Live News • May 04
IperionX Expands Titanium Output and Leadership Stakes as U.S. Funding Ramps Up IperionX has moved its Virginia titanium powder facility to 24/7 continuous operations, with current capacity of about 50 metric tons and a stated target of 200 tons per year in 2026 and 1,400 tons in 2027.
The company reports more than $60m in U.S. government grants and a US$99m IDIQ SBIR Phase III contract supporting its titanium supply chain ambitions and Titan Critical Minerals Project.
CEO Anastasios Arima and Executive Chairman Todd Hannigan recently made sizeable open-market share purchases, increasing their direct holdings to 12,316,782 and 26,108,334 shares respectively.
For you as an investor, the key takeaway is that IperionX is moving from concept to round-the-clock production while tying this ramp to U.S. government funding and defense-oriented supply chain needs. The focus on its GenX continuous HAMR platform and yields above 90% for near-net titanium powders is aimed at building a domestic titanium supply source and reducing reliance on imports.
The recent insider buying by the CEO and Executive Chairman indicates that senior leadership has material personal exposure to the company’s equity. Together with the long-term production targets, government support and ongoing progress at the Titan Critical Minerals Project, the story centers on execution against an aggressive scale-up plan and the pace at which IperionX can translate its technical and contractual position into commercial volumes and diversified customer relationships. Recent Insider Transactions • May 01
Executive Chairman recently bought AU$2.1m worth of stock On the 29th of April, Todd Hannigan bought around 480k shares on-market at roughly AU$4.33 per share. This transaction amounted to 1.9% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth AU$2.2m. Todd has been a buyer over the last 12 months, purchasing a net total of AU$3.1m worth in shares. New Risk • Mar 19
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 13% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Significant insider selling over the past 3 months (AU$1.0m sold). Breakeven Date Change • Mar 14
Forecast breakeven date pushed back to 2028 The 4 analysts covering IperionX previously expected the company to break even in 2027. New consensus forecast suggests losses will reduce by 74% per year to 2027. The company is expected to make a profit of US$117.0m in 2028. Average annual earnings growth of 98% is required to achieve expected profit on schedule. New Risk • Mar 13
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -US$56m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$56m free cash flow). Revenue is less than US$1m. Minor Risk Significant insider selling over the past 3 months (AU$1.0m sold). Breakeven Date Change • Mar 12 The 4 analysts covering IperionX previously expected the company to break even in 2027. New consensus forecast suggests losses will reduce by 44% to 2026. The company is expected to make a profit of US$12.3m in 2027. Average annual earnings growth of 87% is required to achieve expected profit on schedule.
Recent Insider Transactions • Feb 10
Independent Non-Executive Director recently sold AU$1.0m worth of stock On the 4th of February, Vaughn Taylor sold around 150k shares on-market at roughly AU$6.84 per share. This transaction amounted to 13% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of AU$1.2m more than they bought in the last 12 months. Announcement • Oct 01
IperionX Limited, Annual General Meeting, Nov 28, 2025 IperionX Limited, Annual General Meeting, Nov 28, 2025. Recent Insider Transactions • Sep 21
Independent Non Executive Director recently sold AU$1.0m worth of stock On the 15th of September, Melissa Waller sold around 150k shares on-market at roughly AU$6.67 per share. This transaction amounted to 27% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of AU$177k more than they bought in the last 12 months. Recent Insider Transactions Derivative • Sep 09
Lead Independent Director exercised options to buy AU$1.3m worth of stock. On the 4th of September, Lorraine Martin exercised options to buy 200k shares at a strike price of around AU$1.33, costing a total of AU$266k. This transaction amounted to 26% of their direct individual holding at the time of the trade. Since September 2024, Lorraine's direct individual holding has increased from 694.02k shares to 763.14k. Company insiders have collectively bought AU$1.5m more than they sold, via options and on-market transactions, in the last 12 months. Announcement • Jul 29
IperionX Limited has completed a Follow-on Equity Offering in the amount of AUD 67.83385 million. IperionX Limited has completed a Follow-on Equity Offering in the amount of AUD 67.83385 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 13,566,770
Price\Range: AUD 5
Discount Per Security: AUD 0.175
Transaction Features: Subsequent Direct Listing Announcement • Jul 23
IperionX Limited has filed a Follow-on Equity Offering in the amount of AUD 70 million. IperionX Limited has filed a Follow-on Equity Offering in the amount of AUD 70 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 13,566,770
Price\Range: AUD 5
Discount Per Security: AUD 0.175
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 433,230
Price\Range: AUD 5
Discount Per Security: AUD 0.175
Transaction Features: Subsequent Direct Listing Recent Insider Transactions Derivative • Jun 28
Founder exercised options to buy AU$3.0m worth of stock. On the 27th of June, Anastasios Arima exercised options to buy 625k shares at a strike price of around AU$0.20, costing a total of AU$125k. This transaction amounted to 5.8% of their direct individual holding at the time of the trade. Since June 2024, Anastasios' direct individual holding has increased from 7.09m shares to 10.78m. Company insiders have collectively bought AU$948k more than they sold, via options and on-market transactions, in the last 12 months. New Risk • Jun 05
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 13% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Shareholders have been diluted in the past year (24% increase in shares outstanding). Recent Insider Transactions • Apr 19
Executive Chairman recently bought AU$823k worth of stock On the 16th of April, Todd Hannigan bought around 311k shares on-market at roughly AU$2.65 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. This was Todd's only on-market trade for the last 12 months. Announcement • Apr 08
IperionX Commences Titan Project DFS with US Govt. Support IperionX Limited announced the commencement of a Definitive Feasibility Study for its Titan Critical Minerals Project in Tennessee the large mineral resource (reported in accordance with the JORC Code) of titanium, rare earth, and zircon mineral sands in the United States. This final phase of feasibility is partly funded by an allocation from IperionX's recent U.S. Government award of USD 47.1 million, underscoring the strategic significance of the Titan Project in securing a fully integrated, U.S.- based 'mineral-to-metal' titanium supply chain. U.S. Government funding awarded to IperionX since January 2023 now totals over USD 60 million. The DFS is expected to be completed by Second Quarter 2026 and will include detailed mine engineering, processing flowsheet and infrastructure design. This study marks a major step in advancing the Titan Project towards production. As a leading fully permitted critical minerals project in the U.S., the Titan Project is uniquely positioned to supply low-cost, domestic critical mineral feedstocks to support future large-scale expansions of IperionX's titanium production, enhancing the strength and resilience of the U.S. titanium supply chain. It also hosts significant quantities of light and heavy rare earth elements - including dysprosium and terbium - that are vital for advanced technologies and defense systems. The Titan Project has attracted significant interest from potential strategic and commercial partners seeking secure, long term supplies of U.S. sourced critical minerals. IperionX remains on-track for the successful ramp-up of its Titanium Production Facility in Virginia. The balance of the USD 47.1 million U.S. Government funding awarded to IperionX in 2025 has also enabled the commencement of engineering and design activities for expanded titanium metal production. Announcement • Mar 11
