• MoU for the potential supply of zircon products to Mario Pilato, a leading international supplier of raw materials for ceramics, glass and refractories, from Hyperion’s Titan Project in Tennessee, USA.

• The MoU contemplates a supply agreement for an initial five-year term on an agreed market-based pricing methodology for the annual supply of up to 20,000 tonnes of zircon products.

• The benchmark price for Zircon is currently reported to be over US$2,000 per tonne (CIF China), up ~40% since Q1 2021, driven by significant global demand, including from China, and limited new supply.

• Hyperion is currently completing a scoping study at the Titan Project, due for completion in the coming months, which will further inform zircon supply volumes, product quality and pricing.

Hyperion Metals Limited (ASX: HYM) is pleased to announce that it has entered into a non-binding Memorandum of Understanding (“MoU”) with Mario Pilato BLAT S.A. (“Mario Pilato”) for the potential supply of zircon products.

Mario Pilato is a leading international supplier of raw materials for ceramics, glass and refractories, headquartered in Valencia, Spain. The MoU contemplates the commencement of negotiations of a supply agreement between Hyperion and Mario Pilato for an initial five-year term on an agreed market-based pricing methodology for the annual supply of up to 20,000 tonnes of zircon products from Hyperion’s Titan Project, Tennessee, USA.

The benchmark price for Zircon is currently reported to be over US$2,000 per tonneⁱ (CIF, China), up approximately 40% since Q1 2021, driven by significant global demand, including from China, and limited available new supply. Zircon is used for various applications, including traditional industries such as ceramics, refractories and foundries, as well as new applications including in additive manufacturing and semiconductors.

Hyperion holds a 100% interest in the Titan Project, covering ~11,100 acres of titanium, rare earth minerals and zircon rich mineral sands properties in Tennessee, USA. Hyperion’s maiden mineral resource estimate has confirmed that the Titan Project is one of the largest and most important critical mineral deposits in the U.S., with a high in-situ value underpinned by a product assemblage of high value zircon, titanium minerals and heavy and light rare earth elements. The shallow, high grade and unconsolidated nature of the sandy mineralization enables the potential for simple mining operations such as dozer push followed by an industry standard mineral processing flowsheet.

Hyperion is currently completing a scoping study at the Titan Project, which is due for completion in the coming months and will further inform zircon supply volumes, product quality and pricing to Mario Pilato.

Anastasios (Taso) Arima, CEO and Managing Director said:

“We are excited to be working with Mario Pilato, an industry leader in zircon products, including the production of ceramics, to develop a long term supply agreement from the Titan project.

The large scale and high quality critical mineral assemblage at the Titan Project, including the potential to produce significant quantities of high quality, high value zircon, provides the opportunity for the Company to deliver compelling economics in our upcoming scoping study.”

About Hyperion Metals

Hyperion’s mission is to be the leading developer of low carbon, sustainable, critical material supply chains focused on advanced industries including space, aerospace, electric vehicles and 3D printing. Hyperion’s breakthrough titanium technologies have demonstrated the potential to produce titanium products which are sustainable, 100% recyclable, low carbon intensity and at product qualities which exceed current industry standards. The Company also holds a 100% interest in the Titan Project, covering approximately 11,100 acres of titanium, rare earth minerals, high grade silica sand and zircon rich mineral sands properties in Tennessee, United States.

Full details of the announcement can be found here.

<sup>______________________________

i</sup> Fastmarkets IM, February 3, 2022

View source version on businesswire.com: https://www.businesswire.com/news/home/20220207005276/en/