- IperionX has received key development permits for the Titan
Project in Tennessee which is the largest JORC-compliant resource
of titanium and rare earth rich mineral sands in the U.S.
- Titan is one of the most advanced critical mineral projects in
the U.S. which can re-shore a strong and sustainable domestic
supply chain for titanium and rare earths critical for
electrification and defense
- The award of the permits significantly strengthens IperionX’s
plans to re-shore a domestic titanium mineral to titanium metal
supply chain that is infinitely recyclable, has low carbon
intensity and is low cost
- The award of the permits is a direct result of over two years
of significant focus on community engagement, and education on the
sustainable development of the Titan Project, resulting in strong
community support
- IperionX completed an Initial Assessment (Scoping Study) on the
Titan Project in 2022 which highlighted the potential for
compelling economics, including ~US$117 million of annual EBITDA,
US$692 million after-tax NPV8 and 40% after-tax IRR
- The Titan Project benefits from an outstanding jurisdiction in
the U.S. which offers a leading combination of low energy costs,
world class infrastructure, skilled workforce, low taxation rates,
high levels of domestic demand and a wide range of U.S. government
incentive and funding opportunities
- IperionX is now progressing a range of U.S. government
incentives and funding opportunities available for development
while also engaging with a range of leading strategic partners who
have shown high interest in offtake and funding of the Titan
Project
IperionX Limited (NASDAQ: IPX, ASX: IPX)
is pleased to announce that it has received key development permits
for the Titan Project in Tennessee. The Titan Project is the
largest JORC-compliant resource of titanium and rare earth rich
mineral sands in the U.S. and represents a cornerstone asset for
IperionX’s plans to re-shore a strong and sustainable domestic
supply chain for titanium metal. The major development permits
include the National Pollutant Discharge Elimination System (NPDES)
Permit and Surface Mining Permit, which have now been issued by the
Tennessee Department of Environment & Conservation. Any
residual regulatory requirements for the development of the Titan
Project are expected to be complete by the end of the year.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20230815214278/en/
IperionX Receives Key Permits for
Development of the Titanium & Rare Earth Mineral Rich Titan
Project (Graphic: Business Wire)
The Titan Project is one of the most advanced critical mineral
projects in the U.S. that is fundamental to underpin the supply
chain security of titanium and rare earths needed for the defense,
electric vehicle & renewable energy industries. To meet the
increasing demand for sustainable and lower cost titanium metal,
IperionX plans to re-shore a sustainable U.S. titanium mineral to
titanium metal supply chain, and close the loop of this supply
chain by recycling titanium metal.
The award of the permits is a direct result of over two years of
significant focus on community engagement, and education on the
sustainable development of the Titan Project, resulting in strong
community support. IperionX’s ‘sustainability first’ approach to
the Titan Project development and community engagement commenced in
January 2021 through the establishment of an office in Camden,
Tennessee served by seven full time employees, providing clear and
transparent communication channels regarding the Titan Project for
community stakeholders.
The Titan Project has the potential to be a key source of
titanium and rare earth minerals, reducing the acute reliance of
mineral imports from foreign nations and strengthening the supply
chain with low carbon critical minerals needed by U.S. industry.
The Titan Project offers compelling economics, with the 2022
Initial Assessment (Scoping Study) highlighting a projected
life-of-mine annual EBITDA of ~US$117 million, after-tax NPV8 of
US$692 million and an after-tax IRR of 40%. Further, IperionX plans
to assess the application of its breakthrough titanium technologies
to upgrade ilmenite at the Titan Project to produce higher grade,
low carbon, Green Rutile TM.
A summary of key metrics from the Initial Assessment (Scoping
Study) can be found in Appendix 1, with a link to the original
release here.
IperionX has advanced a number of opportunities for Titan
Project funding and sales contracts, and continues to progress a
range of U.S. government funding and incentives opportunities that
are available to re-shore critical material supply chains – with
the U.S. currently sourcing over 80% of titanium minerals and
almost 100% of its separated rare earth oxides from foreign
countries. These federal funding opportunities and incentives
include the Defense Production Act Title III program and a range of
Department of Energy programs made possible by the Inflation
Reduction Act and Bipartisan Infrastructure Law designed to support
environmentally responsible production, reuse, and recycling of
critical minerals and materials in the United States.
Anastasios (Taso) Arima, IperionX CEO said:
“Successfully securing these key permits for the Titan Project –
North America’s largest deposit of titanium and rare earth critical
minerals – is an important milestone in our plan to re-shore
critical material supply chains, with our key focus on building a
sustainable and low cost titanium mineral to metal supply
chain.
The IperionX team have done an outstanding job in progressing
from mineral discovery to the grant of key permits in just three
years, and we appreciate the significant support from our
stakeholders in our Tennessee community with who we are committed
to developing a world class operation that can play a key role in
sustainably re-shoring American jobs and advanced industry.”
About IperionX
IperionX’s mission is to be the leading developer of low carbon
titanium for advanced industries including space, aerospace,
electric vehicles and 3D printing. IperionX holds an exclusive
option to acquire breakthrough titanium technologies that can
produce titanium products that are low carbon and fully circular.
IperionX is producing titanium metal powders from titanium scrap at
its operational pilot facility in Utah, and intends to scale
production at a Titanium Demonstration Facility in Virginia.
IperionX holds a 100% interest in the Titan Project, which has the
largest JORC-compliant resource of titanium, rare earth and zircon
rich minerals sands in the U.S.
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.
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.
Appendix 1 – Initial Assessment (Scoping Study) Key Economic
Metrics
Measure
Unit
Value
NPV
US$M
692
IRR
%
40%
Total initial capital cost
US$M
237
NPV to capex cost ratio
-
2.9x
Annual average revenue
US$M/y
184
Annual average EBITDA
US$M/y
117
Payback from start of
operations
years
1.9
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230815214278/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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