IperionX Limited Announces Board Appointments, Effective March 17, 2025 IperionX Limited announced two significant appointments to its Board of Directors, effective from March 17, 2025. Appointment of Tony Tripeny as Non-Executive Director: Mr. Tony Tripeny joins IperionX as an independent Non-Executive Director, and brings over 40 years of financial and operational leadership in advanced manufacturing, technology and materials science. Mr. Tripeny's successful 36-year career at Corning Incorporated, included senior roles of Executive Vice President and Chief Financial Officer, as well as Senior Vice President and Corporate Controller, until his retirement in 2022. Mr. Tripeny currently serves as a Director at Mesa Laboratories and Origin Materials. He holds an economics degree from the Wharton School of Business at the University of Pennsylvania and is a member of both the Financial Executives Institute and the Institute of Management Accounting. Appointment of Lorraine Martin as Lead Independent Director: IperionX also appointed current IperionX Non-Executive Director Lorraine Martin as Lead Independent Director. Ms. Martin has over 35 years of leadership experience in the aerospace and defense industries, having held key executive roles at Lockheed Martin, including Executive Vice President and Deputy of the Rotary & Mission Systems division and Vice President & General Manager of the F-35 Lightning II Program. Currently serving as President and CEO of the National Safety Council, Ms. Martin is also a Director at Kennametal. A former U.S. Air Force officer, Ms. Martin holds a Master of Science in computer science from Boston University and a Bachelor of Arts in computational mathematics from DePauw University. Major Estimate Revision • Jan 29
Consensus EPS estimates fall by 34% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from US$6.27m to US$5.90m. Losses expected to increase from US$0.041 per share to US$0.055. Metals and Mining industry in Australia expected to see average net income growth of 17% next year. Consensus price target down from AU$6.11 to AU$5.98. Share price fell 5.1% to AU$3.94 over the past week. New Risk • Jan 16
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 41% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Shareholders have been substantially diluted in the past year (41% increase in shares outstanding). Revenue is less than US$1m. Major Estimate Revision • Dec 17
Consensus revenue estimates fall by 14% The consensus outlook for revenues in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from US$7.27m to US$6.27m. Forecast losses increased from -US$0.026 to -US$0.041 per share. Metals and Mining industry in Australia expected to see average net income growth of 24% next year. Consensus price target up from AU$5.13 to AU$5.99. Share price was steady at AU$4.45 over the past week. Announcement • Nov 27
IperionX Limited (ASX:IPX) acquired Assets and intellectual property portfolio from Blacksand Technology LLC. IperionX Limited (ASX:IPX) acquired Assets and intellectual property portfolio from Blacksand Technology LLC on November 26, 2024.
IperionX Limited (ASX:IPX) completed the acquisition of Assets and intellectual property portfolio from Blacksand Technology LLC on November 26, 2024. Major Estimate Revision • Nov 21
Consensus revenue estimates fall by 23% The consensus outlook for revenues in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from US$9.40m to US$7.27m. Forecast loss of -US$0.026, down from profit of US$0.01 per share profit previously. Metals and Mining industry in Australia expected to see average net income growth of 39% next year. Consensus price target up from AU$4.49 to AU$5.02. Share price rose 12% to AU$4.20 over the past week. New Risk • Oct 27
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 50% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Shareholders have been substantially diluted in the past year (50% increase in shares outstanding). Revenue is less than US$1m. Announcement • Oct 21
IperionX Limited has filed a Follow-on Equity Offering in the amount of AUD 100 million. IperionX Limited has filed a Follow-on Equity Offering in the amount of AUD 100 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 30,656,250
Price\Range: AUD 3.2
Discount Per Security: AUD 0.112
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 593,750
Price\Range: AUD 3.2
Discount Per Security: AUD 0.112
Transaction Features: Subsequent Direct Listing Board Change • Oct 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 12 experienced directors. No highly experienced directors. Independent Non-Executive Director Lorraine Martin was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Announcement • Sep 27
IperionX Limited, Annual General Meeting, Nov 22, 2024 IperionX Limited, Annual General Meeting, Nov 22, 2024. New Risk • Sep 27
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -US$27m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$27m free cash flow). Revenue is less than US$1m. Minor Risk Shareholders have been diluted in the past year (34% increase in shares outstanding). Announcement • Aug 15
IperionX Achieves Major Milestone with First Successful Titanium Furnace Production Run IperionX announced the successful commissioning of the Hydrogen Assisted Metallothermic Reduction (HAMRTM) furnace, marking the first titanium de-oxygenation production run at the Titanium Manufacturing Campus in Virginia, U.S.A. This first titanium de-oxygenation production run represents a key technological milestone for the company that underpins a breakthrough +60x increase in titanium production capacity. Produced entirely from 100% scrap titanium (Ti-6Al-4V alloy, Grade 5 titanium), quality assessments confirmed a large reduction in oxygen levels from 3.42% to below 0.07%, far exceeding the ASTM standard requirement of 0.2% for Grade 5 titanium. The company's proprietary HAMR technologies offer a range of competitive advantages, including lower operating temperatures, reduced energy consumption, enhanced process efficiency, and accelerated production cycles - all achieved with lower capital investment intensity. Over the coming months, the company will commission and optimize the supporting process equipment to achieve full system production capacity in Virginia, with end-to-end system operations expected in late fourth quarter 2024. Breakeven Date Change • Jun 30
Forecast to breakeven in 2027 The 4 analysts covering IperionX expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of US$36.0m in 2027. Average annual earnings growth of 47% is required to achieve expected profit on schedule. Announcement • May 15
IperionX Limited has completed a Follow-on Equity Offering in the amount of AUD 50.000001 million. IperionX Limited has completed a Follow-on Equity Offering in the amount of AUD 50.000001 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 26,178,011
Price\Range: AUD 1.91
Discount Per Security: AUD 0.08595
Transaction Features: Subsequent Direct Listing New Risk • Mar 16
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -US$22m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$22m free cash flow). Revenue is less than US$1m. Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (US$9.4m net loss in 2 years). Shareholders have been diluted in the past year (33% increase in shares outstanding). Recent Insider Transactions • Jan 09
Executive Chairman recently bought AU$643k worth of stock On the 3rd of January, Todd Hannigan bought around 465k shares on-market at roughly AU$1.38 per share. This transaction amounted to 2.7% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth AU$763k. Todd has been a buyer over the last 12 months, purchasing a net total of AU$2.2m worth in shares. Recent Insider Transactions Derivative • Dec 28
Executive Chairman exercised options to buy AU$2.9m worth of stock. On the 21st of December, Todd Hannigan exercised options to buy 2m shares at a strike price of around AU$0.45, costing a total of AU$945k. This transaction amounted to 14% of their direct individual holding at the time of the trade. Since December 2022, Todd's direct individual holding has increased from 12.93m shares to 15.00m. Company insiders have collectively bought AU$2.8m more than they sold, via options and on-market transactions, in the last 12 months. Announcement • Dec 21
