IPERIONX Ltd

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2026-08-26 Table of Contents

Date of event requiring this shell company report For the transition period from __________ to __________ Commission file number 001-41338 IPERIONX LIMITED (Exact name of Registrant as specified in its charter) N/A AUSTRALIA (Translation of Registrant's name into English) (Jurisdiction of incorporation or organization)

TABLE OF CONTENTS Glossary of Terms and Definitions 4 INTRODUCTION 7 ABOUT THIS ANNUAL REPORT 8 PART I. 10 ITEM 1 IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS 10 ITEM 2 OFFER STATISTICS AND EXPECTED TIMETABLE 10 ITEM 3 KEY INFORMATION 10 A. [Reserved] 10 B. Capitalization and Indebtedness 10 C. Reasons for the Offer and Use of Proceeds 10 D. Risk Factors 11 ITEM 4 INFORMATION ON THE COMPANY 30 A. History and Development of the Company 30 B. Business Overview 30 C. Organizational Structure 54 D. Property, Plant and Equipment 55 ITEM 4A. UNRESOLVED STAFF COMMENTS 71 ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS 71 A. Operating Results 72 B. Liquidity and Capital Resources 74 C. Research and Development, Patents and Licenses 77 D. Trend Information 77 E. Critical Accounting Policies and Estimates 77 ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES 78 A. Directors and Senior Management 78 B. Compensation 81 C. Board Practices 96 D. Employees 98 E. Share Ownership 98 ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS 99 A. Major Shareholders 99 B. Related Party Transactions 100 C. Interests of Experts and Counsel 101 ITEM 8. FINANCIAL INFORMATION 101 A. Consolidated Statements and Other Financial Information 101 B. Significant Changes 101 ITEM 9. THE OFFER AND LISTING 101 A. Offer and Listing Details 101 B. Plan of Distribution 101 C. Markets 101 D. Selling Shareholders 102 E. Dilution 102 F. Expenses of the Issue 102 ITEM 10. ADDITIONAL INFORMATION 102 A. Share Capital 102

B. Constitutional Documents 102 C. Material Contracts 116 D. Exchange Controls 116 E. Taxation 116 F. Dividends and Paying Agents 123 G. Statement by Experts 123 H. Documents on Display 123 I. Subsidiary Information 124 J. Annual Report to Security Holders 124 ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 124 ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES 125 A. Debt Securities 125 B. Warrants and Rights 125 C. Other Securities 125 D. American Depositary Shares 126 PART II. 128 ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES 128 ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS 128 ITEM 15. CONTROLS AND PROCEDURES 128 ITEM 16. [RESERVED] 129 ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT 129 ITEM 16B. CODE OF ETHICS 129 ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES 129 ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES 130 ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS 130 ITEM 16F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT 130 ITEM 16G. CORPORATE GOVERNANCE 130 ITEM 16H. MINE SAFETY DISCLOSURE 130 ITEM 16J. INSIDER TRADING POLICIES 130 ITEM 16K. CYBERSECURITY 131 PART III. 132 ITEM 17. FINANCIAL STATEMENTS 132 ITEM 18. FINANCIAL STATEMENTS 132 ITEM 19. EXHIBITS 132

GLOSSARY OF TERMS AND DEFINITIONS When the following terms and abbreviations appear in the text of this report, they have the meanings indicated below:

ADSs American Depositary Shares ALC Australian land corporation AMC Advanced Manufacturing Center Apollo Group Apollo Group Pty Ltd ARH TM IperionX proprietary technology for alkaline roasting and hydrolysis ASIC Australian Securities and Investments Commission ASX Australian Securities Exchange Atlas or Atlas Project Mineral, property and infrastructure assets acquired from Covia Solutions LLC on July 1, 2026 Blacksand Blacksand Technology LLC CAA Clean Air Act CCO Chief Commercial Officer CDI CHESS Depositary Interests CEO Chief Executive Officer CERCLA Comprehensive Environmental Response, Compensation, and Liability Act CFI Conduit foreign income CFO Chief Financial Officer CO2e Carbon dioxide equivalents COG Cut-Off Grade COO Chief Operating Officer CSO Chief Strategy Officer CWA Clean Water Act DEVCOM U.S. Army Combat Capabilities Development Command DFS Definitive Feasibility Study DoW Department of War, also referred to as "Department of Defense", renamed by Executive order 14347, "Restoring the United States Department of War" DRS Direct Registration System DTC Depository Trust Company DPA Title III A provision of the Defense Production Act of 1950 that allows the President to expand the production and supply of critical materials necessary for national defense. EBITDA Earnings before interest, taxes, depreciation and amortization EPA United States Environmental Protection Agency EPS Earnings per share ERP Enterprise resource planning ESA Endangered Species Act Exchange Act U.S. Securities Exchange Act of 1934, as amended FATA Foreign Acquisition and Takeovers Act FIP Foreign Investment Policy FIRB Foreign Investment Review Board FR Fixed remuneration GenX TM IperionX's next-generation continuous HAMR TM platform GHGs Greenhouse gases

Green Rutile TM IperionX proprietary technology for low carbon titanium mineral enrichment GSD TM IperionX proprietary technology for the Granulation Sintering Deoxygenation TM process GVSC DEVCOM Ground Vehicle Systems Center Ha Hectare HAMR TM IperionX patented technology for Hydrogen Assisted Metallothermic Reduction TM HMAPL Hyperion Metals (Australia) Pty Ltd HREC Heavy rare earth concentrate HSPT TM IperionX patented technology for hydrogen sintering and phase transformation process HfO₂ Hafnium Dioxide IAS International Accounting Standards IASB International Accounting Standards Board IBAS U.S. DoW Industrial Base Analysis and Sustainment grant program IDIQ Indefinite delivery, indefinite quantity IFRS International Financial Reporting Standards IperionX Limited "Company"or"IperionX", "Consolidated Entity"or"Group" IP Intellectual property IPF Industrial Pilot Facility in West Valley City, Utah IRR internal rate of return IRS Code Internal Revenue Code of 1986, as amended JLTV Joint Light Tactical Vehicle JORC Code Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves kg kilogram KMP Key Management Personnel KPI Key performance indicators LOM Life of mine LTI Long-term incentives LTIP Long-term incentive plan m meter m3 cubic meter Mt Million metric tons N/A Not applicable Nasdaq Nasdaq Capital Market NEDs Non-Executive Directors NEPA National Environmental Policy Act NPV Net Present Value NPV 8 Net Present Value at an 8% discount rate Ordinary Shares Common shares, equity instruments that give shareholders voting rights and potential dividends PCAOB Public Company Accounting Oversight Board Performance Rights Equity awards requiring achievement of relevant performance conditions Performance Shares Contingent stock awards that are vesting based on performance metrics PFIC Passive foreign investment company QEF Qualified Electing Fund QP Qualified Person QEMSCAN Quantitative Evaluation of Materials by Scanning Electron Microscopy R&D Research and development RCRA Resource Conservation and Recovery Act

