IperionX (ASX:IPX) said it held $77.1 million in cash as of Dec. 31, 2024, and $4.1 million was available under the Title III Defense Production Act funding in the December 2024 quarter, according to a Tuesday filing with the Australian bourse.

It said it is advancing applications for U.S. government funding, and that there is potential for accelerated review under the new administration, the filing said.

The commissioning of its titanium manufacturing campus in Virginia is progressing, and it has identified

multiple process improvements, which are expected to increase production capacity beyond nameplate levels later in the year, the filing said.

It completed the first commercial Hydrogen Assisted Metallothermic Reduction production cycle in the quarter, producing high-quality, low-oxygen titanium metal powder.

Its shares fell 3% in recent trading on Tuesday.