Document and Entity Information
Document and Entity Information | 6 Months Ended |
Dec. 31, 2022 | |
Cover [Abstract] | |
Entity Registrant Name | IPERIONX Ltd |
Entity Central Index Key | 0001898601 |
Current Fiscal Year End Date | --06-30 |
Document Type | 6-K |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2022 |
Condensed Consolidated Statemen
Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income - USD ($) | 6 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Continuing operations | ||
Exploration and evaluation expenses | $ (1,517,474) | $ (2,734,807) |
Research and development costs | (2,099,309) | (696,715) |
Corporate and administrative expenses | (2,161,671) | (998,378) |
Business development expenses | (1,333,073) | (1,501,724) |
Share-based payment expense | (1,566,231) | (4,764,135) |
Finance income | 198,282 | 157,435 |
Finance costs | (30,717) | (23,831) |
Other income and expenses | (243,884) | 0 |
Loss before income tax | (8,754,077) | (10,562,155) |
Income tax expense | 0 | 0 |
Loss for the period | (8,754,077) | (10,562,155) |
Loss attributable to members of IperionX Limited | (8,754,077) | (10,562,155) |
Items that may be reclassified subsequently to profit or loss: | ||
Exchange differences arising on translation of foreign operations | (102,645) | (232,068) |
Other comprehensive loss for the period, net of tax | (102,645) | (232,068) |
Total comprehensive loss for the period | (8,856,722) | (10,794,223) |
Total comprehensive loss attributable to members of IperionX Limited | $ (8,856,722) | $ (10,794,223) |
Loss per share | ||
Basic loss per share (in dollars per share) | $ (0.06) | $ (0.08) |
Diluted loss per share (in dollars per share) | $ (0.06) | $ (0.08) |
Condensed Consolidated Statem_2
Condensed Consolidated Statement of Financial Position - USD ($) | Dec. 31, 2022 | Jun. 30, 2022 |
Current Assets | ||
Cash and cash equivalents | $ 11,438,526 | $ 5,672,551 |
Trade and other receivables | 84,477 | 22,540 |
Prepayments | 255,149 | 144,183 |
Total Current Assets | 11,778,152 | 5,839,274 |
Non-Current Assets | ||
Exploration and evaluation assets | 2,849,429 | 2,431,229 |
Property, plant and equipment | 3,369,099 | 1,387,986 |
Financial assets | 0 | 250,000 |
Total Non-Current Assets | 6,218,528 | 4,069,215 |
TOTAL ASSETS | 17,996,680 | 9,908,489 |
Current Liabilities | ||
Trade and other payables | 1,468,271 | 1,899,348 |
Loans and borrowings | 363,860 | 134,247 |
Provisions | 0 | 46,392 |
Total Current Liabilities | 1,832,131 | 2,079,987 |
Non-Current Liabilities | ||
Loans and borrowings | 788,591 | 408,783 |
Total Non-Current Liabilities | 788,591 | 408,783 |
TOTAL LIABILITIES | 2,620,722 | 2,488,770 |
NET ASSETS | 15,375,958 | 7,419,719 |
EQUITY | ||
Contributed equity | 44,914,632 | 29,782,268 |
Reserves | 13,967,477 | 12,389,525 |
Accumulated losses | (43,506,151) | (34,752,074) |
TOTAL EQUITY | $ 15,375,958 | $ 7,419,719 |
Condensed Consolidated Statem_3
Condensed Consolidated Statement of Changes in Equity - USD ($) | Total | Contributed Equity [Member] | Share-Based Payments Reserve [Member] | Foreign Currency Translation Reserve [Member] | Accumulated Losses [Member] |
Beginning balance at Jun. 30, 2021 | $ 1,760,120 | $ 10,255,369 | $ 4,738,007 | $ (2,419) | $ (13,230,837) |
Changes in equity | |||||
Net loss for the period | (10,562,155) | 0 | 0 | 0 | (10,562,155) |
Exchange differences arising on translation of foreign operations | (232,068) | 0 | 0 | (232,068) | 0 |
Total comprehensive loss for the period | (10,794,223) | 0 | 0 | (232,068) | (10,562,155) |
Issue of shares - share placement | 17,604,000 | 17,604,000 | 0 | 0 | 0 |
Issue of shares - exercise of options | 2,146,737 | 2,239,216 | (92,479) | 0 | 0 |
Share issue costs | (428,812) | (428,812) | 0 | 0 | 0 |
Share-based payment expense | 4,764,135 | 0 | 4,764,135 | 0 | 0 |
Ending balance at Dec. 31, 2021 | 15,051,957 | 29,669,773 | 9,409,663 | (234,487) | (23,792,992) |
Beginning balance at Jun. 30, 2022 | 7,419,719 | 29,782,268 | 12,985,856 | (596,331) | (34,752,074) |
Changes in equity | |||||
Net loss for the period | (8,754,077) | 0 | 0 | 0 | (8,754,077) |
Exchange differences arising on translation of foreign operations | (102,645) | 0 | 0 | (102,645) | 0 |
Total comprehensive loss for the period | (8,856,722) | 0 | 0 | (102,645) | (8,754,077) |
Issue of shares - share placement | 16,117,800 | 16,117,800 | 0 | 0 | 0 |
Issue of shares - exercise of options | 121,270 | 194,205 | (72,935) | 0 | 0 |
Issue of shares - conversion of RSUs | 0 | 167,487 | (167,487) | 0 | 0 |
Share issue costs | (992,340) | (1,347,128) | 354,788 | 0 | 0 |
Share-based payment expense | 1,566,231 | 0 | 1,566,231 | 0 | 0 |
Ending balance at Dec. 31, 2022 | $ 15,375,958 | $ 44,914,632 | $ 14,666,453 | $ (698,976) | $ (43,506,151) |
Condensed Consolidated Statem_4
Condensed Consolidated Statement of Cash Flows - USD ($) | 6 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities | ||
Payments to suppliers and employees | $ (7,625,235) | $ (5,892,972) |
Interest received | 46,412 | 14,716 |
Interest paid | (12,137) | (22,688) |
Net cash flows used in operating activities | (7,590,960) | (5,900,944) |
Cash flows from investing activities | ||
Purchase of exploration and evaluation assets | (418,200) | (380,975) |
Purchase of property, plant and equipment | (1,179,703) | (113,890) |
Purchase of financial assets | 0 | (250,000) |
Net cash flows used in investing activities | (1,597,903) | (744,865) |
Cash flows from financing activities | ||
Proceeds from issue of shares | 16,239,070 | 19,750,737 |
Share issue costs | (992,340) | (428,812) |
Repayment of borrowings | (2,751) | 0 |
