IperionX (ASX:IPX) agreed to acquire certain key assets associated with Covia Solutions' silica sand operation in Camden for $3 million, with the assets located adjacent to its Titan project in Tennessee, according to a Monday Australian bourse filing.

The company said the Camden assets have the potential to be synergistic with Titan by adding feedstock optionality and reduced development complexity, with the assets including mineral rights, existing stockpiles, mining and processing equipment, a rail spur, about 1,400 acres of owned property, and about 1,400 acres of leased property, with access to established power, water, and gas infrastructure.

Camden is located in the McNairy Formation geological system, proven to be rich in monazite and xenotime, heavy rare earth minerals typically rich in dysprosium, terbium, and yttrium, with a combined Titan-Camden platform having the potential to underpin domestic supply chains for heavy rare earths, titanium, and zircon, the filing added.

IperionX plans to advance stockpile surveys, drilling, sampling, mineralogical analysis, metallurgical test work, and integration and project development studies, it added.

The company's shares rose 9% in recent Monday trade.