Titan Definitive Feasibility Study Provides Management Another Path For Value Creation. We Increase our PT to $55 (from $40)

Research evidence excerpt

Titan Definitive Feasibility Study Provides Management Another Path For Value Creation. We Increase our PT to $55 (from $40)

Investment Thesis

IPX is a Titanium manufacturer who is currently in the process of expanding its manufacturing facility in Virginia. IPX plans to utilize

their patented HAMR and HSPT technologies to provide an eco-friendly, energy efficient and low cost Titanium manufacturingENERGY process. We expect IPX to continue expanding its manufacturing capacity with the support of the US government helping accelerate

this process. We also expect IPX to remain opportunistic with its Titan Project Titanium mine in Tennessee.

Upcoming Catalysts Price Performance

■ Expansion to ~1.4k tpa at their Virginia Manufacturing Plant $65

■ Additional off-take agreements $60TRANSITION

■ FID on the Titan Project $55

■ Economies of Scale bringing down cost of production $50

$45

$40

$35EQUITY

$30 Base Case Assumptions: $55 Price Target

$25

Our base case assumes that IPX is able to scale to the ~1.4k tpa in 2027 with minimal $20

capital requirements owing to the DoW funding granted to IPX. Our base case also Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 assumes that beyond the ~1.4k tpa, IPX begins to make progress towards scaling to

~10k tpa which will help them achieve economies of scale and lower production costs. IPXS&P 500 (rebased)

Source: FactSetRESEARCH Lastly, our base case assumes IPX continues to progress with the Titan Project and

opportunistically monitors the best way to proceed with the project.

Company Description

Upside Scenario IPX is a Titanium metal company

Our upside scenario assumes that IPX is able to get to a manufacturing capacity using patented technologies to produce