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Cover slide uses a creative three-persona framing (Scientist/Businessman/Skeptical Investor) overlaid on a plant photo. Heavy use of red highlight callouts, hyperlinked sourcing, and embedded primary-source artifacts (FOIA responses, ASX vs SEC filing comparisons, expert interview transcripts). Argues by analogy to Piedmont Lithium (same management adviser overlap) and prior failed mining ventures. Genre is short_seller / fraud_exposure-adjacent: focus is on commercial viability + reporting discrepancies + valuation premium rather than outright fraud allegation. No SOP — instead uses scenario-based price-to-tangible-book downside math.", "kpisCited": [ { "detail": "24.2x vs specialty materials peer median of 1.4x", "metric": "EV / 2026E Revenue" }, { "detail": "9.7x vs specialty materials peer median of 1.8x", "metric": "Price / Book Value" }, { "detail": "$1.2 billion despite no historical revenue", "metric": "Market Capitalization" }, { "detail": "3.5x more capacity than shipments — market already oversupplied", "metric": "Titanium powder capacity vs shipments" }, { "detail": "Fell from ~100 a year ago to just 22 today", "metric": "Active customer engagements" }, { "detail": "Increased 5x from 1.25m to 6.6m without corresponding SEC disclosure", "metric": "CEO pledged shares" }, { "detail": "Estimated ~$11m starting 2025 but no revenues booked, no inventory purchases through Sept 30", "metric": "Ford contract" }, { "detail": "$99m headline value but only $1.3m guaranteed minimum obligation", "metric": "U.S. Army IDIQ contract" }, { "detail": "IPX claims ~1,486 acres in Tennessee but county records show ~1,349.4", "metric": "Titan acres discrepancy" }, { "detail": "IPX claims $2.7-$5.0m per furnace; Netherlands import records suggest $369k-$405k", "metric": "Furnace cost discrepancy" }, { "detail": "Tangible book of $107.8m / 35.8m diluted shares = $3.01; at 0.5x-1.0x = $1.50-$3.01 per share", "metric": "Downside scenario value" } ], "closingAsk": "Exercise caution and recognize the 70-95% downside risk to IPX's share price under Spruce Point's scenario analysis.", "extraction": { "at": "2026-04-22 22:09:42+00", "model": "unknown-legacy", "runId": null, "seconds": 165.11131, "promptVersion": null }, "scqaReward": "Valued on price-to-tangible-book like distressed peers (0.5x-1.0x) instead of the current 24x 2026E revenue multiple, IPX is worth roughly $1.50-$10.71 per share versus $36.51, implying 70-95% downside.", "thesisTypes": [ "fraud_exposure", "multiple_rerating" ], "top3Reasons": [ "HAMR titanium process is energy-inefficient and unlikely to displace the 70-year Kroll process", "Titanium powder market is already 3.5x oversupplied with capacity exceeding shipments", "IPX trades at 24x 2026E revenue vs 1.4x peer median — 70-95% downside to tangible book" ], "scqaSituation": "IperionX (Nasdaq/ASX: IPX), formerly TAO Commodities and Hyperion Metals, is a $1.2bn pre-revenue specialty metals story promising to reshore the U.S. titanium supply chain via its acquired 'HAMR' powder process and Tennessee Titan mining project.", "thesisSummary": "IperionX, a $1.2 billion specialty metals company formerly named TAO Commodities and Hyperion Metals, claims its 'revolutionary' HAMR process can reshore the U.S. titanium supply chain by converting ore or scrap into low-cost powder. Spruce Point argues the IP — acquired cheaply from the University of Utah after Alcoa and Boeing reportedly passed — is energy-inefficient and unlikely to displace the 70-year Kroll process, while the titanium powder market is already 3.5x oversupplied and IPX has booked virtually no revenue despite years of partnership announcements. They flag financial reporting discrepancies (Titan acreage, capex, G&A, headcount), a CEO who quintupled pledged shares without SEC disclosure, and a $99m IDIQ Army contract obligating only $1.3m. Trading at 24x 2026E revenue versus 1.4x peer median, IPX has 70-95% downside to tangible book value.", "primaryDemands": [ "Investors should exercise caution and recognize 70-95% downside risk", "IPX should clarify reporting discrepancies in Titan acreage, capex, G&A and headcount", "CEO should make corresponding SEC disclosure of the 5x increase in pledged shares", "Auditor (PwC) engagement partner should be relocated from Perth to Charlotte where assets are located" ], "scqaResolution": "Investors should short the stock and exercise skepticism: management has rebranded three times without delivering revenue, the CEO quintupled pledged shares without SEC disclosure, and internal controls warrant doubt rather than the consensus Buy rating.", "thesisOneLiner": "Spruce Point shorts IperionX: its 'revolutionary' HAMR titanium process is unlikely to displace 70-year Kroll, customers are absent, and the $1.2bn market cap implies 70-95% downside risk.", "precedentsCited": [ "Piedmont Lithium (Nasdaq/ASX: PLL) — short-seller allegations and collapse", "Paringa Resources (now Terra Metals) — IPX management's prior failed venture", "Coalspur Mines — IPX management's prior failed venture", "Proterra Inc. (Nasdaq: PTRA) — SPAC bankruptcy where IPX's CFO was VP