{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622c-750b-8b99-0c6502d9e87e", "slug": "0dd3bb0497df", "title": "American Battery Metals Corporation / Comstock Mining Inc. (ABML / LODE)", "subtitle": "Ben Axler · 2021-03", "author": "Ben Axler", "date": "2021-03-10 00:00:00", "pageCount": 73, "kind": "activist-deck", "orientation": "landscape", "aspectRatio": 1.3333334, "targetCompany": "American Battery Metals Corporation / Comstock Mining Inc.", "targetTicker": "ABML / LODE", "document": { "id": "019dd923-622c-750b-8b99-0c6502d9e87e", "slug": "0dd3bb0497df", "title": "American Battery Metals Corporation / Comstock Mining Inc. 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Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 20, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null, "categoryName": "Booker's 7 Plots", "categorySlug": "booker-s-7-plots" }, "from": 6, "name": "The Monster", "beatId": "766888ba-465a-43b4-a00a-a778e8ca8949", "matchId": "d67c5325-4258-4570-b89d-1dc36691457a", "beatType": { "name": "The Monster", "slug": "overcoming-monster-the-monster", "status": "active", "canonId": "019dd9b8-3ba3-70b3-85b6-6dc1928acd40", "version": 1, "description": null }, "evidence": "The deck presents multiple concerns with ABML management and claims", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Hook", "slug": "hook", "status": "active", "canonId": "019dd9b8-01a6-7328-bff2-b22eb40b3ea5", "version": 1, "description": "The opener — a deliberate move to earn attention before any argument. Used by AIDA, Monroes, Pixar Pitch, Overcoming the Monster." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 40, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null, "categoryName": "Booker's 7 Plots", "categorySlug": "booker-s-7-plots" }, "from": 21, "name": "The Struggle", "beatId": "e8902662-150b-4224-a3d2-0c3276dfe918", "matchId": "d67c5325-4258-4570-b89d-1dc36691457a", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The deck highlights the struggles and challenges faced by ABML", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 73, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null, "categoryName": "Booker's 7 Plots", "categorySlug": "booker-s-7-plots" }, "from": 41, "name": "The Victory", "beatId": "ec16cf87-0887-460f-99c4-b1c5fcae4ac2", "matchId": "d67c5325-4258-4570-b89d-1dc36691457a", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The deck concludes with a call to action, urging investors to be cautious", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 15, "from": 10, "loop": { "name": "03_aha_moment", "slug": "03-aha-moment", "status": "active", "bestFor": "Data-heavy sections, research findings, analytical arguments", "canonId": "019dd956-66f4-7668-ab25-cec9c996c0bc", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Problem/Question -> What the Data Shows -> The Insight", "description": "Establish a tension, present data, then deliver the insight that changes everything", "familyLabel": null, "categoryName": "Narrative", "categorySlug": "narrative" }, "matchId": "94da3bc1-ce13-446f-8213-41a5e472aa84", "evidence": "The deck reveals contradictions in ABML management's history and claims", "position": 0, "objective": "What is the true history of ABML management?", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:00:15.828273+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } }, { "to": 25, "from": 20, "loop": { "name": "05_the_reveal", "slug": "05-the-reveal", "status": "active", "bestFor": "Product launches, strategic pivots, unexpected findings", "canonId": "019dd956-67e8-77bc-a867-02c2b36370bd", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Setup the Question -> Build Suspense -> The Big Reveal", "description": "Build mystery and anticipation, then deliver a surprising or powerful conclusion", "familyLabel": null, "categoryName": "Narrative", "categorySlug": "narrative" }, "matchId": "96ffb02e-dc04-407a-a750-17594f0c3b63", "evidence": "The deck exposes concerns with ABML's management and board", "position": 1, "objective": "What are the concerns with ABML's management and board?", "confidence": 0.8, "extraction": { "at": "2026-07-16 22:00:15.862835+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } }, { "to": 55, "from": 50, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null, "categoryName": "Urgency", "categorySlug": "urgency" }, "matchId": "aa5d5297-0ce7-46a1-9151-b7cee63eb416", "evidence": "The deck highlights the potential downside risk of investing in ABML", "position": 2, "objective": "What is the downside risk of investing in ABML?", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:00:15.896563+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "tools": [ { "tool": { "name": "Before/after framing", "slug": "before-after-framing", "status": "active", "bestFor": "For turnaround / reform proposals", "canonId": "019dd9e1-528b-72ec-a563-e5dcb9410f67", "version": 1, "bodyDocId": "019dd9a1-80bf-72e9-980b-ccd1c0cd3488", "description": "You visualise two futures side by side: the trajectory the target is on\ntoday, and the trajectory under your proposed intervention. 