Exhibit 99.1

IperionX Limited
UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
for the interim periods ended December 31, 2024 and 2023

 
PAGE
FINANCIAL STATEMENTS
  
F-2
F-3
F-4
F-5
F-6

F-1
IperionX Limited
UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
For the six months ended December 31, 2024 and 2023

CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
For the periods ended December 31, 2024 and 2023

          Six Months Ended
    Six Months Ended
 
    Note    
December 31, 2024
US$
    
December 31, 2023
US$
 
                   
Continuing operations
                  
Research and development costs
          
(6,809,195
)
    
(3,763,468
)
Exploration and evaluation expenses
           (1,393,608 )     (1,458,125 )
Corporate and administrative expenses
          
(3,276,853
)
    
(2,470,238
)
Business development expenses
          
(2,154,733
)
    
(1,320,441
)
Share-based payment expense
    
12
      
(6,908,182
)
    
(1,108,090
)
Finance income
            
4,419,753
      
210,558
  
Finance costs
            
(152,790
)
    
(61,638
)
Other income and expenses
            
38,737
      
(523,577
)
Loss before income tax
            
(16,236,871
)
    
(10,495,019
)
Income tax expense
            
-
      
-
  
Loss for the period
            
(16,236,871
)
    
(10,495,019
)
Loss attributable to members of IperionX Limited
            
(16,236,871
)
    
(10,495,019
)
                         
Other comprehensive income
                        
Items that may be reclassified subsequently to profit or loss:
                        
Exchange differences arising on translation of foreign operations
            
(4,892,234
)
    
571,034
  
Other comprehensive loss for the period, net of tax
            
(4,892,234
)
    
571,034
  
Total comprehensive loss for the period
            
(21,129,105
)
    
(9,923,985
)
Total comprehensive loss attributable to members of IperionX Limited
            
(21,129,105
)
    
(9,923,985
)
                         
Loss per share
                        
Basic and diluted loss per share (US$ per share)
            
(0.06
)
    
(0.05
)

The above Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income should be read in conjunction with the accompanying notes.

F-2
IperionX Limited
UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
For the six months ended December 31, 2024 and 2023

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at December 31, 2024 and June 30, 2024

   
Note
    
December 31, 2024
US$
    
June 30, 2024
US$
  
                   
ASSETS
                  
Current Assets
                  
Cash and cash equivalents
    

 
77,125,859
      
33,157,356
  
Trade and other receivables
     4
     
977,286
      
2,302,010
  
Prepayments
     5
     
674,324
      
6,071,735
  
Inventories
             -       16,920  
Total Current Assets
            
78,777,469
      
41,548,021
  
                         
Non-Current Assets
                        
Property, plant and equipment
    
6
      
15,928,667
      
7,773,812
  
Intangible assets
     7
      14,148,456       -  
Exploration and evaluation assets
     8
       6,530,704       6,114,061  
Security deposits and bonds
             445,036       -  
Total Non-Current Assets
            
37,052,863
      
13,887,873
  
TOTAL ASSETS
            
115,830,332
      
55,435,894
  
                         
LIABILITIES
                        
Current Liabilities
                        
Trade and other payables
    
9
      
6,096,890
      
2,317,830
  
Loans and borrowings
    
10
      
577,169
      
445,755
  
Provisions
            
-
      
287,796
  
Total Current Liabilities
            
6,674,059
      
3,051,381
  
                         
Non-Current Liabilities
                        
Loans and borrowings
    
10
      
3,613,870
      
1,044,918
  
Total Non-Current Liabilities
            
3,613,870
      
1,044,918
  
TOTAL LIABILITIES
            
10,287,929
      
4,096,299
  
                         
NET ASSETS
            
105,542,403
      
51,339,595
  
                         
EQUITY
                        
Contributed equity
    
11
      
194,791,435
      
112,959,638
  
Reserves
    
12
      
869,889
      
12,262,007
  
Accumulated losses
            
(90,118,921
)
    
(73,882,050
)
TOTAL EQUITY
            
105,542,403
      
51,339,595
  

The above Condensed Consolidated Statement of Financial Position should be read in conjunction with the accompanying notes.

