IperionX Limited is pleased to announce that it has received key development permits for the Titan Project in Tennessee. The Titan Project is the largest JORC-compliant resource of titanium and rare earth rich mineral sands in the U.S. and represents a cornerstone asset for IperionX’s plans to re-shore a strong and sustainable domestic supply chain for titanium metal. The major development permits include the National Pollutant Discharge Elimination System (NPDES) Permit and Surface Mining Permit, which have now been issued by the Tennessee Department of Environment & Conservation. Any residual regulatory requirements for the development of the Titan Project are expected to be complete by the end of the year.
The Titan Project is one of the most advanced critical mineral projects in the U.S. that is fundamental to underpin the supply chain security of titanium and rare earths needed for the defense, electric vehicle & renewable energy industries. To meet the increasing demand for sustainable and lower cost titanium metal, IperionX plans to re-shore a sustainable U.S. titanium mineral to titanium metal supply chain, and close the loop of this supply chain by recycling titanium metal.
The award of the permits is a direct result of over two years of significant focus on community engagement, and education on the sustainable development of the Titan Project, resulting in strong community support. IperionX’s ‘sustainability first’ approach to the Titan Project development and community engagement commenced in January 2021 through the establishment of an office in Camden, Tennessee served by seven full time employees, providing clear and transparent communication channels regarding the Titan Project for community stakeholders.
The Titan Project has the potential to be a key source of titanium and rare earth minerals, reducing the acute reliance of mineral imports from foreign nations and strengthening the supply chain with low carbon critical minerals needed by U.S. industry. The Titan Project offers compelling economics, with the 2022 Initial Assessment (Scoping Study) highlighting a projected life-of-mine annual EBITDA of ~US$117 million, after-tax NPV8 of US$692 million and an after-tax IRR of 40%. Further, IperionX plans to assess the application of its breakthrough titanium technologies to upgrade ilmenite at the Titan Project to produce higher grade, low carbon, Green RutileTM.
IperionX has advanced a number of opportunities for Titan Project funding and sales contracts, and continues to progress a range of U.S. government funding and incentives opportunities that are available to re-shore critical material supply chains – with the U.S. currently sourcing over 80% of titanium minerals and almost 100% of its separated rare earth oxides from foreign countries. These federal funding opportunities and incentives include the Defense Production Act Title III program and a range of Department of Energy programs made possible by the Inflation Reduction Act and Bipartisan Infrastructure Law designed to support environmentally responsible production, reuse, and recycling of critical minerals and materials in the United States.
Anastasios (Taso) Arima, IperionX CEO said:
“Successfully securing these key permits for the Titan Project – North America’s largest deposit of titanium and rare earth critical minerals – is an important milestone in our plan to re-shore critical material supply chains, with our key focus on building a sustainable and low cost titanium mineral to metal supply chain.
The IperionX team have done an outstanding job in progressing from mineral discovery to the grant of key permits in just three years, and we appreciate the significant support from our stakeholders in our Tennessee community with who we are committed to developing a world class operation that can play a key role in sustainably re-shoring American jobs and advanced industry.”