Finance" ], "scqaComplication": "Spruce Point's forensic review finds HAMR is energy-inefficient and unlikely to displace Kroll, the powder market is already 3.5x oversupplied, customers and offtake are absent, and reporting discrepancies span capex, acreage, G&A and headcount.", "narrativeInterest": 4, "notableSlidePages": [ 1, 6, 11, 12, 89, 90 ], "peerCompaniesCited": [ "Carpenter Technology (CRS)", "ATI Inc (ATI)", "Tronox (TROX)", "Materion (MTRN)", "Minerals Technologies (MTX)", "AMG Critical Materials", "Compass Minerals (CMP)", "Proto Labs (PRLB)", "Ferroglobe (GSM)", "Toho Titanium (5727 JT)", "Osaka Titanium (5726 JT)", "Luxfer Holdings (LXFR)", "Amaero (3DA AU)", "Norsk Titanium (NTI NO)", "Sandvik", "Oerlikon", "Tekna", "AP&C", "Timet", "Howmet" ], "valuationFrameworks": [ "multiple_comparison", "asset_value" ], "visualCraftInterest": 3 }, "pitchdeck": { "metadata": null, "profile": null }, "slides": [ { "page": 1, 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Packages were piled up with no attempt to safeguard or secure the package identities. A 2023 Annual Report was visible despite the 2025 Annual Report being available as was a 2022 Sustainability Report (the 2024 report is available). 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Piedmont faced allegations from two short sellers that it was a stock promotion with ties to a banned Australian stockbroker and had various financial and operational shortcomings. PLL collapsed in value, merged and changed names. While we acknowledge the mining industry is fraught with risks that are not entirely under management’s control, we identified other ventures where IPX management promoted large resources and clear paths to predictable, strong cash flows, but which failed to produce anything, including Paringa Resources (now Terra Metals) and Coalspur Mines. While these examples do not represent all of management’s experience at public company ventures and the ones that faced difficulties do not necessarily indicate future performance issues at IPX, investors should consider their track record alongside other factors.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:08.156+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "261756ed-6d0c-4c6b-ba40-06877e1a1ac2", "parentComponentId": null }, { "bbox": { "h": 0.27, "w": 0.91, "x": 0.07, "y": 0.71 }, "kind": "callout", "text": "Based on our research, the titanium powder market is already oversupplied. Part of IPX’s production output is titanium powders. Even if IPX can scale its operations and produce qualified Ti-6Al-4V powder at a lower cost, our research suggests it’s already a highly competitive market and capacity will not be an issue even if the 3D printing Ti 6Al4V market continues to grow double digits per annum. We estimate 3.5x more capacity than shipments for this powder and that ATI, Sandvik, Oerlikon, Tekna and AP&C combined account for ~80% of the capacity. Furthermore, we estimate the U.S. market for Ti 6Al4V mill product to be 150k – 170k metric tonnes per annum with aerospace being >50%. We believe U.S. melters (Timet, Howmet, ATI) only use 20-25% sponge in new ingots, with the remainder coming from recycled or revert material. We also don’t think the titanium fastener market is attractive because the industry has been consolidated by large dominant players over time. We believe IPX’s story of reshoring the titanium industry from mine, scrap to product is a noble cause, but one which, under current market conditions, may not generate attractive returns on capital.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:08.156+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "44936e8a-faba-4a43-b3a1-25a872dc1493", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "We believe investors should exercise caution because the shares may be significantly overvalued, with potential downside risk of 70% - 95% under certain scenarios outlined in this report.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:54:58+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d0-745c-beac-4d7aa2b65fa4", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "downside risk: 70% - 95%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:54:58+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d0-745c-beac-5348b9a2c5c7", "parentComponentId": null }, { "bbox": { "h": 0.31, "w": 0.96, "x": 0.02, "y": 0.16 }, "kind": "paragraph", "text": "After conducting a forensic review of IperionX Ltd. (Nasdaq / ASX: IPX or “the Company”) and its ambitions of becoming a vertically integrated producer (mining to production) of titanium powders and products, we believe that investor expectations are too high, and it faces significant challenges in commercial efforts that may not be fully reflected in its valuation. We also express concerns with the accuracy of its financial reporting. We applaud IPX’s desire to reshore the U.S. titanium supply chain with a lower cost and more environmentally friendly production process and think management is competent and capable. However, we do not believe the end markets to be attractive or that its highly promoted HAMR™ process is likely to “revolutionize” the industry or displace the 70-year established Kroll process. As such, we question IPX’s economic rationale for expanding capacity when it has few customer contracts and no historical revenue. Originally a penny stock named TAO Commodities, then Hyperion Metals, and now IperionX, IPX has a $1.2bn market cap and is trading at 9.7x and 24x book value and 2026E revenues vs. the specialty metal industry median of 1.4x and 1.8x, respectively. 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IPX says the process can use ore or titanium scrap...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:06.326+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ece5dddc-35ea-4b24-a542-6b4d03fa3dcb", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "the process is not energy-efficient — Journal of The Electrochemical Society (2021)", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:54:58+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d0-745c-beac-26d24b799ed9", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.68, "x": 0.28, "y": 0.05 }, "kind": "title", "text": "We Are Short IperionX Ltd. 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"runId": null, "seconds": null, "promptVersion": null }, "componentId": "f4cc3177-d1ee-45b8-a16e-329a51fbf4ba", "parentComponentId": null }, { "bbox": { "h": 0.38, "w": 0.92, "x": 0.06, "y": 0.17 }, "kind": "paragraph", "text": "We think the Titan mining project which could supply the ore feedstock for the HAMR process is also a long-shot to succeed. The asset is part of the McNairy sands which has been explored for decades. Titanium is extracted from minerals like ilmenite and rutile which are a large portion of Titan’s JORC-complaint mineral resource which also includes zircon. IPX’s initial plans indicated that Chemours (NYSE: CC) would be a likely offtake partner, but that hasn’t materialized. IPX touts the project’s ~10,100 acres, but it is only permitted for 308 acres and assets were recently written off and acreage options extinguished. IPX promotes rare earth minerals as a potential byproduct, which is timely given investor excitement about the sector over China decoupling. The initial project said it would be “shovel ready” by Q4 2023 but that timeline has clearly slipped. IPX has also said that a Japanese conglomerate has been evaluating and testing samples since mid-2023 but no offtake agreements have been announced. On November 10, 2025, Japanese conglomerate Marubeni invested in RZ Resources’ Australian Copi Project to advance rutile, zircon, ilmenite and rare earths which may potentially diminish its interest in the Titan Project. Also, Japan and the U.S. are teaming up to explore rare earths projects outside the U.S. but nothing announced in Tennessee. Tronox (NYSE: TROX) recently reported sustained weakness in titanium dioxide and zircon. Moreover, Tennessee has not historically been a hotbed of mining activity. According to the state’s last mineral industry overview, only coal, oil, and natural gas are currently being recovered, and we find no evidence that Tennessee has ever commercially developed a zircon or titanium ore mining operation.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:11.999+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "34f900b0-281c-4c9e-ac70-0c35abbd8a77", "parentComponentId": null }, { "bbox": { "h": 0.38, "w": 0.92, "x": 0.06, "y": 0.58 }, "kind": "paragraph", "text": "Other partnership and customer announcements do not appear to have resulted in much and future revenue remains uncertain. We’ve analyzed each of IPX’s partner and customer announcements and spoke with experts familiar with the business. Some partnerships have expired, while others IPX no longer references. There is enthusiasm around a Ford contract estimated to generate ~$11 million starting in 2025 but no revenues have been booked and IPX listed no inventory on its balance sheet (raw materials or finished goods) at fiscal year end and no inventory purchases through September 30th, so we question if any revenues are imminent. For IPX to sell into the aerospace and defense markets, product qualification becomes a real issue and came take time. A year ago, IPX indicated it had ~100 active customer engagements but now is signaling just 22. One cause for optimism is that IPX secured a U.S. army task order for $99 million under a Small Business Innovation Research Phase III contract and received a $1.3 million order which is its obligation according to USAspending.gov. The contract is Indefinite Delivery Indefinite Quantity (IDIQ) which only obligates the government to fulfill its minimum obligation and makes future orders not guaranteed. 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}, "kind": "list", "text": "Capex: We are concerned by the reported cash costs related to capex and amounts recorded on the balance sheet within PP&E. Through 2023, the reported amounts reconciled, but in 2024 and 2025 we find that they diverged.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:06.547+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1e879979-b289-4105-b9cf-1ffc7c467d7c", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.9, "x": 0.07, "y": 0.34 }, "kind": "list", "text": "Titan Acres: IPX says it owns approximately 1,486 acres in Tennessee, but our review of county records indicates approximately 1,349.4 are owned.