Payment of principal portion of lease liabilities | (338,366) | (26,626) |
Net cash flows from financing activities | 14,905,613 | 19,295,299 |
Net increase in cash and cash equivalents | 5,716,750 | 12,649,490 |
Net foreign exchange differences | 49,225 | (91,036) |
Cash and cash equivalents at the beginning of the period | 5,672,551 | 1,697,905 |
Cash and cash equivalents at the end of the period | $ 11,438,526 | $ 14,256,359 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Dec. 31, 2022 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Corporate information IperionX Limited (“IperionX” or “Company”) is a for-profit company limited by shares, incorporated and domiciled in Australia. Our registered office is located at Level 9, 28 The Esplanade, Perth, Western Australia, 6000. Our ordinary shares are listed on the Australian Securities Exchange, or ASX, under the symbol “IPX”, and our American Depository Shares, or ADSs, each representing ten (10) of our ordinary shares, are listed on the Nasdaq Capital Market, or Nasdaq, under the symbol “IPX”. The principal activities of the Group during the six months ended December 31, 2022 consisted of the exploration and development of minerals and metals in the United States. The unaudited interim condensed consolidated financial statements of IperionX and its subsidiaries (the “Consolidated Entity” or the “Group”) for the six months ended December 31, 2022 (the “Interim Financial Statements”) were authorised for issue in accordance with a resolution of the Directors on March 14, 2023. Basis of preparation The Interim Financial Statements have been prepared in accordance with International Accounting Standard 34 Interim Financial Reporting International Accounting Standard Board (“IASB”) The Interim Financial Statements do not include all the notes of the type normally included in annual financial statements and are not necessarily indicative of the results of operations and cash flows expected for the year ended June 30, 2023. Accordingly, the Interim Financial Statements are to be read in conjunction with the annual consolidated financial statements of the Group for the year ended June 30, 2022. In the opinion of management, the accompanying Interim Financial Statements reflect all adjustments consisting only of normal recurring adjustments, which are necessary for a fair presentation of the financial results of such period. The financial report has been prepared on a historical cost basis and is presented in United States dollars ($). The accounting policies and methods of computation adopted in the preparation of the Interim Financial Statements are consistent with those adopted and disclosed in the annual consolidated financial statements of the Group for the year ended June 30, 2022, except as disclosed below. These accounting policies are consistent with Australian Accounting Standards. Going concern The interim financial statements have been prepared on the going concern basis, which contemplates the continuity of normal business activity and the realization of assets and the settlement of liabilities in the normal course of business. The Group had net cash outflows from operating and investing activities of US$9,188,863 for the six months ended December 31, 2022 (December 31, 2021: US$6,645,809). At December 31, 2022, the Group had cash and cash equivalents of US$11,438,526 (December 31, 2021: US$14,256,359). The ongoing operation of the Group remains dependent upon raising further additional funding from shareholders or other parties. In light of the future expenditures to be incurred in executing on the Group’s current strategic plans to commercialize the Group’s titanium metal technologies and develop economically recoverable mineral deposits from the Group’s exploration properties, the Group is dependent on obtaining financing through equity financing, debt financing or other means. In the longer term, if the Group’s exploration, appraisal, and pilot activities are ultimately successful, additional funds will be required to develop the Group’s titanium metal technologies and exploration properties and commence commercial production. The ability to arrange such funding in the future will depend in part upon the prevailing capital market conditions as well as the business performance of the Group. There is no assurance that the Group will be successful in its efforts to raise additional funding on terms satisfactory to the Group. If the Group does not obtain additional funding, the Group may be required to delay, reduce the scope of, or eliminate its current or future exploration, appraisal, and pilot activities or relinquish rights to certain of its interests. As a result of these matters, there is a material uncertainty that may cast substantial doubt about the Group’s ability to continue as a going concern and therefore the Group may be unable to realize its assets and discharge its liabilities in the normal course of business. However, the Directors are confident that the Group will be able to raise additional funds as required to meet its obligations as and when they fall due and are of the opinion that the use of the going concern basis remains appropriate. Comparative information The Group has updated the classification of expenses to make the Statement of Profit or Loss and other Comprehensive Income more relevant to users of the financial statements. This has resulted in the reclassification of some expenses in the prior period, however, has not impacted the reported loss for the prior period or earnings per share. New and amended standards and interpretations In the current period, the Group has adopted all of the new and revised standards, interpretations and amendments that are relevant to its operations and effective for annual reporting periods beginning on or after July 1, 2022. The new standards have not had a material effect on the Group’s financial statements. The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 6 Months Ended |
