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  "docId": "019dd923-622c-750b-8b99-ccb50c0de40d",
  "docSlug": "2ce2200974d3",
  "documentTitle": "IperionX Ltd. (IPX)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2025-11-12 00:00:00",
  "orientation": "landscape",
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  "pageNumber": 43,
  "pageCount": 93,
  "prevPage": 42,
  "nextPage": 44,
  "slideType": "preempt_rebuttal",
  "function": "preempt_rebuttal",
  "density": "dense",
  "nDataPoints": 36,
  "notes": "The table shows a clear lack of comparability between different reporting periods (2022 vs 2023 vs 2025) due to changing line items and missing values (??).",
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  "slideHref": "/slides/019dd923-622c-750b-8b99-ccb50c0de40d/43",
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  "components": [
    {
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      "kind": "callout",
      "text": "We believe that IPX has not provided a standardized schedule of operating costs across time periods.",
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      "kind": "metric",
      "text": "Operating Cost: $29.0",
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      "kind": "paragraph",
      "text": "We believe that IPX has not provided a standardized schedule of operating costs across time periods. We are particularly concerned that IPX no longer provides the “tolling services” and “feedstock” detail. This makes it difficult to evaluate the process.",
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      "kind": "source-note",
      "text": "Note: May not sum due to rounding. TDF=Titanium Demonstration Facility, TCF-1=Titanium Commercial Facility. 1) IPX last disclosed in July 2023... 2) Contingency is 12% (2022) and 5% (2025). Source: Sept 2022, April 2023, Sept 2025",
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      "kind": "table",
      "text": "Operating Cost Projection Disclosures table comparing cost line items across three dates and different product/phase configurations.",
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      "kind": "title",
      "text": "It Is Difficult To Evaluate Costs When Projections Are Not Standardized",
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      "evidence": "Highlighting inconsistent financial disclosures to suggest lack of transparency or potential manipulation.",
      "confidence": 0.85
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  ],
  "arcBeats": [],
  "loops": [
    {
      "to": 44,
      "from": 39,
      "name": "The Reveal",
      "slug": "05-the-reveal",
      "bestFor": "Product launches, strategic pivots, unexpected findings",
      "matchId": "ed789c26-6a0a-49a5-a93a-dc6ee26cdd8e",
      "evidence": "The document reveals that key executives reduced or sold their entire IPX equity holdings",
      "position": 1,
      "objective": "To reveal key technology, patent, and geology executives reduced or sold their entire IPX equity holdings",
      "structure": "Setup the Question -> Build Suspense -> The Big Reveal",
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