IperionX Limited Appoints Marcela Castro as Chief Financial Officer IperionX Limited announced the appointment of Mrs. Marcela Castro as Chief Financial Officer (CFO), effective from December 21, 2023. Marcela is a highly experienced finance and operations executive with a long career in senior finance roles across a range of industries, including green technologies, industrial and consumer products, as well as natural resources. Marcela brings over 25 years of experience in accounting and financial analysis as well as considerable strategic and organization-building skills to IperionX. Marcela's career has included roles with Arthur Andersen, Colgate Palmolive, Jaguar Mining, REV Group and Proterra, including senior administration and compliance roles relating to leading the financial functions of U.S. public companies. Marcela is a U.S. citizen, holding a Bachelor of Business Administration and a MBA in Finance. Recent Insider Transactions • Nov 14
Executive Chairman recently bought AU$763k worth of stock On the 13th of November, Todd Hannigan bought around 520k shares on-market at roughly AU$1.47 per share. This transaction amounted to 3.6% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Todd has been a buyer over the last 12 months, purchasing a net total of AU$1.6m worth in shares. Announcement • Nov 10
IperionX Limited announced that it has received $16.7 million in funding from Fidelity Management & Research Company LLC, Inherent Group, LLC, B. Riley Principal Investments, LLC IperionX Limited announced that it has received an equity round of funding for gross proceeds of $16.7 million on November 8, 2023. The transaction included participation from returning investors Fidelity Management & Research Company LLC, Inherent Group, LLC, B. Riley Principal Investments, LLC, Ray Nimrod. Announcement • Sep 21
IperionX Limited, Annual General Meeting, Nov 22, 2023 IperionX Limited, Annual General Meeting, Nov 22, 2023. Announcement • Aug 29
IperionX Limited Announces Titan Project Development Update IperionX Limited announced that the Titan Critical Minerals Project (Titan Project) is fully permitted for development and operations, has received positive feasibility study metallurgical test work results, and is advancing customer offtake and strategic financing partnerships. Titan Project Fully Permitted The Tennessee Department of Environment & Conservation has now confirmed that all regulatory requirements have been met for the Titan Project and it is fully permitted for development and operations. The Titan Project, located in Tennessee, 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. The global market demand for titanium, zircon and rare earth critical minerals continues to increase, yet supply is increasingly reliant on high-risk jurisdictions with long distance, carbon intensive supply chains. The U.S. currently imports over 80% of titanium minerals and almost 100% of its separated rare earth oxides from foreign nations. Once fully developed, the Titan Project is expected to be a key domestic source of critical titanium, zirconium and rare earth minerals. This world-class project can reduce the acute reliance of critical mineral imports from foreign nations and re-build a sustainable domestic supply chain that is essential for advanced U.S. industries. Feasibility Metallurgical Test Work Confirms High Titanium & Rare Earth Minerals Recoveries IperionX has received excellent results from the feasibility study metallurgical test work program conducted by Mineral Technologies Ltd, a global leader in the mineral sands industry. This bulk metallurgical test work program was designed to confirm feasibility study level process design and critical mineral product recoveries at the Titan Project. The feasibility study level bulk metallurgical test work confirmed a material increase in recoveries of the higher value natural rutile, zircon and rare earth mineral products. Strategic & Offtake Partners - Multiple Partners, Advanced Due Diligence Multiple strategic partners have commenced due diligence on the Titan Project in preparation for sales offtake agreements and project investment opportunities. IperionX has conducted due diligence site visits for select partners and distributed product samples to a range of critical mineral customers. One of these parties – a large Japanese conglomerate – is sole funding bulk sample and due diligence test work at the Titan Project during September 2023. Announcement • Jun 16
Iperionx Achieves First Ul Validated 100% Recycled Titanium IperionX Limited announced it has achieved the UL Environmental Claim Validation Procedure 2809 for its 100% recycled, low-carbon titanium metal powder. UL Solutions (UL) is a global leader in sustainability standards, and IperionX’s low carbon titanium is the first commercial titanium metal powder for additive manufacturing to achieve UL validation for 100% recycled content. UL recycled content validation is important as titanium metal powder for additive manufacturing can only be used a limited number of times before quality is impacted by contaminants or inferior powder morphology. Out-of-specification titanium powder increases the probability of defects which jeopardize the structural integrity of additively manufactured components. Additionally, titanium metal produced by the standard “Kroll Process” is energy intensive, high cost, high carbon and is hindered by low levels of circularity. The current manufacturing process for titanium products generates large volumes of titanium waste that is downcycled to the ferro-titanium market or shipped to landfill. In contrast, IperionX titanium is low-carbon with zero scope 1 and 2 emissions. IperionX can uniquely use 100% scrap titanium as feedstock to produce high performance, low-carbon recycled titanium metal via a circular supply chain that doesn’t rely upon mined resources. IperionX recently completed a life cycle assessment (“LCA”) for its 100% recycled, low-carbon titanium metal. This LCA confirmed that IperionX’s titanium has the lowest quantified life cycle carbon footprint for commercial titanium powder, with a potential life cycle carbon footprint of just 7.8 kg of carbon dioxide equivalents (“CO2e”) per kg. This forecast carbon footprint is over 90% lower than competing titanium powders produced from plasma atomization, 80% lower than from titanium ingot produced from the Kroll process, more than 50% lower than aluminium ingot, and near equal to stainless steel ingot1. Further details and a copy of IperionX’s LCA can be accessed here. Notably, IperionX recently won the U.S. Air Force Research Laboratory Grand Challenge to produce high quality titanium metal powder from only titanium scrap feedstocks. IperionX successfully overcame a field of leading titanium companies to produce low-carbon 100% recycled titanium metal from titanium scrap or out-of-specification titanium powder feedstocks. Major companies across the automotive, defense, bicycle, consumer electronics and green hydrogen sectors desire low carbon titanium from traceable recycled sources to meet their sustainability targets. Materials selection is an important way for manufacturers to reduce the carbon intensity of their products and yet meet demanding requirements for durability, quality and performance. IperionX offers these companies a unique and valuable solution to maximise recycled content, lower carbon footprints and still produce high performance titanium products. New Risk • Jun 15
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Australian stocks, typically moving 22% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$18m free cash flow). Share price has been highly volatile over the past 3 months (22% average weekly change). Earnings have declined by 73% per year over the past 5 years. Revenue is less than US$1m. Minor Risk Shareholders have been diluted in the past year (37% increase in shares outstanding). Recent Insider Transactions • May 09
Executive Chairman recently bought AU$842k worth of stock On the 5th of May, Todd Hannigan bought around 848k shares on-market at roughly AU$0.99 per share. This transaction amounted to 6.6% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Todd has been a buyer over the last 12 months, purchasing a net total of AU$1.4m worth in shares. Announcement • May 04
IperionX Limited has completed a Follow-on Equity Offering in the amount of AUD 20 million. IperionX Limited has completed a Follow-on Equity Offering in the amount of AUD 20 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 19,000,000
Price\Range: AUD 1
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 1,000,000
Price\Range: AUD 1