Dec. 31, 2022 | |
SEGMENT INFORMATION [Abstract] | |
SEGMENT INFORMATION | 2. SEGMENT INFORMATION IFRS 8 Operating Segments The Consolidated Entity operates in one segment, being exploration and development of minerals and metals in the United States. |
DIVIDENDS PAID OR PROVIDED FOR
DIVIDENDS PAID OR PROVIDED FOR | 6 Months Ended |
Dec. 31, 2022 | |
DIVIDENDS PAID OR PROVIDED FOR [Abstract] | |
DIVIDENDS PAID OR PROVIDED FOR | 3. DIVIDENDS PAID OR PROVIDED FO R ON ORDINARY SHARES No dividend has been paid or provided for during the six months ended December 31, 2022 (December 31, 2021: nil |
EXPLORATION AND EVALUATION ASSE
EXPLORATION AND EVALUATION ASSETS | 6 Months Ended |
Dec. 31, 2022 | |
EXPLORATION AND EVALUATION ASSETS [Abstract] | |
EXPLORATION AND EVALUATION ASSETS | 4. EXPLORATION AND EVALUATION ASSETS Titan Project US$ December 31, 2022 Carrying value at July 1, 2022 2,431,229 Additions 418,200 Carrying amount at December 31, 2022 (1) 2,849,429 June 30, 2022 Carrying value at July 1, 2021 504,750 Additions 1,926,479 Carrying amount at June 30, 2022 (1) 2,431,229 Notes: (1) The ultimate recoupment of costs carried forward for exploration and evaluation is dependent on the successful development and commercial exploitation or sale of the respective areas of interest. |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 6 Months Ended |
Dec. 31, 2022 | |
PROPERTY, PLANT AND EQUIPMENT [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT | 5. PROPERTY, PLANT AND EQUIPMENT Plant and equipment US$ Right-of-use assets US$ Total US$ December 31, 2022 Carrying value at July 1, 2022 922,118 465,868 1,387,986 Additions 1,179,703 950,537 2,130,240 Depreciation (33,802 ) (115,325 ) (149,127 ) Carrying amount at December 31, 2022 2,068,019 1,301,080 3,369,099 - at cost 2,136,508 1,543,876 3,680,384 - accumulated depreciation (68,489 ) (242,796 ) (311,285 ) June 30, 2022 Carrying value at July 1, 2021 65,858 473,761 539,619 Additions 889,988 140,188 1,030,176 Lease modifications - (28,375 ) (28,375 ) Depreciation (33,728 ) (119,706 ) (153,434 ) Carrying amount at June 30, 2022 922,118 465,868 1,387,986 - at cost 956,805 593,339 1,550,144 - accumulated depreciation (34,687 ) (127,471 ) (162,158 ) |
TRADE AND OTHER PAYABLES
TRADE AND OTHER PAYABLES | 6 Months Ended |
Dec. 31, 2022 | |
TRADE AND OTHER PAYABLES [Abstract] | |
TRADE AND OTHER PAYABLES | 6. TRADE AND OTHER PAYABLES December 31, 2022 US$ June 30, 2022 US$ Current Trade payables 357,937 1,677,757 Accruals 395,508 196,450 Employee benefits 714,826 25,141 Total trade and other payables 1,468,271 1,899,348 |
LOANS AND BORROWINGS
LOANS AND BORROWINGS | 6 Months Ended |
Dec. 31, 2022 | |
LOANS AND BORROWINGS [Abstract] | |
LOANS AND BORROWINGS | 7. LOANS AND BORROWINGS December 31, 2022 US$ June 30, 2022 US$ Current Lease liabilities 358,112 128,653 Other loans and borrowings 5,748 5,594 Total current loans and borrowings 363,860 134,247 Non-current Lease liabilities 760,633 377,920 Other loans and borrowings 27,958 30,863 Total non-current loans and borrowings 788,591 408,783 Total loans and borrowings 1,152,451 543,030 |
CONTRIBUTED EQUITY
CONTRIBUTED EQUITY | 6 Months Ended |
Dec. 31, 2022 | |
CONTRIBUTED EQUITY [Abstract] | |
CONTRIBUTED EQUITY | 8. CONTRIBUTED EQUITY Issued capital December 31, 2022 US$ June 30, 2022 US$ 171,225,492 140,288,491 44,914,632 29,782,268 44,914,632 29,782,268 Movements in issued capital No. of Ordinary Shares No. of Class A Performance Shares No. of Class B Performance Shares US$ December 31, 2022 Opening balance at July 1, 2022 140,288,491 19,800,000 19,800,000 29,782,268 Issue of shares - share placement 30,000,000 - - 16,117,800 Issue of shares - exercise of options 737,000 - - 194,205 Conversion of RSUs 200,001 - - 167,487 Share issue costs - - - (1,347,128 ) Closing balance at December 31, 2022 171,225,492 19,800,000 19,800,000 44,914,632 December 31, 2021 Opening balance at July 1, 2021 105,105,787 19,800,000 19,800,000 10,255,369 Issue of shares - share placement 20,000,000 - - 17,604,000 Issue of shares - exercise of options 14,382,704 - - 2,239,216 Share issue costs - - - (428,812 ) Closing balance at December 31, 2021 139,488,491 19,800,000 19,800,000 29,669,773 |
RESERVES
RESERVES | 6 Months Ended |
Dec. 31, 2022 | |
RESERVES [Abstract] | |
RESERVES | 9. RESERVES Reserves December 31, 2022 US$ June 30, 2022 US$ Share based payments reserve 14,666,453 12,985,856 Foreign currency translation reserve (698,976 ) (596,331 ) Total reserves 13,967,477 12,389,525 Movements in share based payments reserve No. of Listed Options No. of Unlisted Options No. of Performance Rights No. of RSUs US$ December 31, 2022 Opening balance at July 1, 2022 - 23,824,000 27,620,000 600,000 12,985,856 Grant of employee incentive securities - 424,372 1,135,000 424,372 - Exercise of options - (737,000 ) - - (72,935 ) Conversion of RSUs - - - (200,001 ) (167,487 ) Grant of options to advisor - 1,000,000 - - 354,788 Share-based payments expense - - - - 1,566,231 Closing balance at December 31, 2022 - 24,511,372 28,755,000 824,371 14,666,453 December 31, 2021 Opening balance at July 1, 2021 12,624,214 25,800,000 16,325,000 - 4,738,007 Grant of employee incentive securities - 600,000 8,990,000 600,000 - Exercise of options (12,606,704 ) (1,776,000 ) - - (92,479 ) Expiry of options (17,510 ) - - - - Share-based payments expense - - - - 4,764,135 Closing balance at December 31, 2021 - 24,624,000 25,315,000 600,000 9,409,663 |
