On August 31, 2026, IperionX (ASX: IPX) disclosed a US Army SBIR Phase III Task Order 2 (SEC 6-K) with a maximum contract value of $25.4 million (initial $11.5 million already funded), covering the expansion of Virginia-based titanium component production capacity and the C103 niobium-hafnium-titanium refractory alloy supply chain. In partnership with Global Advanced Metals, the company will reduce and spheroidize C103 scrap to produce high-purity spherical niobium powder and C103 powder at scale, suitable for additive manufacturing and remelting. Additionally, the order includes $3.4 million for the development of a continuous HSPT furnace to consolidate low-oxygen HAMR titanium powder into near-net-shape components. Value for powder buyers: (1) Refractory alloy powders (niobium/tantalum/C103) are core materials for hypersonic and satellite propulsion, and this military order directly anchors the expansion of US domestic refractory powder supply chains; (2) Combined with previous Defense Production Act Title III/IBAS awards, IperionX has received approximately $59.8 million in total US government support, steadily increasing domestic refractory powder self-sufficiency — a relevant benchmark for export market dynamics; (3) The C103 scrap recycling route validates the industrial value of revert material reuse, resonating with domestic titanium scrap recycling initiatives such as AVIC's HIP patent.