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  "documentTitle": "IperionX Ltd. (IPX)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2025-11-12 00:00:00",
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  "notes": "The slide uses red boxes to highlight the specific line item 'administration and corporate costs' across four quarterly reports to demonstrate the math error.",
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      "kind": "callout",
      "text": "Should Say 12 Months, Not 9 Months",
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      "text": "Full Year = Q1+Q2+Q3+Q4 590+1,642+1,109+1,654 = 4,995 VS. 5,269 reported (274 difference)",
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      "text": "The biggest difference is in administration and corporate costs which were apparently off by $274,000.",
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      "text": "Four quarterly cash flow statement tables",
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      "text": "G&A costs: $274,000",
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      "text": "IPX said it remediated past material weaknesses of internal controls in its 20-F. Spruce Point has identified some financial reporting issues that appear to affect operating cash flows. By evaluating the quarterly reports, we see that the full year figures do not seem to reconcile. The biggest difference is in administration and corporate costs which were apparently off by $274,000.",
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      "text": "Source: Q1, Q2, Q3, Q4, Red underline Spruce Point",
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      "text": "IPX Appears To Have Cash Control Issues: FY 2025 G&A Costs",
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