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:06.547+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "762cbf07-c174-4bbd-a7aa-5f57afac882f", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.9, "x": 0.07, "y": 0.64 }, "kind": "list", "text": "G&A Costs: By evaluating the 2025 quarterly reports, we see that the full year figures do not reconcile. The biggest difference is in administration and corporate costs which were off by $274,000.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:06.547+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9b292289-b8e3-41a1-b00d-2afc2c3ff5b4", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.9, "x": 0.07, "y": 0.71 }, "kind": "list", "text": "Employees: There is a large difference between employees reported in the 2025 20-F and Annual report filed two weeks apart.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:06.547+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d18429aa-765d-4dae-89e9-430f5610ae10", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "downside risk: 70% - 95%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:54:58+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d0-745c-beac-3e043b9baf22", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.07, "y": 0.19 }, "kind": "paragraph", "text": "Concerns given apparent financial and operational reporting discrepancies. IPX had a material weakness of internal controls which it said was remediated in 2025. However, we have our doubts.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:06.547+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "75c8c908-e1f3-4e1a-b5b5-d4e1e30ff8df", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.07, "y": 0.81 }, "kind": "paragraph", "text": "There may be reasonable explanations for these discrepancies, but the Company should clarify. 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We have a personal property bill for vehicles For 2024 and 2025.\"", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:08.212+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3c80cade-db5e-44f7-b654-d365ba87e6e1", "parentComponentId": null }, { "bbox": { "h": 0.24, "w": 0.42, "x": 0.56, "y": 0.5 }, "kind": "callout", "text": "IPX 20-F Disclosure: \"As of June 30, 2025, the Company has procured assets on behalf of the government that cost approximately $10.3 million...\"", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:08.212+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "86512476-7788-42c2-bc54-5691a131b8ef", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "We submitted a FOIA with Halifax County, VA where IPX’s manufacturing facility is located to request its Machinery & Tools and Tangible Property forms for the last three years. 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Some of IPX's assets are procured (and titled) on behalf of the U.S. government. However, IPX says that government assets amounted to $10.3m. IPX has reported almost $30m in PP&E additions since 2022. 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We have a personal property bill for vehicles For 2024 and 2025. — Halifax County, VA FOIA Response", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:54:59+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d0-745c-beac-e75c81682f1b", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.96, "x": 0.02, "y": 0.96 }, "kind": "source-note", "text": "Source: Spruce Point Research, FOIA Request, IPX disclosures, Halifax County, VA Forms. 1) IPX frequently shows pictures of its property and machinery (a, b, c).", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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All property must be reported... ALL EXPENSED OR FULLY DEPRECIATED ITEMS... IF YOU OWN NO MACHINERY AND TOOLS, YOU MUST STILL FILE A RETURN... Machinery and tools may be reported... A detailed list of assets... Calculate the assessed value... 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"text": "So the interaction that I had suggested that the (additive powder) market wouldn't be big enough for it to economically make sense to them. I mean, this may have changed, but my thinking is that the competition, should this competitor choose to go forward, and my latest information is that they do plan on doing this, but these kind of plans can change of course, especially with the growth numbers that we've seen in additive falling significantly behind expectations. But if this competitor did enter the market, I'm pretty sure it would be very hard to compete with them.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:11.059+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2dd1c23a-436a-48e7-9f48-b52138523031", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.96, "x": 0.02, "y": 0.33 }, "kind": "paragraph", "text": "Again, there's also large companies looking into this from what I can tell the competency, and maybe now moving a little bit towards the company, the competency to scale such a process at IperionX is something I would, at least in my previous roles as a potential partner or customer for this, I would've been somewhat skeptical of with the information that I had. So that is to be proven. And again, this story has been around for quite a while, that hasn't really materialized.