SUBSIDIARIES
SUBSIDIARIES | 6 Months Ended |
Dec. 31, 2022 | |
SUBSIDIARIES [Abstract] | |
SUBSIDIARIES | 10. SUBSIDIARIES Equity Interest Country of Incorporation December 31, 2022 % June 30, 2022 % IperionX Inc. USA 100 % 100 % IperionX Critical Minerals, LLC USA 100 % 100 % IperionX Technology, LLC USA 100 % 100 % Hyperion Metals (Australia) Pty Ltd Australia 100 % 100 % Calatos Pty Ltd, LLC USA 100 % 100 % |
CONTINGENT ASSETS AND LIABILITI
CONTINGENT ASSETS AND LIABILITIES | 6 Months Ended |
Dec. 31, 2022 | |
CONTINGENT ASSETS AND LIABILITIES [Abstract] | |
CONTINGENT ASSETS AND LIABILITIES | 11. CONTINGENT ASSETS AND LIABILITIES Titan Project At December 31, 2022, the Group had entered into exclusive option agreements with local landowners in Tennessee, United States, in relation to its Titan Project, which upon exercise, allows the Group to lease or, in some cases purchase, approximately 11,071 acres of surface property and the associated mineral rights from the local landowners. During the option period, our option agreements provide us with exclusive right to access, enter, occupy and use the surface property for all purposes related to exploring for and evaluating all minerals in return for making annual option payments and bonus payments during periods when we conduct drilling. Upon exercise, in the case of an option to lease, the Company will pay a production royalty to the landowners, subject to a minimum royalty. Upon exercise, in the case of a purchase, the Company will pay cash consideration approximating the fair market value of the property, excluding the value of any minerals, plus a premium. Blacksand At December 31, 2022, the Group had an exclusive option to purchase certain assets (including all intellectual property rights) of Blacksand Technology, LLC (“Blacksand”). Blacksand holds the exclusive commercial licensing rights for more than 40 global patents through a license agreement with the University of Utah including the global patents for patented technologies that can produce low-cost and low-carbon titanium metal. IperionX can exercise its option any time prior to 31 December 2024 (“Option Period”). As consideration for the option, IperionX shall make option payments to Blacksand totalling US$6,000,000 during the Option Period (US$1,500,000 payable in each of January 2023, July 2023, January 2024 and July 2024). If IperionX chooses to exercise its option, IperionX shall pay Blacksand: (1) any option payments that have not been paid at the date of exercise; and (2) an additional US$6,000,000. Subject to shareholder approval, IperionX may elect to satisfy 30% of the total purchase price through the issue of shares in IperionX. IperionX shall also commit to donate US$1,000,000 to establish an endowed chair professorship at the University of Utah in Dr. Fang’s name. If net sales from the acquired assets exceed US$300,000,000, then IperionX shall pay Blacksand a royalty equal to 0.5% of net sales in excess of US$300,000,000 for the life of the licensed patents. If IperionX chooses not to exercise its option, IperionX retains options to licence key technologies from Blacksand, including HAMR and GSD technologies that can produce low-cost and low-carbon titanium metal, for consideration comprising a license fee and a royalty. |
SUBSEQUENT EVENTS AFTER BALANCE
SUBSEQUENT EVENTS AFTER BALANCE DATE | 6 Months Ended |
Dec. 31, 2022 | |
SUBSEQUENT EVENTS AFTER BALANCE DATE [Abstract] | |
SUBSEQUENT EVENTS AFTER BALANCE DATE [Text Block] | 12. SUBSEQUENT EVENTS AFTER BALANCE DATE (a) On January 18, 2023, IperionX announced that it was the winner of the U.S. Department of Defense’s National Security Innovation Network (“NSIN”) Air Force Research Laboratory (“AFRL”) Grand Challenge contract. The winner of the Grand Challenge is eligible for a contract award up to US$500,000 across four phases. Other than as outlined above, at the date of this report there are no other significant events occurring after balance date requiring disclosure. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Dec. 31, 2022 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
Corporate information | Corporate information IperionX Limited (“IperionX” or “Company”) is a for-profit company limited by shares, incorporated and domiciled in Australia. Our registered office is located at Level 9, 28 The Esplanade, Perth, Western Australia, 6000. Our ordinary shares are listed on the Australian Securities Exchange, or ASX, under the symbol “IPX”, and our American Depository Shares, or ADSs, each representing ten (10) of our ordinary shares, are listed on the Nasdaq Capital Market, or Nasdaq, under the symbol “IPX”. The principal activities of the Group during the six months ended December 31, 2022 consisted of the exploration and development of minerals and metals in the United States. The unaudited interim condensed consolidated financial statements of IperionX and its subsidiaries (the “Consolidated Entity” or the “Group”) for the six months ended December 31, 2022 (the “Interim Financial Statements”) were authorised for issue in accordance with a resolution of the Directors on March 14, 2023. |
