IperionX released its quarterly operational update on October 29, 2026, disclosing that its Virginia manufacturing base produced 8.7 tonnes of titanium powder in the quarter ended September, roughly six times the 1.4 tonnes in the prior quarter. During the same period, the HAMR furnace exceeded its annualized capacity target of 200 tpa, while the GenX continuous production process achieved an equivalent operating rate of approximately 100 tpa. The company ended the quarter with $63 million in cash, following a completed $50 million equity raise and a separate $18.5 million U.S. Army task order. On process metrics, IperionX completed multiple batches of hydrogen-assisted metallothermic reduction furnace runs over 63 hours, producing a combined 1.6 tonnes, equivalent to an annualized rate of about 219 tpa. Most supporting processes have reached the 200 tpa operating benchmark, but powder drying has yet to meet the target; validation of the full production system is scheduled for year-end. GenX processed more than 500 kg of powder across four continuous runs totaling 41 hours, with all valid oxygen-content samples meeting quality standards. On a comparable operating-time basis, its throughput was six times that of the batch HAMR process, with electricity consumption per kilogram of powder reduced by more than 75%, magnesium consumption by more than 45%, and hydrogen consumption by more than 60%. Quarter-end inventory included 19 tonnes of finished titanium powder and 207 tonnes of titanium scrap feedstock. The company said the GenX continuous system is independent of, and not a prerequisite for, either the existing 200 tpa ramp-up plan or the longer-term 1,400 tpa expansion plan. In additive manufacturing and downstream powder-related developments, IperionX commissioned the first of two new sintering furnaces during the quarter; the second has been installed and is scheduled for commissioning in the December quarter. The company has expanded its in-house machining and thread-rolling capabilities and, under a U.S. Army prototype order, is producing approximately 1,500 titanium fasteners and track pins for American Rheinmetall Vehicles. Titanium components completed for Carver Pump are undergoing customer testing and may subsequently supply into the U.S. Navy pump contractor system. A separate purchase order from the U.S. Army Ground Vehicle Systems Center covers fasteners for the Joint Light Tactical Vehicle and trailers; independent testing showed performance exceeding the torque-yield benchmark of Grade 8 steel. The task order carries initial funding of $11.5 million, rising to $25.4 million in total if options are exercised, with funds directed toward manufacturing equipment and industrial-scale processing capabilities.