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:11.059+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "93e4e7be-cfeb-4f2e-b13b-61a38f0d3dba", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.96, "x": 0.02, "y": 0.48 }, "kind": "paragraph", "text": "This process that they have proposed. Again, it sounds very good, maybe too good to be true and it has to be proven. My interaction with the team has, or from my interaction with the team, I also, let's just say I didn't gain any additional confidence from my experience, it's been quite hard, even as a potential customer with significant volumes in this space and significant technical competence. It has by my experience, been very hard to get a reach, get a response, or have an in-depth discussion that may have changed. The management may be different now, but that's my experience from a few years ago at least.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:11.059+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f718be47-9366-4428-9234-4e4ec8c4a497", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"Again, there's also large companies looking into this from what I can tell the competency, and maybe now moving a little bit towards the company, the competency to scale such a process at IperionX is something I would, at least in my previous roles as a potential partner or customer for this, I would've been somewhat skeptical of with the information that I had. So that is to be proven. And again, this story has been around for quite a while, that hasn't really materialized.\" — Industry Executive; \"This process that they have proposed. Again, it sounds very good, maybe too good to be true and it has to be proven.\" — Industry Executive; \"So the interaction that I had suggested that the (additive powder) market wouldn't be big enough for it to economically make sense to them.\" — Industry Executive", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:55:04+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d0-745c-beaf-c07444af5f9d", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.65, "x": 0.02, "y": 0.96 }, "kind": "source-note", "text": "Source: Spruce Point research interview. 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Personally, I believe, to me it's more a marketing story right now.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:55:03+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d0-745c-beae-a969e22b1289", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.96, "x": 0.02, "y": 0.33 }, "kind": "quote", "text": "Look, in the end, I think the biggest risk is the technology... I've told you there is already over melting, over capacity in the market... So you already have an excess capacity in a market... So from my personal opinion, IperionX, where right now, and I think this is what they're good at, they're good at marketing. Personally, I believe, to me it's more a marketing story right now. And that's why I say the risk is will they get their operations and be able to scale.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:10.246+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8b96ac76-ba54-45d2-8ae1-ee96fe1e1003", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Look, in the end, I think the biggest risk is the technology, whether that will function or not, and whether they're able to scale the technology at a very competitive cost. And now you have to think about, right, I've told you there is already over melting, over capacity in the market. So out of the roughly 200,000 plus metric tons that are being consumed, the melt capacity is, and the U.S. melt has just have added capacity. The melt capacity is beyond 300,000 metric tons. So you already have an excess capacity in a market. If you ask me personally from an investing, investing in a market that has over capacity, you'd really have to pick your company that really stands out. So from my personal opinion, IperionX, where right now, and I think this is what they're good at, they're good at marketing. Personally, I believe, to me it's more a marketing story right now. And that's why I say the risk is will they get their operations and be able to scale. If that, yes, it can be, but I don't really know their internal cost base and also the scalability to get up to 10,000 in a market that has very large established players. TIMET is building a new plant, that is public information and probably adding anywhere between 10 and 15 thousand tons of melt capacity. So they know what they're doing. And even for them, even though they know what they're doing and it's an already established technology, as these large industrial projects, it is hard to scale. So I think with IperionX from an investment perspective also is how can they to secure funding going forward because obviously they have costs and the revenue side, the revenue side is not there. I think these are the risks. 