{
  "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": 64,
  "pageCount": 93,
  "prevPage": 63,
  "nextPage": 65,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 3,
  "notes": "The slide uses a red box to highlight the discrepancy between the headline contract value and the actual obligated amount.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "screenshot",
    "callout_box"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-ccb50c0de40d/64",
  "deckHref": "/decks/019dd923-622c-750b-8b99-ccb50c0de40d",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-ccb50c0de40d.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-ccb50c0de40d#slide-64",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "The total contract value is listed at $99 million. An IDIQ contract does not require such specifics beyond a preset minimum quantity of goods or service at a negotiated price.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-f5d0-745c-beb1-a2de735f534e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.6,
        "w": 0.48,
        "x": 0.51,
        "y": 0.34
      },
      "kind": "image",
      "text": "Details of Award",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "542993f6-f702-4a24-b934-e45cd3a73840",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.6,
        "w": 0.48,
        "x": 0.02,
        "y": 0.34
      },
      "kind": "image",
      "text": "IPX Press Release",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8f6c4d6e-7394-4034-b14a-3148897cd53a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "contract value: $1.3m",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-f5d0-745c-beb1-a42811f103e5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.96,
        "x": 0.02,
        "y": 0.17
      },
      "kind": "paragraph",
      "text": "In June 2025, IPX reported that it has received the first task order, valued at $1.3m, from the U.S. Army under a Small Business Innovation Research (SBIR) Phase III Indefinite Delivery Indefinite Quantity (IDIQ) contract with the U.S. Department of Defense (DoD). The total contract value is listed at $99 million. An IDIQ contract does not require such specifics beyond a preset minimum quantity of goods or service at a negotiated price. USASpending.gov confirms the total obligated amount is $1.3m. The U.S. Dept. of War said bids were solicited on the internet with IPX being the only bid it received.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "592dacc0-ccff-4c09-bb7b-d3b91adb1427",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.75,
        "x": 0.02,
        "y": 0.96
      },
      "kind": "source-note",
      "text": "Source: IPX press release and USASpending.gov, IDIQ contract details at congress.gov, The U.S. Department of War, Spruce Point red emphasis",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f68eb204-ddd9-44f7-96bc-2fd911fdddac",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.65,
        "x": 0.31,
        "y": 0.03
      },
      "kind": "title",
      "text": "IPX Was Awarded A U.S. Army Task Order With A Small Obligation",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "813dfa23-156d-4951-8758-a5243bd6e1cf",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "f954d419-2482-484f-a09b-b7cfe32fa8c6",
      "evidence": "The slide explicitly contrasts a large headline number ($99M) with a small actual obligation ($1.3M) to suggest misleading disclosure.",
      "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
}