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  "docSlug": "2ce2200974d3",
  "documentTitle": "IperionX Ltd. (IPX)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2025-11-12 00:00:00",
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  "pageNumber": 44,
  "pageCount": 93,
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  "slideType": "expose_contradiction",
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  "density": "dense",
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  "notes": "The slide uses a 'Spruce Point red emphasis' box to highlight the contradiction between IPX's claims and the reality of their supply chain.",
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      "kind": "callout",
      "text": "Where From, And At What Price, Will IPX Acquire Critical Titanium Scrap For Its Production Process?",
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      "kind": "callout",
      "text": "IPX is committed to producing titanium products using titanium scrap as the feedstock. However, we see two major challenges: 1) Where will the scrap come from, and 2) At what price will it be purchased?",
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      "kind": "metric",
      "text": "titanium scrap price: $3K - $15K",
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      "kind": "paragraph",
      "text": "IPX is committed to producing titanium products using titanium scrap as the feedstock. However, we see two major challenges: 1) Where will all the scrap come from, and 2) At what price will it be purchased?...",
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      "kind": "source-note",
      "text": "Source: Investor Presentation, April 2023, “IperionX and Heroux-Devtek Partner for Aerospace Titanium Recycling”, press release, September 6, 2023, “Platinum Equity Completes Acquisition of Heroux-Devtek”, Spruce Point red emphasis.",
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      "kind": "title",
      "text": "Where Will IPX Get Titanium Scrap From, And At What Price?",
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