INTRODUCTION IperionX is an American-focused titanium metal and critical materials company building two mutually reinforcing growth platforms: a circular, low-cost titanium metal and advanced manufacturing business in Virginia, and a large-scale domestic critical-minerals platform in Tennessee. Together, they create a pathway from recycled titanium scrap and U.S. mineral feedstocks to high-performance titanium powder, mill products and finished components. The ambition is broader than re-shoring an existing supply chain. By breaking the cost and manufacturing constraints that have held titanium back for more than 80 years, IperionX aims to expand the market for one of the world's best structural metals. At the core of the titanium platform are IperionX's patented HAMR™ refining technology and HSPT™ and Thermo-Hydrogen Refinement of Microstructure™ (THRM™) product technologies. Together, they bypass major parts of the conventional Kroll, melt-remelt and hot-working route, enabling fewer process steps, higher material utilization, lower energy intensity and a structurally lower projected cost base. The Atlas-Titan platform adds a future domestic source of titanium minerals, heavy rare earths and zircon, creating both standalone critical-minerals value and long-term vertical-integration potential. Fiscal year 2026 marked IperionX's transition from technology development and commissioning into commercial operations and production ramp-up. The Virginia Titanium Manufacturing Campus is now operating on a 24/7 production schedule, downstream component-manufacturing capacity is expanding and the focus has shifted to throughput, reliability, product qualification and revenue conversion. A new American titanium platform is now operating Titanium combines an exceptional strength-to-weight ratio with corrosion resistance and high-temperature performance, making it essential to defense, aerospace and advanced manufacturing. The U.S. no longer has commercial titanium sponge production and remains dependent on imports for a metal critical to national security and industrial resilience. China and Russia together control approximately 80% of global titanium sponge production capacity, concentrating a strategically important supply chain outside the U.S. IperionX is building a domestic alternative that can transform U.S. titanium scrap - and, over time, U.S. mineral feedstocks - into high-quality powder and finished titanium products. This integration creates greater control across feedstock, metal production, product manufacturing and recycling, while reducing the number of vulnerable links in the conventional supply chain. Technology demonstrated; industrial execution now drives progress HAMR™ powder production has consistently met or exceeded Grade 5 quality parameters, and Virginia operations transitioned to a 24/7 schedule during fiscal year 2026. IperionX is targeting an annualized titanium powder production run rate of approximately 200 tpa by the end of calendar year 2026, subject to completion of ramp-up and operating optimization. The operating priority is to translate demonstrated capability into reliable, repeatable and increasingly efficient production. Capturing more value: from powder to finished products The commissioned SACMI powder metallurgy press triples existing powder metallurgy capacity and materially expands component complexity and repeatability. Additional HSPT™ furnace capacity is being installed to increase downstream throughput and support customer qualification, low-rate initial production and higher-volume manufacturing. This downstream capacity is central to IperionX's strategy of converting low-cost powder into higher-value products and deeper customer relationships. The aggregate market value of the registrant's voting and non-voting shares held by non-affiliates of the registrant on December 31, 2025, the last business day of the registrant's most recently completed second fiscal quarter was approximately US$1.00 billion (assuming that the registrant's only affiliates are its officers, directors and non-institutional 10% shareholders) based upon the closing market price on that date of A$5.60 per ordinary share as reported on the Australian Securities Exchange, the principal market for the Company's ordinary shares. 7