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Your chart shows what their plan looks like vs. yours.\n- It **satisfies both the Architect** (math adds up) **and the Storyteller**\n (emotional delta between two futures).", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "CEO quote contradiction", "slug": "ceo-quote-contradiction", "status": "active", "bestFor": "When management credibility is the lever", "canonId": "019dd9e1-52e9-717f-8454-93e627563ed6", "version": 1, "bodyDocId": "019dd9a1-8296-720d-8f51-da76937f9415", "description": "You reproduce management's own words — verbatim, with source and date — and\nthen place them next to the outcome that contradicts them. The CEO built\nthe rope; you put it around their own neck.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "801bb150-5221-4906-ab81-c8e44d31a507", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "When management credibility is the lever", "confidence": null, "extraction": { "at": "2026-04-29 12:07:50.073129+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- **Maximum credibility**: no adjective you could write is as damning as the\n target's own prior statement.\n- **No rebuttal path**: management can't argue they didn't say it.\n- **It forces accountability onto a person**, not an institution — even if\n you aren't explicitly naming a villain elsewhere.\n- **Reporters amplify it**. 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The gap is the\npunchline.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "b0ce3c4b-e4ce-4d98-8e6e-2b5b6e135c67", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "When relative underperformance is the core argument", "confidence": null, "extraction": { "at": "2026-04-29 12:07:50.073129+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- It's the **most credible claim in the deck** because it's arithmetic, not\n opinion.\n- It's immediately **actionable** — close this gap and value accrues.\n- It **pre-empts the \"context is different\" defence** by pitting the target\n against direct peers in the same category.", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Villain naming", "slug": "villain-naming", "status": "active", "bestFor": "When governance or specific decisions are the core thesis", "canonId": "019dd9e1-55a4-74db-9314-0ced4cd46cd2", "version": 1, "bodyDocId": "019dd9a1-88f1-72ad-8f4e-56ec29d7b369", "description": "You identify a **specific person** responsible for the target's underperformance\nor the behaviour you want changed — and name them. 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Winfield (LODE largest shareholder)", "pageRefs": null, "priority": null, "whenToUse": "When governance or specific decisions are the core thesis", "confidence": null, "extraction": { "at": "2026-04-29 12:07:50.073129+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- **Accountability needs a face.** Voters (shareholders, regulators,\n journalists) act faster against people than institutions.\n- **Credibility rises with specificity.** \"The CFO has repeatedly missed\n guidance\" > \"Management has missed guidance\".\n- It **pre-empts evasion**. An individual can be removed; an abstraction\n cannot.\n- It **forces the target to respond personally** — and their defensive\n response usually generates more attention for your thesis.", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Villain slide", "slug": "villain-slide", "status": "active", "bestFor": "In activist decks where the personality matters", "canonId": "019dd9e1-518c-7404-976a-5be5a517b659", "version": 1, "bodyDocId": null, "description": "A dedicated slide presenting the named villain visually", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "b052de33-dfc2-441a-887d-408a57655b7c", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "In activist decks where the personality matters", "confidence": null, "extraction": { "at": "2026-04-29 12:07:50.073129+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "Makes the antagonist