IperionX Finalizes Acquisition of Camden Critical Minerals Site in Tennessee, Accessing Ultra-High-Grade Titanium, Zircon, and Rare Earth Deposits

Expansion of IperionX's Tennessee Critical Minerals Portfolio Through Camden Acquisition

The Camden acquisition significantly enlarges IperionX’s holdings within the Big Sandy Critical Minerals Province in Tennessee. Located immediately next to the Titan Critical Minerals Project, the combined Camden and Titan properties now form the Camden-Titan platform — a district-scale critical minerals development opportunity that IperionX believes is strategically positioned to supply U.S. defence and advanced technology sectors.

The company highlights four key value drivers from Camden rarely found together in U.S. critical minerals projects: contiguous mineral sands increasing project scale; around 70 acres of at-surface, ultra-high-grade, pre-processed critical mineral stockpiles; approximately 180 acres of near-zero-overburden access to the Lower McNairy mineralized seam; and established, turnkey industrial infrastructure. Camden complements rather than replaces Titan, potentially accelerating long-term domestic supply of titanium, zircon, and heavy rare earth feedstocks.

Historical Silica Sand Operations Created Camden’s Ultra-High-Grade Stockpiles

Camden’s exceptional surface stockpiles originate from its historical role as a high-purity silica sand operation. For decades, processing circuits were optimized solely for silica production and did not recover titanium, zircon, or rare-earth minerals. Consequently, these heavier, now high-value critical minerals were separated and accumulated in surface stockpiles over many years.

IperionX has acquired these stockpiles, associated mineral rights, pre-stripped Lower McNairy areas, and existing industrial infrastructure. This transforms a historical processing oversight into a strategic advantage, with at-surface critical mineral stockpiles potentially serving as an early, high-grade feed source for the Camden-Titan platform. Historical drilling indicates mineral stockpile depths of about 12 metres before reaching the Lower McNairy formation, suggesting significant volume and exceptional grade.

Camden Stockpiles Yield THM Grades Up to 23%, Far Exceeding Titan’s 2.2% Average

One of the most notable aspects of the Camden acquisition is the assay data. Two one-tonne bulk samples taken from pre-processed surface stockpiles in 2020 returned THM grades of 9.9% and 23.0%. Further grab sampling in 2025 consistently showed ultra-high grades near 20% THM. Compared to Titan’s published Mineral Resource Estimate of 431 million tonnes at 2.2% THM, these stockpiles represent a five-to-tenfold grade increase.

The company’s headline claim of "up to 23% THM — more than 8x higher than Titan’s average" reflects the highest bulk sample results relative to Titan’s resource average. These results derive from surface stockpile grab and bulk samples and do not yet constitute a defined mineral resource under JORC or equivalent standards. Further systematic drilling, sampling, and resource estimation are required to quantify the full economic potential. Sonic drilling of stockpiles is a priority in IperionX’s 2026 work plan.

Pre-Stripped Lower McNairy Formation Access Provides Operational Advantage

In addition to surface stockpiles, Camden offers approximately 180 acres of pre-stripped Lower McNairy mineralized areas. Historical silica sand mining removed overburden, creating near-zero-strip-ratio access to the Lower McNairy formation — the same geological layer at Titan known for the richest concentrations of heavy rare earths, titanium, and zircon minerals.

The Lower McNairy formation is rich in monazite and xenotime, minerals bearing heavy rare earths such as dysprosium, terbium, and yttrium. These elements are critical for advanced U.S. industries, including high-performance magnets used in electric vehicles, wind turbines, and defence systems. The pre-stripped access at Camden may enable faster and lower-cost extraction compared to greenfield sites.

Turnkey Infrastructure at Camden Could Lower Titan DFS Capital Requirements

The Camden site includes established industrial infrastructure: active grid power, water, natural gas utilities, and heavy-haul rail access, all ready for use. This infrastructure may significantly reduce development risks and capital expenditures currently included in the Titan Definitive Feasibility Study (DFS) capital cost estimates.

While the company has not disclosed specific capital cost savings, the availability of Camden’s utilities and rail access could lead to revisions of the Titan DFS, which likely assumes greenfield infrastructure development. For investors, this turnkey infrastructure adjacent to Titan represents a meaningful factor in project economics and risk mitigation.

