IperionX (ASX:IPX) said the board of the Export-Import Bank of the United States approved an equipment finance loan of $11 million to support the expansion of the firm's manufacturing capabilities for high-performance titanium components, according to a Tuesday Australian bourse filing.

The firm will use the funds to acquire manufacturing equipment, including advanced additive manufacturing systems and precision machining tools, which will be used to produce titanium components using proprietary and patented technologies at its advanced manufacturing center in Virginia.

The loan remains subject to the agreement and execution of binding documentation.

The firm's shares fell past 2% in recent trading on Tuesday.