{
  "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",
  "aspectRatio": 1.3333334,
  "pageNumber": 5,
  "pageCount": 93,
  "prevPage": 4,
  "nextPage": 6,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 0,
  "notes": "The slide uses visual evidence (photos) to cast doubt on the operational status of the company's headquarters.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "callout_box",
    "photo"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-ccb50c0de40d/5",
  "deckHref": "/decks/019dd923-622c-750b-8b99-ccb50c0de40d",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-ccb50c0de40d.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-ccb50c0de40d#slide-5",
  "components": [
    {
      "bbox": {
        "h": 0.25,
        "w": 0.96,
        "x": 0.02,
        "y": 0.16
      },
      "kind": "callout",
      "text": "After repeated attempts calling IPX's headquarters in Charlotte, NC to speak with someone (980-237-8900) and receiving an automated voice-box message, we visited the office on a recent weekday in hopes of asking questions and found no one there. Packages were piled up with no attempt to safeguard or secure the package identities. A 2023 Annual Report was visible despite the 2025 Annual Report being available as was a 2022 Sustainability Report (the 2024 report is available). We spoke with someone at the neighboring business who said they never see anyone there and that security often puts packages piling up outside the door into the office.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3ec94e98-bff6-4fac-bfd6-05ef91be0647",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "We spoke with someone at the neighboring business who said they never see anyone there and that security often puts packages piling up outside the door into the office.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-f5d0-745c-beab-c18764ba0173",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.48,
        "w": 0.39,
        "x": 0.51,
        "y": 0.43
      },
      "kind": "image",
      "text": "Photo of office interior with outdated reports",
      "attrs": null,
      "subkind": "photo",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "01d90972-059e-4f5b-be14-594b734ededa",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.48,
        "w": 0.38,
        "x": 0.09,
        "y": 0.43
      },
      "kind": "image",
      "text": "Photo of office entrance with packages",
      "attrs": null,
      "subkind": "photo",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8487961e-f593-4586-9bd9-821d5fc65261",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.85,
        "x": 0.01,
        "y": 0.97
      },
      "kind": "paragraph",
      "text": "Note: We acknowledge that this may not be indicative of operational issues, as companies may utilize remote work arrangements or have personnel primarily at operational sites",
      "attrs": null,
      "subkind": "disclaimer",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8968fe66-9ae3-40c8-ba4c-6760ea96913a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.15,
        "x": 0.01,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "Source: Spruce Point Research",
      "attrs": null,
      "subkind": "source-note",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e3989172-e6df-42c7-9cb8-67c35c2a5eb1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.65,
        "x": 0.31,
        "y": 0.03
      },
      "kind": "title",
      "text": "Repeated Calls And A Site Visit To IperionX's Corporate HQ Came Up Empty.....",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "611af953-725a-4ce9-b63b-6063968b30f8",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "22e4b382-f17d-4358-b069-21823b123aec",
      "evidence": "Using site visits and physical evidence to challenge corporate legitimacy.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 20,
      "from": 5,
      "beatId": "9bf7e2c0-2c29-416c-9216-339af0c1585a",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Expose Contradiction",
      "beatSlug": null,
      "evidence": "The document exposes various contradictions and discrepancies in IperionX Ltd.'s operations and financial reporting",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}