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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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      "text": "We've identified discrepancies in reported Titan Project acreage figures, G&A costs, total employees and capex accounts.",
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      "text": "Capex: We are concerned by the reported 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 we find that they diverged.",
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      "text": "Titan Acres: IPX says it owns approximately 1,486 acres in Tennessee, but our review of county records indicates approximately 1,349.4 are owned.",
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      "text": "G&A Costs: By evaluating the 2025 quarterly reports, we see that the full year figures do not reconcile. The biggest difference is in administration and corporate costs which were off by $274,000.",
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      "text": "Employees: There is a large difference between employees reported in the 2025 20-F and Annual report filed two weeks apart.",
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      "text": "downside risk: 70% - 95%",
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      "kind": "paragraph",
      "text": "Concerns given apparent financial and operational reporting discrepancies. IPX had a material weakness of internal controls which it said was remediated in 2025. However, we have our doubts.",
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      "kind": "paragraph",
      "text": "There may be reasonable explanations for these discrepancies, but the Company should clarify. Lastly, PricewaterhouseCoopers' (PwC) audit engagement partner is based in Perth, Australia despite the Company having no assets in Australia.",
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      "kind": "title",
      "text": "We Are Short IperionX Ltd. (Nasdaq/ASX: IPX) And See Potential 70% - 95% Downside Risk In Some Scenarios",
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