{ "docId": "019dd923-622c-750b-8b99-ccb50c0de40d", "docSlug": "2ce2200974d3", "documentTitle": "IperionX Ltd. (IPX)", "authorId": "54_Spruce_Point_Capital", "authorName": "Spruce Point Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2025-11-12 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 16, "pageCount": 93, "prevPage": 15, "nextPage": 17, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "dense", "nDataPoints": 0, "notes": "The slide uses a side-by-side comparison of an email from a government official and the official tax form instructions to highlight a compliance failure.", "elementsJson": [ "headline_text", "callout_box", "screenshot", "bullet_list", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b99-ccb50c0de40d/16", "deckHref": "/decks/019dd923-622c-750b-8b99-ccb50c0de40d", "deckJsonHref": "/decks/019dd923-622c-750b-8b99-ccb50c0de40d.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-ccb50c0de40d#slide-16", "components": [ { "bbox": { "h": 0.55, "w": 0.445, "x": 0.53, "y": 0.35 }, "kind": "list", "text": "Report all machinery and tools... 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... Report in the Tangible Property area...", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "68399c04-afa7-4178-b79a-cf8f509dab0a", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.035, "w": 0.47, "x": 0.025, "y": 0.305 }, "kind": "other", "text": "Email From Halifax, VA", "attrs": null, "subkind": "unclassified", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "b7598589-2c60-41d7-a606-48846ba5b6c7", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.035, "w": 0.445, "x": 0.53, "y": 0.305 }, "kind": "other", "text": "Form Instructions", "attrs": null, "subkind": "unclassified", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "f61e329b-064e-4cb2-85dc-9fce45fc8cc5", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.47, "x": 0.025, "y": 0.345 }, "kind": "paragraph", "text": "From: Brenda Powell \nTo: \nCc: \"Tomeka Morgan\"\nDate: Wed, 29 Oct 2025 14:28:51 -0500\n============ Forwarded message ============\nWe 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, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "8f0c6730-5a16-411d-8fce-06d5fcae28e5", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.11, "w": 0.96, "x": 0.02, "y": 0.165 }, "kind": "paragraph", "text": "Here is the email directly from the Halifax County, Virginia Commissioner of the Revenue verifying that neither IperionX or any of its subsidiaries have the requisite forms filed related to tangible property, machinery, tools and equipment (owned or leased) for the past three years. Even if the Company owned no machinery or tools (or leases), the instructions say that it still is required to file the form. It is possible IPX takes the view that the forms are not necessary since it has no revenue and reports no taxes paid.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "a79d7c30-dbf1-41fd-b880-bbf3727abe59", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.65, "x": 0.02, "y": 0.96 }, "kind": "source-note", "text": "Source: Spruce Point Research, FOIA Request, IPX disclosures, Halifax County, VA Forms, Spruce Point red emphasis.", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "991a7e17-5be7-4ded-80a4-0b329b54eb76", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.045, "w": 0.57, "x": 0.315, "y": 0.045 }, "kind": "title", "text": "Email Verification of Missing Capex Forms", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "f7971438-05b9-43b6-a3aa-3a98c158fb8f", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "fraud-exposure", "slug": null, "matchId": "86c46bca-5e01-450a-bbe5-ee52549cd3bd", "evidence": "The slide explicitly highlights a regulatory non-compliance issue to cast doubt on company disclosures.", "confidence": 0.9 } ], "arcBeats": [ { "to": 20, "from": 5, "beatId": "9bf7e2c0-2c29-416c-9216-339af0c1585a", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Expose Contradiction", "beatSlug": null, "evidence": "The document exposes various contradictions and discrepancies in IperionX Ltd.'s operations and financial reporting", "position": 1, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "loops": [ { "to": 20, "from": 15, "name": "Aha Moment", "slug": "03-aha-moment", "bestFor": "Data-heavy sections, research findings, analytical arguments", "matchId": "155390e1-44c6-4690-9871-e35d270084a6", "evidence": "The document reveals a discrepancy between reported PP&E additions and local tax filings", "position": 0, "objective": "To reveal discrepancies between reported PP&E additions and local tax filings", "structure": "The Problem/Question -> What the Data Shows -> The Insight", "confidence": 0.7, "description": "Establish a tension, present data, then deliver the insight that changes everything" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }