IperionX Directors Boost Holdings via On-Market ADS Purchase and Option Exercise in July 2026

R. Tony Tripeny’s US$99,996 On-Market ADS Acquisition on 14 July 2026

On 14 July 2026, Director R. Tony Tripeny completed an on-market purchase of 3,846 American Depositary Shares in IperionX Limited for a total of US$99,996. Each ADS corresponds to ten fully paid ordinary shares, making this acquisition equivalent to 38,460 underlying ordinary shares. Prior to this purchase, Tripeny’s last notified interests, as of 30 March 2026, included 38,777 ordinary shares, 4,187 ADSs (representing 41,870 ordinary shares), and 51,010 restricted stock units.

Post-transaction, Tripeny’s holdings rose to 38,777 ordinary shares and 8,033 ADSs (equivalent to 80,330 ordinary shares), with his 51,010 restricted stock units remaining unchanged. The company confirmed this purchase was made outside any closed trading period and did not require prior written clearance. This direct investment of approximately US$100,000 by a director signals increased personal financial commitment to IperionX’s performance and is disclosed in compliance with ASX listing rules and the Corporations Act.

Beverly M. Wyse’s Exercise of 106,093 Options at A$0.87 Each on 15 July 2026

Director Beverly M. Wyse exercised her entire holding of 106,093 options at an exercise price of A$0.87 per option on 15 July 2026, acquiring 106,093 fully paid ordinary shares for A$92,300.91. Before this exercise, Wyse held 639,775 ordinary shares, 106,093 options at A$0.87, and 84,771 restricted stock units. Her last director interest notice was filed on 23 December 2025, making this her first reported change since then.

Following the exercise, Wyse’s ordinary shareholding increased to 745,868 shares. The exercised options were extinguished, while she continues to hold 84,771 restricted stock units. Although this was an off-market option exercise rather than an on-market trade, it represents a significant increase in her direct equity exposure to IperionX. The company confirmed this transaction was conducted outside a closed period without the need for prior written clearance.

Understanding IperionX’s ADS Structure Connecting US and Australian Markets

IperionX Limited is listed on the Australian Securities Exchange and has established an American Depositary Share facility enabling US investors to access its securities without trading on the ASX directly. Each ADS represents ten fully paid ordinary shares, providing a clear conversion ratio between the two securities. This dual-market structure distinguishes IperionX from many ASX-listed companies operating solely within Australia.

Director Tripeny’s on-market purchase of 3,846 ADSs was executed on the US market in US dollars but corresponds to the same class of Australian ordinary shares held by other investors. ADS transactions are subject to the same disclosure requirements under ASX Listing Rule 3.19A.2 as direct share purchases, ensuring transparency across both markets. Exchange rate fluctuations between the US and Australian dollars can affect the effective per-share cost.

Significance of Restricted Stock Units Held by Directors for Future Share Issuances

Both directors maintain holdings of restricted stock units (RSUs), a form of equity compensation that typically vests over time upon meeting certain conditions. Director Tripeny holds 51,010 RSUs following his ADS purchase, while Director Wyse retains 84,771 RSUs after her option exercise. The company update did not specify vesting schedules, performance criteria, or conversion terms for these RSUs.

RSUs represent contingent future interests in ordinary shares and may result in new share issuances or transfers upon vesting. For shareholders, RSU holdings are relevant when assessing potential dilution or changes in director ownership. Although RSUs were unaffected by the recent transactions, their presence forms part of IperionX’s board remuneration structure and is important for governance transparency.

Confirmation of Closed Period Compliance for Director Transactions

Under ASX Listing Rule 3.19A.2, directors must disclose whether securities transactions occurred during closed periods, times when trading is restricted to prevent insider trading around sensitive announcements. Both Tripeny’s and Wyse’s transactions were confirmed as occurring outside closed periods, with no prior written clearance required.

This compliance assurance supports market confidence that these trades adhered to IperionX’s securities trading policies and the Corporations Act. The absence of closed period restrictions means these transactions were not subject to additional regulatory scrutiny at execution. Investors often regard such compliance as a fundamental aspect of sound corporate governance.

Strategic Context: IperionX’s Titanium and Critical Minerals Focus Underpins Director Confidence

IperionX Limited specializes in producing titanium metal and titanium alloy powders, a sector gaining global traction due to applications in aerospace, defense, and advanced manufacturing. The company is developing proprietary low-cost, low-carbon titanium production technologies central to its commercial strategy, with a focus on the US market amid rising demand for domestically sourced critical materials.

This strategic backdrop provides context for the directors’ increased equity stakes. Both Tripeny and Wyse have boosted their financial exposure amid a sector receiving strong policy and industrial support. However, director share purchases do not guarantee future performance or share price gains. Investors should conduct independent evaluations of IperionX’s outlook before drawing conclusions.

Timeline of Director Interest Disclosures for Tripeny and Wyse

Director Tripeny’s previous interest notice was lodged on 30 March 2026, making his 14 July 2026 ADS purchase the first reported change since then. Director Wyse’s last notice was filed on 23 December 2025, with her 15 July 2026 option exercise marking her first disclosed change in over six months. Directors are required to promptly notify changes to their relevant interests.

Monitoring these disclosures over time offers investors insight into how directors manage their stakes. Wyse’s full exercise of options converts contingent interests into direct equity, representing a qualitative shift in exposure. Tripeny’s incremental ADS purchase reflects a straightforward increase in financial commitment at current market prices.

Risks Investors Should Weigh Alongside Director Transactions

While director purchases can signal confidence, investors must consider risks specific to IperionX. As a company developing proprietary titanium production technology, it faces commercialization challenges, capital intensity, and scaling risks. Successful market entry depends on bringing technology to commercial viability and securing industrial offtake agreements.

Additional risks include titanium commodity price volatility, geopolitical factors affecting US critical mineral policies, foreign exchange fluctuations between AUD and USD given the dual-market structure, and competition from established global producers. This update did not include financial or production data; investors should consult IperionX’s latest annual reports and disclosures for comprehensive risk assessments.

Investor Considerations Following Director Interest Updates

After these director transactions, investors should watch for operational updates on titanium technology development, announcements of commercial partnerships or customer agreements, capital market activities, and upcoming financial results. Director shareholding changes are one indicator among many and should be evaluated alongside overall company progress.

Future director interest notices from Tripeny or Wyse—whether reflecting further purchases, RSU vesting, or disposals—will be important for assessing ongoing board confidence. The immediate market impact of these transactions was not evident from public data. Investors should rely on official company communications and broader disclosures rather than solely director shareholding changes when forming investment decisions.