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  "documentTitle": "IperionX Ltd. (IPX)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2025-11-12 00:00:00",
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  "pageNumber": 79,
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  "density": "overcrowded",
  "nDataPoints": 15,
  "notes": "Uses FOIA response to challenge company disclosure regarding asset ownership and location.",
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      "text": "Halifax County, VA FOIA Response: We have no Business Tangible Property or M&T Returns for Iperionx or any of its Subsidiaries for 2023, 2024 or 2025. We do have a personal property bill for vehicles For 2024 and 2025.",
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      "text": "IPX 20-F Disclosure: As of June 30, 2025, the Company has procured assets on behalf of the government that cost approximately $10.3 million. (2025: $4.0 million), (2024: $6.3 million). We received cash reimbursements from the U.S. DoW of $5.6 million during the twelve months ended June 30, 2025 (2024: $4.7 million). We expect to utilize the full $12.7 million of available funding by the end of fiscal year 2026. Title to all assets purchased by the Group with funds from the U.S. government vest with the U.S. government during the term of the technology investment agreement...Through June 30, 2025, the Company used government funds primarily to acquire equipment used to produce titanium powder from recycled sources of scrap at the construction site.",
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      "kind": "callout",
      "text": "We submitted a FOIA with Halifax County, VA where IPX’s manufacturing facility is located to request its Machinery & Tools and Tangible Property forms for the last three years.",
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      "text": "Images of tax forms",
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      "kind": "metric",
      "text": "PP&E Additions: $29.7",
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      "text": "We submitted a FOIA with Halifax County, VA where IPX's manufacturing facility is located to request its Machinery & Tools and Tangible Property forms for the last three years. We received a response that the forms do not exist, only a property bill for vehicles. Some of IPX's assets are procured (and titled) on behalf of the U.S. government. However, IPX says that government assets amounted to $10.3m. IPX has reported almost $30m in PP&E additions since 2022. While some may have been related to the Utah pilot plant, we would have expected a substantial majority of the $19m in 2025 to be in Virginia.",
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      "text": "We have no Business Tangible Property or M&T Returns for Iperionx or any of its Subsidiaries for 2023, 2024 or 2025. We have a personal property bill for vehicles For 2024 and 2025. — Halifax County, VA FOIA Response",
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      "kind": "source-note",
      "text": "Source: Spruce Point Research, FOIA Request, IPX disclosures, Halifax County, VA Forms. 1) IPX frequently shows pictures of its property and machinery (a, b, c).",
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      "text": "IPX Property, Plant and Equipment Additions table",
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      "kind": "title",
      "text": "FOIA In Virginia Indicated No Forms Filed Detailing Property Or Equipment",
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      "evidence": "Contrasting official tax filings with company disclosures to suggest misrepresentation of assets.",
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