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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| IperionX Ltd (PK) | USOTC:TAOFF | OTCMarkets | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 2.55 | 1.85 | 4,102.87 | 0.00 | 19:00:01 |
|
Exhibit
|
Description
|
|
|
Quarterly Report
|
||
|
IPERIONX LIMITED
|
||
|
(registrant)
|
||
|
Date: July 25, 2024
|
By:
|
/s/ Marcela Castro
|
|
Name:
|
Marcela Castro
|
|
|
Title:
|
Chief Financial Officer
|
|
 |
PRESS RELEASE | NASDAQ: IPX | ASX: IPX
July 25, 2024
|
| ◾ |
IperionX received regulatory verifications that allow commissioning activities for the HAMR furnace to commence, with the first full scale HAMR deoxidation production cycle expected to take place at the Titanium Production Facility in
Virgina in August
|
| ◾ |
All major construction works relating to the Titanium Production Facility building, including power & electrical, ventilation, and safety systems, have been completed
|
| ◾ |
Remaining construction and ancillary equipment installation at the Titanium Production Facility is advancing on schedule to support the progressive scale-up of HAMR titanium production
|
| ◾ |
IperionX and Aperam, through its American entity ELG Utica Alloys, signed an agreement to apply IperionX’s fully circular and sustainable titanium supply chain
solution to the consumer electronics sector
|
| ◾ |
IperionX will use its patented titanium technologies to upcycle up to 12 metric tons of titanium scrap from the consumer electronics sector to manufacture a range of high-performance titanium products
|
| ◾ |
IperionX will initially upcycle 1 metric ton of titanium scrap into high-grade titanium powder and then manufacture a range of titanium near-net shapes for specific parts, as well as plate, rod and wire products
|
| ◾ |
IperionX and Vegas Fastener agreed to partner to develop and manufacture titanium alloy fasteners and precision components with IperionX’s advanced titanium products
|
| ◾ |
Vegas Fastener is a global leader in the development and manufacturing of high-performance fasteners and custom machined components, serving a diverse array of customers in the defense, marine, power generation, oil & gas, nuclear,
chemical, and water infrastructure sectors
|
| ◾ |
IperionX and Vegas Fastener’s commercial focus is on developing and manufacturing titanium alloy fasteners and precision components for the U.S. Army Ground Vehicle Systems Center
|
| ◾ |
IperionX partnered with United Stars for the potential supply of IperionX’s high-performance, low cost and sustainable titanium products
|
| ◾ |
United Stars’ companies are leading American suppliers of industrial components including stainless steel tubing, precision gears, shafts, and complex assemblies, as well as tooling and components for defense, aerospace and commercial
applications
|
| ◾ |
The United Stars and IperionX partnership will focus on the defense and advanced technology sectors for vehicle drivetrains, robotic motors and wind turbines, that require lightweight, strong, compact and corrosion resistant performance
|
|
Tennessee
|
Virginia
|
Utah
|
|
|
129 W Trade Street, Suite 1405
Charlotte, NC 28202
|
279 West Main Street
Camden, TN 38320
|
1092 Confroy Drive
South Boston, VA 24592
|
1782 W 2300 S
West Valley City, UT 84119
|
| ◾ |
Continued significant commercial interest in Titan’s titanium, rare earth and zircon critical minerals
|
| ◾ |
A major Japanese conglomerate conducting due diligence to advance potential sales offtake and development financing
|
| ◾ |
IperionX’s patented low-carbon “Green RutileTM” mineral enrichment technology has been successfully proven at a bench scale, with pilot scale production design now underway for completion in 2024
|
| ◾ |
IperionX completed a placement of 26.2 million new fully paid ordinary shares at an issue price of A$1.91 per share to raise gross proceeds of A$50 million (~US$33 million)
|
| ◾ |
Proceeds will be used to scale titanium manufacturing capacity at its Virginia campus, including new equipment at the Advanced Manufacturing Center, final design, and engineering studies to increase titanium production capacity to ~2,000
metric tons per annum at the Titanium Production Facility, and for general working capital and corporate purposes
|
| ◾ |
Pro-forma cash of US$37.9 million, including June 30, 2024 cash of US$33.2 million plus ~US$4.7 million from the second tranche of the placement, received after quarter’s end
|
| ◾ |
IperionX received a further US$0.9 million from the US$12.7 million DPA Title III funding during the quarter to fund Phase I of the Virginia Titanium Production Facility
|
| ◾ |
A total of US$4.7 million in DPA Title III funding has been received to June 30, 2024, with US$8.0 million still available to be drawn upon
