Companies / IPX

IPERIONX LIMITED

ASX:IPXMaterials
362.2M shares on issueASX (delayed) · snapshot 11 Sept 2026381.2M fully diluted+5.2% if every option and right converts$2.85price · delayed$1.03Bmarket cap · indicative

Today’s holders own 95.0% of what they think they own, once every option and right converts.

Moderate
Dilution risk

Share count grew 39% in 24 months; 3 cash raises in 24 months; runway 4–8 quarters

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway5.5 quarters of funding
Share-count growth (24m)38.8%
Raise cadence (24m)3 cash raises
Options & rights overhang5.2% of shares
In-the-money supplyno data — an exercise price is on record for a minority of the supply
Pending proposed issuesnone

IPERIONX LIMITED's ordinary share count increased by 38.8% between July 2024 and July 2026, reaching 362M shares. In the past 24 months, the company has raised capital three times for a total of A$220.0M, with the latest being a A$50.0M Public Offering (ADS) in July 2026. Options and rights on issue represent potential new shares equal to 5.2% of the current share count, with the nearest expiry in December 2026; none are currently in the money. As of the June 2026 quarter, IPERIONX LIMITED reported A$110.0M in available cash, which provides approximately 5.5 quarters of funding. No proposed securities issues are pending.

AI-generated summary of this page's cited filings · updated 11 Sept 2026
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5.2%
Options & rights overhang
—
In-the-money supply · most strikes not on record
1
Raises · last 12 months
5.5 qtrs
Cash cover · over 4 quarters

Shares on issue — last 2 years

Ordinary shares on issue
Weekly counts from ASX records. Dots mark cash capital raises. Latest count 362.2M per ASX (delayed) (snapshot 11 Sept 2026).
300M325M350MDec 24Oct 25Sept 26Cash raise · 8 July 2026Cash raise · 18 July 2025362.2M

Cash runway

5.5 qtrs
More than four quarters of funding at the recent spend rate.
Funds operations to about Oct 2027 at the reported spend rate.
$109.8M cash after burn from the quarter ended 30 June 2026 · Runway is computed from Appendix 4C/5B filings and announced raise proceeds. Filed with the quarterly report: $51.3M cash at quarter end (item 4.6), 3.0 qtrs of funding on the company’s own estimate. Our figure above carries the filed quarter-end balance forward at the reported spend rate and adds announced raise proceeds.
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11 quarters on record — Cash runway history
Quarterly cash, net spend and cover trend from every Appendix 4C/5B on record up to 30 June 2026.
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Issuance timeline

Latest 5 filings (Appendix 2A quoted issues, 3G unquoted, 3H cancellations)

DateFormSecurityOn issue, per this filingSource
7 Aug 20263G · unquotedORDINARY FULLY PAID362.2MAppendix 3G
15 July 20262A · quoted issueIPX : ORDINARY FULLY PAID362.2MAppendix 2A
8 July 20262A · quoted issueIPX : ORDINARY FULLY PAID362.1MAppendix 2A
17 June 20263H · cancellationIPX : ORDINARY FULLY PAID339.4MAppendix 3H
24 Apr 20263H · cancellationIPX : ORDINARY FULLY PAID339.4MAppendix 3H
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56 filings on record — Full issuance history
Every quoted and unquoted issue and cancellation on record, plus unquoted securities (Appendix 4.2).
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Capital raises

3 cash raises in the last 24 months · 1 in the last 12 months

every 10.3 monthsaverage gap between raises
2.2 monthssince the most recent
16 Oct 2024 – 8 July 2026first to most recent in this window
$71.6M
Public Offering (ADS)
8 July 2026 COMPLETE
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9 raises on record — Full raise history
Issue price, shares issued, brokers and stated purpose for every raise on record.
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Forward supply

Every dated event on record that could add securities to the register — option expiries to their stated dates and proposed issues over the next 18 months, on one timeline.

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12 dated events on record — Forward supply calendar
Option expiries and proposed issues on one forward timeline, with the securities each could add.
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Placement capacity

How much stock a company can place without asking holders. Listing Rule 7.1 allows 15% of ordinary securities in any 12 months, and every Appendix 3B states how much of it an issue uses.

About 55% of the 15% placement capacity left — about 45% used by Appendix 3B filings in the last 12 months (estimate, as at 2026-09-12). Holder-approved issues and any later ratification are not deducted, so the true headroom can be higher.
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Placement capacity — LR 7.1 / 7.1A
The filings behind the figure: every Appendix 3B in the window with what it says was issued under 7.1 and 7.1A, each row linked to its filing, and how many shares are left.
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Pending proposed issues

No proposed issues (Appendix 3B) currently pending.

Options & convertible securities

5.2%
Options & rights overhang · of current shares
—
In-the-money supply · most strikes not on record
18.9M
Potential new shares
Dec 2026
Nearest expiry
What this supply is, and what converts it
  • Price-triggered7.7M · 2.1% of shares
    Options and warrants — they convert when the share price clears their exercise price.
  • Condition-triggered11.2M · 3.1% of shares
    Performance and incentive rights — they convert when a hurdle is met, not at a price, and can lapse to nothing.

Exercise price on record: 7.7M priced, 11.2M where the filing never states one. A security with no exercise price is never counted in the money — nothing is paid to convert it, so there is no price for it to be above.

Each figure is the filing’s own count of securities, not a share count — a 2A never states what one security converts into.