F-3
IperionX Limited
UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
For the six months ended December 31, 2024 and 2023

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the periods ended December 31, 2024 and 2023

   
Contributed
Equity
US$
    
Share-
Based
Payments
Reserve
US$
    
Foreign
Currency
Translation
Reserve
US$
    
Accumulated
Losses
US$
    
Total
Equity
US$
  
                               
Balance at July 1, 2024
    
112,959,638
      
13,440,265
      
(1,178,258
)
    
(73,882,050
)
    
51,339,595
  
Net loss for the period
    
-
      
-
      
-
      
(16,236,871
)
    
(16,236,871
)
Exchange differences arising on translation of foreign operations
    
-
      
-
      
(4,892,234
)
    
-
      
(4,892,234
)
Total comprehensive loss
    
-
      
-
      
(4,892,234
)
    
(16,236,871
)
    
(21,129,105
)
Issue of shares - share placements
    
70,919,564
      
-
      
-
      
-
      
70,919,564
  
Issue of shares - exercise of options
    
123,737
      
-
      
-
      
-
      
123,737
  
Issue of shares - conversion of RSUs
    
349,032
      
(349,032
)
    
-
      
-
      
-
  
Issue of shares - conversion of rights
     13,059,034       (13,059,034 )     -       -       -  
Share issue costs
    
(2,619,570
)
    
-
       -      
-
      
(2,619,570
)
Share-based payment expense
    
-
      
6,908,182
      
-
      
-
      
6,908,182
  
Balance at December 31, 2024
    
194,791,435
      
6,940,381
      
(6,070,492
)
    
(90,118,921
)
    
105,542,403
  
                                         
Balance at July 1, 2023
    
58,764,248
      
15,004,052
      
(1,008,244
)
    
(52,196,828
)
    
20,563,228
  
Net loss for the period
    
-
      
-
      
-
      
(10,495,019
)
    
(10,495,019
)
Exchange differences arising on translation of foreign operations
    
-
      
-
      
571,034
      
-
      
571,034
  
Total comprehensive loss
    
-
      
-
      
571,034
      
(10,495,019
)
    
(9,923,985
)
Issue of shares - share placement
    
17,088,750
      
-
      
-
      
-
      
17,088,750
  
Issue of shares - exercise of options
    
3,127,752
      
(1,388,649
)
    
-
      
-
      
1,739,103
  
Issue of shares - conversion of RSUs
     225,735       (225,735 )     -       -       -  
Issue of shares - conversion of rights     15,059       (15,059 )     -       -       -  
Issue of shares to a consultant
     75,000       (75,000 )     -       -       -  
Share issue costs
    
(399,425
)
    
-
      
-
      
-
      
(399,425
)
Share-based payment expense
    
-
      
1,108,090
      
-
      
-
      
1,108,090
  
Balance at December 31, 2023
    
78,897,119
      
14,407,699
      
(437,210
)
    
(62,691,847
)
    
30,175,761
  

The above Condensed Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes.

F-4
IperionX Limited
UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
For the six months ended December 31, 2024 and 2023

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
For the periods ended December 31, 2024 and 2023

   
Note
    
Six Months Ended
December 31, 2024
US$
    
Six Months Ended
December 31, 2023
US$
  
                   
Cash flows from operating activities
                  
Payments to suppliers and employees
           (13,134,633 )     (8,158,175 )
Receipts from third parties
          
500,000
      
25,415
  
Interest received
          
1,005,970
      
210,558
  
Interest paid
          
(120,143
)
    
(52,665
)
Net cash flows used in operating activities
          
(11,748,806
)
    
(7,974,867
)
                       
Cash flows from investing activities
                      
Purchase of property, plant and equipment
     6       (4,067,215 )     (2,005,366 )
Purchase of intangible assets
     7       (6,500,000 )     -  
Purchase of exploration and evaluation assets
    
8
      
(416,643
)
    
(2,841,692
)
Proceeds from insurance claims
             9,416       -  
Net cash flows used in investing activities
            
(10,974,442
)
    
(4,847,058
)
                         
Cash flows from financing activities
                        
Proceeds from issue of shares
            
71,043,301
      
18,827,852
  
Share issue costs
            
(2,563,410
)
    
(399,425
)
Repayment of borrowings
            
(3,129
)
    
(2,928
)
Payment of principal portion of lease liabilities
            
(270,541
)
    
(198,121
)
Net cash flows from financing activities
            
68,206,221
      
18,227,378
  
                         
Net increase in cash and cash equivalents
            
45,482,973
      
5,405,453
  
Net foreign exchange differences
            
(1,514,470
)
    
(13,442
)
Cash and cash equivalents at the beginning of the period
            
33,157,356
      
11,937,941
  
Cash and cash equivalents at the end of the period
            
77,125,859
      
17,329,952
  

The above Condensed Consolidated Statement of Cash Flows should be read in conjunction with the accompanying notes.

