{
  "docId": "019dd923-622c-750b-8b99-ccb50c0de40d",
  "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",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 84,
  "pageCount": 93,
  "prevPage": 83,
  "nextPage": 85,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 4,
  "notes": "Uses screenshots of audit reports and company filings to build a case of geographic misalignment.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "screenshot",
    "data_table",
    "process_diagram"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-ccb50c0de40d/84",
  "deckHref": "/decks/019dd923-622c-750b-8b99-ccb50c0de40d",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-ccb50c0de40d.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-ccb50c0de40d#slide-84",
  "components": [
    {
      "bbox": {
        "h": 0.1,
        "w": 0.43,
        "x": 0.52,
        "y": 0.835
      },
      "kind": "callout",
      "text": "IPX reports no long-term assets outside of the U.S. but its audit engagement partner is based in Perth, Australia.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3bc2e136-64b9-47a1-bf02-8eee3837d817",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.55,
        "w": 0.4,
        "x": 0.05,
        "y": 0.345
      },
      "kind": "image",
      "text": "PwC audit report snippet",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2dff73fb-3be4-4f40-855e-723058645bbc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.55,
        "w": 0.53,
        "x": 0.42,
        "y": 0.345
      },
      "kind": "image",
      "text": "Company filing snippet regarding segment information",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "aecae729-89ba-4ae1-9bda-8698abe14c07",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.9,
        "x": 0.05,
        "y": 0.16
      },
      "kind": "paragraph",
      "text": "For all purposes other than its legal domicile, IPX appears to be a U.S. company with its mineral resources, R&D, manufacturing, and employees based here. In fact, the Company states it is \"unequivocally American\" and its segment reporting indicates no long-term assets outside of the U.S. Despite this fact pattern, the IPX audit is led by a PwC engagement partner based in Perth, Australia when PwC has an office in Charlotte, NC which is just a five-minute walk from IPX's headquarters. We are troubled by this and believe that IPX's audit should be led by a U.S.-based partner.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5f18369a-485e-47f8-a8c3-fc76d1cc3178",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "our business is \"unequivocally American\" — IperionX",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-64d2-7657-bbe3-2b8c04c05f4a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.3,
        "x": 0.05,
        "y": 0.97
      },
      "kind": "source-note",
      "text": "Source: IPX Annual Report, PwC Charlotte, NC location",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a6a1529d-500b-4489-ac1f-1023acd9747b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.65,
        "x": 0.31,
        "y": 0.05
      },
      "kind": "title",
      "text": "Why Is IPX's Audit Led From Australia When The Company Is \"Unequivocally American\"?",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7ffc34ef-d231-4649-844f-e6de3618f72e",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "b0539673-4cc4-47b8-b973-882e3f430571",
      "evidence": "Highlights geographic inconsistency in audit oversight to suggest potential governance issues.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}