concrete", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Anadiplosis", "slug": "anadiplosis", "status": "active", "bestFor": null, "canonId": "019dd956-a0a5-75f9-a98c-7b7d8ee377a1", "version": 1, "bodyDocId": null, "description": "Ending one clause with a word that begins the next", "familyLabel": null, "categoryName": "Loop", "categorySlug": "loop" }, "agent": "Storyteller", "layer": "slide", "agents": [ "Storyteller" ], "matchId": "096bf1e3-a1ad-402e-b948-a78e4b86e0a8", "evidence": "The use of repetition in the title and components, such as 'Who Is Scott Jolcover, And Is There A Major Conflict of Interest? ... curioius that its Chief Resource Officer Scott Jolcover is also a consultant to Comstock Mini', shows anadiplosis.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 23:03:15.429704+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 9, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Villain slide", "slug": "villain-slide", "status": "active", "bestFor": "In activist decks where the personality matters", "canonId": "019dd9e1-518c-7404-976a-5be5a517b659", "version": 1, "bodyDocId": null, "description": "A dedicated slide presenting the named villain visually", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "bc27f93f-de27-4c55-bd11-818e10edc3c2", "evidence": "The slide presents a critical view of Scott Jolcover, implying a conflict of interest, which is a common characteristic of a villain slide.", "pageRefs": null, "priority": null, "whenToUse": "In activist decks where the personality matters", "confidence": 0.9, "extraction": { "at": "2026-07-16 23:03:15.389665+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 9, "whyItWorks": "Makes the antagonist concrete", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Section divider", "slug": "section-divider", "status": "active", "bestFor": null, "canonId": "019dd9e1-4c66-707d-8d1f-6e14547134c7", "version": 1, "bodyDocId": null, "description": "A transitional slide marking the start of a new section.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "446c1019-53ba-4222-b45d-dc7125a6ef3f", "evidence": "The slide is titled 'ABML Management Has A History of Mismanagement, Stock Promotion, And Connections To Corporate Fraud' and has a clear divider style, indicating a section divider.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 23:03:15.512432+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 10, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "CEO quote contradiction", "slug": "ceo-quote-contradiction", "status": "active", "bestFor": "When management credibility is the lever", "canonId": "019dd9e1-52e9-717f-8454-93e627563ed6", "version": 1, "bodyDocId": "019dd9a1-8296-720d-8f51-da76937f9415", "description": "You reproduce management's own words — verbatim, with source and date — and\nthen place them next to the outcome that contradicts them. The CEO built\nthe rope; you put it around their own neck.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "34d5ff02-a1b3-4a87-bdb0-775be97c7966", "evidence": "The press release claimed \"$2.0m for a 10% stake\". In reality, the investment was made with 375,000 AQMS shares and not cash.", "pageRefs": null, "priority": null, "whenToUse": "When management credibility is the lever", "confidence": 0.7, "extraction": { "at": "2026-07-17 03:28:17.8723+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 65, "whyItWorks": "- **Maximum credibility**: no adjective you could write is as damning as the\n target's own prior statement.\n- **No rebuttal path**: management can't argue they didn't say it.\n- **It forces accountability onto a person**, not an institution — even if\n you aren't explicitly naming a villain elsewhere.\n- **Reporters amplify it**. A CEO-quote-contradiction slide is quotable,\n which means it lands in WSJ/FT/Bloomberg coverage.", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Anchoring Bias", "slug": "anchoring-bias", "status": "active", "bestFor": null, "canonId": "019dd956-9254-73de-8f1b-c7250f8f4c9c", "version": 1, "bodyDocId": null, "description": "First piece of information becomes reference point for all subsequent judgments", "familyLabel": null, "categoryName": "Block", "categorySlug": "block" }, "agent": "Architect", "layer": "slide", "agents": [ "Architect", "Storyteller" ], "matchId": "7aea5576-5349-4284-9d36-e8c2f2fd2b63", "evidence": "LODE is claiming $100m of sales with $30m of pre-tax income... Why would LiNiCo’ valuation be so high?", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.5, "extraction": { "at": "2026-07-17 03:28:17.933871+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 66, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Governance critique", "slug": "governance", "status": "active", "bestFor": null, "canonId": "019dd9e1-53fb-702c-826c-3a07bb25c0a2", "version": 1, "bodyDocId": "019dd9a1-8473-75a9-8059-6e9588007616", "description": "You attack the **board** rather than the operator. The thesis: this company\nis mis-governed — directors lack independence, the board has rubber-stamped\nvalue-destroying decisions, executive compensation is decoupled from\nperformance, or the board structure itself entrenches underperformance.