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  "documentTitle": "IperionX Ltd. (IPX)",
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  "notes": "Uses import data to challenge company disclosures regarding capital expenditure.",
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      "text": "IPX claims that a furnace costs in the range of $2.7 - $5.0 million. However, IPX's import records suggest a furnace system is in the $369,000 to $405,000 range.",
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      "text": "April 2023: The Electron bell-style furnace provides for a significant reduction in the production cycle time... The TDF furnace has a cost of ~US$2.7 million...",
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      "text": "Sept 2022: The primary direct equipment costs include deoxygenation furnaces, with the deoxygenation cost area making up US$3.2 million...",
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      "text": "IPX claims that a furnace costs in the range of $2.7 - $5.0 million. However, IPX's import records suggest a furnace system is in the $369,000 to $405,000 range.",
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      "text": "The primary direct equipment costs include deoxygenation furnaces, with the deoxygenation cost area making up US$3.2 million of the direct costs. — IPX Press Release (Sept 2022)",
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      "text": "Source: IPX press releases: Sept 2022 and April 2023 with Spruce Point yellow emphasis. Panjiva import records. Electron-Etg.com",
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      "text": "IperionX and IperionX Technology LLC U.S. Import Records",
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      "text": "We Question Furnace Capital Costs",
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