IperionX (ASX:IPX) said equipment and systems for both titanium powder production and component manufacturing have been fully commissioned at its titanium manufacturing campus in Virginia, US, according to a Friday Australian bourse filing.

The company said its manufacturing capacity expansion is on track, with a target of 1,400 tons per annum by 2027.

The company said its major milestones include an initial sales order from Carver Pump for titanium naval shipbuilding components, and an order from American Rheinmetall for lightweight titanium components destined for US Army heavy ground combat systems.

The company reported a cash balance of $65.8 million as of Dec. 31, 2025.

The company has to date been reimbursed $13.3 million out of the $59.8 million awarded in US Government grants, while a balance of $46.5 million remains available for future reimbursement to support ongoing operations and expansion.