\nReplace the directors and the operator either improves or is replaced too.\n\nThis is the only pattern that is **uniquely activist** (short-sellers\nrarely use it — they short the equity, not the people).", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "a4e356a6-35be-44a9-a76e-bae4c1036e39", "evidence": "Scott Jolcover also owns a brothel in Nevada called the Playmate Ranch and Spa, which we believe doesn't look good from a governance perspective", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-17 03:28:17.994892+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 67, "whyItWorks": "- **It scales the surface area of accountability.** Where villain-naming\n targets one CEO, governance critique targets 7–11 directors\n collectively, with documented votes and committee assignments.\n- **Proxy advisors (ISS, Glass Lewis) speak this language fluently.**\n A governance-framed thesis converts more easily into proxy support.\n- **It survives CEO transitions.** If you attack the operator and they\n resign before the vote, the campaign fi", "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [ { "matchId": "adfad8ee-2674-434f-96ca-f164c9f81e34", "evidence": "Comparison of two historical cases to validate current thesis", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 20:35:17.402+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 4, "frameworkName": "precedent-table" }, { "matchId": 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"google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 11, "frameworkName": "antagonist-introduction" }, { "matchId": "81ea117c-aecb-453a-8d78-34d7b75853e4", "evidence": "The slide frames the subject (Doug Cole) as a target of critique using red boxes and a red flag icon.", "framework": null, "confidence": 0.85, "extraction": { "at": "2026-05-02 20:35:22.753+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 12, "frameworkName": "antagonist-introduction" }, { "matchId": "6763d3ae-2eee-49b2-aceb-742d3f2cfc7c", "evidence": "The slide explicitly highlights omitted history linked to fraud and bankruptcy to undermine the subject's credibility.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:35:19.079+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 13, "frameworkName": "fraud-exposure" }, { "matchId": "be8017d7-55b0-4022-b7f1-4aa39a2b4965", "evidence": "The slide systematically lists regulatory and ethical concerns to discredit the subject.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:35:19.669+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 14, "frameworkName": "fraud-exposure" }, { "matchId": "546a7781-bd5f-4d70-8e17-f3999e411255", "evidence": "The slide explicitly names and links specific actors (Cole, Riedel) to a fraudulent playbook.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:35:20.085+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 15, "frameworkName": "antagonist-introduction" }, { "matchId": "4f770513-ae3b-4fa0-b0f7-a24da5c7e57f", "evidence": "The slide explicitly links 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"framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:35:19.882+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 18, "frameworkName": "fraud-exposure" }, { "matchId": "f8088187-9366-466f-aa8f-d35ababe885e", "evidence": "Uses SEC filings to document undisclosed roles and financial failure.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:35:19.932+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 19, "frameworkName": "fraud-exposure" }, { "matchId": "e6d7bb2a-a678-4848-979c-7206149bf241", "evidence": "The slide explicitly contrasts multiple sources to prove inaccuracy.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:35:24.745+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 20, "frameworkName": "expose_contradiction" }, { "matchId": "9f301689-83c3-40c6-a578-03f9b1f9a3ee", "evidence": "Direct comparison of claims vs facts", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:35:22.238+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 21, "frameworkName": "expose_contradiction" }, { "matchId": "16a60b35-01b9-4290-971f-6b00b94fae08", "evidence": "Systematic identification of undisclosed conflicts of interest to undermine CEO credibility.