** Australian shares of IperionX IPX.AX jump as much as 10.1% to A$4.49, their highest level since June 19

** The titanium metal and critical materials firm is awarded up to $6.6 million by the Office of the U.S. Secretary of War under its Submarine Workforce and Industrial Base program

** The funding will help the company to scale manufacturing capacity and purchase capital equipment for large-format military titanium components at its titanium manufacturing campus in Virginia

** In phase one of the program, IPX will receive $0.2 million for test work, which if successful would lead to a further $6.4 million

** Company also receives a new purchase order from the U.S. Army Ground Vehicle Systems Center to manufacture a range of titanium fasteners

** Stock down 21.7%, YTD