Basis of preparation | Basis of preparation The Interim Financial Statements have been prepared in accordance with International Accounting Standard 34 Interim Financial Reporting International Accounting Standard Board (“IASB”) The Interim Financial Statements do not include all the notes of the type normally included in annual financial statements and are not necessarily indicative of the results of operations and cash flows expected for the year ended June 30, 2023. Accordingly, the Interim Financial Statements are to be read in conjunction with the annual consolidated financial statements of the Group for the year ended June 30, 2022. In the opinion of management, the accompanying Interim Financial Statements reflect all adjustments consisting only of normal recurring adjustments, which are necessary for a fair presentation of the financial results of such period. The financial report has been prepared on a historical cost basis and is presented in United States dollars ($). The accounting policies and methods of computation adopted in the preparation of the Interim Financial Statements are consistent with those adopted and disclosed in the annual consolidated financial statements of the Group for the year ended June 30, 2022, except as disclosed below. These accounting policies are consistent with Australian Accounting Standards. Going concern The interim financial statements have been prepared on the going concern basis, which contemplates the continuity of normal business activity and the realization of assets and the settlement of liabilities in the normal course of business. The Group had net cash outflows from operating and investing activities of US$9,188,863 for the six months ended December 31, 2022 (December 31, 2021: US$6,645,809). At December 31, 2022, the Group had cash and cash equivalents of US$11,438,526 (December 31, 2021: US$14,256,359). The ongoing operation of the Group remains dependent upon raising further additional funding from shareholders or other parties. In light of the future expenditures to be incurred in executing on the Group’s current strategic plans to commercialize the Group’s titanium metal technologies and develop economically recoverable mineral deposits from the Group’s exploration properties, the Group is dependent on obtaining financing through equity financing, debt financing or other means. In the longer term, if the Group’s exploration, appraisal, and pilot activities are ultimately successful, additional funds will be required to develop the Group’s titanium metal technologies and exploration properties and commence commercial production. The ability to arrange such funding in the future will depend in part upon the prevailing capital market conditions as well as the business performance of the Group. There is no assurance that the Group will be successful in its efforts to raise additional funding on terms satisfactory to the Group. If the Group does not obtain additional funding, the Group may be required to delay, reduce the scope of, or eliminate its current or future exploration, appraisal, and pilot activities or relinquish rights to certain of its interests. As a result of these matters, there is a material uncertainty that may cast substantial doubt about the Group’s ability to continue as a going concern and therefore the Group may be unable to realize its assets and discharge its liabilities in the normal course of business. However, the Directors are confident that the Group will be able to raise additional funds as required to meet its obligations as and when they fall due and are of the opinion that the use of the going concern basis remains appropriate. Comparative information The Group has updated the classification of expenses to make the Statement of Profit or Loss and other Comprehensive Income more relevant to users of the financial statements. This has resulted in the reclassification of some expenses in the prior period, however, has not impacted the reported loss for the prior period or earnings per share. |
New and amended standards and interpretations | New and amended standards and interpretations In the current period, the Group has adopted all of the new and revised standards, interpretations and amendments that are relevant to its operations and effective for annual reporting periods beginning on or after July 1, 2022. The new standards have not had a material effect on the Group’s financial statements. The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective. |
EXPLORATION AND EVALUATION AS_2
EXPLORATION AND EVALUATION ASSETS (Tables) | 6 Months Ended |
Dec. 31, 2022 | |
EXPLORATION AND EVALUATION ASSETS [Abstract] | |
Exploration and Evaluation Assets | Titan Project US$ December 31, 2022 Carrying value at July 1, 2022 2,431,229 Additions 418,200 Carrying amount at December 31, 2022 (1) 2,849,429 June 30, 2022 Carrying value at July 1, 2021 504,750 Additions 1,926,479 Carrying amount at June 30, 2022 (1) 2,431,229 Notes: (1) The ultimate recoupment of costs carried forward for exploration and evaluation is dependent on the successful development and commercial exploitation or sale of the respective areas of interest. |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 6 Months Ended |
Dec. 31, 2022 | |
PROPERTY, PLANT AND EQUIPMENT [Abstract] | |
Property, Plant and Equipment | Plant and equipment US$ Right-of-use assets US$ Total US$ December 31, 2022 Carrying value at July 1, 2022 922,118 465,868 1,387,986 Additions 1,179,703 950,537 2,130,240 Depreciation (33,802 ) (115,325 ) (149,127 ) Carrying amount at December 31, 2022 2,068,019 1,301,080 3,369,099 - at cost 2,136,508 1,543,876 3,680,384 - accumulated depreciation (68,489 ) (242,796 ) (311,285 ) June 30, 2022 Carrying value at July 1, 2021 65,858 473,761 539,619 Additions 889,988 140,188 1,030,176 Lease modifications - (28,375 ) (28,375 ) Depreciation (33,728 ) (119,706 ) (153,434 ) Carrying amount at June 30, 2022 922,118 465,868 1,387,986 - at cost 956,805 593,339 1,550,144 - accumulated depreciation (34,687 ) (127,471 ) (162,158 ) |
