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IperionX Limited (ASX:IPX, NASDAQ:IPX) witnessed a sharp 20% rise in share price to AUD 4.48 during early trade on 5 June after announcing a major milestone in its U.S. defense sector engagement. The company has been awarded a Small Business Innovation Research (SBIR) Phase III Indefinite Delivery, Indefinite Quantity (IDIQ) contract by the U.S. Department of Defense (DoD), which allows for task orders totaling up to US$99 million.

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