The IperionX Ltd (ASX: IPX) share price is charging higher again on Friday.
In early trade, the ASX titanium stock was up as much as 12% to $1.45.
When its shares reached that level, it meant they were up an impressive 21% in the space of two trading days.
Why is this ASX titanium stock jumping?
Investors have been scrambling to buy the company's shares this week after it made a very promising announcement.
According to the release, the company has signed a test services agreement and statement of work with the U.S. Army Combat Capabilities Development Command Ground Vehicle Systems Center (DEVCOM GVSC).
The release notes that this agreement will focus on the metal characterisation and ballistic testing properties of IperionX's high-strength titanium plate components.
The titanium plate for U.S. Army ballistic testing will be manufactured using powder metallurgy production methods with IperionX's advanced titanium angular powder.
In addition, IperionX highlights that DEVCOM GVSC may relay the results to select U.S. Department of Defense contractors for consideration in potential use in future ground vehicle designs. This includes BAE Systems and General Dynamics Land Systems.
The ASX titanium stock's CEO, Anastasios (Taso) Arima, said:
We are honored to collaborate with DEVCOM GVSC to evaluate our titanium products for U.S. Army ground vehicles. Titanium for the U.S. defense sector is currently sourced over long distances from foreign nations IperionX plans to re-shore a lower cost and more sustainable fully integrated U.S. titanium supply chain that is critical to America's economic future and national security.
