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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": "Includes a process flow diagram illustrating yield losses at different stages of production.",
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      "text": "Spruce Point is concerned that at IPX's stated production scale goal of 10,000 tpa, we estimate the Company would be ~20% - 30% of the global annual titanium scrap market.",
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      "text": "Scrap Requirement %: 30%",
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      "text": "Spruce Point is concerned that at IPX's stated production scale goal of 10,000 tpa, we estimate the Company would be ~20% - 30% of the global annual titanium scrap market.",
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      "text": "Source: IPX Investor Presentation. 1) Based on Spruce Point estimates obtained from a consultant who worked at a global titanium scrap dealer and assumes a buy-to-fly ratio of 9",
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      "text": "Estimate of IPX's Scrap Requirements At Scale vs. The Titanium Scrap Market",
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      "text": "We Estimate That IPX Could Face Scrap Purchasing Issues At Its Targeted 10,000 tpa Capacity Goal",
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