Transaction Features: Subsequent Direct Listing Board Change • Nov 16
High number of new and inexperienced directors There are 12 new directors who have joined the board in the last 3 years. The company's board is composed of: 12 new directors. No experienced directors. No highly experienced directors. Founder, MD, CEO & Executive Director Taso Arima is the most experienced director on the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Announcement • Nov 01
IperionX Limited Appoints Toby Symonds as President IperionX Limited announced the appointment of Toby Symonds as President of the company. Mr. Symonds has worked with the company since 2021, first as an advisory board member and then as Chief Strategy Officer. He is a highly experienced executive with more than 30 years of experience across a range of senior roles in operations, sales, strategy, finance and asset management. Mr. Symonds previously served as a senior advisor to private equity, hedge funds and real estate asset managers, including Coliseum Capital Management, Sweetwater Capital Partners and Mosaic Real Estate Investors. Toby was a Managing Director at SAC Capital's Business Development Group and was a founding partner of ENA Investment Capital in London and Altai Capital Management in New York. Prior to his career in asset management he spent over 11 years at JP Morgan and Morgan Stanley. Announcement • Oct 28
IperionX Limited has completed a Follow-on Equity Offering in the amount of AUD 24 million. IperionX Limited has completed a Follow-on Equity Offering in the amount of AUD 24 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 28,125,000
Price\Range: AUD 0.8
Discount Per Security: AUD 0.048
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 1,875,000
Price\Range: AUD 0.8
Discount Per Security: AUD 0.048
Transaction Features: Subsequent Direct Listing Announcement • Sep 27
IperionX Limited, Annual General Meeting, Nov 25, 2022 IperionX Limited, Annual General Meeting, Nov 25, 2022. Announcement • Sep 23
IperionX Limited, Annual General Meeting, Oct 27, 2022 IperionX Limited, Annual General Meeting, Oct 27, 2022, at 09:00 W. Australia Standard Time. Location: Conference Room, Ground Floor, 28 The Esplanade, Perth WA 6000 Perth WA 6000 Australia Agenda: To consider and, if thought fit, to pass, with or without amendment, the following resolution as an ordinary resolution: That, pursuant to and in accordance with Listing Rule 7.4 and for all other purposes, Shareholders approve and ratify the prior issue of 14,064,951 Shares under Listing Rule 7.1 at an issue price of $0.80 per Share on the terms and conditions in the Explanatory Memorandum; to consider and, if thought fit, to pass, with or without amendment, the following resolution as an ordinary resolution: That, pursuant to and in accordance with Listing Rule 7.4 and for all other purposes, Shareholders approve and ratify the prior issue of 14,060,049 Shares under Listing Rule 7.1A at an issue price of $0.80 per Share on the terms and conditions in the Explanatory Memorandum; and to consider other matters. Announcement • Sep 21
IperionX Limited Commissions Mineral Demonstration Facility IperionX Limited has successfully commissioned Stage 2 of its Mineral Demonstration Facility at the Titan Project in Tennessee, U.S.A., to produce a critical mineral concentrate rich in titanium and rare earth minerals. Stage 1 of the processing facility includes fine particle removal (<45 microns) via water, utilizing only hydro- cyclones, to produce a product ready for heavy mineral wet concentration. The Stage 2 processing upgrade consists of a series of water gravity spirals that separate valuable heavy minerals into a titanium, zircon and rare earth concentrate. The MDF operation is an important element in IperionX's outreach to a wide range of stakeholders and it highlights the low impact, sustainable nature of potential future operations at the Titan Project. A final Stage 3 upgrade will be commissioned later this year and will employ flotation and magnetic separation to produce separated rare earth mineral, zircon and titanium products. These valuable products will be used to accelerate customer offtake negotiations and as an important feedstock for IperionX's R&D projects across low carbon synthetic rutile and titanium metal production. IperionX has significantly advanced the Titan Project feasibility study metallurgical test work, including optimization flotation test work for rare earth minerals, which is expected to be complete by the end of 2022. IperionX is also evaluating a low capital, phased development approach for the Titan project that is likely to reduce upfront capex, lower execution risk and potentially accelerate the permit application timeline. Recent Insider Transactions • Sep 16
Executive Chairman recently bought AU$576k worth of stock On the 14th of September, Todd Hannigan bought around 644k shares on-market at roughly AU$0.89 per share. This transaction amounted to 6.2% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Todd has been a buyer over the last 12 months, purchasing a net total of AU$2.0m worth in shares. Announcement • Aug 26
IperionX Limited Announces Successful Application of Patented Low-Carbon Titanium Metal Technologies IperionX Limited announce that it has successfully applied patented low-carbon titanium metal technologies to upgrade Tennessee titanium minerals into high grade +99% TiO2 and then into a high-quality spherical titanium alloy powder. Testing has confirmed successful production of a spherical Ti-6Al-4V powder with aluminum and vanadium uniformly distributed within the sample and meeting industrial specifications, and oxygen content meeting Grade 5 specification (<0.2 wt%). The low-carbon titanium spherical powder was produced by using a range of patented technologies, including; Medium grade titanium minerals (ilmenite) sourced from IperionX's Titan Project were upgraded to a +99% titanium dioxide feedstock using the proprietary Synthetic Rutile and Alkaline Roasting and Hydrolysis (ARH) process technologies. The high-grade titanium feedstock was blended with oxides of the alloying elements and then reduced with using the patented Hydrogen Assisted Metallothermic Reduction (HAMR) technology to produce low-carbon angular titanium powders. The patented Granulation Sintering Deoxygenation (GSD) technology was used to produce a high-quality spherical titanium powder alloy Ti64. Ti64 is a widely used alloy of titanium, aluminum and vanadium that provides high strength-to-weight ratio, excellent corrosion resistance and biocompatibility. Spherical Ti64 powders are used to manufacture advanced components with additive manufacturing /3D printing. Titanium alloy powders are currently produced with the Kroll process to firstly create titanium metal sponge, which is then refined via a series of high energy titanium melt processes to produce large batch titanium alloys as ingots. These ingots are then processed into titanium alloy wire/rod, which are feedstocks for high energy plasma /gas atomization that produces spherical titanium alloy powders. The technologies avoid the high-cost, high-carbon Kroll process to create titanium sponge, but also bypass the series of energy intensive titanium melt processes, ingot manufacturing, wire production and gas atomization, to produce low carbon and low-cost titanium spherical powders. The technologies have the potential for up to a 95% reduction in Scope 1 and 2 carbon emissions compared to the incumbent Kroll titanium supply chain. The technologies eliminate the direct carbon emissions from producing titanium, generate no Scope 1 emissions, and by utilizing 100% renewable power in the production process, Scope 2 carbon emissions can also be eliminated. The technologies can also produce titanium alloys directly from the oxides of the alloy elements. This offers a valuable opportunity to deliver customers a wider range of lower cost, innovative titanium alloys on shorter lead times. This includes the potential to offer titanium alloys which are difficult to produce with incumbent technologies such as Ti-1Al-8V-5Fe (Ti-185), which offers high strength and fatigue life for military applications, and Ti- Palladium allow for superior corrosion resistance in demanding applications or luxury goods. The U.S. is completely dependent on imports of high-carbon primary titanium metal feedstocks produced via the high-cost Kroll process, and it currently lacks the surge capacity required to support defense and critical infrastructure needs in an extended national emergency. In contrast, Russia and China's market share of global titanium sponge production continues to increase and is expected to pass over 70% share this year. The ability to produce high quality spherical titanium metal powders using titanium minerals from the Titan Project in Tennessee demonstrates the potential for IperionX to re-shore an all-American low-carbon titanium supply chain - taking raw Tennessee critical minerals, or recycled titanium feedstock - and applying proprietary technology to produce high-quality, low-carbon commercial grade titanium metal and alloys in the U.S. Further, the production of spherical titanium powders produced via the HAMR & GSD processes from minerals in Tennessee supports IperionX's collaboration with Oak Ridge National Laboratory under a U.S. DOE approved User Agreement to develop low-cost titanium alloys for additive manufacturing, including opportunities to use titanium powders to parts which currently rely on other metals, such as stainless steel and aluminum. Announcement • Aug 10
