** Shares of Australia's IperionX IPX.AX rise as much as 7% to A$7.9, their highest level since October 22

** Titanium alloys producer says it received $0.3 million prototype purchase order from American Rheinmetall

** Contract for production of 700 lightweight titanium components for U.S. Army heavy ground combat systems

** Stock rose 1.8% in 2025, up 38.3% YTD

(Reporting by Aamir Sheik Khalid in Bengaluru)

((Aamir.SheikKhalid@thomsonreuters.com))