{
  "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": 21,
  "pageCount": 93,
  "prevPage": 20,
  "nextPage": 22,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 4,
  "notes": "Uses a 'before-after' style comparison of disclosure text to expose a potential omission or change in narrative by the company.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "callout_box",
    "screenshot",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-ccb50c0de40d/21",
  "deckHref": "/decks/019dd923-622c-750b-8b99-ccb50c0de40d",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-ccb50c0de40d.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-ccb50c0de40d#slide-21",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "We question the scalability and commercialization aspects of the technology. To support our concerns, we observe that IPX no longer references that the technologies were tested over a 10-year period, funded in part with approximately $10 million from the U.S. DOE ($12 million total investment through 2021(1)) and with industry partners Boeing and Arconic.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-f5d0-745c-bead-7d66b53beb42",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.18,
        "w": 0.96,
        "x": 0.02,
        "y": 0.16
      },
      "kind": "paragraph",
      "text": "We question the scalability and commercialization aspects of the technology. To support our concerns, we observe that IPX no longer references that the technologies were tested over a 10-year period, funded in part with approximately $10 million from the U.S. DOE ($12 million total investment through 2021(1)) and with industry partners Boeing and Arconic. We observe that neither Boeing or Arconic have been disclosed as (potential) customers or have signed any MOUs related to purchase intent. Moreover, IPX spent $14.2 million to acquire the intellectual property of what has been described as \"the breakthrough science of a revolutionary technology\" for a nominal premium to the estimated $12 million invested in developing it over a decade.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "01b0801f-7d69-4099-b131-c877fef2fa49",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.18,
        "w": 0.96,
        "x": 0.02,
        "y": 0.75
      },
      "kind": "paragraph",
      "text": "Notes: 1. During the period, the Group exercised its exclusive option to purchase intellectual property rights of Blacksand Technology, LLC. The Group now holds the exclusive commercial licensing rights for more than 40 global patents through a license agreement with the University of Utah including the global patents for patented technologies that can produce low-cost and low-carbon titanium metal. As consideration for the option, IperionX has made or will make payments totaling US$14,270,495 (of which US$5,500,000 was paid in prior periods, US$6,616,251 was paid during the twelve months ended June 30, 2025, and US$2,154,244 was payable at June 30, 2025, of which US$1,454,244 was included in trade and other payables and US$700,000 was included in other long-term liabilities).",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3a4f9407-3a9f-4bde-8f96-99c9c9c75682",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.18,
        "w": 0.96,
        "x": 0.02,
        "y": 0.39
      },
      "kind": "paragraph",
      "text": "Re-Shoring U.S. Titanium Metal Production with Production Technologies\nIperionX holds exclusive commercialization rights to a range of patented technologies for producing titanium metal powders and products. These Technologies were initially developed by Dr. Z. Zak Fang and his team at the University of Utah, and were further developed at Blacksand Technology, LLC (\"Blacksand\"), Dr. Fang’s research and development entity. At Blacksand, Dr. Fang’s team further developed and tested the Technologies at lab scale over a 10-year period, funded in part with approximately $10 million from the U.S. Department of Energy’s (\"DoE\") ARPA-E program as well as industry partners Boeing and Arconic. IperionX is now Blacksand’s exclusive commercial partner for scaling the Technologies.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9a298034-a6db-4d90-ace8-afa2d76d7c65",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.11,
        "w": 0.67,
        "x": 0.31,
        "y": 0.03
      },
      "kind": "title",
      "text": "The \"Revolutionary\" IP Was Acquired For Little More Than R&D Cost, And Initial Commercial Research Partners Are Not Mentioned As Potential Customers....",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b688f635-8067-4e74-bc04-ba7ec90ba312",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.96,
        "x": 0.02,
        "y": 0.71
      },
      "kind": "title",
      "text": "Research Funded Over A Decade With $10M Sold For Just $14M....",
      "attrs": null,
      "subkind": "subtitle",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "42e8d04f-8a98-468a-9200-22ed17278668",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.96,
        "x": 0.02,
        "y": 0.35
      },
      "kind": "title",
      "text": "IPX No Longer Makes This Disclosure From 2023",
      "attrs": null,
      "subkind": "subtitle",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6cf920df-0cfb-4689-b6ad-578150002469",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "ceo-quote-contradiction",
      "slug": null,
      "matchId": "2331ef2d-2376-4b93-8230-a639f8bb288c",
      "evidence": "Contrasts past company disclosure with current silence to imply misleading narrative.",
      "confidence": 0.8
    }
  ],
  "arcBeats": [
    {
      "to": 40,
      "from": 21,
      "beatId": "f2e3c9e9-4e3e-4778-b04f-3f831eb2ec3a",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Preempt Rebuttal",
      "beatSlug": null,
      "evidence": "The document preempts potential rebuttals to its concerns and discrepancies",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}