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The U.S. is dependent on imports, which come primarily from the U.K. (17%), Germany (12%), France and Japan (11% each), and Canada and the Republic of Korea (9% each) were the leading import sources for titanium waste and scrap in 2024 through September. 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We are now nearing the end of 2025 and no ground has been broken. In fact, it wasn't until April 2025 that IPX commenced a definitive Feasibility Study. The Feasibility Study commenced after a small U.S. government award. 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The Scoping Study demonstrates the Titan Project's importance as a leading U.S. critical mineral project and the Company has now been working on progressing the Project to be construction ready during 2023.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:17.309+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6b40ab1d-304d-4761-b8bb-8ed42656dd59", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.38, "x": 0.31, "y": 0.86 }, "kind": "source-note", "text": "Figure 11: Titan Project construction ready timeline.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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"/decks/019dd923-622c-750b-8b99-ccb50c0de40d.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "IPX has been talking about a Japanese customer evaluation with a conglomerate since mid 2023 and that additional lab testing in Australia has been on going since September 2024 (over 1 year).", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:55:05+00", "model": "unknown-legacy", "runId": null, "seconds": null, 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Green emphasis Spruce Point.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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(Nasdaq: PRTA) which was a troubled SPAC that ultimately filed for bankruptcy. The Company later agreed to a $29 million settlement in August 2025 to resolve allegations that it misled investors by failing to disclose significant financial problems, including potential violations of financial clauses and risks to its operations. It is important to stress that CFO Castro was not named in the complaint or alleged to have done anything wrong, but presumably she reported to Proterra's CFO Karina Franco Padilla who was a named defendant. 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A single footnote in the recent 2025 Annual Report filed September 30, 2025 denotes that she is no longer part of the Key Management Personnel (KMP) in the 2024 compensation table. However, there is evidence that she was still being represented as the CLO in August 2024 (two months into FY 2025) and appeared on both IPX's website and was also featured in the Canaccord Genuity Growth Conference investor presentation in August 2024. IPX references no compensation at all for CLO McMullin in the FY25 table. As a best practice, we believe IPX should have promptly filed a 6-K notification with the SEC to disclose her departure. 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SEC comment letter.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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}, "components": [ { "bbox": { "h": 0.08, "w": 0.53, "x": 0.44, "y": 0.68 }, "kind": "callout", "text": "Should Say 12 Months, Not 9 Months", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:16.78+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2bf12637-c44d-49f3-a208-7709508c1720", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.53, "x": 0.44, "y": 0.78 }, "kind": "callout", "text": "Full Year = Q1+Q2+Q3+Q4 590+1,642+1,109+1,654 = 4,995 VS. 5,269 reported (274 difference)", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:16.78+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a52ef49c-cbb8-4afb-9d5e-9e582003c2bc", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "The biggest difference is in administration and corporate costs which were apparently off by $274,000.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", 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"version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:55:07+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d0-745c-beb2-18b9affcee8c", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.96, "x": 0.02, "y": 0.16 }, "kind": "paragraph", "text": "IPX said it remediated past material weaknesses of internal controls in its 20-F. Spruce Point has identified some financial reporting issues that appear to affect operating cash flows. By evaluating the quarterly reports, we see that the full year figures do not seem to reconcile. The biggest difference is in administration and corporate costs which were apparently off by $274,000.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:16.78+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "38041e11-2d30-4313-99d4-e698da99104d", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.3, "x": 0.01, "y": 0.97 }, "kind": "source-note", "text": "Source: Q1, Q2, Q3, Q4, Red underline Spruce Point", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Both figures reference FY 2025 (ending June 30th). The 20-F indicates 35% more employees or 70 vs. 52.