|
| ◾ |
IperionX continues to progress the US$11.5 million equipment finance application with EXIM Bank, advancing through major EXIM Transaction Review Committee stage gates
|
| ◾ |
The U.S. government indicated it will invest additional grant funds in re-shoring a secure domestic titanium supply chain (see Table 1). IperionX is well positioned to apply for these additional funds to scale titanium production and
manufacturing capacity
|
| ◾ |
During the quarter, IperionX made new submissions for U.S. Government funding, with the outcome of the submissions likely to be determined in 2024
|
 |
 |
 |
| • |
Completion of Green RutileTM pilot process design studies, for full integration into the final Titan Project PFS and / or Feasibility Study
|
| • |
Potential U.S. Government funding opportunities, including a recently submitted application to co-fund the Titan Project PFS and / or Feasibility Study, and co-fund the scale-up of IperionX’s mineral enrichment technologies and the
Virginia Titanium Manufacturing Campus
|
| • |
Potential funding and product offtake options from strategic investors that are moving towards advanced stages of negotiations
|
|
Agency
|
Program
|
Total program funding available
(2024-2025)3
|
|||
|
U.S. Department of Defense
|
IBAS – Casting & Forgings Infrastructure Investments
|
~US$80m
|
|||
|
U.S. Department of Defense
|
DPA – Ukraine Supplemental Bill Funding for Strategic and Critical Materials
|
US$140m remains, as of March 2024
|
|||
|
U.S. Department of Defense
|
DPA Title III – Casting & Forgings Initiative
|
~US$80m
|
|||
|
U.S. Department of Defense
|
SBIR Phase III
|
Up to US$50-100M in funding
|
|||
|
U.S. Department of Energy
|
48C Tax Credit Round 2
|
Up to 30% of qualified investment
|
|
Tenements
|
Location
|
Interest
|
|
|
ML-001 to ML-100, ML-051a (total of 101 claims)
|
Utah, USA
|
100%
|
|
US$000
|
||
|
Assaying
|
19
|
|
|
Land consultants
|
5
|
|
|
Metallurgical test work
|
7
|
|
|
Community relations
|
21
|
|
|
Data and imagery
|
13
|
|
|
Field supplies, equipment rental, vehicles, travel and other
|
27
|
|
|
Total as reported in Appendix 5B
|
92
|
|
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 Exploration Results and 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 and technical parameters underpinning the Mineral Resource Estimate 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
|
June 30, 2024
|
|
|
Consolidated statement of cash flows
|
Current
quarter
USD$’000
|
Year to date
(12 months)
USD$’000
|
|
|
1.
|
Cash flows from operating activities
|
||
|
1.1
|
Receipts from customers
|
9
|
81
|
|
1.2
|
Payments for
|
||
|
(a) exploration & evaluation
|
(94)
|
(532)
|
|
|
(b) development
|
-
|
-
|
|
|
(c) production
|
-
|
-
|
|
|
(d) staff costs
|
(2,364)
|
(9,274)
|
|
|
(e) administration and corporate costs
|
(722)
|
(3,552)
|
|
|
1.3
|
Dividends received (see note 3)
|
-
|
-
|
|
1.4
|
Interest received
|
206
|
550
|
|
1.5
|
Interest and other costs of finance paid
|
(32)
|
(110)
|
|
1.6
|
Income taxes paid
|
-
|
-
|
|
1.7
|
Government grants and tax incentives
|
-
|
-
|
|
1.8
|
Other (provide details if material):
|
||
|
(a) business development
|
(116)
|
(875)
|
|
|
(b) research & development
|
(1,121)
|
(4,395)
|
|
|
1.9
|
Net cash from / (used in) operating activities
|
(4,234)
|
(18,107)
|
|
2.
|
Cash flows from investing activities
|
-
|
-
|
|
2.1
|
Payments to acquire:
|
||
|
(a) entities
|
|||
|
(b) tenements
|
(145)
|
(3,051)
|
|
|
(c) property, plant and equipment
|
(3,406)
|
(6,475)
|
|
|
(d) exploration & evaluation
|
-
|
-
|
|
|
(e) investments
|
-
|
-
|
|
|
(f) other non-current assets
|
-
|
-
|
|
Appendix 5B
|
|
Mining exploration entity and oil and gas exploration entity quarterly report
|
| Consolidated statement of cash flows |
Current
quarter
USD$’000
|
Year to date
(12 months)
USD$’000
|
|
|
2.2
|
Proceeds from the disposal of:
|
-
|
-
|
|
(a) entities
|
|||
|
(b) tenements
|
-
|
-
|
|
|
(c) property, plant and equipment(1)
|
-
|
2,040
|
|
|
(d) investments
|
-
|
-
|
|
|
(e) other non-current assets
|
-
|
-
|
|
|
2.3
|
Cash flows from loans to other entities
|
-
|
-
|
|
2.4
|
Dividends received (see note 3)
|
-
|
-
|
|
2.5
|
Other (provide details if material)
|
-
|
-
|
|
2.6
|
Net cash from / (used in) investing activities
|
(3,551)
|
(7,486)
|
|
(1)
|
Relates to ‘deemed’ disposal of assets to transfer title to the U.S. government. Title to all assets purchased by IperionX with funds from the U.S. government vest with the U.S. government during the term
of the technology investment agreement. At the end of the agreement, title may be transferred back to IperionX subject to certain conditions.
