Fund Manager Summary
The fund managers believe that Iperionx Ltd presents a significant opportunity for growth, particularly due to its focus on recycled titanium, which aligns well with current U.S. manufacturing trends. In their opinion, the company is well-positioned to benefit from government funding and tariffs, given that 70% of titanium sponge is sourced from China and Russia. They note that Iperionx has become a key contributor to their portfolio, especially in light of the recent political climate favoring onshoring of manufacturing in the U.S. This strategic positioning enhances the attractiveness of Iperionx as an investment.
Source: Trading View
Commentary From The Managers
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Pengana Capital Group
31 Oct 2025
$6.80
Summary
- IperionX experienced a 10% decline following a short-seller report in November.
- The report focused on trivial issues and questioned the company’s core titanium-metal technology.
- On 17 November, IperionX issued a strong rebuttal, emphasizing support from US government programs like IBAS, DPA III, and SBIR.
- The SBIR Phase 3 award is prestigious and has not been previously granted to an Australian company.
- The short-seller did not visit or communicate with IperionX, raising questions about their conclusions.
- Concerns about securing cheap titanium scrap are disputed; IperionX can utilize abundant small oxidised machine turnings.
- The Titan Project will provide feedstock once scrap is exhausted, alleviating supply concerns.
- Criticism regarding the titanium spherical powder market is noted; IperionX focuses on producing low-cost angular powder.
- Near-net-shape parts produced by IperionX command higher margins due to lower waste compared to rivals.
- Pressing into near-net shapes is cheaper and less capital-intensive than 3D printing processes.
- Pengana Capital Group continues to hold because they believe the company is making strong operational progress, with the next 12 months expected to be transformative.
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Commentary From The Managers
Pengana Capital Group
31 Oct 2025
$6.80
- IperionX experienced a 10% decline following a short-seller report in November.
- The report focused on trivial issues and questioned the company’s core titanium-metal technology.
- On 17 November, IperionX issued a strong rebuttal, emphasizing support from US government programs like IBAS, DPA III, and SBIR.
- The SBIR Phase 3 award is prestigious and has not been previously granted to an Australian company.
- The short-seller did not visit or communicate with IperionX, raising questions about their conclusions.
- Concerns about securing cheap titanium scrap are disputed; IperionX can utilize abundant small oxidised machine turnings.
- The Titan Project will provide feedstock once scrap is exhausted, alleviating supply concerns.
- Criticism regarding the titanium spherical powder market is noted; IperionX focuses on producing low-cost angular powder.
- Near-net-shape parts produced by IperionX command higher margins due to lower waste compared to rivals.
- Pressing into near-net shapes is cheaper and less capital-intensive than 3D printing processes.
- Pengana Capital Group continues to hold because they believe the company is making strong operational progress, with the next 12 months expected to be transformative.
Summary
Pengana Capital Group
30 Sept 2025
$7.54
- Pengana Capital Group continues to hold a significant position in IperionX.
- IperionX's stock rose 14% following the announcement of capacity expansion plans.
- The company plans to increase capacity to 1,400 tonnes by 2027 and 10,000 tonnes by 2030.
- The current US consumption of titanium is approximately 100,000 tonnes per year, indicating substantial growth potential.
- At 1,400 tonnes, IperionX anticipates generating around US$100 million to US$450 million in EBITDA.
- Scaling up to 10,000 tonnes could potentially yield around US$1 billion in EBITDA.
- While prices may decline as production volumes increase, the long-term outlook remains positive.
Summary
Pengana Capital Group
31 Aug 2025
$7.00
- IperionX Ltd experienced a 12% increase in stock price following the release of a detailed business plan.
- The business plan outlines short and long-term production capacity and cost targets up to 2030.
- Pengana Capital Group believes this confirms their thesis that IperionX will be the lowest-cost producer globally.
- The company was included in the ASX200 in early September.
- Many active funds are positioned for this event, anticipating forced ETF buying.
Summary
Wilson Asset Management
31 July 2025
$5.94
- IperionX develops lower-carbon titanium production and critical mineral technologies for aerospace, defence, and hydrogen markets.
- Successful commissioning of the new Titanium Manufacturing Campus with all major equipment now operational.
- Secured a USD46 million private placement to accelerate US titanium production expansion.