F-5
IperionX Limited
UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
For the six months ended December 31, 2024 and 2023

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
For the periods ended December 31, 2024 and 2023

1.
MATERIAL ACCOUNTING POLICY INFORMATION
 
Corporate information
 
IperionX Limited (“IperionX” or “Company”) is a for-profit company limited by shares, incorporated and domiciled in Australia. Our registered office is located at Level 9, 28 The Esplanade, Perth, Western Australia, 6000. Our ordinary shares are listed on the Australian Securities Exchange, or ASX, under the symbol “IPX”, and our American Depository Shares, or ADSs, each representing ten (10) of our ordinary shares, are listed on the Nasdaq Capital Market, or Nasdaq, under the symbol “IPX”.
 
The principal activities of the Group during the six months ended December 31, 2024 consisted of the exploration and development of its mineral properties in the United States, the research and development of its associated metals technologies, and the commercialization of these technologies at its Titanium Manufacturing Campus in Virginia.

The unaudited interim condensed consolidated financial statements of IperionX and its subsidiaries (the “Consolidated Entity” or the “Group”) for the six months ended December 31, 2024 (the “Interim Financial Statements”) were authorised for issue in accordance with a resolution of the Directors on March 12, 2024.
 
Basis of preparation
 
The Interim Financial Statements have been prepared in accordance with International Accounting Standard 34 Interim Financial Reporting issued by the International Accounting Standard Board (“IASB”). The preparation of the Interim Financial Statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses on a year-to-date basis. Actual results may differ from those estimates.
 
The Interim Financial Statements do not include all the notes of the type normally included in annual financial statements and are not necessarily indicative of the results of operations and cash flows expected for the year ended June 30, 2025.  Accordingly, the Interim Financial Statements are to be read in conjunction with the annual consolidated financial statements of the Group for the year ended June 30, 2024. In the opinion of management, the accompanying Interim Financial Statements reflect all adjustments consisting only of normal recurring adjustments, which are necessary for a fair presentation of the financial results of such period. The financial report has been prepared on a historical cost basis and is presented in United States dollars ($).
 
The accounting policies and methods of computation adopted in the preparation of the Interim Financial Statements are consistent with those adopted and disclosed in the annual consolidated financial statements of the Group for the year ended June 30, 2024, except as disclosed below. These accounting policies are consistent with Australian Accounting Standards.
 
Going concern
 
The interim financial statements have been prepared on the going concern basis, which contemplates the continuity of normal business activity and the realization of assets and the settlement of liabilities in the normal course of business.
 
The Group had net cash outflows from operating and investing activities of US$22,723,246 for the six months ended December 31, 2024 (December 31, 2023: US$12,821,925). At December 31, 2024, the Group had cash and cash equivalents of US$77,125,859 (December 31, 2023: US$17,329,952).
 
The ongoing operation of the Group is dependent upon raising further additional funding from shareholders or other parties. In light of the expenditures to be incurred in executing on the Group’s current strategic plans to commercialize the Group’s titanium metal technologies and develop economically recoverable mineral deposits from the Group’s exploration properties, the Group is dependent on obtaining financing through equity financing, debt financing or other means. In the longer term, if the Group’s mineral exploration and metal production activities are successful, additional funds will be required to further scale-up the Group’s titanium metal production capacity and to develop the Group’s exploration properties and commence commercial production.

The ability to arrange such funding in the future will depend in part upon the prevailing capital market conditions as well as the business performance of the Group. There is no assurance that the Group will be successful in its efforts to raise additional funding on terms satisfactory to the Group. If the Group does not obtain additional funding, it may not be able to continue its operations as a going concern and therefore may not be able to realize its assets and extinguish its liabilities in the ordinary course of operations and at the amounts stated in the financial statements. Alternatively, the Group may be required to delay, reduce the scope of, or eliminate its current or future exploration, appraisal, and commercialization activities or relinquish rights to certain of its interests.

F-6
IperionX Limited
UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
For the six months ended December 31, 2024 and 2023

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
For the periods ended December 31, 2024 and 2023 (continued)

1.
MATERIAL ACCOUNTING POLICY INFORMATION (CONTINUED)

Basis of preparation (continued)
 
The Directors are confident that they will be able to raise additional funds as required to meet its obligations as and when they fall due and are of the opinion that the use of the going concern basis remains appropriate. However, as a result of these matters, there is a material uncertainty related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern and therefore the Group may be unable to realize its assets and discharge its liabilities in the normal course of business.

