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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 highlights a mathematical inconsistency between the sum of quarterly reports and the final annual report figures.",
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      "text": "Spruce Point has identified some financial reporting issues affecting FY 2025 capex figures. The quarterly totals do not match the full year totals in the Appendix 5B. The Appendix 5B total does not match the Annual Report.",
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      "text": "Capex: 901",
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      "text": "Payments To Acquire PP&E Q1+Q2+Q3+Q4 2,830+2,180+4,562+6,114 = 15,686 vs. 14,785 reported (901 difference)",
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      "text": "PP&E does not match. Tenements (purchase of exploration and evaluation assets) and purchase of intangibles (other non-current assets) broadly match",
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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 Capex",
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