CEO Taso Arima Highlights Camden-Titan as a Strategic U.S. Upstream Platform

IperionX CEO Taso Arima described Camden as providing "a turnkey platform adjacent to Titan with mineral rights, ultra-high-grade stockpiles, established infrastructure and the potential to accelerate U.S.-sourced rare earth and critical mineral feedstock supply." He emphasized the exceptional surface grades and the advantage of stockpiles already mined, moved, and pre-processed through historical silica sand operations, creating "ultra-high-grade starter feedstocks" containing titanium, zircon, and rare-earth minerals including monazite and xenotime.

Mr. Arima framed the acquisition within the context of U.S. industrial policy, noting ongoing investments in rare earth processing, metallization, alloying, and magnet manufacturing, with secure upstream mineral feed as a prerequisite. He called Camden-Titan "a unique upstream opportunity for strategically vital titanium, zircon and rare-earth-bearing mineral products, sourced securely from the United States," stressing the importance of dysprosium, terbium, and yttrium for national security, advanced manufacturing, electrification, aerospace, and high-performance magnet technologies. Investors should recognize this as management’s strategic perspective rather than independent verification.

IperionX’s Integrated Minerals-to-Metals Strategy and Virginia Manufacturing Platform

The Camden acquisition fits within IperionX’s broader minerals-to-metals integration strategy. Camden-Titan offers a potential near-term supply of U.S.-sourced critical minerals upstream, while the company’s downstream mineral and titanium technologies and Virginia titanium manufacturing platform provide a pathway to finished U.S. titanium metal products. This positions IperionX as a vertically integrated critical minerals and metals business with upstream mining and downstream processing capabilities.

This integrated approach aligns with U.S. policy priorities on supply chain security for critical minerals and defence-relevant materials. Titanium, zircon, and rare earth elements like dysprosium and terbium appear on the U.S. Critical Minerals List, with domestic production capacity a national priority. IperionX aims to serve as a strategic supplier across multiple points in the critical minerals value chain. The company plans to engage U.S. government stakeholders, downstream processors, and strategic customers as further data becomes available.

Planned Engagement with U.S. Government Stakeholders and Strategic Funding

IperionX intends to engage U.S. government stakeholders as part of its strategic funding approach for the Camden-Titan platform. This engagement will coincide with the availability of additional technical and economic data, indicating an early-stage process informed by the 2026 work program. No specific funding amounts, grant applications, loan facility discussions, or government program names were disclosed.

Potential government funding support—through programs such as the U.S. Department of Defense critical minerals initiatives, Department of Energy loan programs, or other federal efforts—is a factor closely monitored by investors in U.S.-focused critical minerals companies. IperionX has not made any commitments regarding the likelihood or amount of such funding. Investors should consider all potential government support as unconfirmed until officially announced.

2026 Work Program: Sonic Drilling, Metallurgical Testing, and Integrated Techno-Economic Study

IperionX has outlined a near-term work program focusing on sonic drilling of the stockpiles, advanced metallurgical test work, and infrastructure optimization. The primary goal is to complete an integrated Camden-Titan techno-economic study by the end of 2026, which will be critical for investors assessing the combined project economics.

The study will incorporate data from sonic drilling aimed at better defining the volume and grade distribution of surface stockpiles, alongside metallurgical testing to evaluate recoverability of titanium, zircon, monazite, xenotime, and other heavy minerals. These results will determine if a stockpile-first development approach can achieve the lower capital intensity and operating costs suggested by management. The immediate market impact of the Camden acquisition announcement was not clear at the time of writing.

Investor Considerations as Camden-Titan Advances Through 2026 and Beyond

For investors tracking IperionX, the Camden acquisition initiates a technically intensive phase rather than concluding one. Key near-term milestones include sonic drilling results across approximately 70 acres of surface stockpiles, providing systematic volume and grade data to complement existing assays. Metallurgical test outcomes will also be pivotal, informing the techno-economic study and practical mineral recoverability.

Beyond 2026, the investment thesis depends on IperionX’s progress from exploration and study phases toward a construction decision and production. While Camden adds assets that could reduce capital intensity and accelerate development, these benefits await quantification in the upcoming techno-economic study. Investors should also watch for announcements on U.S. government funding, downstream offtake agreements, and updates to the Titan DFS reflecting Camden integration. The company has not provided production timelines or financial guidance in this release.