- Fast-tracking orders for long-lead equipment and scaling up forging capacity.
- Received a USD1.3 million task order under a USD99 million Department of Defense contract for titanium vehicle parts.
- Reported that the Titan Critical Minerals Project is on track for Q2 CY2026 completion.
- These developments position the company favourably with a diversified revenue stream and potential for future DoD contracts.
- Strengthening investor confidence in the company’s growth outlook, with the market potentially underestimating at-scale economics.
Summary
Pengana Capital Group
30 June 2025
$4.75
- Pengana Capital Group continues to hold a significant position in IperionX, a leader in titanium processing technology.
- IperionX's stock rose 29% following the announcement of a USD99 million Phase 3 contract with the US Department of Defence.
- This contract is a frame agreement applicable to orders from the US Army, Navy, or Air Force.
- A subsequent order of USD1.3 million from the US Army for ground vehicles further underscores the contract's significance.
- The size and nature of this contract provide important validation of IperionX's technology and its commercial readiness.
Summary
Pengana Capital Group
31 May 2025
$3.45
- IperionX rose 9.4% on minimal news.
- Pengana Capital Group was impressed by the new facility and the capable management team.
- Management is executing well on ramping up manufacturing.
- 2025 is focused on producing prototype parts for customer validation.
- Commercial products are expected to be made in 2026.
- More updates on plans and new customers are anticipated in the coming months.
- The shares have risen 56% since the start of April, with additional gains noted in June.
Summary
Pengana Capital Group
30 Apr 2025
$3.57
- IperionX rose 20% following a detailed quarterly report.
- Progress in manufacturing at the new Virginia plant was highlighted.
- Engagement with eight clients across sectors including defense, consumer electronics, and automotive.
- The company plans to release a production scaling plan mid-year, attracting investor interest.
- With USD 66 million in cash and a recent Department of Defense grant, the company is well funded.
- Potential debt guarantees of up to USD 400 million from the state of Virginia noted as significant for growth.
Summary
Pengana Capital Group
31 Mar 2025
$2.98
- Pengana Capital Group continues to monitor IperionX Ltd closely.
- Despite a 19% decline in share price, the company secured a $47 million grant from the Department of Defense.
- On April 1st, IperionX announced the approval of an USD 11 million loan from EXIM Bank.
- These developments represent significant validation of IperionX's technology by the US government.
- Pengana Capital Group remains optimistic about the company's prospects.
Summary
Minotaur Capital
31 Mar 2025
$2.98
- IperionX is positioned to benefit from current tariff situations affecting the titanium market.
- The company disrupts the titanium metal market with patented technology that produces titanium products at lower costs and with better environmental credentials.
- IperionX's HAMR technology allows for titanium powder production from scrap at temperatures of ~700°C, significantly reducing energy costs and emissions.
- The manufacturing center in Virginia produces both traditional metal products and "near-net shape" components through patented HSPT technology.
- Traditional titanium manufacturing yields only 5-15%, while IperionX achieves 50-80% yields, resulting in lower raw material costs and reduced machining time.
- The US market opportunity is significant, especially post-tariff announcements, with the US now reliant on imports after the last domestic producer closed in 2020.
- China and Russia control 70% of global titanium supply, raising national security concerns for defense applications.
- US government initiatives, including US$60 million in grants from the Department of Defense, support the reshoring of production.
- IperionX has secured a supply agreement with Ford valued at US$11 million, validating its technology and market position.
- The company is exceeding initial production estimates, with plans to scale from 125tpa to 2,000tpa by 2025 and targets of 10,000tpa by 2030.
- IperionX is trading at an early-stage valuation while having de-risked its technology through pilot production and customer validation.
- The Virginia facility is fully funded, eliminating near-term financing risk.
- Despite execution risks, there is a credible pathway for IperionX to become a major player in the US titanium market.
- Minotaur Capital continues to hold IperionX as it exemplifies a focus on companies with proprietary technology and strong competitive advantages.
Summary
Pengana Capital Group
28 Feb 2025
$3.74
- Pengana Capital Group notes that IperionX, their largest holding, experienced an 11.5% decline despite minimal news.
- In February, IperionX secured a USD47 million grant from the US Department of Defence, highlighting strong validation for the company.
