We recently published 10 Stocks With Effortless Double-, Triple-Digit Gains. IperionX Limited (NASDAQ:IPX) was one of the top performers last week.
IperionX saw its share prices jump by 28.4 percent week-on-week to end just a few cents shy of its all-time high, as investors took heart from its new deal with the US Army for the supply of 700 lightweight titanium components for the latter’s heavy ground combat systems.
On Friday, the stock surged to its highest price of $60.35, just $0.55 shy of its all-time high of $60.90 last October 15.
Photo grabbed from IperionX website
In a statement, IperionX Limited (NASDAQ:IPX) said that the deal, amounting to $300,000, has the potential to increase significantly upon successful delivery of the initial scope of work.
IperionX Limited (NASDAQ:IPX) said that replacing steel components with titanium is expected to reduce combat systems’ weight by 40 to 45 percent, or several hundred kilograms per vehicle, enabling faster acceleration and better agility, increased operational range and survivability, and reduced ground pressure, improving traction and flotation on soft or uneven terrain.
“IperionX is the only domestic US producer of commercial-scale primary titanium metal, a material that is designated as strategic and critical by the US Government,” IperionX Limited (NASDAQ:IPX) said.
“This purchase order directly supports US government priorities to reshore and secure critical materials supply chains, reduce reliance on foreign titanium sources, and expand domestic manufacturing capacity using recycled feedstocks,” it added.
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Disclosure: None. This article is originally published at Insider Monkey.