New standards, interpretations and amendments
 
In the current period, the Group has adopted all of the new and revised standards, interpretations and amendments that are relevant to its operations and effective for annual reporting periods beginning on or after July 1, 2024. The new standards have not had a material effect on the Group’s financial statements.
 
The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective.

2.
SEGMENT INFORMATION
 
IFRS 8 Operating Segments requires operating segments to be identified on the basis of internal reports about components of the Consolidated Entity that are regularly reviewed by the chief operating decision maker in order to allocate resources to the segment and to assess its performance.
 
The Consolidated Entity operates in one segment, being exploration and development of minerals and metals in the United States.
 
3.
DIVIDENDS PAID OR PROVIDED FOR
 
No dividend has been paid or provided for during the six months ended December 31, 2024 (December 31, 2023: nil).
 
4.
TRADE AND OTHER RECEIVABLES

 
  
December 31, 2024
US$
    
June 30, 2024
US$
  
Current
            
Receivables from U.S. Government (1)
    
695,833
      
1,655,435
  
Receivables from other third-parties
    
281,453
      
646,575
  
Total trade and other receivables
    
977,286
      
2,302,010
  

 

Notes:
(1)
During fiscal 2024, the U.S. Department of Defense (U.S. DoD) contracted to award the Group US$12.7 million in funding under the Defense Production Act (DPA) Title III authorities to address U.S. titanium supply chain vulnerabilities. This funding is being applied towards the Group’s Titanium Production Facility. Title to all assets purchased by the Group with funds from the U.S. government vest with the U.S. government during the term of the technology investment agreement. The government can elect to, but is not obliged to, transfer such title to all (or some) of the assets to the Company at the end of the agreement, which is scheduled to terminate on January 30, 2027, if the Group’s performance is satisfactory.

5.
PREPAYMENTS

   
December 31, 2024
US$
    
June 30, 2024
US$
  
Current
            
Blacksand option prepayments
    
-
      
5,500,000
  
Other prepayments
    
674,324
      
571,735
  
Total prepayments
    
674,324
      
6,071,735
  

F-7
IperionX Limited
UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
For the six months ended December 31, 2024 and 2023

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
For the periods ended December 31, 2024 and 2023 (continued)
6.
PROPERTY, PLANT AND EQUIPMENT
 
   
Plant and
equipment
US$
    
Right-of-use
assets
US$
    
Total
US$
  
December 31, 2024
                  
Carrying amount at July 1, 2024
    
6,188,697
      
1,585,115
      
7,773,812
  
Additions
    
5,884,582
      
2,924,314
      
8,808,896
  
Depreciation
   
(256,919
)
    
(397,122
)
    
(654,041
)
Carrying amount at December 31, 2024
    
11,816,360
      
4,112,307
      
15,928,667
  
- at cost
    
12,332,678
      
5,407,386
      
17,740,064
  
- accumulated depreciation and impairment
    
(516,318
)
    
(1,295,079
)
    
(1,811,397
)
                         
June 30, 2024
                        
Carrying amount at July 1, 2023
    
2,822,765
      
1,167,018
      
3,989,783
  
Additions
    
5,745,871
      
939,196
      
6,685,067
  
Disposals
     (2,056,437 )     -       (2,056,437 )
Impairment
     (198,750 )     -       (198,750 )
Depreciation
   
(124,752
)
    
(521,099
)
    
(645,851
)
Carrying amount at June 30, 2024
    
6,188,697
      
1,585,115
      
7,773,812
  
- at cost
    
6,508,437
      
2,483,072
      
8,991,509
  
- accumulated depreciation and impairment
    
(319,740
)
    
(897,957
)
    
(1,217,697
)
 
7.
INTANGIBLE ASSETS

   
Intellectual property
rights
US$
  
December 31, 2024
      
Carrying amount at July 1, 2024
    
-
  
Acquisition of Blacksand intellectual property rights (1)
    
14,270,495
  
Amortisation
    
(122,039
)
Carrying amount at December 31, 2024
    
14,148,456
  
- at cost
    
14,270,495
  
- accumulated amortisation
    
(122,039
)
         
