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  "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",
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  "pageNumber": 78,
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  "notes": "Uses visual callouts (red boxes) to contrast the two conflicting data sources.",
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      "kind": "callout",
      "text": "We identified a variance in employees reported between the 2025 Annual Report and 20-F which were filed at the SEC just two weeks apart. Both figures reference FY 2025 (ending June 30th). The 20-F indicates 35% more employees or 70 vs. 52.",
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      "text": "employee count: 70 vs. 52",
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      "kind": "source-note",
      "text": "Source: IPX 2025 20-F and Annual Report. Note: In 2023 and 2024, IPX reported 30 and 48 employees, respectively.",
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      "text": "FY 2025 Annual Report vs. 20-F Employee Reporting",
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      "text": "Employee Count Reporting Variance",
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      "evidence": "Highlighting inconsistent financial/operational disclosures to suggest potential misrepresentation.",
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