluation	-	-

Consolidated statement of cash flows		Current quarter USD$’000	Year to date (12 months) USD$’000
	(e)          investments	-	-
	(f)          other non-current assets	(1,900)	(3,400)
2.2	Proceeds from the disposal of:	-	-
	(a)          entities
	(b)          tenements	-	-
	(c)          property, plant and equipment	-	-
	(d)          investments	-	-
	(e)          other non-current assets	-	-
2.3	Cash flows from loans to other entities	(22)	(22)
2.4	Dividends received (see note 3)	-	-
2.5	Other (provide details if material)	-	-
2.6	Net cash from / (used in) investing activities	(2,701)	(6,455)
3.	Cash flows from financing activities	13,520	29,637
3.1	Proceeds from issues of equity securities (excluding convertible debt securities)
3.2	Proceeds from issue of convertible debt securities	-	-
3.3	Proceeds from exercise of options	101	285
3.4	Transaction costs related to issues of equity securities or convertible debt securities	(510)	(1,497)
3.5	Proceeds from borrowings	-	-
3.6	Repayment of borrowings	-	-
3.7	Transaction costs related to loans and borrowings	-	-
3.8	Dividends paid	-	-
3.9	Other (provide details if material)	-	-
3.10	Net cash from / (used in) financing activities	13,111	28,425
4.	Net increase / (decrease) in cash and cash equivalents for the period
4.1	Cash and cash equivalents at beginning of period	5,259	5,659
4.2	Net cash from / (used in) operating activities (item 1.9 above)	(3,618)	(15,589)

Consolidated statement of cash flows		Current quarter USD$’000	Year to date (12 months) USD$’000
4.3	Net cash from / (used in) investing activities (item 2.6 above)	(2,701)	(6,455)
4.4	Net cash from / (used in) financing activities (item 3.10 above)	13,111	28,425
4.5	Effect of movement in exchange rates on cash held	(113)	(102)
4.6	Cash and cash equivalents at end of period	11,938	11,938

5.	Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts	Current quarter USD$’000	Previous quarter USD$’000
5.1	Bank balances	9,158	5,141
5.2	Call deposits	2,780	118
5.3	Bank overdrafts	-	-
5.4	Other (provide details)	-	-
5.5	Cash and cash equivalents at end of quarter (should equal item 4.6 above)	11,938	5,259

6.	Payments to related parties of the entity and their associates	Current quarter USD$’000
6.1	Aggregate amount of payments to related parties and their associates included in item 1	212
6.2	Aggregate amount of payments to related parties and their associates included in item 2	-
Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments

7.	Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity.	Total facility amount at quarter end USD$’000	Amount drawn at quarter end USD$’000
7.1	Loan facilities	-	-
7.2	Credit standby arrangements	-	-
7.3	Other (please specify)	-	-
7.4	Total financing facilities	-	-
7.5	Unused financing facilities available at quarter end		-
7.6	Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well.
Not applicable

8.	Estimated cash available for future operating activities	USD$’000
8.1	Net cash from / (used in) operating activities (item 1.9)	(3,843)
8.2	(Payments for exploration & evaluation classified as investment activities) (item 2.1(d))	-
8.3	Total relevant outgoings (item 8.1 + item 8.2)	(3,843)
8.4	Cash and cash equivalents at quarter end (item 4.6)	11,938
8.5	Unused finance facilities available at quarter end (item 7.5)	-
8.6	Total available funding (item 8.4 + item 8.5)	11,938
8.7	Estimated quarters of funding available (item 8.6 divided by item 8.3)	3.1
	Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7.
8.8	8.8.1.    Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not?
	Not applicable.
	8.8.2.     Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful?
	Not applicable.
	8.8.3.      Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis?
	Not applicable.
	Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered.

1	This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.

2	This statement gives a true and fair view of the matters disclosed.

1.

This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so.

2.

If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.

3.	Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.

4.

If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [name of board committee – eg Audit and Risk Committee]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”.

5.

If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations, the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.

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