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  "documentTitle": "IperionX Ltd. (IPX)",
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  "authorName": "Spruce Point Capital Management",
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  "notes": "The slide uses red boxes and arrows to visually trace the reclassification of figures between quarterly reports and the annual summary.",
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      "kind": "callout",
      "text": "6,475 of PP&E from quarterlies above 5,018 Tenements match the purchase of exploration and evaluation",
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      "text": "We also have difficulty reconciling FY 2024 purchase of PP&E figures between the quarterly and annual report. The difference is over $1.4 million. The Appendix 5B total does not match the Annual Report.",
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      "text": "We also have difficulty reconciling FY 2024 purchase of PP&E figures between the quarterly and annual report. The difference is over $1.4 million. The Appendix 5B total does not match the Annual Report.",
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      "text": "Source: Q1, Q2, Q3, Q4, Red underline Spruce Point. Note: CFO Castro assumed role December 2023 according to press release.",
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      "text": "IPX Appears To Have Cash Control Issues: FY 2024 Capex",
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