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:35:20.629+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 22, "frameworkName": "fraud-exposure" }, { "matchId": "c8b9f8f5-2fd4-400b-9518-4bbcf94f0f86", "evidence": "The slide explicitly calls out an omission in a bio related to SEC-characterized 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"google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 25, "frameworkName": "fraud-exposure" }, { "matchId": "65fb2f23-ac48-4fa5-954e-97bc61f160ca", "evidence": "The slide explicitly links a director's non-disclosure to a specific SEC fraud finding.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:35:21.73+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 27, "frameworkName": "fraud-exposure" }, { "matchId": "cd8450fb-fbd9-4f15-a7f2-6122468a40d0", "evidence": "The slide explicitly links the subject to a company that filed for bankruptcy and faced fraud allegations, which were not disclosed.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:35:22+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 28, "frameworkName": "fraud-exposure" }, { "matchId": "b6ca8001-28dd-412e-ba36-d07f33d92ef4", "evidence": "Use of red flags to highlight governance concerns and past failures.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:35:20.915+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 29, "frameworkName": "fraud-exposure" }, { "matchId": "891ca2e3-3295-4c4e-9258-7b0ecd76b98e", "evidence": "Contrasts the subject's self-proclaimed ethical authority with their alleged board-level conflicts of interest.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 20:35:22.725+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 31, "frameworkName": "ceo-quote-contradiction" }, { "matchId": "9388a929-fb9e-4ae1-9b2e-75b2e4d5ae8f", "evidence": "Highlights inconsistencies in executive bios to 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"model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 35, "frameworkName": "comparison-frame" }, { "matchId": "e79c12cf-ced7-4356-9ede-dd6e87553972", "evidence": "Side-by-side table comparing company claims against expert rebuttals.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 20:35:22.305+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 36, "frameworkName": "contrast-pairs" }, { "matchId": "38ff9aa6-5eab-4251-b966-9ecc8daebdfa", "evidence": "Table comparing ABML against 5 competitors across multiple operational and financial dimensions.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:35:23.897+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 37, "frameworkName": "comparison_frame" }, { "matchId": "77ea3571-1d9f-4a8d-b6c7-23e58de77254", "evidence": "Contrasting management claims with expert opinion, peer data, and internal incentive structures.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:35:24.426+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 38, "frameworkName": "expose_contradiction" }, { "matchId": "d0a0bce7-7cc8-43c0-810c-eb8f4598f42b", "evidence": "Contrasting target claims with industry benchmarks to prove impossibility.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:35:23.75+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 39, "frameworkName": "fraud-exposure" }, { "matchId": "ed02a97e-a772-4a9c-8db4-afb80a7971cf", "evidence": "Chronological comparison of management statements to highlight slippage.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:35:23.166+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 40, "frameworkName": "expose_contradiction" }, { "matchId": "d945e53e-df7f-4def-8a5b-1ea519b47351", "evidence": "Direct comparison of management claims against official FOIA documentation.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:35:23.761+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 41, "frameworkName": "expose_contradiction" }, { "matchId": "0d3d0804-2809-458a-af3a-51cb83d2144f", "evidence": "Exposing operational failure to undermine management credibility", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:35:24.175+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 42, "frameworkName": "fraud-exposure" }, { "matchId": "577f1fa2-9783-4ad5-a795-7b761cde30c2", "evidence": "Contrasts past public statements with later SEC filings to expose management exaggeration.