IperionX Limited
- Open
- 22.50
- Day high
- 23.35
- Day low
- 22.10
- Prev close
- 23.26
- Volume
- 204K
- Mkt cap
- $779M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 7.2
- P/S
- —
- Yield
- —
- Per share
- —
- ▲Insiders net buying $2.6M over the last 3 months (5 open-market buys, 0 sales)
- ◆Cluster buying — multiple insiders bought within days
- 🏛Institutions accumulating (13F)
IperionX Limited (IPX) is a Basic Materials company listed on NASDAQ. The stock is down 32% over the past year. Over the trailing 3 months, insiders filed 5 open-market buys and 0 sales (SEC Form 4).
IperionX Limited (IPX) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
IPX earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Mar 12, 2026 | $-0.04 | $-10.36 | -25789.1% | — | — |
| Sep 30, 2025 | $-0.05 | $-1.20 | -2298.9% | — | — |
| Mar 12, 2025 | $-0.09 | $-0.06 | +29.4% | — | — |
| Nov 1, 2024 | $-0.03 | $-0.05 | -66.7% | — | — |
| Sep 8, 2023 | $-0.21 | $-0.74 | -252.4% | — | — |
| Mar 14, 2023 | $-0.15 | $-0.06 | +60.0% | — | — |
| Aug 26, 2022 | — | $-0.00 | — | — | — |
| Jun 30, 2021 | — | $-1.01 | — | — | — |
| Jun 30, 2020 | — | $-0.00 | — | $6 | — |
| Jun 30, 2018 | — | $-0.00 | — | — | — |
IPX insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Apr 30, 2026 | Symonds Toby Edgcumbeofficer: President | Buy | 3,000 | — |
| Apr 30, 2026 | Arima Anastasiosdirector, officer: Chief Executive Officer | Buy | 110,000 | $4.49 |
| Apr 30, 2026 | Martin Lorraine Mdirector | Buy | 4,755 | — |
| Apr 30, 2026 | Castro Marcela Rochaofficer: Chief Financial Officer | Grant | 52,258 | — |
| Apr 29, 2026 | Hannigan Todddirector, officer: Executive Chairman | Buy | 220,000 | $4.48 |
| Apr 29, 2026 | Hannigan Todddirector, officer: Executive Chairman | Buy | 260,000 | $4.20 |
| Apr 2, 2026 | Arima Anastasiosdirector, officer: Chief Executive Officer | Grant | 237,944 | $18.00 |
| Apr 2, 2026 | Arima Anastasiosdirector, officer: Chief Executive Officer | Grant | 564,759 | $18.00 |
| Apr 2, 2026 | Arima Anastasiosdirector, officer: Chief Executive Officer | Grant | 639,205 | $22.00 |
| Apr 2, 2026 | Hannigan Todddirector, officer: Executive Chairman | Grant | 196,086 | $18.00 |
| Apr 2, 2026 | Hannigan Todddirector, officer: Executive Chairman | Grant | 465,410 | $18.00 |
| Apr 2, 2026 | Hannigan Todddirector, officer: Executive Chairman | Grant | 526,760 | $22.00 |
| Apr 2, 2026 | Symonds Toby Edgcumbeofficer: President | Grant | 536,521 | $18.00 |
| Apr 2, 2026 | Symonds Toby Edgcumbeofficer: President | Grant | 226,047 | $18.00 |
| Apr 2, 2026 | Castro Marcela Rochaofficer: Chief Financial Officer | Grant | 127,993 | $11.00 |
Source: IPX SEC Form 4 filings, latest Apr 30, 2026. For informational purposes only — not investment advice.
See the full IPX insider & 13F page →IperionX Limited company profile
Overview
IperionX Limited (NASDAQ:IPX) is a mineral exploration and development company incorporated in 2017 and headquartered in Charlotte, North Carolina. Originally founded as Hyperion Metals Limited, the company changed its name to IperionX Limited in February 2022 and went public on NASDAQ in June 2022. The company focuses on developing critical mineral resources, particularly titanium and rare earth elements, through its mining projects in the United States. IperionX is currently in the pre-revenue development stage, working to advance its mineral properties toward commercial production.
Business
IperionX operates in the critical minerals mining sector, specifically focusing on the exploration and development of titanium, rare earth elements, silica sand, and zircon minerals. The company's business centers around two primary mining projects in the United States. The Titan Project represents IperionX's flagship asset, covering approximately 6,000 acres in Tennessee. This project contains significant deposits of titanium minerals, which are essential raw materials used in aerospace, defense, medical implants, and high-performance industrial applications. Titanium is prized for its exceptional strength-to-weight ratio, corrosion resistance, and biocompatibility, making it indispensable in critical applications where material failure is not an option. The Milford Project encompasses 101 mining claims located in Utah, focusing on epithermal and replacement-style precious and base metal mineralization. This project targets traditional mining commodities including gold, silver, and base metals like copper and lead, which are formed through specific geological processes where hot mineral-rich fluids deposit metals in rock formations. The company also explores for rare earth elements, which are a group of 17 metallic elements critical for modern technology including electric vehicle batteries, wind turbines, smartphones, and defense systems. These elements are essential for the green energy transition and advanced manufacturing, making them strategically important materials with growing global demand. Additionally, IperionX pursues silica sand and zircon deposits. Silica sand is used in glass manufacturing, hydraulic fracturing, and foundry applications, while zircon is utilized in ceramics, refractories, and as a source of zirconium metal for nuclear applications.
