IperionX Limited (Nasdaq: IPX; ASX: IPX) priced an underwritten public offering of 2,275,000 American Depositary Shares (ADSs) at $21.98 per ADS, according to a press release from the company. The offering is expected to generate approximately $50 million in gross proceeds before underwriting discounts, commissions, and other expenses.

Each ADS represents 10 ordinary shares of the company. The offering was led by U.S. institutional investors and is expected to close on July 9, 2026, subject to customary closing conditions.

The company said proceeds will be used to fund the scale-up of its Titanium Manufacturing Campus in Virginia, continued development of the Camden-Titan Project in Tennessee, titanium metal research and development activities, and general corporate purposes.

Cantor is acting as sole book-running manager for the offering. Roth Capital Partners and B. Riley Securities are serving as co-managers.

The 22,750,000 ordinary shares underlying the ADSs will be issued using the company's placement capacity under Listing Rule 7.1. The offering is being made pursuant to a shelf registration statement previously declared effective by the U.S. Securities and Exchange Commission on August 9, 2023.