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:35:26.928+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 43, "frameworkName": "ceo-quote-contradiction" }, { "matchId": "e52583cd-2727-4c40-94d1-fe8b1ad86ce4", "evidence": "Side-by-side comparison of two conflicting press releases", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:35:24.52+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 44, "frameworkName": "expose_contradiction" }, { "matchId": "57afbb39-6da5-4ca6-b069-ab81a3db96c5", "evidence": "The slide systematically contrasts public claims with 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null, "promptVersion": null }, "pageNumber": 73, "frameworkName": "valuation-bridge" } ], "patterns": [] }, "storymakers": null, "score": null, "review": null, "activistThesis": { "tone": "adversarial", "notes": "Dual-target short report covering two linked Nevada microcaps (ABML and LODE) connected via the LiNiCo transaction and the Jolcover family. Signature Spruce Point features: photoshopped cover (man with '$1.4bn serious inquiries only' sign in desert), red-flag checkmark matrices, track-record table of prior shorts (UAMY, LQMT). Ben Axler credited as CIO on p.4 quote. Strong SCQA with stock-promotion narrative, FOIA-documented permit fraud, and named villains including brothel-owning CRO and securities-fraud-convicted relatives. No stake pct disclosed (short position only).", "kpisCited": [ { "detail": "ABML valued at $1,416m despite near-zero revenue and bulletin-board listing", "metric": "Market capitalization" }, { "detail": "ABML stock up 7874% from 52-week low; 20x surge since December 2020", "metric": "Stock price move" }, { "detail": "CEO Cole willing to sell stock as low as $0.10 and $1.20 per share", "metric": "Insider selling price" }, { "detail": "$100m sales and $30m pre-tax profit claimed within 3 years — Spruce Point views as a stretch", "metric": "LiNiCo 3-year financial model" }, { "detail": "Comstock math: $10.75m/64% = $16.8m vs Aqua Metals: $2.0m/10% = $20.0m", "metric": "LiNiCo implied valuation discrepancy" }, { "detail": "Only $1.4m raised before LiNiCo investment; CEO and CTO contributed SGD 40 each in paid-up capital", "metric": "Green Li-Ion capitalization" }, { "detail": "$0.84 using 2.5x EV/2022E $200m revenue, 65% downside from $2.37", "metric": "ABML best-case implied share price" }, { "detail": "Battery value-chain median 3.1x; recycling median 2.3x", "metric": "Peer EV/2022E revenue multiple" }, { "detail": "$176m raised across debt/equity/preferred and $114m accumulated negative FCF under De Gasperis", "metric": "LODE cumulative capital destruction" }, { "detail": "$0.17 net cash per share × 2-4x multiple = $0.34-$0.68 price target", "metric": "LODE pro-forma cash per share" }, { "detail": "ABML fails all NYSE criteria and 3 of 3 Nasdaq Capital Market criteria (negative book value, <$2 share price)", "metric": "Listing requirements" } ], "closingAsk": "Strong Sell — exercise extreme caution at these extended valuations and examine why Spruce Point views both ABML and LODE as Strong Sells with up to 90% downside risk.", "extraction": { "at": "2026-04-22 21:28:33+00", "model": "unknown-legacy", "runId": null, "seconds": 230.5398, "promptVersion": null }, "scqaReward": "Up to 90% downside: ABML best-case fair value <$1/share (65% downside from $2.37, possibly 100% on business failure); LODE worth $0.35-$0.70 on a cash multiple.", "thesisTypes": [ "fraud_exposure", "multiple_rerating" ], "top3Reasons": [ "Management ties to fraud: CRO owns a brothel, relative convicted of securities fraud", "FOIA shows no Fernley permits filed despite ABML's claims of being near-operational", "$1.4bn valuation for pre-revenue shell implies 55-100% downside versus peer multiples" ], "scqaSituation": "ABML and Comstock Mining are two microcap mining shells that pivoted into EV battery recycling in Nevada near Tesla's Gigafactory, riding ESG and EV sector hype to a combined ~$1.4bn valuation.", "thesisSummary": "Spruce Point argues American Battery Metals Corporation (ABML) and Comstock Mining (LODE) are two penny-stock shells riding EV battery-recycling hype to a combined $1.4bn valuation they do not deserve. ABML's management — CEO Doug Cole and CRO Scott Jolcover (a Nevada brothel owner whose relative pleaded guilty to securities fraud) — has repeatedly slipped its 'fully operational by 2H 2020' timeline; a FOIA response from Fernley, NV confirms no permits have even been filed on the parcel. LODE, led by Corrado De Gasperis (10 years as CEO, $176m raised, $114m