IperionX Limited Develops Low Carbon Titanium Enrichment Process IperionX Limited announced that it has successfully developed high quality, low carbon titanium mineral enrichment technologies, having upgraded ilmenite titanium minerals from the Titan Project in Tennessee into a high-grade titanium synthetic rutile product. High grade titanium dioxide (+80% TiO2) feedstocks include natural rutile, synthetic rutile and titanium slag, and are primarily used in creating inputs for titanium metal in the form of titanium tetrachloride and paint and pigments in the form of purified TiO2. Natural rutile is a mineral with TiO2 content of 92%-95%, while synthetic rutile and titanium slag are upgraded high grade TiO2 feedstocks produced from ilmenite, with a TiO2 content of 88%-95% and ~80% respectively. Given their relative scarcity and value in use, high grade TiO2 feedstocks are higher priced products than the more commonly found lower grade ilmenite. Importantly, the global supply of natural rutile is in significant decline, with other high grade titanium feedstocks including synthetic rutile and titanium slag expected to replace fill the widening supply gap. Synthetic rutile commands a price 4-5x that of ilmenite, which has a typical TiO2 content of 45%-65%. Long term price forecasts for synthetic rutile are ~$1,000-$1,200 per ton, compared to ilmenite with a long-term price forecast of ~$200-$300 per ton. This price multiple allows for the potential to significantly increase the value of the Titan Project resource base through upgrading of ilmenite to low carbon synthetic rutile. The majority of global synthetic rutile production occurs in Western Australia by the world's largest titanium mineral companies, Iluka and Tronox, via processes based upon the Becher Process. The Becher Process consists of roasting low-grade ilmenite using coal in a rotary kiln at temperatures of more than 1,100°C to convert the iron oxide in the ilmenite to metallic iron, and then `rusting' the kiln product in an aerated salt solution to remove most of the metallic iron. Titanium slag is a widely adopted method to produce high grade titanium feedstocks, which occurs via open arc AC or DC smelting of ilmenite with electricity, using a carbon reactant in the form of coal, to produce titanium slag and pig iron products. Scope 1 & 2 emissions associated with current production of synthetic rutile and titanium slag are significant, estimated at approximately 3.3 tons and 2.0 tons of CO2 equivalent per ton of product2. In contrast, IperionX's synthetic rutile process does not use coal as a reductant, and when combined with renewably sourced electricity has the potential to result in very low to net-zero carbon emissions. IperionX's synthetic rutile product has been evaluated by customers in the paint and pigment industry andconfirmed as a potential high-quality feedstock likely to attract a significant price premium to ilmenite, with the potential to also be a superior and more sustainable product to other titanium feedstocks, including titanium slag. Announcement • Jul 01
IperionX Limited Announces Titan Project Scoping Study IperionX Limited announced the positive results of the Scoping Study on the Company's Titan Project located in west Tennessee, U.S. The Scoping Study results demonstrate the Project's potential to be a sustainable, low cost and globally significant North American producer of titanium, rare earths and other critical minerals needed for a low carbon future. IperionX has two businesses - company's critical minerals business at the Titan Project, which is the subject of this Scoping Study - and titanium metals business, where company is currently producing titanium metal powders and prototype parts using patented titanium manufacturing technologies that have the potential to significantly reduce both the cost and carbon emissions of titanium production relative to what is commercially available - a separate economic evaluation is planned to be released for project development activities associated with titanium metals business. SCOPING STUDY HIGHLIGHTS: Largest potential source of U.S. titanium and rare earths minerals, including heavy rare earths: Scoping Study confirms the potential for the Project to be the largest U.S. producer of titanium and the rare earth minerals, monazite and xenotime, which includes both light and heavy rare earths; In-situ metal content of titanium and rare earths over the life of the Project represents potential production of ~60,500 Boeing 787s and ~24,000,000 electric vehicles; Potential to satisfy 100% of the U.S. Department of Defense needs for titanium and the heavy rare earths required for national security; Opportunity for a rapid and low capex entry to the U.S. rare earth supply chain, utilizing Energy Fuels' existing White Mesa mill in Utah. Potential for significant cashflow generation including average annual EBITDA of US$117 million: Potential to develop a domestic source of critical minerals in the U.S. with significant cashflow generation underpinned by low costs; Compares favorably to global projects and is located in a leading jurisdiction significantly closer to a large number of end user facilities; Importantly, the Scoping Study do not yet consider the potential upside associated with integration; of the Titan Project (minerals business) and the Company's breakthrough titanium metal technologies (metals business). Globally significant U.S. critical mineral resource with massive potential upside in the region: 100% interest in over 11,000 acres of titanium, rare earth minerals and zircon rich mineral sands properties in Tennessee, U.S.; Production target of 243 million tons of mineralized material over a life of mine of 25 years covers less than 4,500 acres of the current land position controlled by the Company; Significant potential to grow production and Project life in the future. Infrastructure, location and decarbonized supply chain advantage to major target markets and end users: Significant cost advantages due to the location and proximity to existing low cost, world-class infrastructure; Major logistical advantage over many other critical minerals imported into the U.S. provides the potential for a further cost advantage and a lower carbon intensity supply chain. Sustainable and community focused development: Actively taking a "sustainable first" approach to all areas of development with a focus on zero carbon power, sustainable rehabilitation practices and community engagement; Building trust, broadening support, improving knowledge and promoting community participation and engagement in the development of the Titan Project. Rapidly progressing to be construction ready in 2023: Mineral demonstration facility at Titan Project being completed to facilitate feasibility test work, customer offtake discussions, downstream R&D and community engagement; Feasibility study metallurgical test work already underway after successful completion of pre-feasibility level test work in early 2022; Optimization for mine planning, processing and permitting pathway underway to facilitate a 2023 construction ready timeline. Recent Insider Transactions • May 07