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:16.432+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6a30f8ff-9363-4aaf-a3a5-b331e97f9050", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "employee count: 70 vs. 52", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:55:08+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d0-745c-beb2-30240be06a5e", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.67, "x": 0.01, "y": 0.97 }, "kind": "source-note", "text": "Source: IPX 2025 20-F and Annual Report. Note: In 2023 and 2024, IPX reported 30 and 48 employees, respectively.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:16.432+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "293f44d1-d1c8-49e3-8f8c-e600082f2b7f", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.94, "x": 0.03, "y": 0.28 }, "kind": "table", "text": "FY 2025 Annual Report vs. 20-F Employee Reporting", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:16.432+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c0f41ce2-e3b6-4001-96e8-57a486ddc4c1", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.37, "x": 0.315, "y": 0.04 }, "kind": "title", "text": "Employee Count Reporting Variance", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:16.432+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c9e5d379-e7ce-42e1-9d6c-20d340046239", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "65936f20-7390-43eb-8968-34692f4a2c37", "evidence": "Highlighting inconsistent financial/operational disclosures to suggest potential misrepresentation.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:24:16.432+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 78, "frameworkName": "fraud-exposure" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 79, "type": "tension", "title": "Uses FOIA response to challenge company disclosure regarding asset ownership and location.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 93, "componentCount": 10, "textChars": 2297, "nDataPoints": 15, "notes": "Uses FOIA response to challenge company disclosure regarding asset ownership and location.", "elementsJson": [ "headline_text", "paragraph", "screenshot", "data_table", "callout_box" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:24:19.622+00", "seconds": 5.385, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-ccb50c0de40d/79", "deck": "/decks/019dd923-622c-750b-8b99-ccb50c0de40d", "deckAnchor": "/decks/019dd923-622c-750b-8b99-ccb50c0de40d#slide-79", "deckJson": "/decks/019dd923-622c-750b-8b99-ccb50c0de40d.json" }, "components": [ { "bbox": { "h": 0.15, "w": 0.4, "x": 0.55, "y": 0.33 }, "kind": "callout", "text": "Halifax County, VA FOIA Response: We have no Business Tangible Property or M&T Returns for Iperionx or any of its Subsidiaries for 2023, 2024 or 2025. We do have a personal property bill for vehicles For 2024 and 2025.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:19.622+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "12166c82-4075-43d6-a314-d41a619399c2", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.4, "x": 0.55, "y": 0.51 }, "kind": "callout", "text": "IPX 20-F Disclosure: As of June 30, 2025, the Company has procured assets on behalf of the government that cost approximately $10.3 million. (2025: $4.0 million), (2024: $6.3 million). We received cash reimbursements from the U.S. DoW of $5.6 million during the twelve months ended June 30, 2025 (2024: $4.7 million). We expect to utilize the full $12.7 million of available funding by the end of fiscal year 2026. Title to all assets purchased by the Group with funds from the U.S. government vest with the U.S. government during the term of the technology investment agreement...Through June 30, 2025, the Company used government funds primarily to acquire equipment used to produce titanium powder from recycled sources of scrap at the construction site.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:19.622+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d1f62917-9c11-4944-bb1a-5c7e1e0f51a4", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "We submitted a FOIA with Halifax County, VA where IPX’s manufacturing facility is located to request its Machinery & Tools and Tangible Property forms for the last three years.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:55:09+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d0-745c-beb3-0b02d2d17046", "parentComponentId": null }, { "bbox": { "h": 0.38, "w": 0.48, "x": 0.05, "y": 0.33 }, "kind": "image", "text": "Images of tax forms", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:19.622+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dceeeb79-1a9e-45c1-bb82-e5af1be4956b", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "PP&E Additions: $29.7", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:55:09+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d0-745c-beb3-11710d39a1f2", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.16 }, "kind": "paragraph", "text": "We submitted a FOIA with Halifax County, VA where IPX's manufacturing facility is located to request its Machinery & Tools and Tangible Property forms for the last three years. We received a response that the forms do not exist, only a property bill for vehicles. Some of IPX's assets are procured (and titled) on behalf of the U.S. government. However, IPX says that government assets amounted to $10.3m. IPX has reported almost $30m in PP&E additions since 2022. While some may have been related to the Utah pilot plant, we would have expected a substantial majority of the $19m in 2025 to be in Virginia.