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  "documentTitle": "IperionX Ltd. (IPX)",
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  "presentationDate": "2025-11-12 00:00:00",
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  "notes": "The slide uses a 'precedent_table' to establish a pattern of failure in the industry, serving as a preemptive rebuttal to claims that new technologies can easily disrupt the Kroll process.",
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      "text": "Not surprisingly, there have been many attempts to displace the Kroll process with a few making it to the pilot plant stage, but all failing to achieve scalability and widespread adoption.",
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      "text": "The Kroll process has been used for commercial titanium production since the early 1950s, and while it has certain disadvantages such as being expensive with a poor environmental impact, it has been difficult to replace because it is reliable, scalable and a well established, understood and optimized process. Not surprisingly, there have been many attempts to displace the Kroll process with a few making it to the pilot plant stage, but all failing to achieve scalability and widespread adoption. We believe it is for these reasons that IPX has failed so far to attract larger committed customers.",
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      "text": "Source: Spruce Point research",
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