TRADE AND OTHER PAYABLES (Table
TRADE AND OTHER PAYABLES (Tables) | 6 Months Ended |
Dec. 31, 2022 | |
TRADE AND OTHER PAYABLES [Abstract] | |
Trade and Other Payables | December 31, 2022 US$ June 30, 2022 US$ Current Trade payables 357,937 1,677,757 Accruals 395,508 196,450 Employee benefits 714,826 25,141 Total trade and other payables 1,468,271 1,899,348 |
LOANS AND BORROWINGS (Tables)
LOANS AND BORROWINGS (Tables) | 6 Months Ended |
Dec. 31, 2022 | |
LOANS AND BORROWINGS [Abstract] | |
Loans and Borrowings | December 31, 2022 US$ June 30, 2022 US$ Current Lease liabilities 358,112 128,653 Other loans and borrowings 5,748 5,594 Total current loans and borrowings 363,860 134,247 Non-current Lease liabilities 760,633 377,920 Other loans and borrowings 27,958 30,863 Total non-current loans and borrowings 788,591 408,783 Total loans and borrowings 1,152,451 543,030 |
CONTRIBUTED EQUITY (Tables)
CONTRIBUTED EQUITY (Tables) | 6 Months Ended |
Dec. 31, 2022 | |
CONTRIBUTED EQUITY [Abstract] | |
Issued Capital | Issued capital December 31, 2022 US$ June 30, 2022 US$ 171,225,492 140,288,491 44,914,632 29,782,268 44,914,632 29,782,268 |
Movements in Issued Capital | Movements in issued capital No. of Ordinary Shares No. of Class A Performance Shares No. of Class B Performance Shares US$ December 31, 2022 Opening balance at July 1, 2022 140,288,491 19,800,000 19,800,000 29,782,268 Issue of shares - share placement 30,000,000 - - 16,117,800 Issue of shares - exercise of options 737,000 - - 194,205 Conversion of RSUs 200,001 - - 167,487 Share issue costs - - - (1,347,128 ) Closing balance at December 31, 2022 171,225,492 19,800,000 19,800,000 44,914,632 December 31, 2021 Opening balance at July 1, 2021 105,105,787 19,800,000 19,800,000 10,255,369 Issue of shares - share placement 20,000,000 - - 17,604,000 Issue of shares - exercise of options 14,382,704 - - 2,239,216 Share issue costs - - - (428,812 ) Closing balance at December 31, 2021 139,488,491 19,800,000 19,800,000 29,669,773 |
RESERVES (Tables)
RESERVES (Tables) | 6 Months Ended |
Dec. 31, 2022 | |
RESERVES [Abstract] | |
Reserves | Reserves December 31, 2022 US$ June 30, 2022 US$ Share based payments reserve 14,666,453 12,985,856 Foreign currency translation reserve (698,976 ) (596,331 ) Total reserves 13,967,477 12,389,525 |
Movements in Share-based Payments Reserve | Movements in share based payments reserve No. of Listed Options No. of Unlisted Options No. of Performance Rights No. of RSUs US$ December 31, 2022 Opening balance at July 1, 2022 - 23,824,000 27,620,000 600,000 12,985,856 Grant of employee incentive securities - 424,372 1,135,000 424,372 - Exercise of options - (737,000 ) - - (72,935 ) Conversion of RSUs - - - (200,001 ) (167,487 ) Grant of options to advisor - 1,000,000 - - 354,788 Share-based payments expense - - - - 1,566,231 Closing balance at December 31, 2022 - 24,511,372 28,755,000 824,371 14,666,453 December 31, 2021 Opening balance at July 1, 2021 12,624,214 25,800,000 16,325,000 - 4,738,007 Grant of employee incentive securities - 600,000 8,990,000 600,000 - Exercise of options (12,606,704 ) (1,776,000 ) - - (92,479 ) Expiry of options (17,510 ) - - - - Share-based payments expense - - - - 4,764,135 Closing balance at December 31, 2021 - 24,624,000 25,315,000 600,000 9,409,663 |
SUBSIDIARIES (Tables)
SUBSIDIARIES (Tables) | 6 Months Ended |
Dec. 31, 2022 | |
SUBSIDIARIES [Abstract] | |
Subsidiaries | Equity Interest Country of Incorporation December 31, 2022 % June 30, 2022 % IperionX Inc. USA 100 % 100 % IperionX Critical Minerals, LLC USA 100 % 100 % IperionX Technology, LLC USA 100 % 100 % Hyperion Metals (Australia) Pty Ltd Australia 100 % 100 % Calatos Pty Ltd, LLC USA 100 % 100 % |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Corporate information (Details) | Dec. 31, 2022 shares |
Corporate information [Abstract] | |
Number of ordinary shares listed on each securities exchange (in shares) | 10 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Basis of Preparation (Details) - USD ($) | 6 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Basis of preparation [Abstract] | ||||
Net cash outflows from operating and investing activities | $ 9,188,863 | $ 6,645,809 | ||
Cash and cash equivalents | $ 11,438,526 | $ 14,256,359 | $ 5,672,551 | $ 1,697,905 |
SEGMENT INFORMATION (Details)
SEGMENT INFORMATION (Details) | 6 Months Ended |
Dec. 31, 2022 Segment | |
SEGMENT INFORMATION [Abstract] | |
Number of operating segments | 1 |
DIVIDENDS PAID OR PROVIDED FOR
DIVIDENDS PAID OR PROVIDED FOR (Details) - USD ($) | 6 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
DIVIDENDS PAID OR PROVIDED FOR [Abstract] | ||
Dividends paid | $ 0 | $ 0 |
Dividends proposed | $ 0 | $ 0 |
EXPLORATION AND EVALUATION AS_3
EXPLORATION AND EVALUATION ASSETS (Details) - USD ($) | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2022 | Jun. 30, 2022 | |||
Exploration And Evaluation Assets [Roll Forward] | ||||
Carrying amount, beginning balance | $ 2,431,229 | |||
Carrying amount, ending balance | 2,849,429 | $ 2,431,229 | ||
Titan Project [Member] | ||||
Exploration And Evaluation Assets [Roll Forward] | ||||
Carrying amount, beginning balance | 2,431,229 | [1] | 504,750 | |
Additions | 418,200 | 1,926,479 | ||
Carrying amount, ending balance | [1] | $ 2,849,429 | $ 2,431,229 | |
[1]The ultimate recoupment of costs carried forward for exploration and evaluation is dependent on the successful development and commercial exploitation or sale of the respective areas of interest. |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Dec. 31, 2022 | Jun. 30, 2022 | |