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:19.622+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a2a08ec3-080d-41ae-a47a-9063a723f594", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "We have no Business Tangible Property or M&T Returns for Iperionx or any of its Subsidiaries for 2023, 2024 or 2025. We have a personal property bill for vehicles For 2024 and 2025. — Halifax County, VA FOIA Response", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:55:09+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d0-745c-beb3-0cd7a33f1095", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.9, "x": 0.05, "y": 0.95 }, "kind": "source-note", "text": "Source: Spruce Point Research, FOIA Request, IPX disclosures, Halifax County, VA Forms. 1) IPX frequently shows pictures of its property and machinery (a, b, c).", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Even if the Company owned no machinery or tools (or leases), the instructions say that it still is required to file the form. 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"slide": "/slides/019dd923-622c-750b-8b99-ccb50c0de40d/81", "deck": "/decks/019dd923-622c-750b-8b99-ccb50c0de40d", "deckAnchor": "/decks/019dd923-622c-750b-8b99-ccb50c0de40d#slide-81", "deckJson": "/decks/019dd923-622c-750b-8b99-ccb50c0de40d.json" }, "components": [ { "bbox": { "h": 0.12, "w": 0.2, "x": 0.56, "y": 0.72 }, "kind": "callout", "text": "No specific explanation why PP&E was impaired", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:17.332+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, 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"bbox": null, "kind": "callout", "text": "We are concerned by the apparent divergence of cash costs related to capex and amounts recorded on the balance sheet within PP&E. 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In June 2024, IPX disclosed in an SEC filing that CEO Arima had pledged 1.25m shares as collateral for a margin lending facility. No further SEC filings have been made to update this disclosure. 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Red underline Spruce Point", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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"callout", "text": "Index buyers may not be completely attuned to the underlying issues we've identified.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:55:09+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d0-745c-beb2-f2c9482f86cc", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.96, "x": 0.02, "y": 0.16 }, "kind": "paragraph", "text": "Based on Spruce Point's analysis, we estimate that recent large buying was driven from U.S. investors, notably Vanguard which is a passive investor that tracks indices and manages ETFs. IPX filed notification to investors that it became included in the S&P/ASX 200. Index buyers may not be completely attuned to the underlying issues we've identified.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:22.214+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "46afa4b3-a6ae-42d8-bcab-335575acabdf", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.96, "x": 0.02, "y": 0.92 }, "kind": "source-note", "text": "Source: Bloomberg, exchange filings, S&P addition. (1) Listed as owning 15.8 million shares at its peak and last filing in March 2024 disclosed 337,762 ADS or 3.3M ordinary shares. Recent filings indicate no longer an owner.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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We adjust the valuation for the recent capital raise.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:18.552+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "695f28dd-1282-4c21-8caf-80f755ca1a94", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "IPX’s valuation is $1.2 billion and the Company still has not identified any off-take agreements for the Titan Project and is reliant on a narrow set of customers with limited purchase obligations.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:55:09+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d0-745c-beb3-28f7977f1259", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Enterprise Value: $1.2bn", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:55:09+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d0-745c-beb3-2c90c6b1225b", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.98, "x": 0.01, "y": 0.95 }, "kind": "source-note", "text": "Source: Company filings, recent share issuance, and Spruce Point analysis. 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