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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": "If losses accelerate from increasing its production footprint with no revenues, at 0.5x to 1.0x tangible book value, IPX’s share price could see up to 95% downside risk potential.",
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      "text": "Factors Favoring Multiple Compression: McNairy assets, no offtake agreements, expanding operations with limited revenue, feedstock sourcing questions, core IP concerns, market oversupply, reporting concerns, management overlap.",
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      "text": "Share Price Target: -96%",
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      "text": "Below is our opinion of potential valuation outcomes under specific scenarios. These are estimates subject to significant uncertainty and depend on numerous assumptions that may not materialize. We believe that IPX is a promotional investment story...",
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      "text": "Note: Diluted share count includes effect from options, RSUs and performance shares. 1) Estimated by 6/30/25 ending equity of $92.4m, plus $43.2m stock issuance, and reduced by Q1 loss of $7.8m.",
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