ABOUT THIS ANNUAL REPORT Unless otherwise indicated or the context implies otherwise, any reference in this annual report on Form 20-F to: • "IperionX"refers to IperionX Limited, an Australian corporation; •"the Company," "the Group", "we," "us,"or"our" refer to IperionX and its consolidated subsidiaries, through which it conducts its business, unless otherwise indicated; • "shares"or"ordinary shares"refers to ordinary shares of IperionX; •"ADS"refers to the American Depositary Shares; and •"ASX" refers to the Australian Securities Exchange. Unless otherwise indicated, all references to "A$"are to Australian dollars, and all references to"US$"and"$" are to U.S. dollars. Our financial statements are presented in U.S. dollars which is the Company's presentation currency. This annual report on Form 20-F contains references to U.S. dollars where the underlying transaction or event was denominated in U.S. dollars. This annual report on Form 20-F contains forward-looking statements that involve risks and uncertainties. See "Cautionary Note Regarding Forward-Looking Statements." CAUTIONARY NOTE TO UNITED STATES INVESTORS We are subject to the reporting requirements of the applicable U.S. and Australian securities laws, and as a result we will report any mineral reserves and mineral resources as required by both of these standards. As an Australian listed public company, we are required to report in Australia any estimates of mineral resources and mineral reserves in terms of "Measured, Indicated and Inferred"Mineral Resources and"Proved and Probable" Ore Reserves in compliance with the JORC 2012, Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. The JORC Code was prepared by the Joint Ore Reserves Committee of The Australasian Institute of Mining and Metallurgy, Australian Institute of Geoscientists and Minerals Council of Australia. These defined terms contained within the JORC Code differ in some respects from the definitions under the U.S. Securities Act of 1933, as amended, including in Regulation S-K 1300. Information about mineral reserves and resources, if any, contained in our filings with the SEC also will be presented in compliance with S-K 1300. While guidelines for reporting mineral resources, including subcategories of measured, indicated and inferred resources, are largely similar between JORC Code and S-K 1300 standards, information contained in our future SEC filings that describes mineral deposits may not be directly comparable to similar information made public by other U.S. companies under the SEC's old reporting standard, Industry Guide 7, or to similar information published by other ASX-listed companies. Investors are cautioned that any public disclosure we make in Australia as to mineral reserves or resources in accordance with ASX Listing Rules will not form a part of our SEC filings except to the extent stated therein. INDUSTRY AND MARKET DATA This annual report includes information with respect to market and industry conditions and market share from third-party sources or that is based upon estimates using such sources when available. We believe that such information and estimates are reasonable and reliable. We also believe the information extracted from publications of third-party sources has been accurately reproduced. However, we have not independently verified any of the data from third-party sources. Similarly, our internal research is based upon the understanding of industry conditions, and such information has not been verified by any independent sources. CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS Certain information included in this annual report on Form 20-F may be deemed to be "forward-looking statements" within the meaning of Section 27A of the Securities Act, and Section 21E of the Exchange Act. Such forward-looking statements concern our anticipated results and progress of our operations in future periods, planned exploration and, if warranted, development of our properties, plans related to our business and other matters that may occur in the future. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. All statements contained herein that are not clearly historical in nature are forward-looking, and the words "anticipate", "believe", "expect", "estimate", "may", "will", "could", "leading", "intend", "contemplate", "aim", "shall" and similar expressions are generally intended to identify forward-looking 8

statements. Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors which could cause actual events or results to differ from those expressed or implied by the forward-looking statements. Forward-looking statements in this annual report on Form 20-F include, but are not limited to, statements with respect to: risks related to our limited operating history in the titanium metal manufacturing industry; risks related to our ability to commercialize our titanium technologies; risks related to our ability to produce titanium metal powders and products to customers' exact specification; risks related to our ability to identify and contract long-term offtake customers for our titanium metal products; risks related to our limited operating history in the minerals extraction industry; risks related to our status as an exploration stage company; risks related to our ability to identify mineralization and achieve commercial minerals extraction; risks related to minerals extraction, exploration and extraction site construction, if warranted, on our properties; risks related to our ability to fully achieve and maintain profitability and to develop positive cash flow from any minerals extraction activities; risks related to investment risk and operational costs associated with our exploration activities; risks related to our ability to access capital and the financial markets; risks related to compliance with government regulations; risks related to our ability to acquire necessary minerals extraction licenses, permits or access rights; risks related to environmental liabilities and reclamation costs; risks related to volatility in minerals and metals prices or demand for minerals and metals; risks related to stock price and trading volume volatility; risks relating to the development of an active trading market for the ADSs; risks related to ADS holders not having certain shareholder rights; risks related to ADS holders not receiving certain distributions; risks related to our status as a foreign private issuer; and risks related to the other matters described in the section titled "Risk Factors." All forward-looking statements reflect our beliefs and assumptions based on information available at the time the assumption was made. These forward-looking statements are not based on historical facts but rather on management's expectations regarding future activities, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. By its nature, forward-looking information involves numerous assumptions, inherent risks and uncertainties, both general and specific, known and unknown, that contribute to the possibility that the predictions, forecasts, projections or other forward-looking statements will not occur. Although we have attempted to identify important factors that could cause actual results to differ materially from those described in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, believed, estimated or expected. We caution readers not to place undue reliance on any such forward-looking stateme