{
  "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": 73,
  "pageCount": 93,
  "prevPage": 72,
  "nextPage": 74,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 6,
  "notes": "Includes red callout boxes highlighting the discrepancy between high incentive weighting and lack of revenue generation.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "data_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-ccb50c0de40d/73",
  "deckHref": "/decks/019dd923-622c-750b-8b99-ccb50c0de40d",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-ccb50c0de40d.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-ccb50c0de40d#slide-73",
  "components": [
    {
      "bbox": {
        "h": 0.09,
        "w": 0.18,
        "x": 0.21,
        "y": 0.87
      },
      "kind": "callout",
      "text": "Raising money and Investor Relations",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "18ef3802-12ee-492c-804f-b2e8dbd2f890",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.96,
        "x": 0.02,
        "y": 0.16
      },
      "kind": "callout",
      "text": "Spruce Point is alarmed that management's annual cash bonus structure is most heavily weighted towards fund raising and investor relations. Shouldn't management be compensated foremost on finding long-term committed customers to validate its business?",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bbb12ee8-3ec5-45f8-b59a-f41c8eaa3e05",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.09,
        "w": 0.36,
        "x": 0.61,
        "y": 0.87
      },
      "kind": "callout",
      "text": "We think this should be the biggest factor. Only 1 gov't contract with a $1.3m obligation.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c1edd285-f393-4d12-a650-c668059482ae",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.09,
        "w": 0.18,
        "x": 0.41,
        "y": 0.87
      },
      "kind": "callout",
      "text": "No revenues have been produced yet",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ef89d26d-111b-4952-89fb-e8d514d06216",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "incentive weighting: 25%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-f5d0-745c-beb2-002454b41868",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.15,
        "x": 0.02,
        "y": 0.97
      },
      "kind": "source-note",
      "text": "Source: IPX 2025 20-F",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7f5a6d8f-dcc4-4d6a-be42-2286ca324e34",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.41,
        "w": 0.95,
        "x": 0.03,
        "y": 0.41
      },
      "kind": "table",
      "text": "Measure, Measure, Weighting; Safety, Managing health/safety, 15%; People & Sustainability, Recruitment/retention, 15%; Product Innovation, Innovation/IP, 15%; Commercial, Contracts, 15%; Operations, Scale-up, 15%; Funding/IR, Assets/Balance sheet, 25%",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "44eaeda8-0343-48cb-8abd-27fa7c07008e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.68,
        "x": 0.28,
        "y": 0.03
      },
      "kind": "title",
      "text": "Management Is Rewarded More For Fundraising And IR Than For Finding Customer Contracts",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "741de797-a558-4f9d-87e4-cadfe81afee9",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "ceo-quote-contradiction",
      "slug": null,
      "matchId": "71144b9c-3815-4670-91c6-8cb8a2c17784",
      "evidence": "Highlights misalignment between stated business goals and actual incentive structure.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}