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  "documentTitle": "IperionX Ltd. (IPX)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2025-11-12 00:00:00",
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  "notes": "The slide highlights a data gap in USGS reporting and questions the viability of IPX's supply chain strategy.",
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      "text": "Absent domestic titanium sponge production capacity, the US is completely dependent on imports of titanium sponge and scrap and lacks the surge capacity required to support defense and critical infrastructure needs in an extended national emergency.",
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      "kind": "metric",
      "text": "Imported Scrap: 28,000",
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      "text": "The domestic scrap and recycling market has become more opaque with the USGS no longer able to estimate tonnage. The U.S. is dependent on imports, which come primarily from the U.K. (17%), Germany (12%), France and Japan (11% each), and Canada and the Republic of Korea (9% each) were the leading import sources for titanium waste and scrap in 2024 through September. However, IPX has only announced two supply arrangement with a small Canadian company, and a small announcement with ELG Utica Alloys (U.S.), but no agreements from larger import sources for Europe.",
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      "text": "Absent domestic titanium sponge production capacity, the US is completely dependent on imports of titanium sponge and scrap and lacks the surge capacity required to support defense and critical infrastructure needs in an extended national emergency. — IPX Last Disclosure Oct 2024",
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      "text": "Source: USGS.gov and IPX Technical Report Summary For Titan Project",
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      "text": "USGS Data on Titanium and Titanium Dioxide table showing import scrap and industry breakdown from 2017-2024",
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      "text": "Where Will IPX Get Titanium Scrap From, And At What Price? (Cont'd)",
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