11:32 AM EDT, 06/05/2025 (MT Newswires) -- IperionX ( IPX ) said Thursday it has received a small business innovation research phase 3 contract from the US Department of Defense to achieve "Low-Cost Domestic Titanium for Defense Applications" in the US.

The contract enables the firm to receive task order funding from the department agencies up to a total of $99 million, it said.

"This award recognizes IperionX's ( IPX ) readiness to deliver strategic titanium components for US defense applications," the firm said.

Shares were up almost 20% in recent trading.

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