- The grant is particularly significant given the change of administration and its implications for funding.
- Pengana remains confident in IperionX's outlook due to its innovative approach to reducing titanium metal production costs.
- IperionX addresses a critical need for the US, which currently lacks titanium mineral sand mines and titanium sponge capacity.
- Import tariffs on titanium sponge make imported materials more expensive, enhancing IperionX's value proposition.
Summary
Pengana Capital Group
31 Jan 2025
$4.23
- IperionX Ltd has experienced a 25% decline, reversing gains from December with minimal news.
- The company needs to maintain a market cap of approximately $1.5bn to $1.6bn for 6 months to qualify for the ASX200, currently at $1.4bn.
- Market speculation around companies entering benchmarks has contributed to recent volatility.
- A quarterly report revealed a strong cash balance of USD77 million and successful end-to-end production at the new Virginia plant.
- Subsequent to the report, IperionX announced a USD47 million grant from the US Department of Defence, seen as validation of their technology.
- This grant will help accelerate production plans and support the restoration of the US titanium industry through a patented low-cost process.
- Despite a 4.5x increase from the initial investment, Pengana Capital Group sees significant potential in IperionX, which remains their largest holding.
Summary
Pengana Capital Group
31 Dec 2024
$5.50
- IperionX is a titanium metal producer and represents Pengana Capital Group's largest holding.
- The stock rose 25% in December following an increased stake by fund manager Regal, from 6.1% to 7.4%.
- Broker Canaccord released a positive research report on IperionX.
- The company is well positioned to benefit from the reshoring of titanium to the USA in the coming years.
- Pengana Capital Group continues to hold its position in IperionX due to these positive developments.
Summary
Minotaur Capital
30 Nov 2024
$4.47
- IperionX is a significant holding for Minotaur Capital due to its potential in the recycled titanium sector.
- The company benefits from the trend of onshoring manufacturing in the US, which aligns with current political and economic policies.
- IperionX is positioned advantageously due to tariffs, as approximately 70% of titanium sponge imports come from China and Russia.
- There is potential for government funding to support domestic production and innovation within the titanium industry.
- Minotaur Capital continues to hold in IperionX because of these favorable market conditions and strong growth prospects.
Summary
Pengana Capital Group
30 Nov 2024
$4.47
- Pengana Capital Group notes a significant performance boost from IperionX, a US titanium producer, with a rise of 35%.
- The increase followed the completion of a $100 million capital raising, which has strengthened its balance sheet.
- Sentiment towards IperionX improved due to Donald Trump's election victory, promoting the reshoring of manufacturing in the US.
- Trump's policies include tariffs and government grants to support domestic manufacturing.
- Pengana Capital Group continues to hold its position in IperionX based on these positive developments.
Summary
Pengana Capital Group
31 Oct 2024
$3.30
- Pengana Capital Group continues to hold its position in IperionX Ltd.
- IperionX's stock rose 10% following a successful $100 million capital raise.
- Pengana Capital Group participated in the capital raise.
- Fund manager Regal has disclosed a 6% holding in IperionX.
- The strengthening of the balance sheet is viewed positively by Pengana Capital Group.
- This financial boost enables IperionX to accelerate its development plans.
Summary
Pengana Capital Group
30 Sept 2024
$3.18
- IperionX rose 17% following a contract announcement with Ford for titanium powder and manufactured components.
- The initial contract size is USD 11 million, with potential for growth as Ford expands its model offerings.
- This development validates IperionX's capability to supply high-value components, which are more lucrative than powder alone.
- Previous announcements of development customers like Lockheed Martin and GKN suggest future commercial contract potential.
- Pengana Capital Group supported a $100 million capital raise in October, enhancing the company's balance sheet and growth trajectory.
Summary
Pengana Capital Group
31 Aug 2024
$2.79
- Pengana Capital Group notes a significant 25% rise in IperionX's stock following the successful first run of its furnace.
- The furnace is a critical component in the manufacturing process, marking an important milestone for investors.
- Gradual ramp-up of the manufacturing plant is expected in Q4 and into 2025.
- Inclusion in the ASX300 index has positively impacted market sentiment.
- This index inclusion mandates automatic purchases from certain exchange traded funds and small cap fund managers for risk management.
