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  "documentTitle": "IperionX Ltd. (IPX)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2025-11-12 00:00:00",
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  "notes": "Uses a side-by-side comparison of two company presentations to expose a change in language.",
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      "kind": "callout",
      "text": "There appear to be challenges of dealing with oxygen when using titanium scrap for feedstock. We noticed the Company initially suggested that oxygen impurities were to be “cleaned” but has now changed it to “removed”.",
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      "kind": "quote",
      "text": "However, the key challenge facing titanium alloy recycling is the removal of oxygen due to the strong affinity between titanium and oxygen. Therefore, the critical aspect in recycling titanium alloy scrap is the effective removal of oxygen. The current titanium alloy scrap recycling methods, which are effective to varying degrees, have notable limitations. — Environmentally Friendly and Simple Recycling of Titanium Alloy Scrap via Deoxygenation with Hybrid Hydrogen Plasma Arc, Advanced Science, January 21, 2025",
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      "text": "Source: “Environmentally Friendly and Simple Recycling of Titanium Alloy Scrap via Deoxygenation with Hybrid Hydrogen Plasma Arc”, Advanced Science, January 21, 2025. IPX Investor Presentations.",
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      "kind": "table",
      "text": "March 2023: 'Clean' vs July 2025: 'Remove' comparison of HAMR process descriptions.",
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      "kind": "title",
      "text": "The Complexity of Using Scrap In The HAMR Process",
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