A method for consolidating powder metal preforms and for thereby producing high performance metal shapes from powder particles. The powder particles are consolidated into a shaped porous preform, and a coating is then applied to the resulting preform. The coating is initially porous whereby the coated preform can be degasified by subjecting the preform to a vacuum, particularly at elevated temperatures. The coated preform is then heated under vacuum to a temperature such that the coating is densified to the extent that it becomes non-porous. The coated preform is then subjected to a hot isostatic pressing operation whereby formation of a high integrity, fully dense metal shape results.