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  "documentTitle": "IperionX Ltd. (IPX)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2025-11-12 00:00:00",
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  "notes": "The table reconciles Street estimates with Spruce Point's adjusted figures.",
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      "text": "IPX's valuation is $1.2 billion and the Company still has not identified any off-take agreements for the Titan Project and is reliant on a narrow set of customers with limited purchase obligations. We adjust the valuation for the recent capital raise.",
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      "text": "IPX’s valuation is $1.2 billion and the Company still has not identified any off-take agreements for the Titan Project and is reliant on a narrow set of customers with limited purchase obligations.",
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      "text": "Enterprise Value: $1.2bn",
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      "text": "Source: Company filings, recent share issuance, and Spruce Point analysis. Note: Excludes Class B performance shares as their conversion to ordinary shares is contingent on commercial production from the Titan Project area before Sept 17, 2025. Cash as of 9/30/25.",
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      "text": "IPX's Current Capital Structure And Enterprise Value",
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      "text": "IPX Valuation Is $1.2 Billion",
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