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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 color-coding (green for match, red for mismatch) to emphasize the accounting discrepancy.",
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      "text": "No specific explanation why PP&E was impaired",
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      "text": "We are concerned by the apparent divergence of cash costs related to capex and amounts recorded on the balance sheet within PP&E. Through 2023, the reported amounts reconciled, but in 2024 and 2025 it appears that they diverged.",
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      "text": "Source: IPX Annual Reports",
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