What a price move would switch on
9.5M18.9M$2.85 now0.25× today ($0.71) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($1.43) — 0 of the priced supply in the money, 0.0% of shares on issue0.75× today ($2.14) — 0 of the priced supply in the money, 0.0% of shares on issue1× today ($2.85) — 0 of the priced supply in the money, 0.0% of shares on issue1.25× today ($3.56) — 0 of the priced supply in the money, 0.0% of shares on issue1.5× today ($4.28) — 0 of the priced supply in the money, 0.0% of shares on issue2× today ($5.70) — 1.4M of the priced supply in the money, 0.4% of shares on issue3× today ($8.55) — 2.7M of the priced supply in the money, 0.7% of shares on issue5× today ($14.25) — 4.4M of the priced supply in the money, 1.2% of shares on issue10× today ($28.50) — 7.7M of the priced supply in the money, 2.1% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

An exercise price is on record for only 40.7% of this supply, so what is in the money today is not a measurement — the tile above reads “—” for that reason. Of the priced supply, 0 is in the money at $2.85 today. At double today’s price it is 1.4M (0.4% of shares).

  • Priced supply in the money at the price on the axis — the curve, and the only thing on it. Ten prices, sampled: between two of them the true figure lies between the two.
  • 11.2M (59.3% of the supply above) states no exercise price at all. It cannot be called in or out of the money at any price, which is why it is hatched rather than plotted.
CodeSecurityTypeExercise priceExpiryOn issueSource
IPXAWPerformance rightsCondition-triggered—31 Dec 202630kFiling Meeting
IPXAAOptionsPrice-triggered$10.001 Apr 2027235kFiling
IPXAACOptionsPrice-triggered$8.0030 June 20271.3MFiling
IPXAABPerformance rightsCondition-triggered—31 Dec 2027445kFiling Meeting
IPXAAAPerformance rightsCondition-triggered—21 Dec 20282.4MFiling Meeting
IPXAADOptionsPrice-triggered$5.0010 Apr 20291.4MFiling
IPXABOptionsPrice-triggered$11.002 Apr 2030512kFiling
—OptionsPrice-triggered$11.005 Aug 2030947kFiling
IPXAEPerformance rightsCondition-triggered—2 Apr 2031660kFiling Meeting
IPXACOptionsPrice-triggered$18.002 Apr 20311.6MFiling
IPXADOptionsPrice-triggered$22.002 Apr 20311.8MFiling
IPXAAEPerformance rightsCondition-triggered—10 Apr 20313.5MFiling Meeting
IPXAP—Condition-triggered——4.2MFiling Meeting

“Nil” is a stated nil exercise price: nothing is paid to convert. An em dash means the filing names no exercise price at all. Security is read from the filing’s own class description; an em dash there means the description is not one this table labels. One row is one security class, at the number stated in the most recent quotation application that restated it — linked, and dated, in the last column.

A condition-triggered class has no exercise price and usually no expiry: what it vests on is set by a shareholder resolution, not by the register. Where the company lodged a notice of meeting before the class first appears here, it is linked as “Meeting” — that is where terms of this kind are put to shareholders. It is not confirmation that the document sets this class’s conditions, and no link appears where there is no such filing.

3 classes ceased in the last 12 months and are not counted above
The company’s own Appendix 2A restates each of these at zero. They are excluded from the overhang, the in-the-money supply and every figure on this page. Each count is the filing’s own count of securities in the class, not a share count — a 2A never states what one security converts into.
  • IPXAYPrice-triggered106k securities → 015 July 2026 Appendix 2A
  • IPXASCondition-triggered260k securities → 03 Feb 2026 Appendix 2A
  • IPXAICondition-triggered19.8M securities → 023 Dec 2025 Appendix 2A
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13 option lines on record — In-the-money value & price ladder
What each line is worth in the money today, the price ladder to the next tranche that converts, and the filing description behind every code.
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Director dealings

DateDirectorTypeSharesOptionsOtherValueSource
15 July 2026Beverly M. WyseOther106k106k—$92k3Y notice
14 July 2026R. Tony TripenyBuy on-market38k——$100k3Y notice
10 July 2026Anastasios ARIMABuy on-market139k——$497k3Y notice
10 July 2026Lorraine M. MartinBuy on-market——4k$100k3Y notice
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41 notices on record — Full dealing history
Every change-of-director's-interest notice on record, with direction and consideration.
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Ownership

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Top-20 holders & substantial holder notices
Top-20 register snapshot and substantial-holder movements, each linked to its source notice.
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Latest announcements

3 Sept 2026Change in substantial holding
30 Aug 2026$PIperionX Secures up to US$25.4m for U.S. Army Task Order
18 Aug 2026Change in substantial holding
10 Aug 2026Becoming a substantial holder
7 Aug 2026Notification regarding unquoted securities - IPX
7 Aug 2026Initial Director's Interest Notice
6 Aug 2026Change in substantial holding
4 Aug 2026Company Presentation
2 Aug 2026$PIperionX Advances US Titanium Growth, Plans Redomiciliation
31 July 2026IperionX Webinar - Investor Update
29 July 2026$PJune 2026 Quarterly Report
21 July 2026Change in substantial holding
15 July 2026Change of Director's Interest Notice x 2
15 July 2026Notice under Section 708A
15 July 2026Application for quotation of securities - IPX
13 July 2026Change of Director's Interest Notice x 3
12 July 2026Change in substantial holding
12 July 2026Ceasing to be a substantial holder
9 July 2026Prospectus Supplement to Shelf Registration Statement
8 July 2026Notice under Section 708A

Headlines link to the source PDFs on the ASX announcements platform. Data as of 12 Sept 2026.