Professional
Added to YB: 2025-11-17
Pitch date: 2025-11-12
IPX [bearish]
IperionX Limited
-18.49%
current return
Author Info
Spruce Point Capital Management is an activist investment manager specializing in forensic short-selling. Sign up for the newsletter.
Company Info
IperionX Limited engages in the development of its mineral properties in the United States. It holds a 100% interest in the critical minerals Titan project, which has resources of titanium, zircon, and rare earth mineral resources in Tennessee, the United States.
Market Cap
AUD 1.2B
Pitch Price
AUD 4.49
Price Target
1.50 (-72%)
Dividend
N/A
EV/EBITDA
-31.91
P/E
-30.57
EV/Sales
N/A
Sector
Metals and Mining
Category
N/A
Spruce Point Capital Management Issues 'Strong Sell' Research Opinion On IperionX Ltd. (Nasdaq/ASX: IPX)
IPX (short): Ti recycling co. trading at $1.2B w/ zero revenue vs peers at 1.4x book. HAMR process unproven - acquired for just $14M after decade R&D, passed over by Boeing/Arconic. Ti powder market oversupplied 3.5x capacity vs shipments. Ford $11M contract no revenue yet, zero inventory. Mgmt overlap w/ failed PLL. 70-95% downside risk if revenues don't materialize.
Read full article (59 min)