of negative FCF), is promoting a nonsensical LiNiCo transaction using LiFePO4 'patent pending' technology not used by Tesla in the U.S. Spruce Point values ABML at <$1/share (55-100% downside from $2.37) and LODE at $0.35-$0.70 on a cash multiple.", "primaryDemands": [ "Sell ABML and LODE (Strong Sell opinion)", "Scrutinize management claims on permits, partners, and market opportunity", "Reject the LiNiCo transaction narrative between ABML's CRO consulting arrangement and LODE" ], "scqaResolution": "Strong Sell both stocks; reject the LiNiCo transaction, discount the 3-year $100m revenue model, and treat LODE as a cash shell rather than an EV recycling play.", "thesisOneLiner": "ABML and LODE are hype-driven EV battery-recycling penny stocks with fraud-tied management, fabricated permit claims, and a nonsensical LiNiCo deal — up to 90% downside.", "precedentsCited": [ "US Antimony (UAMY) — Spruce Point 2012 short that collapsed from $4.78 to $0.20", "Liquidmetal Technologies (LQMT) — Spruce Point 2012 short that collapsed to $0.10", "Barzel Industries bankruptcy 2009 (De Gasperis prior failure)", "Barry Honig / Pershing Gold pump-and-dump SEC litigation" ], "scqaComplication": "Both management teams have fraud ties, SEC litigation, a brothel-owning CRO, and repeatedly slipped milestones; a FOIA response proves no permits have been filed on ABML's Fernley parcel despite public claims.", "narrativeInterest": 5, "notableSlidePages": [ 1, 7, 40, 41, 50, 56 ], "peerCompaniesCited": [ "Li-Cycle (Peridot Acquisition Corp)", "BASF", "Albemarle", "LG Chem", "Panasonic", "Samsung SDI", "Umicore", "Contemporary Amperex", "Ganfeng Lithium", "Livent", "SQM", "Aqua Metals", "American Lithium", "Ecopro BM", "Mitsubishi Chemical", "Casella Waste Systems", "GFL Environmental" ], "valuationFrameworks": [ "multiple_comparison", "other" ], "visualCraftInterest": 3 }, "pitchdeck": { "metadata": null, "profile": 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Buyer Beware", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:17.299+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "25737118-7808-494c-822a-5503ea334fb8", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "c74e8e74-c9e4-43aa-84d7-2e23434f31d4", "evidence": "Systematic listing of management failures, governance issues, and business model flaws.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:35:17.299+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 7, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 20, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 6, "name": "The Monster", "beatId": "766888ba-465a-43b4-a00a-a778e8ca8949", "matchId": "d67c5325-4258-4570-b89d-1dc36691457a", "beatType": { "name": "The Monster", "slug": "overcoming-monster-the-monster", "status": "active", "canonId": "019dd9b8-3ba3-70b3-85b6-6dc1928acd40", "version": 1, "description": null }, "evidence": "The deck presents multiple concerns with ABML management and claims", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Hook", "slug": "hook", "status": "active", "canonId": "019dd9b8-01a6-7328-bff2-b22eb40b3ea5", "version": 1, "description": "The opener — a deliberate move to earn attention before any argument. 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We believe LODE's recent promotion of its expansion into EV battery recycling is fraught with risks and has a high degree of likelihood to fail.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:17.327+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "26198127-12fc-4790-b922-3d344729afc7", "parentComponentId": null }, { "bbox": { "h": 0.68, "w": 0.96, "x": 0.02, "y": 0.27 }, "kind": "table", "text": "Table of 7 red flags regarding LiNiCo and LODE", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:17.327+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a41c1c70-7148-4f2b-9141-d4adf1a8a980", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "A LODE of Potential Profits, or a LODE Of Potential Failed Promises?", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:17.327+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "005cd6f7-594b-4a61-ad40-c1f3509d1c16", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "60f66351-3743-4b0e-86f6-93226c91c57a", "evidence": "Systematic listing of red flags and suspicious associations to discredit a company's claims.