Executive Chairman recently bought AU$1.1m worth of stock On the 4th of May, Todd Hannigan bought around 997k shares on-market at roughly AU$1.08 per share. This was the largest purchase by an insider in the last 3 months. Todd has been a buyer over the last 12 months, purchasing a net total of AU$2.0m worth in shares. Board Change • Apr 27
High number of new and inexperienced directors There are 11 new directors who have joined the board in the last 3 years. The company's board is composed of: 11 new directors. 1 experienced director. No highly experienced directors. Founder, MD, CEO & Executive Director Taso Arima is the most experienced director on the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Recent Insider Transactions • Dec 18
Executive Chairman recently bought AU$312k worth of stock On the 13th of December, Todd Hannigan bought around 347k shares on-market at roughly AU$0.90 per share. This was the largest purchase by an insider in the last 3 months. Todd has been a buyer over the last 12 months, purchasing a net total of AU$1.4m worth in shares. Announcement • Aug 24
Hyperion Metals Limited announced that it expects to receive AUD 24 million in funding from Fidelity Management & Research Company LLC and other investors Hyperion Metals Limited announced a private placement of 20,000,000 shares at a price of AUD 1.2 per share for gross proceeds of AUD 24,000,000 led by new investor, Fidelity Management & Research Company LLC on August 24, 2021. The transaction also included participation from institutional, sophisticated and professional investors. The issue price of AUD 1.20 per share represents a 6.3% discount to the last closing price of AUD 1.28 and a 2.1% premium to the 10-day VWAP of AUD 1.176. The transaction is expected to close on August 30, 2021. Announcement • May 25
Hyperion Metals Limited Grows Land Position At the Titan Project By 55% Hyperion Metals Limited advised that the Company has increased its holdings of titanium, zircon, rare earth minerals and silica rich mineral sands properties at its Titan Project in west Tennessee, USA to 5,964 acres, a 55% increase in landholding, with the potential to be one of the United States' large source of critical minerals. The additional land has been secured through option agreements signed with local landowners at the Titan Project on substantially the same terms as the Company's existing option agreements. The Company has already completed 5,131 metres of drilling comprising 129 holes from its Phase 1 3 drilling programs through late 2020 and early 2021, confirming consistent, thick, high-grade mineralization of critical minerals over ~3.6km strike length at its central property. The results from this drilling are expected to lead to the delivery of an initial Mineral Resource Estimate in the coming months. The initial Mineral Resource Estimate will form the basis of the recently commenced Scoping Study for the project, due for delivery in Third Quarter 2021. The Scoping Study is a key step in the development of the Titan Project into potentially one of the most important critical mineral rich provinces in the USA. The Scoping Study will outline material physical and economic metrics as well as major development timelines. Further, the Company has recently completed metallurgical test work to confirm that the Titan Project is amenable to standard processing techniques and to produce products for potential customers and strategic partners discussions, as well as additional analytical test work programs such as metallurgical testing of highly valuable rare earth bearing minerals and downstream test work related to the production of titanium powders. Analytical data for the final products are expected in Second Quarter 2021 and will further inform heavy mineral concentrate assemblage data for the initial Mineral Resource Estimate and flowsheet development for the Titan Project Scoping Study. Recent Insider Transactions • May 22
Non-Executive Chairman recently bought AU$655k worth of stock On the 17th of May, Todd Hannigan bought around 664k shares on-market at roughly AU$0.99 per share. This was the largest purchase by an insider in the last 3 months. Todd has been a buyer over the last 12 months, purchasing a net total of AU$1.1m worth in shares. Announcement • May 17
Hyperion Metals Limited Commences Scoping Study Hyperion Metals Limited announced the commencement of a scoping study (“Scoping Study”) on the Titan Project,which covers approximately 4,000 acres of titanium, rare earth minerals and zircon rich mineral sands properties in Tennessee, USA. The Company has engaged global engineering firm Hatch to lead the design and project management of the Scoping Study, focused on the development of mining and processing facilities for sustainable critical minerals for advanced U.S. industries such as aerospace, EV’s, defense and renewables. Hatch is a top-tier engineering firm with extensive experience in developing heavy mineral sand projects around the world for major mining companies. Hatch’s experience will prove invaluable to the success of the Titan Project. The Scoping Study will be led by John Elder, Hatch’s USA Mining and Metals Director, who has 30 years’ experience in heavy mineral sand developments and operations. Hatch has recently led several successful feasibility studies and project developments in the southeastern USA, including being intimately involved in the development of Piedmont Lithium Ltd. in North Carolina. Piedmont Lithium Ltd. has successfully delivered major studies and is now an emerging AUD 1 billion market cap lithium developer. The commencement of the Scoping Study is a key step in the development of the Titan Project in one of the most important critical mineral rich provinces in the USA. The Scoping Study will outline material physical and economic metrics as well as major development timelines. The Company expects the Scoping Study to be completed in third quarter 2021. Announcement • May 06
Hyperion Metals Limited Provides an Update on Phase 3 Drilling Program from Its Titan Critical Mineral Project Hyperion Metals Limited provided an update on the progress of the company's bulk test work and Phase 3 drilling program from its Titan critical mineral project ("Titan Project"), in Tennessee, USA. The objective of the program was to confirm that the Titan Project is amenable to standard processing techniques and to produce products for potential customers and strategic partners discussions, additional analytical test work programs such as metallurgical testing of highly valuable rare earth bearing minerals and downstream test work related to the production of titanium powders. Three ~500kg bulk samples were collected and sent for metallurgical test work at Mineral Technologies Inc. lab in Starke, Florida; one of the leading mining and mineral sand processing equipment suppliers globally. Two of the bulk samples were selected from the lower mineralized unit and one sample from the upper unit at the Titan Project. All three samples were progressed through standard, spiral wet processing techniques to produce heavy mineral concentrates. Dry processing and separation test work was then undertaken, with activities including separation through high tension roll separators, rare earth drum magnets, rare earth roll magnets and electrostatic plate separators. Initial samples have been produced, including ilmenite, leucoxene/rutile, zircon, and the rare earth element containing mineral monazite. Analytical data for the final products will be completed by SGS Laboratories in Lakefield, Ontario, with results expected during Second Quarter 2021, and will further inform heavy mineral concentrate assemblage data for an initial resource estimate and flowsheet development for the Titan Project. The Company has also completed 78 holes of the Phase 3 drilling program with the results expected to be released to market during Second Quarter 2021 and together with the bulk sample are expected to lead to an initial Mineral Resource Estimate to be released to market in the coming months. Recent Insider Transactions • Apr 29
Non-Executive Chairman recently bought AU$435k worth of stock On the 23rd of April, Todd Hannigan bought around 453k shares on-market at roughly AU$0.96 per share. This was the largest purchase by an insider in the last 3 months. This was Todd's only on-market trade for the last 12 months. Executive Departure • Apr 25
Non-Executive Director has left the company On the 23rd of April, Alastair Smith's tenure as Non-Executive Director ended after less than a year in the role. We don't have any record of a personal shareholding under Alastair's name. A total of 5 executives have left over the last 12 months. Announcement • Mar 13
