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‘Outrageous’: The typo that cost $400m and triggered a please explain from the ASX

Titanium mining and alloy business IperionX’s shares have tanked more than 40% since the release of its half-year accounts on Thursday.

Brandon How and Hugo Mathers
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IperionX shares fell more than 20% on Monday. Shutterstock.

Department of War-backed IperionX just saw its market capitalisation plummet by almost $400 million after correcting a “typographical error” in its half-year accounts on Friday evening.

The dive extended the critical minerals firm’s losses to more than 40% since the release of its financials.

The titanium miner and alloy maker, which has received grant support from the US government, has been suffering since the release of its half-year accounts last Thursday, with shares now trading lower than in November when it faced a short seller report from Spruce Point Capital Management.

After market close on Friday, IperionX told the market it had made a typographical error in its half-year accounts relating to the value of its ‘right-of-use’ assets. The business saw its Nasdaq-listed shares fall 14% on Friday. On Monday, IperionX’s ASX shares finished more than 20% lower.