Reconciliation of changes in property, plant and equipment [abstract] | ||
Carrying value, beginning balance | $ 1,387,986 | $ 539,619 |
Additions | 2,130,240 | 1,030,176 |
Lease modifications | (28,375) | |
Depreciation | (149,127) | (153,434) |
Carrying amount, ending balance | 3,369,099 | 1,387,986 |
At Cost [Member] | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Carrying value, beginning balance | 1,550,144 | |
Carrying amount, ending balance | 3,680,384 | 1,550,144 |
Accumulated Depreciation [Member] | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Carrying value, beginning balance | (162,158) | |
Carrying amount, ending balance | (311,285) | (162,158) |
Plant and Equipment [Member] | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Carrying value, beginning balance | 922,118 | 65,858 |
Additions | 1,179,703 | 889,988 |
Lease modifications | 0 | |
Depreciation | (33,802) | (33,728) |
Carrying amount, ending balance | 2,068,019 | 922,118 |
Plant and Equipment [Member] | At Cost [Member] | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Carrying value, beginning balance | 956,805 | |
Carrying amount, ending balance | 2,136,508 | 956,805 |
Plant and Equipment [Member] | Accumulated Depreciation [Member] | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Carrying value, beginning balance | (34,687) | |
Carrying amount, ending balance | (68,489) | (34,687) |
Right-of-use Assets [Member] | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Carrying value, beginning balance | 465,868 | 473,761 |
Additions | 950,537 | 140,188 |
Lease modifications | (28,375) | |
Depreciation | (115,325) | (119,706) |
Carrying amount, ending balance | 1,301,080 | 465,868 |
Right-of-use Assets [Member] | At Cost [Member] | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Carrying value, beginning balance | 593,339 | |
Carrying amount, ending balance | 1,543,876 | 593,339 |
Right-of-use Assets [Member] | Accumulated Depreciation [Member] | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Carrying value, beginning balance | (127,471) | |
Carrying amount, ending balance | $ (242,796) | $ (127,471) |
TRADE AND OTHER PAYABLES (Detai
TRADE AND OTHER PAYABLES (Details) - USD ($) | Dec. 31, 2022 | Jun. 30, 2022 |
Current [Abstract] | ||
Trade payables | $ 357,937 | $ 1,677,757 |
Accruals | 395,508 | 196,450 |
Employee benefits | 714,826 | 25,141 |
Total trade and other current payables | $ 1,468,271 | $ 1,899,348 |
LOANS AND BORROWINGS (Details)
LOANS AND BORROWINGS (Details) - USD ($) | Dec. 31, 2022 | Jun. 30, 2022 |
Current [Abstract] | ||
Lease liabilities | $ 358,112 | $ 128,653 |
Other loans and borrowings | 5,748 | 5,594 |
Total current loans and borrowings | 363,860 | 134,247 |
Non-current [Abstract] | ||
Lease liabilities | 760,633 | 377,920 |
Other loans and borrowings | 27,958 | 30,863 |
Total non-current loans and borrowings | 788,591 | 408,783 |
Total loans and borrowings | $ 1,152,451 | $ 543,030 |
CONTRIBUTED EQUITY, Issued Capi
CONTRIBUTED EQUITY, Issued Capital (Details) - USD ($) | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 |
Issued capital [abstract] | ||||
171,225,492 ordinary shares (June 30, 2022: 140,288,491) | $ 44,914,632 | $ 29,782,268 | ||
Contributed Equity [Member] | ||||
Issued capital [abstract] | ||||
171,225,492 ordinary shares (June 30, 2022: 140,288,491) | $ 44,914,632 | $ 29,782,268 | $ 29,669,773 | $ 10,255,369 |
Number of ordinary shares issued (in shares) | 171,225,492 | 140,288,491 |
CONTRIBUTED EQUITY, Movements i
CONTRIBUTED EQUITY, Movements in Issued Capital (Details) - USD ($) | 6 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Movements in Issued Capital [Abstract] | ||
Opening balance | $ 29,782,268 | |
Issue of shares - exercise of options | 121,270 | $ 2,146,737 |
Conversion of RSUs | 0 | |
Share issue costs | (992,340) | (428,812) |
Closing balance | $ 44,914,632 | |
Contributed Equity [Member] | ||
Movements in Issued Capital [Abstract] | ||
Opening balance (in shares) | 140,288,491 | |
Opening balance | $ 29,782,268 | 10,255,369 |
Issue of shares - share placement | 16,117,800 | 17,604,000 |
Issue of shares - exercise of options | 194,205 | 2,239,216 |
Conversion of RSUs | 167,487 | |
Share issue costs | $ (1,347,128) | (428,812) |
Closing balance (in shares) | 171,225,492 | |
Closing balance | $ 44,914,632 | $ 29,669,773 |
Contributed Equity [Member] | Ordinary Shares [Member] | ||
Movements in Issued Capital [Abstract] | ||
Opening balance (in shares) | 140,288,491 | 105,105,787 |
Issue of shares - share placement (in shares) | 30,000,000 | 20,000,000 |
Issue of shares - exercise of options (in shares) | 737,000 | 14,382,704 |
Conversion of RSUs (in shares) | 200,001 | |
Closing balance (in shares) | 171,225,492 | 139,488,491 |
Contributed Equity [Member] | Class A [Member] | ||
Movements in Issued Capital [Abstract] | ||
Opening balance (in shares) | 19,800,000 | 19,800,000 |
Issue of shares - share placement (in shares) | 0 | 0 |
Issue of shares - exercise of options (in shares) | 0 | 0 |
Conversion of RSUs (in shares) | 0 | |
Closing balance (in shares) | 19,800,000 | 19,800,000 |
Contributed Equity [Member] | Class B [Member] | ||
Movements in Issued Capital [Abstract] | ||
Opening balance (in shares) | 19,800,000 | 19,800,000 |
Issue of shares - share placement (in shares) | 0 | 0 |
Issue of shares - exercise of options (in shares) | 0 | 0 |
Conversion of RSUs (in shares) | 0 | |
Closing balance (in shares) | 19,800,000 | 19,800,000 |
RESERVES, Summary (Details)
