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  "docSlug": "2ce2200974d3",
  "documentTitle": "IperionX Ltd. (IPX)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2025-11-12 00:00:00",
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  "pageCount": 93,
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  "notes": "Uses a 'before-after' style comparison between a historical projection and current reality to imply lack of commercial viability.",
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      "kind": "callout",
      "text": "The Project Titan Scoping Study from June 2022 provided a timeline that it would be construction ready by 2023. We are now nearing the end of 2025 and no ground has been broken. In fact, it wasn't until April 2025 that IPX commenced a definitive Feasibility Study. The Feasibility Study commenced after a small U.S. government award. This fact pattern suggests to us that IPX may not have received enough private sector commercial customer buy-in to commence a feasibility study.",
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      "kind": "callout",
      "text": "This fact pattern suggests to us that IPX may not have received enough private sector commercial customer buy-in to commence a feasibility study.",
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      "toolName": "Visual emphasis",
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      "kind": "chart",
      "text": "Gantt-style timeline chart showing project phases from Q2 2022 to Q4 2023.",
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      "kind": "paragraph",
      "text": "Progressing to Construction Ready by 2023. The Scoping Study demonstrates the Titan Project's importance as a leading U.S. critical mineral project and the Company has now been working on progressing the Project to be construction ready during 2023.",
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      "text": "Figure 11: Titan Project construction ready timeline.",
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      "kind": "source-note",
      "text": "Source: IPX Scoping study, June 30, 2022, Feasibility Study, April 8, 2025",
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      "kind": "title",
      "text": "Titan Project Timeline (2022)",
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      "kind": "title",
      "text": "Project Titan Has Faced Delays",
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