|
|
3.
|
Cash flows from financing activities
|
|
|
|
3.1
|
Proceeds from issues of equity securities (excluding convertible debt securities)
|
29,326
|
46,415
|
|
3.2
|
Proceeds from issue of convertible debt securities
|
-
|
-
|
|
3.3
|
Proceeds from exercise of options
|
784
|
2,633
|
|
3.4
|
Transaction costs related to issues of equity securities or convertible debt securities
|
(962)
|
(1,382)
|
|
3.5
|
Proceeds from borrowings
|
-
|
-
|
|
3.6
|
Repayment of borrowings
|
-
|
-
|
|
3.7
|
Transaction costs related to loans and borrowings
|
-
|
-
|
|
3.8
|
Dividends paid
|
-
|
-
|
|
3.9
|
Other (provide details if material)
(a) principal portion of lease liabilities
|
(97)
|
(339)
|
|
3.10
|
Net cash from / (used in) financing activities
|
29,051
|
47,327
|
|
Appendix 5B
|
|
Mining exploration entity and oil and gas exploration entity quarterly report
|
| Consolidated statement of cash flows |
Current
quarter
USD$’000
|
Year to date
(12 months)
USD$’000
|
|
|
4.
|
Net increase / (decrease) in cash and cash equivalents for the period
|
||
|
4.1
|
Cash and cash equivalents at beginning of period
|
12,055
|
11,938
|
|
4.2
|
Net cash from / (used in) operating activities (item 1.9 above)
|
(4,234)
|
(18,107)
|
|
4.3
|
Net cash from / (used in) investing activities (item 2.6 above)
|
(3,551)
|
(7,486)
|
|
4.4
|
Net cash from / (used in) financing activities (item 3.10 above)
|
29,051
|
47,327
|
|
4.5
|
Effect of movement in exchange rates on cash held
|
(167)
|
(518)
|
|
4.6
|
Cash and cash equivalents at end of period
|
33,154
|
33,154
|
|
5.
|
Reconciliation of cash and cash equivalents
at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts
|
Current quarter
USD$’000
|
Previous quarter
USD$’000
|
|
5.1
|
Bank balances
|
28,341
|
10,032
|
|
5.2
|
Call deposits
|
4,813
|
2,023
|
|
5.3
|
Bank overdrafts
|
-
|
-
|
|
5.4
|
Other (provide details)
|
-
|
-
|
|
5.5
|
Cash and cash equivalents at end of quarter (should equal item 4.6 above)
|
33,154
|
12,055
|
|
6.
|
Payments to related parties of the entity and their associates
|
Current quarter
USD$’000
|
|
6.1
|
Aggregate amount of payments to related parties and their associates included in item 1
|
(306)
|
|
6.2
|
Aggregate amount of payments to related parties and their associates included in item 2
|
-
|
|
Appendix 5B
|
|
Mining exploration entity and oil and gas exploration entity quarterly report
|
|
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)
|
(4,234)
|
|
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)
|
(4,234)
|
|
8.4
|
Cash and cash equivalents at quarter end (item 4.6)
|
33,154
|
|
8.5
|
Unused finance facilities available at quarter end (item 7.5)
|
-
|
|
8.6
|
Total available funding (item 8.4 + item 8.5)
|
33,154
|
|
8.7
|
Estimated quarters of funding available (item 8.6 divided by item 8.3)
|
8
|
|
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.
|
|
Appendix 5B
|
|
Mining exploration entity and oil and gas exploration entity quarterly report
|
| 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.
|
|
Date:
|
July 25, 2024
|
|
|
Authorized by:
|
Chief Financial Officer
|
|
| (Name of body or officer authorizing release – see note 4) |
| 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 authorized for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorized 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 authorized for release to the market by a disclosure committee, you can
insert here: “By the Disclosure Committee”.
|
| 5. |
If this report has been authorized 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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