IperionX Expands Tennessee Critical Minerals Footprint with $3M Covia Asset Purchase

Strategic Expansion Adjacent to Titan Project

IperionX (ASX:IPX, NASDAQ: IPX) has taken a decisive step to bolster its critical minerals portfolio in Tennessee by acquiring key mineral, mining, and infrastructure assets from Covia Solutions LLC for US$3 million. The Camden assets sit directly adjacent to IperionX’s flagship Titan Critical Minerals Project, consolidating control over the Big Sandy Critical Minerals Province, a significant U.S. source of rare earths, titanium, and zircon.

This acquisition is more than just a land grab; it brings together mineral rights, at-surface pre-processed mineral stockpiles, pre-stripped horizons, and a suite of established infrastructure including mining equipment, rail spur, and utilities access. These features collectively offer the potential to streamline development and expand feedstock options, critical factors in the complex landscape of U.S. critical minerals supply chains.

Unlocking Value Through Synergies and Infrastructure

The Camden site’s history as a silica sand operation has left behind substantial stockpiles of mineral-bearing material, already mined and partially processed, presenting an opportunity for near-term evaluation without the delays of greenfield development. Moreover, historical mining focused on the Upper McNairy formation, effectively pre-stripping the lower horizons rich in heavy rare earth minerals like monazite and xenotime, which contain valuable elements such as dysprosium, terbium, and yttrium.

With approximately 1,400 acres owned and another 1,400 leased, alongside processing equipment and rail infrastructure, Camden offers a ready-made industrial platform. This could reduce capital intensity and development timelines compared to standalone projects. The acquisition aligns with IperionX’s vision of a vertically integrated U.S. critical minerals-to-metals platform, linking Tennessee’s mineral sands to its titanium metal manufacturing operations in Virginia.

Strengthening U.S. Supply Chains for Critical Materials

The combined Titan-Camden platform aims to underpin domestic supply chains for heavy rare earths, titanium, and zircon; materials vital to defense, aerospace, semiconductors, and advanced manufacturing. Titan already boasts a JORC-compliant resource of around 10 million metric tons of critical minerals and holds all key Tennessee permits, positioning it as one of the few shovel-ready rare earth projects in the U.S. with significant production potential.

By integrating Camden’s assets, IperionX gains feedstock flexibility and the possibility of staged development, which could mitigate risks and optimize capital deployment. This is particularly relevant given the strategic importance of securing heavy rare earth elements like dysprosium and terbium, which are scarce globally but essential for high-temperature magnets and defense technologies.

The acquisition also complements recent advances at IperionX’s Virginia titanium manufacturing site, where the company is scaling production of titanium metal components for defense and aerospace applications. This upstream-to-downstream integration could enhance supply chain resilience amid growing geopolitical and market pressures on critical materials.

Next Steps and Technical Evaluation

IperionX plans to immediately advance technical studies at Camden, including stockpile surveys, drilling, sampling, mineralogical analysis, and metallurgical test work. These efforts will inform integrated mine planning and project development studies, exploring how best to leverage the combined Titan-Camden platform.

While the acquisition price of US$3 million is modest relative to the scale of assets and strategic potential, the company has also agreed to assume reclamation obligations for disturbed land, reflecting standard environmental responsibilities.

With the Titan Definitive Feasibility Study recently confirming a robust US$813 million NPV and a 39.4% IRR for the Tennessee project, this acquisition could further enhance IperionX’s position in the critical minerals sector as the U.S. government intensifies efforts to secure domestic supply chains.