{
  "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": 20,
  "pageCount": 93,
  "prevPage": 19,
  "nextPage": 21,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 4,
  "notes": "The slide uses a 'before-after' style framing to contrast the company's claims with the reality of their low social media engagement.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "callout_box",
    "screenshot",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-ccb50c0de40d/20",
  "deckHref": "/decks/019dd923-622c-750b-8b99-ccb50c0de40d",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-ccb50c0de40d.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-ccb50c0de40d#slide-20",
  "components": [
    {
      "bbox": {
        "h": 0.11,
        "w": 0.96,
        "x": 0.02,
        "y": 0.16
      },
      "kind": "callout",
      "text": "Blacksand Technology, Dr. Fang's company which developed HAMR, tried to promote its technology with a YouTube video account in early 2020. However, as can be seen below, the account only attracted 11 subscribers and a few hundred viewers.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2a31705e-6c95-4e4e-820f-d581fb271977",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "Although there may be reasons for this, it does not indicate to us that the Company was generating much attention in the market it was trying to address.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-f5d0-745c-beae-38f1627a1ae2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.6,
        "w": 0.6,
        "x": 0.2,
        "y": 0.31
      },
      "kind": "image",
      "text": "YouTube channel page for Blacksand Technology",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d1b3c6f7-a780-4a5b-b0ee-ed167c238bd9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.1,
        "x": 0.02,
        "y": 0.97
      },
      "kind": "source-note",
      "text": "Source: YouTube",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4f560019-e040-4373-b366-dd6c2445b208",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.11,
        "w": 0.68,
        "x": 0.28,
        "y": 0.03
      },
      "kind": "title",
      "text": "Early Attempts To Promote Blacksand Before IPX's Involvement Didn't Generate Much Attention",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1acaa4f0-2039-413b-8e6e-7824b09b005a",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "45973bf3-c699-4676-a8ba-97bbcdf66691",
      "evidence": "Uses public data to contradict company claims of market interest.",
      "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
}