Tao Commodities Limited Announces Additions to its Management Team Tao Commodities Limited announced the additions of Ms. Stephanie Harcleroad, Ms. Kayla Luther and Ms. Deling Xian as senior members of the Company's management team. The appointments come as TAO rapidly progresses the development of its Titan Project, a titanium, zircon and rare earth elements prospective heavy mineral sands project in Tennessee, U.S., combined with the Company's breakthrough titanium metal HAMR technology, to achieve its mission of delivering the highest levels of sustainability and decarbonization to the U.S. titanium supply chain. Ms. Harcleroad has joined TAO as Community Relations Manager to oversee the Company's west Tennessee interaction with the local and state community. Stephanie is a long-standing and highly respected member of the community in Benton County and was most recently employed as Executive Administrator & Community Relations Coordinator for the Benton County /Camden Chamber of Commerce. Ms. Luther has joined TAO as Financial Controller & Compliance Manager. Kayla brings extensive accounting, finance and compliance experience to the Company, with over 10 years' experience with leading US advisory and accounting firms. Kayla will lead the Company's U.S. finance function from Charlotte, N.C. Ms. Xian has joined TAO as Senior Project Manager, having over 10 years' experience in project management and process engineering in the mining and metals industry in Canada, Australia and China for leading companies including Hatch and DRA Global. She has significant experience in multi-commodities, including titanium processing facilities, and has worked on all levels of study from scoping study to detailed engineering and operations. Announcement • Mar 12
TAO Commodities Limited, Annual General Meeting, Apr 14, 2021 TAO Commodities Limited, Annual General Meeting, Apr 14, 2021, at 10:00 W. Australia Standard Time. Location: Level 27, Exchange Tower 2 The Esplanade Perth Western Australia Australia Agenda: To consider change of company name; to consider ratification of issue of prior placement shares; to consider issue of performance rights to director - Mr. Anastasios Arima; to consider issue of incentive options to director - Mr. Todd Hannigan; to consider issue of performance rights to director - Mr. Alastair Smith; and to consider approval of Employee Equity Incentive Plan. Announcement • Mar 11
TAO Commodities Limited Announces Results of the Phase 2 Drilling Program TAO Commodities Limited announced that the results of the Phase 2 drilling program have been received and continue to highlight the potential for the development of a critical mineral rich province in the USA. Phase 2 results continued to display high grade and thick intersections at the Titan Project and has confirmed over 3.6 kilometers of mineralization along strike, with the potential to significantly expand. The Company's Phase 3 drilling program and bulk sample test work program are progressing well, which will form the basis of the initial MRE and will produce mineral products for further metallurgical test work and customer /strategic partner discussions. All 9 sonic drill holes in the Phase 2 program encountered significant intercepts of heavy mineral mineralization. The Phase 2 program was designed to expand the mineralization discovered in the Phase 1 program and encountered significant contained mineralization within all geological units, with the Lower Mcnairy Sand unit consistently recording the highest grade and thickest intercepts. Mineralized intervals ranged in thickness between 12.2 meters and 41.1 meters, all with grades greater than 2% THM. High-grade mineralized zones in both the Upper and Lower Mcnairy Sand unit are proving to be very consistent in both thickness and grade along 3.6km of strike, highlighted in the long section, represented sub-parallel to the historic shoreline. The Company is continually working to assess opportunities to expand its already significant land position in the region, with the potential for the Company to define one of the largest scale titanium and rare earth deposits in the world. The 70-hole Phase 3 drilling program is ~50% complete, designed to infill areas defined by Phase 1 and 2 programs in order to inform an initial mineral resource estimate. The program will also continue to explore for additional high grade zones of mineralization along strike to the majority of Phase 1 & 2 drilling as well as to test other properties the Company has recently secured in the area. The completion of the Phase 3 program is expected in April and the initial mineral resource estimate is expected to be completed in late Second Quarter 2021. Three ~500kg bulk samples have been collected and sent for analysis and pilot scale mineral separation at Mineral Technologies lab in Starke, FL. The test work program is progressing well, with the Company conducting a site visit to the pilot plant facility on March 1, 2021. Two of the bulk samples have been selected from the lower mineralized unit and one from the upper unit. The objective of the metallurgical program is to produce products for potential customers /strategic partners, to provide material for additional testwork programs (such as metallurgical testing of the rare earths and production of titanium metal powders), to begin flowsheet development for a scoping study and for assemblage data to inform the mineral resource estimate. Is New 90 Day High Low • Mar 09
New 90-day high: AU$0.94 The company is up 269% from its price of AU$0.26 on 09 December 2020. The Australian market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 8.0% over the same period. Executive Departure • Mar 01
MD & Executive Director has left the company On the 1st of March, Patrick Glovac's tenure in the role of MD & Executive Director ended. As of December 2020, Patrick personally held 3.41m shares (AU$886k worth at the time). A total of 4 executives have left over the last 12 months. Executive Departure • Feb 18
Independent Non-Executive Director has left the company On the 18th of February, Mark Connelly's tenure as Independent Non-Executive Director ended after 3.8 years in the role. As of December 2020, Mark personally held 500.00k shares (AU$130k worth at the time). A total of 3 executives have left over the last 12 months. Announcement • Feb 02
Tao Commodities Limited Appoints Todd Hannigan as Director Tao Commodities Limited announced that Mr. Todd Hannigan has been appointed as Director of the Company, effective from 1 February 2021. Is New 90 Day High Low • Feb 02
New 90-day high: AU$0.50 The company is up 96% from its price of AU$0.26 on 04 November 2020. The Australian market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 20% over the same period. Announcement • Jan 29
TAO Commodities Limited has completed a Follow-on Equity Offering in the amount of AUD 3.645 million. TAO Commodities Limited has completed a Follow-on Equity Offering in the amount of AUD 3.645 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 12,150,000
Price\Range: AUD 0.3
Transaction Features: Subsequent Direct Listing Announcement • Jan 22
TAO Commodities Limited announced that it expects to receive AUD 3.645 million in funding TAO Commodities Limited (ASX:TAO) announced a private placement 12,150,000 common shares at a price of AUD 0.30 per share for gross proceeds of AUD 3,645,000 on January 20, 2021. The transaction will include participation from Todd Hannigan, Non-Executive Chairman, for 3,333,334 shares to raise AUD 1,000,000 and his nominees are subscribing for 3,591,666 shares to raise AUD 1,077,500 and remaining shares have been allocated to institutional and sophisticated investors predominately in Australia and the USA. The transaction is expected to close on January 22, 2021. A fee of up to 6% may be paid to eligible participants in connection with the placement. Announcement • Jan 21
Tao Commodities Limited Announces Board Changes Tao Commodities Limited announced that Mr. Todd Hannigan has been appointed as Non- Executive Chairman of the Company, effective from 1 February 2021. Mr. Hannigan was formerly the Chief Executive Officer of Aston Resources Limited ("Aston"). During this period, he led the growth of Aston into one of Australia's publicly listed resources companies. Aston raised approximately $2 billion in funding to acquire and develop the Maules Creek coal project through to first production. Aston merged with Whitehaven Coal Limited in a deal valued at over $5 billion. Following Mr. Hannigan's appointment, Mr. Mark Connelly will transition to a Non-Executive Director role and continue his involvement with the Company. Is New 90 Day High Low • Jan 15
New 90-day high: AU$0.40 The company is up 13% from its price of AU$0.35 on 16 October 2020. The Australian market is up 10.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Metals and Mining industry, which is up 21% over the same period. Announcement • Jan 12
TAO Commodities Limited Appoints Alastair Smith as A Non-Executive Director TAO Commodities Limited announced the appointment of Mr. Alastair Smith as a Non-Executive Director of the Company, effective from 11 January 2020. Mr. Smith is currently Managing Partner of Focus Capital Partners a Los Angeles and Sydney based venture advisory firm with a key focus on resources, infrastructure and industrial sectors with a bias to social impact investing. Mr. Smith is a founding member of the Titan Project team and has been instrumental in the rapid development of the project to date. Announcement • Jan 08
Tao Commodities Limited Announces Maiden Drilling Program At the Titan Project Tao Commodities Limited announced that the maiden drilling program at the Titan Project ("the Project") in west Tennessee has confirmed thick, high grade mineralisation in all 15 drill holes completed in the Phase 1 drilling program and a valuable mineral assemblage in drill holes selected for analysis. Within the Phase 1 program, the thickest and highest-grade results were obtained from the Company's northern most properties following a ridge line where 12 holes intersected thick zones of mineralization. This thick zone of mineralization ranged from 12.2 to 48.8 meters with all results >1.0% THM and with values consistently ranging from 2% 4% THM over intercepts of between 30 and 50 meters. Within this thick envelope of mineralization, two zones of high-grade mineralization have been recognized, and are described as an Upper Shore Zone (USZ) and a Lower Shore Zone (LSZ). The cross section oriented perpendicular to the paleo shoreline, shows the significant THM intercepts for 5 of the holes and the continuity of the upper and lower shoreline zones. Drilling remains open in all directions. Three holes were completed in the land package located just west of Camden, Tennessee, and encountered thick zones of lower grade mineralization compared to the results seen in the northern properties, with the mineralization hosted in the lower member of the McNairy Sand. The Phase 1 drill program utilized a sonic drill rig, which allowed for core samples to be taken every ~1.5 meters (5 ft). These samples were then bagged and shipped to SGS Laboratories in Lakefield, Ontario, where a Heavy Mineral Concentrate ("HMC") was prepared. The HMC was prepared via screening for oversize (+600 microns) and slimes (-45 microns) and then subjecting an 85-gram sub-sample from the screened fraction to heavy liquid separation at 2.95 specific gravity. Weights were recorded for the HMC, oversize fraction (+600 microns) and the slimes (-45 microns) for each sample. The Total Heavy Mineral ("THM") percentage was then calculated by including the mass of the oversize material and the slimes. Subsequent to the THM interpretation, 70 select HMC samples from 4 drill holes were sent to SGS Lakefield and subjected to QEMSCAN analysis to determine the mineral assemblage within the HMC. Valuable Heavy Minerals ("VHM") assemblage was derived from the HMC samples by adding the rutile, leucoxene, pseudorutile /Hi-Ti Ilmenite, ilmenite, Ti- magnetite/hematite, zircon and monazite (rare earths). This calculation excludes quartz, staurolite, kyanite and all other non-valuable minerals. The initial results highlight a favorable VHM range of 42% - 76% across the selected drill holes with the average THM assemblage. Particularly encouraging are initial indications of a highly valuable potential product suite within the VHM portion of the THM comprising of large proportions of rutile (16.9%) and zircon (14.5%) with the majority of the remaining VHM being titanium minerals including leucoxene and pseudorutile with minor amounts of ilmenite and titanium magnetite/hematite. In December 2020, the company completed a Phase 2 program totaling 10 holes for 344 meters. Samples have been received by SGS Laboratories with assays pending. The program was designed to follow up on visual HMS estimates from the Phase 1 program with initial Phase 2 visual observations being very encouraging and similar to the observations in the Phase 1 campaign. The Company is now planning a follow up Phase 3 drilling program for early in First Quarter 2021 with the aim of delineating a maiden resource estimate in Second Quarter 2021, intended to form the basis of a project scoping study. The Phase 3 drill program will include a bulk sampling program to conduct further mineralogy and metallurgical test work. Thick zones of high-grade Total Heavy Mineral ("THM") assays have been returned near surface on all holes, including; 47.2m @ 3.69% THM including 10.7m @ 8.09% THM and 10.7m @ 5.47% THM; 35.1m @ 3.04% THM including 10.7m @ 8.16% THM; 32.0m @ 3.12% THM including 10.7m @ 5.64% THM. Announcement • Dec 30
TAO Commodities Limited Announces Resignation of Frank Knezovic as Non-Executive Director TAO Commodities Limited announced that Mr. Frank Knezovic has resigned as Non-Executive Director of the company, effective immediately, to pursue other opportunities. Announcement • Dec 17
TAO Commodities Limited Announces Company Secretary Changes TAO Commodities Limited announced that Mr. Gregory Swan has been appointed Company Secretary of the Company following the resignation of Mrs. Anna MacKintosh, effective December 16, 2020. The Board of Directors wish to express their appreciation to Mrs. MacKintosh for her contribution to the Company since its initial public offering. Mr. Swan is a Chartered Accountant and Chartered Secretary and is Company Secretary and Chief Financial Officer for several listed companies that operate in the resources sector. He commenced his career at a large international Chartered Accounting firm and has since had senior finance roles with a number of exploration and development companies, including Piedmont Lithium Limited, Mantra Resources Limited and Papillon Resources Limited. Announcement • Dec 10
TAO Commodities Limited Increases Land at the Titan Mineral Sands Project USA Tao Commodities Limited advised that the company has increased its holdings of titanium and zircon prospective heavy mineral sands properties by approximately 900 acres through additional land option agreements signed with local landowners at the Titan project in west Tennessee, USA. The Project now comprises of approximately 3,000 acres within the heavy mineral sands rich McNairy Sands geological formation. Importantly, the additional properties now form a large and contiguous parcel of land and mineral rights which are the focus of both the Phase 1 and Phase 2 drilling campaigns. The additional properties are highly prospective for HMS and cover an area successfully explored in previous drilling by other companies. TAO, through its 100% owned subsidiary, TN Exploration, LLC, has entered into exclusive option agreements with local landowners, which upon exercise, allow the company to enter into long-term leases for approximately 900 acres of surface property and the associated mineral rights. The new properties referenced in this announcement have been secured on substantially the same terms as the Company's existing option agreements. Announcement • Nov 30
TAO Commodities Limited Appoints Anastasios (Taso) Arima as Director TAO Commodities Limited announced election of Mr. Anastasios (Taso) Arima as director, at the AGM held on November 30, 2020. Recent Insider Transactions Derivative • Nov 05
MD & Executive Director exercised options to buy AU$123k worth of stock. On the 3rd of November, Patrick Glovac exercised options to buy 500.00k shares at a strike price of around AU$5.00, costing a total of AU$2.5m. This transaction amounted to 37% of their direct individual holding at the time of the trade. Since June 2020, Patrick has owned 1.36m shares directly. Company insiders have collectively bought AU$5.0m more than they sold, via options and on-market transactions, in the last 12 months. 
