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  "documentTitle": "IperionX Ltd. (IPX)",
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  "presentationDate": "2025-11-12 00:00:00",
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      "text": "September 2025",
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      "text": "HAMR deoxygenation is the key technological process... No significant changes to key process parameters are required to scale from the current IPF output to the TDF & TCF-1 production capacity. This includes no changes in reagent parameters, cycle times for reduction...",
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      "text": "The Company initially said in April 2023 it could scale without any changes in reagent parameters or cycle times for reduction. However, in September 2025 the Company says it made structured process improvements and optimization that involved lower reagent intensity and reduced production cycles times. We are concerned because the Company never previously said there were any inefficiencies or barriers to scale. However, there are clues that challenges may exist such as an impairment of PP&E that is not adequately explained with a reason for the loss.",
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      "text": "Structured process improvements and optimization has lifted nameplate titanium powder production capacity by 60% - from 125 tpa to 200 tpa... Lower reagent intensity and reduced production cycle times are expected to cut operating costs down to ~$55/kg.",
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      "text": "October 2025: For fiscal 2025, we had $0.9 million in grant income... offset by a loss of $0.3 million relating to certain property, plant and equipment. For fiscal 2024, we had other income of $0.6 million... offset by an impairment loss of $0.2 million.",
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      "text": "Source: IPX press releases 2023 and 2025 and 2025 20-F",
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