RESERVES, Summary (Details) - USD ($) | Dec. 31, 2022 | Jun. 30, 2022 |
RESERVES [Abstract] | ||
Share based payments reserve | $ 14,666,453 | $ 12,985,856 |
Foreign currency translation reserve | (698,976) | (596,331) |
Total Reserve | $ 13,967,477 | $ 12,389,525 |
RESERVES, Movements in Share-ba
RESERVES, Movements in Share-based Payments Reserve (Details) - USD ($) | 6 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Movements in share based payments reserve [Abstract] | ||
Opening balance, Share-based payments reserve | $ 12,985,856 | |
Exercise of options | (121,270) | $ (2,146,737) |
Conversion of RSUs | 0 | |
Share-based payments expense | 1,566,231 | $ 4,764,135 |
Closing balance, share-based payments reserve | $ 14,666,453 | |
Listed Options [Member] | ||
Number of Options [Abstract] | ||
Outstanding at beginning of period (in shares) | 0 | 12,624,214 |
Grant of employee incentive securities (in shares) | 0 | 0 |
Exercise of options (in shares) | 0 | (12,606,704) |
Grant of options to advisor (in shares) | 0 | |
Expiry of options (in shares) | (17,510) | |
Outstanding at end of period (in shares) | 0 | 0 |
Unlisted Options [Member] | ||
Number of Options [Abstract] | ||
Outstanding at beginning of period (in shares) | 23,824,000 | 25,800,000 |
Grant of employee incentive securities (in shares) | 424,372 | 600,000 |
Exercise of options (in shares) | (737,000) | (1,776,000) |
Grant of options to advisor (in shares) | 1,000,000 | |
Expiry of options (in shares) | 0 | |
Outstanding at end of period (in shares) | 24,511,372 | 24,624,000 |
Performance Rights [Member] | ||
Number of Performance Rights and Restricted Stock Units [Abstract] | ||
Opening balance (in shares) | 27,620,000 | 16,325,000 |
Grant of employee incentive securities (in shares) | 1,135,000 | 8,990,000 |
Conversion of RSUs (in shares) | 0 | |
Closing balance (in shares) | 28,755,000 | 25,315,000 |
Restricted Stock Units [Member] | ||
Number of Performance Rights and Restricted Stock Units [Abstract] | ||
Opening balance (in shares) | 600,000 | 0 |
Grant of employee incentive securities (in shares) | 424,372 | 600,000 |
Conversion of RSUs (in shares) | (200,001) | |
Closing balance (in shares) | 824,371 | 600,000 |
Share Based Payments Reserve [Member] | ||
Movements in share based payments reserve [Abstract] | ||
Opening balance, Share-based payments reserve | $ 12,985,856 | $ 4,738,007 |
Grant of employee incentive securities | 0 | 0 |
Exercise of options | (72,935) | (92,479) |
Conversion of RSUs | (167,487) | |
Grant of options to advisor | 354,788 | |
Expiration of options | 0 | |
Share-based payments expense | 1,566,231 | 4,764,135 |
Closing balance, share-based payments reserve | $ 14,666,453 | $ 9,409,663 |
SUBSIDIARIES (Details)
SUBSIDIARIES (Details) | 6 Months Ended | 12 Months Ended |
Dec. 31, 2022 | Jun. 30, 2022 | |
IperionX Inc. [Member] | ||
Subsidiaries [Abstract] | ||
Country of Incorporation | USA | |
Equity Interest | 100% | 100% |
IperionX Critical Minerals LLC [Member] | ||
Subsidiaries [Abstract] | ||
Country of Incorporation | USA | |
Equity Interest | 100% | 100% |
IperionX Technology, LLC [Member] | ||
Subsidiaries [Abstract] | ||
Country of Incorporation | USA | |
Equity Interest | 100% | 100% |
Hyperion Metals (Australia) Pty Ltd [Member] | ||
Subsidiaries [Abstract] | ||
Country of Incorporation | Australia | |
Equity Interest | 100% | 100% |
Calatos Pty Ltd, LLC [Member] | ||
Subsidiaries [Abstract] | ||
Country of Incorporation | USA | |
Equity Interest | 100% | 100% |
CONTINGENT ASSETS AND LIABILI_2
CONTINGENT ASSETS AND LIABILITIES (Details) | 6 Months Ended | ||||
Dec. 31, 2022 USD ($) a Patent | Jul. 31, 2024 USD ($) | Jan. 31, 2024 USD ($) | Jul. 31, 2023 USD ($) | Jan. 31, 2023 USD ($) | |
Titan Project [Member] | |||||
Contingent Assets and Liabilities [Abstract] | |||||
Surface area of property allowed for lease or purchase (in acres) | a | 11,071 | ||||
Blacksand [Member] | |||||
Contingent Assets and Liabilities [Abstract] | |||||
Additional amount to be paid upon exercise of option to purchase | $ 6,000,000 | ||||
Percent of purchase price to be paid in shares | 30% | ||||
Amount of commitment to invest upon exercise of option to purchase | $ 1,000,000 | ||||
Percent of cumulative net sales to be paid as royalty | 0.50% | ||||
Blacksand [Member] | Bottom of range [member] | |||||
Contingent Assets and Liabilities [Abstract] | |||||
Number of global patents owned | Patent | 40 | ||||
Threshold of assets and properties for royalty payment | $ 300,000,000 | ||||
Blacksand [Member] | Option Period One [Member] | |||||
Contingent Assets and Liabilities [Abstract] | |||||
Additional amount to be paid upon exercise of option to purchase | $ 1,500,000 | ||||
Blacksand [Member] | Option Period Two [Member] | |||||
Contingent Assets and Liabilities [Abstract] | |||||
Additional amount to be paid upon exercise of option to purchase | $ 1,500,000 | ||||
Blacksand [Member] | Option Period Three [Member] | |||||
Contingent Assets and Liabilities [Abstract] | |||||
Additional amount to be paid upon exercise of option to purchase | $ 1,500,000 | ||||
Blacksand [Member] | Option Period Four [Member] | |||||
Contingent Assets and Liabilities [Abstract] | |||||
Additional amount to be paid upon exercise of option to purchase | $ 1,500,000 |
SUBSEQUENT EVENTS AFTER BALAN_2
SUBSEQUENT EVENTS AFTER BALANCE DATE (Details) - Subsequent Events [Member] | Jan. 18, 2023 USD ($) Phases |
SUBSEQUENT EVENTS AFTER BALANCE DATE [Abstract] | |
Number of contract award phases | Phases | 4 |
Top of range [member] | |
SUBSEQUENT EVENTS AFTER BALANCE DATE [Abstract] | |
Contract awards | $ | $ 500,000 |