June 30, 2024
        
Carrying value at July 1, 2023
    
-
  
Carrying amount at June 30, 2024
    
-
  
- at cost
    
-
  
- accumulated amortisation
    
-
  



Notes:
(1)
 During the period, the Group exercised its exclusive option to purchase intellectual property rights of Blacksand Technology, LLC (“Blacksand”). The Group now holds the exclusive commercial licensing rights for more than 40 global patents through a license agreement with the University of Utah including the global patents for patented technologies that can produce low-cost and low-carbon titanium metal. As consideration for the option, IperionX has made or will make payments totalling US$14,270,495 (of which US$5,500,000 was paid in prior periods, US$6,500,000 was paid during the half year ended 31 December 2024, and US$2,270,495 was payable at 31 December 2024).


F-8
IperionX Limited
UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
For the six months ended December 31, 2024 and 2023

8.
EXPLORATION AND EVALUATION ASSETS
 
   
Titan Project
US$
  
December 31, 2024
      
Carrying amount at July 1, 2024
    
6,114,061
  
Additions
    
416,643
  
Carrying amount at December 31, 2024 (1)
   
6,530,704
  
         
June 30, 2024
        
Carrying amount at July 1, 2023
    
3,059,021
  
Additions
    
3,055,040
  
Carrying amount at June 30, 2024 (1)  
    
6,114,061
  
 

Notes:
(1)
The ultimate recoupment of costs carried forward for exploration and evaluation is dependent on the successful development and commercial exploitation or sale of the respective areas of interest.

9.
TRADE AND OTHER PAYABLES
 
   
December 31, 2024
US$
    
June 30, 2024
US$
  
Current
            
Trade payables
    
1,461,340
      
1,309,067
  
Accruals
    
3,841,685
      
259,325
  
Employee benefits
    
793,865
      
749,438
  
Total trade and other payables
    
6,096,890
      
2,317,830
  

10.
LOANS AND BORROWINGS
 
   
December 31, 2024
US$
    
June 30, 2024
US$
  
Current
            
Lease liabilities
    
570,621
      
439,382
  
Other loans and borrowings
    
6,548
      
6,373
  
Total current loans and borrowings 
    
577,169
      
445,755
  
 
                
Non-current
                
Lease liabilities
    
3,598,131
      
1,026,398
  
Other loans and borrowings
    
15,739
      
18,520
  
Total non-current loans and borrowings 
    
3,613,870
      
1,044,918
  
 
                
Total loans and borrowings
    
4,191,039
      
1,490,673
  
 
F-9
IperionX Limited
UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
For the six months ended December 31, 2024 and 2023

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
For the periods ended December 31, 2024 and 2023 (continued)

11.
CONTRIBUTED EQUITY
 
Issued capital
 
   
December 31, 2024
US$
    
June 30, 2024
US$
  
315,846,248 ordinary shares (June 30, 2024: 257,244,759)
    
194,791,435
      
112,959,638
  
     
194,791,435
      
112,959,638
  
 
Movements in issued capital
 
   
No. of
Ordinary
Shares
    
No. of Class A
Performance
Shares
    
No. of Class B
Performance
Shares
    
US$
  
December 31, 2024
                        
Opening balance at July 1, 2024
    
257,244,759
      
19,800,000
      
19,800,000
      
112,959,638
  
Issue of shares – share placements
    
34,951,630
      
-
      
-
      
70,919,564
  
Issue of shares – exercise of options
    
900,000
      
-
      
-
      
123,737
  
Issue of shares – conversion of rights
     22,273,335       -       -       13,059,034  
Issue of shares – conversion of RSUs
     476,494       -       -       349,032  
Conversion of performance shares
    
30
      
(19,800,000
)
    
-
      
-
  
Share issue costs
    
-
      
-
      
-
      
(2,619,570
)
Closing balance at December 31, 2024
    
315,846,248
      
-
      
19,800,000
      
194,791,435
  
 
                                
December 31, 2023
                                
Opening balance at July 1, 2023
    
193,493,973
      
19,800,000
      
19,800,000
      
58,764,248
  
Issue of shares – share placement
    
21,000,000
      
-
      
-
      
17,088,750
  
Issue of shares – exercise of options
    
9,331,823
      
-
      
-
      
3,127,752
  
Issue of shares – conversion of rights
     13,755       -       -       15,059  
Issue of shares – conversion of RSUs
     341,461       -       -       225,735  
Issue of shares to a consultant
     116,538       -       -       75,000  
Share issue costs
    