- IperionX was officially included in the ASX300 index in early September.
Summary
Pengana Capital Group
31 July 2024
$2.22
- IperionX rose 12% after a significant deal with Aperam, an affiliate of Arcelor Mittal.
- The partnership involves recycling up to 12 tonnes of titanium scrap from the consumer electronics sector.
- This titanium scrap will be converted into titanium powder for various applications.
- Major companies like Apple, Samsung, and Huawei are producing premium titanium cased smartphones.
- The current Kroll process has limitations in recycling titanium, indicating a potential need for collaboration with IperionX.
- IperionX’s recycling process is less carbon intensive, appealing to companies focused on reducing embedded carbon emissions.
Summary
Pengana Capital Group
31 May 2024
$2.42
- IperionX experienced a 14.6% increase in value following a new partnership with Vegas Fasteners.
- The partnership with Vegas Fasteners enhances IperionX's position in the market as a titanium metal producer.
- Vegas Fasteners is recognized as a global leader in the development and manufacturing of high-performance fasteners.
- The company serves various sectors including defense, marine, power generation, oil & gas, nuclear, chemical, and water infrastructure.
- Vegas Fasteners utilizes specialized alloys, including titanium, to produce fasteners that meet demanding quality specifications.
- Despite the seemingly mundane nature of nuts and bolts, they represent a significant market opportunity due to the high price of titanium metal and its alloys.
- IperionX successfully completed a AUD 50 million capital raise, with participation from Pengana Capital Group.
- Chairman Todd Hannigan's personal contribution of AUD 6 million reflects a strong vote of confidence in the company's future.
Summary
Pengana Capital Group
29 Feb 2024
$2.30
- Pengana Capital Group reports a significant rise of 25% in IperionX's stock following a detailed presentation on costs and potential revenues.
- The company forecasts a cost of production of $30,000/ton by 2026, with a potential revenue of $200,000 per ton, indicating exceptional margins.
- Current titanium production is costly due to high losses at each step, stemming from titanium's strong affinity for oxygen.
- IperionX's ability to manufacture products closer to the final shape enhances their value compared to standard titanium ingots and plates.
- The company requires an additional USD $70 million in funding to achieve its 2026 cash flow target of USD $100 million based on 2000 tonnes of production, with government grants available as potential support.
- The market value of USD $340 million appears attractive given the projected targets.
- Howmet Aerospace, a peer, trades at 19x EBITDA, underscoring IperionX's potential future value.
- IperionX anticipates first production from its new Virginia facility by mid-year, alongside further customer agreements, which Pengana Capital Group views as catalysts for share growth.
Summary
Pengana Capital Group
31 Jan 2024
$1.82
- IperionX is advancing towards commercial scale titanium metal production using patented technologies.
- Three key scale-up milestones were recently disclosed:
- The HAMR furnace has completed mechanical assembly and exceeded all factory acceptance tests.
- Installation and commissioning are on schedule, with first titanium production expected by mid-year 2024.
- Production capacity will increase from 1125tpa to 2000tpa at lower costs.
- There is strong market demand, with interest from Japanese parties in sales, marketing, and investment for the Titan Critical Minerals Project.
- This positive momentum has significantly driven up IperionX's share price in the past month.
Summary
Pengana Capital Group
30 Nov 2023
$1.36
- Pengana Capital Group continues to hold a significant position in IperionX Ltd, a leader in titanium metal process technology.
- Recently, IperionX saw a 12% increase in stock value following a successful capital raise.
- The company secured a grant from the US Department of Defence and a loan from the EXIM Bank, enhancing its financial stability.
- Chairman Todd Hannigan demonstrated confidence in the company by purchasing shares on the market after the capital raise.
- Pengana believes IperionX is well positioned for growth as it prepares to ramp up production at its new Virginia facility in 2024.
Summary
Pengana Capital Group
31 Oct 2023
$1.40
- Pengana Capital Group highlights a significant development partnership between IperionX and GKN, a major aerospace supplier with ties to the US Defense Department.
- The company secured an $11.5 million loan from the US ExIm Bank to finance equipment purchases for its new Virginia plant.
- Despite a 17% stock decline due to market concerns over finances, recent announcements have positively influenced share performance.
- On November 1st, the US Department of Defense announced a $12.7 million grant to IperionX.
- The company completed a $16.7 million capital raising, with participation from the Fund, aiding in its financial stability.
- Shares have since recovered losses experienced earlier in November.
- IperionX is well positioned to build its initial 125 tonnes of capacity now that it is funded.
- Future funding of $50 million is needed for a capacity expansion to 1000 tonnes, with multiple funding opportunities anticipated.
- The company projects USD $100 million of EBITDA within the next three years, which is favorable compared to its current market value of USD $230 million.
Summary
Pengana Capital Group
30 Sept 2023
$1.48
- Pengana Capital Group notes a significant rise of 24% in IperionX Ltd's stock following a new agreement with the US Army.
- The agreement involves supplying titanium plates for testing, which could pave the way for future contracts.
- Successful testing may lead to further supply agreements with other US defense companies.
- Additionally, the recent launch of a titanium iPhone model by Apple underscores the growing demand for titanium in consumer electronics.
- This highlights titanium's properties, such as light weight and strength, which are advantageous in various applications.
- Pengana Capital Group continues to hold its position in IperionX Ltd due to these positive developments.
Summary
Pengana Capital Group
31 Aug 2023
$1.15
- Pengana Capital Group continues to hold its position in IperionX, the Fund’s largest holding.
- IperionX saw a 10% increase in share value following two significant developments.
- The first development is a contract with Lockheed Martin, the largest defense contractor globally, to supply titanium plates for evaluation in future products.
- This contract is crucial as Lockheed Martin is a major user of titanium, particularly in aircraft like the F-35, which contains 25% titanium by weight.
- The second development involves the granting of environmental permits for the "Titan" titanium mineral sands mining project in Tennessee.
- This is significant as many US mining projects face delays due to environmental permit issues.
- IperionX has indicated that multiple strategic partners are conducting due diligence on the project for potential sales offtake or investment.
- Pengana Capital Group believes that the value of the mining tenements exceeds the current market value of the company.
Summary
Pengana Capital Group
30 June 2023
$1.12
- Low-cost Titanium metal producer IperionX rose 20% after announcing a collaboration with Ford Motor Co to develop titanium auto parts for its high performance and racing division.
- Titanium has superior strength to weight ratios compared to other metals as well as corrosion resistance.
- Using IperionX’s process makes titanium recyclable at the end of life, which cannot be done with other titanium products.
- Pengana Capital Group expects further customer announcements in the coming months ahead of increased volume production at the company’s new facility in North Carolina early next year.
- Pengana Capital Group continues to hold due to the promising developments in the titanium market and IperionX's unique recycling capabilities.
Summary
Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
ANALYST INSIGHT
Equity Research Analyst
"With the winds of onshoring and tariffs blowing favorably, it seems IperionX is positioned to capitalize on a unique opportunity in recycled titanium, potentially reshaping the landscape of U.S. manufacturing. Investors should keep a keen eye on this emerging player."
Last Updated: 31 Oct 2025
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Frequently Asked Questions
Who is investing in Iperionx Ltd (ASX:IPX)?
Fund managers including Minotaur Capital, Pengana Capital Group and Wilson Asset Management have invested in Iperionx Ltd (ASX:IPX).
Why do fund managers invest in Iperionx Ltd?
Fund managers are investing in Iperionx Ltd due to its strategic positioning in the recycled titanium market, benefiting from U.S. onshoring trends and government funding. The company's exposure to tariffs on titanium imports from China and Russia enhances its competitive advantage, making it a significant contributor to portfolio performance.
What happened to Iperionx Ltd (ASX:IPX)?
Fund managers are investing in Iperionx Ltd due to its innovative lower-carbon titanium production and critical mineral technologies, which are vital for aerospace, defense, and hydrogen markets. Recent developments include the successful commissioning of its Titanium Manufacturing Campus, a USD46 million private placement for expansion, and a USD1.3 million contract with the Department of Defense for titanium vehicle parts. The company's projected production capacity growth to 10,000 tonnes by 2030 suggests substantial revenue potential, with estimates of up to USD1 billion in EBITDA. Additionally, Iperionx's unique ability to utilize low-cost titanium scrap and its low-waste manufacturing approach bolster its competitive edge, despite recent market fluctuations.