{
  "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": 67,
  "pageCount": 93,
  "prevPage": 66,
  "nextPage": 68,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 40,
  "notes": "The slide uses a table of shareholders to visually link IPX-affiliated entities with an entity linked to a controversial figure.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "callout_box",
    "data_table"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-ccb50c0de40d/67",
  "deckHref": "/decks/019dd923-622c-750b-8b99-ccb50c0de40d",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-ccb50c0de40d.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-ccb50c0de40d#slide-67",
  "components": [
    {
      "bbox": {
        "h": 0.06,
        "w": 0.4,
        "x": 0.555,
        "y": 0.58
      },
      "kind": "callout",
      "text": "Entities affiliated with IPX members",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9ff53d4f-b7b8-42ac-beba-7425fc38dd58",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.4,
        "x": 0.555,
        "y": 0.815
      },
      "kind": "callout",
      "text": "Levi Mochkin was banned from working in the Australian securities and investment industry after allegations that he rigged the prices of key mining stocks",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "aaff2223-48d3-4b69-bacc-465fe5455356",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.96,
        "x": 0.02,
        "y": 0.16
      },
      "kind": "disclaimer",
      "text": "According to public filings, certain IPX executives were investors in Brazilian Rare Earths alongside Ledger Holdings Pty Ltd, an entity affiliated with Levi Mochkin, as of December 2023. Mr. Mochkin was banned from the Australian securities industry by ASIC in 2001. We note this association and believe investors should be aware of management's business relationships. However, we make no allegation that IPX executives have engaged in any improper conduct, and investment in the same entity does not necessarily indicate an active business partnership or endorsement of Mr. Mochkin's past conduct.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5f2ff694-5045-486c-80ed-ef70e73999a8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.7,
        "x": 0.02,
        "y": 0.97
      },
      "kind": "source-note",
      "text": "Source: Brazilian Rare Earth filing, BRE Annual Report, DTIM Holdings Pty Ltd related to Hannigan, Enforceable Undertaking",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7a0f9720-ad56-4cf5-bcc2-a7f3e4623700",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.58,
        "w": 0.48,
        "x": 0.03,
        "y": 0.34
      },
      "kind": "table",
      "text": "BRE Shareholder Base table showing positions, holder names, holdings, and percentage of issued capital.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "025f5e6f-b2e9-4f33-bfa4-b1b11cb4ff79",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.65,
        "x": 0.31,
        "y": 0.03
      },
      "kind": "title",
      "text": "Key IPX Executives Connected To Mochkin Through Brazilian Rare Earths In 2023",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bcbf2198-46de-4c45-99d3-c557fe98bea8",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "9caea43a-e6ea-46a4-b1ec-fa302756cd93",
      "evidence": "The slide explicitly links management to a banned individual to raise governance concerns.",
      "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
}