IperionX (ASX:IPX) received the final $4.6 million under the company's $47.1 million award from the US Department of War (DoW) through its Industrial Base Analysis and Sustainment program, according to a Friday filing with the Australian bourse.
Funds will be used to scale up titanium production and advanced manufacturing capacity at the company's Virginia manufacturing campus, the filing said.
The US Government also transferred around 290 metric tons of titanium alloy scrap metal to the company at no cost, per the filing.
Shares rose nearly 2% in morning trade Friday.
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