- Final engineering and design for the 125 tpa Titanium
Demonstration Facility (“TDF”) in Virginia is nearly complete, and
first titanium powder production is targeted for Q1 2024
- Once the TDF is successfully in operation, there are defined
plans for a simple modular expansion into the Titanium Commercial
Facility (“TCF-1”) with production capacity of 1,125 tpa in
2025
- TCF-1 expansion provides a pathway for a step change in
reducing the cost of titanium, with projected cash costs of
~US$42/kg compared to a current third-party forecast titanium
powder market price of ~US$200/kg
- Forecast 2026 EBITDA from TCF-1 is ~US$100 million based on key
operating assumptions and using a conservative titanium metal
powder price of ~US$130/kg
- IperionX continues to receive significant interest for the
commercial supply of titanium powders and is in advanced
discussions with customers across various industries
- The development of the TDF & TCF-1 will position the
Company as the largest global supplier of 100% recycled, low cost
and low carbon titanium metal powders
IperionX Limited (“IperionX”) (Nasdaq | ASX: IPX), is pleased to
announce that it has completed detailed engineering design for the
planned 125 metric tonnes per annum (“tpa”) Titanium Demonstration
Facility (“TDF”), previously announced in September 2022, and a
Techno-Economic Assessment for an expansion into the Company’s
first Titanium Commercial Facility (“TCF-1”) of 1,125 tpa located
at the Southern Virginia Technology Park in Halifax County,
Virginia.
The TDF and TCF-1 will utilize the breakthrough Hydrogen
Assisted Metallothermic Reduction (“HAMR”) technologies to produce
titanium metal powder. Development of the TCF-1 to 1,125 tpa
production capacity would furnish IperionX with the largest
recycled titanium metal powder production capacity globally, the
only titanium production facility using 100% titanium metal scrap
as a feedstock. This will also be the only such facility with zero
Scope 1 & 2 emissions with the lowest carbon intensity for any
commercial titanium metal powder product.
The full press release, including detailed cost estimates can
be found here.
Commenting on the completion of the scale up plans and
testing, Anastasios Arima, Co-founder & CEO said:
“We have now developed plans for the world’s first and largest
recycled titanium powder facility, with initial production from the
first stage 125 tpa TDF forecast to come online in early 2024 with
a simple and modular expansion to a 1,125 tpa TCF-1 by the end of
2025.
The pathway for the development of the TDF and TCF-1 build upon
the learnings from our current Industrial Pilot Facility operations
in Utah where we have been producing circular titanium metal since
early 2022. The development of the TDF & TCF-1 will scale our
production to commercial quantities of 100% recycled titanium metal
while also reducing the cost providing the potential for titanium
to compete on price with other metals, including stainless steel
and aluminum.
The U.S. is a tier 1 fiscal and manufacturing operating
environment with a large pipeline of government incentives
potentially available to IperionX. We look forward to rapidly
advancing our developments through 2023 and moving towards scaled
up production to secure a U.S. supply chain of this critical
metal.”
Titanium Metal Powder Production Scale-Up
The TDF is expected to begin commissioning in Q4 2023 and be
operational by Q1 2024, targeting a run-rate of 125 tpa by Q3 2024.
Development of the TDF remains subject to successful Board approval
for a final investment decision, expected in Q3 2023.
The TDF is projected to initially produce ~15 tpa of spherical
titanium metal powder and ~110 tpa of angular titanium metal
powder. IperionX then plans to install additional equipment at the
facility to allow for the operational flexibility to produce 125
tpa of either 100% angular titanium metal powder or 100% spherical
titanium metal powder for an incremental capital cost of US$6.9
million. Cash costs for 125 tpa of spherical titanium powder
production at the TDF are projected to be ~US$72/kg before
contingencies.
The larger capacity TCF-1 could be operational by Q4 2025 if
long lead time items are ordered in Q3 2024. The TCF-1 is designed
to produce 1,125 tpa of angular or spherical titanium metal powder.
Capital costs for this expansion would be ~US$70 million, with
~US$48 million needed for long lead time orders and the remaining
US$22 million needed during commissioning in 2025.
Assuming a conservative spherical titanium metal powder price of
~US$130/kg (vs. current estimated market pricing of ~US$200/kg),
and using key operating assumptions, the TCF-1 has the potential to
generate revenue of ~US$145 million and EBITDA of ~US$100 million
in 2026.
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 critical minerals Titan
Project, which has the largest JORC resource of titanium, rare
earth and zircon rich mineral sands in the U.S.A.
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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230427005393/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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