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  "documentTitle": "IperionX Ltd. (IPX)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2025-11-12 00:00:00",
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  "notes": "Uses a photo of a facility entrance with a red box highlighting signage that lists multiple companies at the same address.",
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      "kind": "callout",
      "text": "Commingled with Heavystone Lab LLC RDM Technology LLC Blacksand Technology LLC",
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      "text": "As a public company, we believe that IPX should be taking greater measures to safeguard its assets, intellectual property, and know how.",
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      "text": "As a public company, we believe that IPX should be taking greater measures to safeguard its assets, intellectual property, and know how. However, its facility address at 1782 W 2300 S West Valley City, UT 84119 appears to be commingled with Blacksand Technology, RDM Technology, and Heavystone Lab which are other ventures not owned by IPX, but rather by Dr. Fang and Wenfang B. Fang. IPX's 20-F says it has the exclusive right to occupy and use the premises and equipment at the Utah location.",
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      "text": "Source: Google Maps, July 2025, Utah Corporate Search, 2025 20-F",
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      "text": "If IPX's HAMR Technology Is \"Revolutionary\", They Are Not Taking Measures To Protect It....",
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