10:21 AM EDT, 08/14/2024 (MT Newswires) -- IperionX ( IPX ) said Wednesday it achieved the first titanium de-oxygenation production run at its Virginia, US, facility after successfully commissioning its Hydrogen Assisted Metallothermic Reduction furnace.

The company said the production run demonstrated a 60-fold increase in titanium production capacity.

The titanium produced, derived entirely from scrap material, demonstrated a reduction in oxygen levels from 3.42% to below 0.07%, surpassing the American Society for Testing and Materials, or ASTM, standard for Grade 5 titanium.

IperionX ( IPX ) said it aims to fully optimize the supporting equipment and reach complete production capacity by late Q4.

Shares of the company were up nearly 2% in recent trading.

Price: 14.30, Change: +0.27, Percent Change: +1.92