-
      
-
      
-
      
(399,425
)
Closing balance at December 31, 2023
    
224,297,550
      
19,800,000
      
19,800,000
      
78,897,119
  

F-10
IperionX Limited
UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
For the six months ended December 31, 2024 and 2023

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
For the periods ended December 31, 2024 and 2023 (continued)

12.
RESERVES
 
Reserves
 
   
December 31, 2024
US$
    
June 30, 2024
US$
  
Share based payments reserve
   
6,940,381
      
13,440,265
  
Foreign currency translation reserve
    
(6,070,492
)
    
(1,178,258
)
Total reserves
    
869,889
      
12,262,007
  
 
Movements in share based payments reserve
 
   
No. of
Unlisted
Options
    
No. of
Performance
Rights
    
No. of
RSUs
    
US$
  
December 31, 2024
                        
Opening balance at July 1, 2024
    
11,749,372
      
27,469,335
      
4,377,034
      
13,440,265
  
Grant of employee incentive securities
    
-
      
1,815,000
      
195,076
      
-
  
Exercise of options
    
(900,000
)
    
-
      
-
      
-
  
Conversion of RSUs
    
-
      
-
      
(476,494
)
    
(349,032
)
Conversion of rights
     -       (22,273,335 )     -       (13,059,033 )
Lapse of rights
     -      
(90,000
)
    
-
       -  
Share-based payments expense
    
-
      
-
      
-
       6,908,182  
Closing balance at December 31, 2024
    
10,849,372
      
6,921,000
      
4,095,616
      
6,940,382
  
 
                                
December 31, 2023
                                
Opening balance at July 1, 2023
    
23,011,372
      
28,746,000
      
824,371
      
15,004,052
  
Grant of employee incentive securities
    
-
      
3,921,000
      
405,124
      
-
  
Exercise of options
   
(9,362,000
)
    
-
      
-
      
(1,388,649
)
Conversion of RSUs
     -       -       (341,461 )     (225,735 )
Conversion of rights
     -       (21,000 )     -       (15,059 )
Issue of shares to a consultant
     -       -       -       (75,000 )
Share-based payments expense
    
-
      
-
      
-
      
1,108,090
  
Closing balance at December 31, 2023
    
13,649,372
      
32,646,000
      
888,034
      
14,407,699
  
 
13.
SUBSIDIARIES
 
          Equity Interest
  
 
Country of
Incorporation
  
December 31, 2024
%
      
June 30, 2024
%
  
IperionX Inc.
USA
    
100
%
    
100
%
IperionX Critical Minerals, LLC
USA
    
100
%
    
100
%
IperionX Technology, LLC
USA
    
100
%
    
100
%
Hyperion Metals (Australia) Pty Ltd
Australia
    
100
%
    
100
%
 
F-11
IperionX Limited
UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
For the six months ended December 31, 2024 and 2023

14.
CONTINGENT ASSETS AND LIABILITIES
 
Titan Project

At December 31, 2024, the Group had entered into exclusive option agreements with local landowners in Tennessee, United States, in relation to its Titan Project, which upon exercise, allows the Group to lease or, in some cases purchase, approximately 8,878 acres of surface property and the associated mineral rights from the local landowners. During the option period, our option agreements provide us with exclusive right to access, enter, occupy and use the surface property for all purposes related to exploring for and evaluating all minerals in return for making annual option payments and bonus payments during periods when we conduct drilling. Upon exercise, in the case of an option to lease, the Company will pay a production royalty to the landowners, subject to a minimum royalty. Upon exercise, in the case of a purchase, the Company will pay cash consideration approximating the fair market value of the property, excluding the value of any minerals, plus a premium.
 
15.
SUBSEQUENT EVENTS AFTER BALANCE DATE
 
(i)
On February 17, 2025, the Group was awarded up to US$47.1 million in funding by the U.S. Department of Defense through the IBAS program to accelerate development of a resilient, low-cost, and fully-integrated U.S. mineral-to-metal titanium supply chain, which includes US$5 million to go towards the completion of a Definitive Feasibility Study for the Titan Project which will commence shortly; and

(ii)
On March 11, 2025, the Company announced the appointment of Mr. Tony Tripeny as Non-Executive Director of the Company and the appointment of current Non-Executive Director, Ms. Lorraine Martin, as Lead Independent Director of the Company, effective from March 17, 2025.

Other than as outlined above, at the date of this report there are no other significant events occurring after balance date requiring disclosure.


F-12