Revenue model
IperionX's business model is built around mineral resource development and eventual commodity sales. As a pre-revenue mining company, IperionX does not currently generate income but plans to monetize its assets through direct sales of extracted minerals to industrial customers, including aerospace manufacturers, defense contractors, technology companies, and metal processing facilities. The company's revenue model will depend on commodity pricing and production volumes once operations commence. Titanium products typically command premium prices due to their specialized applications and complex processing requirements. Rare earth elements also trade at elevated prices due to supply constraints and growing demand from clean energy and technology sectors. Several factors will significantly impact IperionX's future profitability. Commodity price volatility represents the primary external risk, as mineral prices fluctuate based on global supply-demand dynamics, economic cycles, and geopolitical factors. Regulatory approval processes for mining permits can create delays and additional costs, while environmental compliance requirements add operational complexity and expense. Capital intensity is a major consideration, as mining operations require substantial upfront investments in equipment, processing facilities, and infrastructure before generating revenue. Energy costs significantly affect mining economics, particularly for titanium processing which requires energy-intensive refining techniques. Competition from established producers and potential supply chain disruptions could also impact pricing power and market access. The company's margins will ultimately depend on its ability to achieve economies of scale, optimize extraction and processing efficiency, and secure long-term supply contracts with customers seeking reliable sources of critical materials.
Competitive moat
IperionX's competitive position relies primarily on geographic and resource-based advantages rather than strong economic moats. The company's most significant defensive characteristic is its domestic US location, which provides strategic value given growing concerns about critical mineral supply chain security. With China dominating global rare earth production and titanium supply chains concentrated in a few countries, US-based production offers customers supply chain diversification and reduced geopolitical risk. The company's mineral resource base provides some competitive advantage, particularly if proven reserves are substantial and economically extractable. However, this advantage is limited by the commodity nature of the business, where differentiation is primarily based on cost structure, quality, and reliability rather than proprietary technology or unique products. IperionX faces significant competitive threats from established global producers with operational scale, established customer relationships, and proven extraction technologies. Large integrated mining companies possess superior financial resources, technical expertise, and market access that could challenge IperionX's market entry. Additionally, technological disruption in materials science could reduce demand for traditional titanium and rare earth applications, while recycling advances might diminish primary mining demand. The company's moat is relatively weak compared to technology or brand-driven businesses. Success will depend heavily on execution excellence, cost competitiveness, and favorable commodity market conditions rather than sustainable competitive advantages. The mining industry's cyclical nature and commodity price volatility create ongoing competitive pressures that limit pricing power and profit predictability.
Risks & safety
IperionX demonstrates a strong balance sheet position with substantial cash reserves but faces significant development risks as a pre-revenue company. • Cash position: $77.1 million in cash and short-term investments as of Q2 2025, providing substantial runway for development activities • Debt levels: Minimal debt with debt-to-equity ratio of only 0.04, indicating conservative capital structure • Current ratio: Exceptionally strong at 11.8, demonstrating excellent short-term liquidity • Cash burn: Negative operating cash flow of approximately $5.9 million quarterly, suggesting roughly 3+ years of cash runway at current burn rates • Solvency risk: Low near-term bankruptcy risk given strong cash position and minimal debt obligations • Valuation concerns: Price-to-book ratio of 8.8 appears elevated for a pre-revenue mining company, suggesting significant premium valuation • Development stage risks: Zero revenue generation creates uncertainty about future cash flows and return on invested capital • Capital requirements: Future mining operations will likely require substantial additional capital investment, potentially diluting existing shareholders
Recent development
Based on the available financial data, IperionX has been in active development mode since its 2022 IPO, focusing on advancing its mineral projects toward production. The company has significantly strengthened its balance sheet through successful capital raising, increasing cash reserves from $5.7 million in 2022 to over $77 million by late 2024. The company has maintained consistent exploration and development spending, with annual cash outflows ranging from $12-27 million, indicating steady progress on project advancement. This spending pattern suggests ongoing activities including geological surveys, resource definition drilling, environmental studies, and permitting processes necessary for mining development. Operational cash flow improvements are evident, with quarterly burn rates stabilizing around $5-6 million compared to higher historical levels, potentially indicating more efficient project management and focused development priorities. The company appears to be preparing for the next development phase, having built sufficient financial resources to fund major capital expenditures required for mine construction and processing facility development. The absence of revenue generation throughout the reporting periods confirms IperionX remains in pre-production development, consistent with typical mining project timelines that require several years from exploration through permitting to commercial operation.
IPX company profile · for informational purposes only — not investment advice.
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