IperionX (ASX:IPX) said it held $30.4 million in cash as of Sept. 30, and received $1.7 million in Title III Defense Production Act funding in the September quarter, totaling $6.4 million received thus far, according to a Monday filing with the Australian Securities Exchange.

The company achieved significant milestones in the quarter, including the commissioning of the hydrogen-assisted metallothermic reduction furnace, marking the first commercial-scale titanium production at the Virginia titanium production facility, the filing said.

Additionally, the construction fit-out of the advanced manufacturing center was also completed and is undergoing the installation and commissioning of key titanium manufacturing equipment.

Shares fell more than 7% in afternoon trade Tuesday.

Price (AUD): $3.16, Change: $-0.24, Percent Change: -7.06%