{
  "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": 63,
  "pageCount": 93,
  "prevPage": 62,
  "nextPage": 64,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 2,
  "notes": "Uses a before-and-after comparison to show the lack of progress in customer acquisition despite claims of technological success.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "callout_box",
    "logo_grid",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-ccb50c0de40d/63",
  "deckHref": "/decks/019dd923-622c-750b-8b99-ccb50c0de40d",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-ccb50c0de40d.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-ccb50c0de40d#slide-63",
  "components": [
    {
      "bbox": {
        "h": 0.05,
        "w": 0.62,
        "x": 0.02,
        "y": 0.405
      },
      "kind": "callout",
      "text": "HAMR: The breakthrough science of a revolutionary technology",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "676f767f-fc9f-4971-a801-eee1c4f6e6f0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "The Company may be stuck between a rock and hard place as they may need to show customers they can operate and produce defect-free products at a greater scale before customers fully commit to buy.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-f5d0-745c-beb1-8576846fbf0e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.45,
        "x": 0.52,
        "y": 0.68
      },
      "kind": "image",
      "text": "Logos of Vegas Fastener, United Stars, Richemont, Canyon, Ford, Lockheed Martin",
      "attrs": null,
      "subkind": "logo-grid",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fc66ad44-d55d-4801-8710-a88d40a32452",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.96,
        "x": 0.02,
        "y": 0.46
      },
      "kind": "list",
      "text": "March 2022: Even Before Purchasing The Technology In December 2024... vs July 2025: Despite Now Saying It Has Proven Large Scale Tititanium Production, These Corporate Logos Are Still Listed As “Potential Customers”",
      "attrs": null,
      "subkind": "comparison",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5269f25b-097e-47cd-b4ca-8d9c2161e89e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.96,
        "x": 0.02,
        "y": 0.17
      },
      "kind": "paragraph",
      "text": "Spruce Point does not believe IPX is making rational economic decisions. For example, despite years of research and pilot testing of its promoted “revolutionary” technology and has “successfully proven large scale titanium production”, the Company still has no reported revenue or an ability to give specific financial guidance.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6e271dc8-49c0-45ad-b201-17787e35ca5d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "As a result of the successful scaling of the Titanium Pilot Facility - and the strong interest we are seeing from potential customers for our 100% recycled, lower cost and low carbon powders - we are now progressing the development of a larger scale facility. This comes at a time when there is an increased strategic focus on the need for wrestling control of the titanium supply chain from China and Russia and bring it back to the U.S. — IperionX Press Release (March 2022)",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd952-f5d0-745c-beb1-8a0c4a532da0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.96,
        "x": 0.02,
        "y": 0.92
      },
      "kind": "source-note",
      "text": "1) IPX says, “Titanium sales are expected to progressively scale through 2026, with positive EBITDA inflection point projected by year-end 2026.” In April 2023, IPX said 2026E revenue and EBITDA forecast was $145m and ~$100m, respectively assuming conservative assumptions. Source: IPX press release (March 2022), July 2025 Investor Presentation, Red underline Spruce Point",
      "attrs": {
        "numbered": true
      },
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2f2723b8-2b47-4519-9a57-85b785a44a3c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.4,
        "x": 0.305,
        "y": 0.03
      },
      "kind": "title",
      "text": "Caught Between A Rock And A Hard Place?",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "772b90b3-5146-4abc-891d-1001cf88bf25",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "ceo-quote-contradiction",
      "slug": null,
      "matchId": "71d10451-6216-427d-a3b0-df7f54a832c0",
      "evidence": "Contrasts past claims of 'proven' technology with current lack of revenue and 'potential' customer status.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [
    {
      "to": 68,
      "from": 63,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "47e7e632-17ac-42c9-b0ea-8a86842ceadb",
      "evidence": "The document highlights IPX's commitment to a project with no clear financial return or proven customer commitment",
      "position": 2,
      "objective": "To highlight IPX's commitment to a project with no clear financial return or proven customer commitment",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.7,
      "description": "Quantify what happens if the audience does nothing"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}