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  "docSlug": "2ce2200974d3",
  "documentTitle": "IperionX Ltd. (IPX)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2025-11-12 00:00:00",
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  "pageNumber": 76,
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  "notes": "Uses a red-bordered callout to emphasize the contradiction between the CLO's active status and the lack of disclosure.",
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      "kind": "callout",
      "text": "We are troubled by the disappearance of IPX's Chief Legal Officer (CLO) Jeanne McMullin. A single footnote in the recent 2025 Annual Report filed September 30, 2025 denotes that she is no longer part of the Key Management Personnel (KMP) in the 2024 compensation table. However, there is evidence that she was still being represented as the CLO in August 2024 (two months into FY 2025) and appeared on both IPX's website and was also featured in the Canaccord Genuity Growth Conference investor presentation in August 2024. IPX references no compensation at all for CLO McMullin in the FY25 table. As a best practice, we believe IPX should have promptly filed a 6-K notification with the SEC to disclose her departure. The SEC told IPX in a comment letter dated filed February 7, 2024 that it was concerned by previous lapses in disclosures between the SEC and ASX.",
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      "kind": "callout",
      "text": "We are troubled by the disappearance of IPX’s Chief Legal Officer (CLO) Jeanne McMullin.",
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      "kind": "source-note",
      "text": "Source: Wayback Machine of IPX Website and Canaccord Presentation (August 2024), Red underline Spruce Point. SEC comment letter.",
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      "text": "2024 Compensation Table",
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      "text": "We Believe The Chief Legal Officer Departed With Subpar Corporate Disclosure",
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