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 20:35:17.327+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 8, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 20, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 6, "name": "The Monster", "beatId": "766888ba-465a-43b4-a00a-a778e8ca8949", "matchId": "d67c5325-4258-4570-b89d-1dc36691457a", "beatType": { "name": "The Monster", "slug": "overcoming-monster-the-monster", "status": "active", "canonId": "019dd9b8-3ba3-70b3-85b6-6dc1928acd40", "version": 1, "description": null }, "evidence": "The deck presents multiple concerns with ABML management and claims", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Hook", "slug": "hook", "status": "active", "canonId": "019dd9b8-01a6-7328-bff2-b22eb40b3ea5", "version": 1, "description": "The opener — a deliberate move to earn attention before any argument. 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Comstock now has a competing venture with the formation of LiNiCo, claiming that on just 33% of 10,000 tons it can produce $100m of sales. ABML claims it can do $200m of sales with a 20,000 ton facility. Investors should also be aware that Mr. Jolcover was an investor in Pershing Gold Corp (PGLC). Pershing was a company controlled by Barry Honig, an individual the SEC has brought civil litigation against for running \"pump-and-dump\" schemes.(1,2) Mr. Jolcover is related to Jeffrey Jolcover, who pleaded guilty to charges of conspiracy to commit securities, mail and wire fraud, and money laundering in connection with the sales of securities to the public in wireless television system.(3) Scott Jolcover also owns a brothel in Nevada called the Playmate Ranch and Spa, which we believe doesn't look good from a governance perspective as ABML claims to seek a major stock exchange listing.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:27:59.865+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9c81916c-fba3-4106-a822-4e30b55537d8", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "With ABML promoting its ability to become a leader in battery recycling within the state of Nevada, we find it curious that its Chief Resource Officer Scott Jolcover is also a consultant to Comstock Mining in \"commercial transactions\".", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:48:20+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ee-7118-8700-f2a8ab879405", "parentComponentId": null }, { "bbox": { "h": 0.85, "w": 0.45, "x": 0.53, "y": 0.405 }, "kind": "image", "text": "Comstock Mining website screenshot", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, 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He attempted to hide a recent Director role at True Nature Holdings. Cole’s other undisclosed positions were also with troubled companies.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:48:21+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ee-7118-8701-d3a87e11b22c", "parentComponentId": null }, { "bbox": { "h": 0.62, "w": 0.09, "x": 0.01, "y": 0.28 }, "kind": "image", "text": "Red flag icons", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Icon grid", "slug": "icon-grid", "status": "active", "canonId": "019de52c-fdfe-749d-9990-1db465a3eed4", "version": 1, "description": null }, "framework": null }, "subkind": "icon-grid", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:20.629+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "39ac1920-9370-4cb9-940b-086695306f3b", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.96, "x": 0.02, "y": 0.7 }, "kind": "list", "text": "Doug Cole failed to disclose his tenure at Bomps Mining / China Chemical Corp (CHCC). Cole joined Bomps on 4/8/10 as a member of the Board and as President, Secretary and Treasurer. Cole resigned from his management positions following the consummation of a subsidiary transaction with China Chemical Corp. Cole resigned from the Board on 11/5/11 noting his discomfort regarding proxy disclosures related a proposed going private transaction. 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He was named a director of DKAM on 5/15/12. A developer and distributer of alcoholic beverages, DKAM hocked Trump Vodka (using a naked underage girl, causing some scandal) before switching to Mexican beers. The company’s last SEC filing, its 2013 10-K which included a going concern warning, was made in 2015. It currently has a market cap of about $3 million.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:20.629+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d554d1d5-1ebc-4bae-96dc-ca8e14875f1a", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.96, "x": 0.02, "y": 0.28 }, "kind": "list", "text": "Doug Cole failed to disclose his director position at Mitesco (OTC: MITI, FKA True Nature Holdings). Cole joined the board on 5/22/19 and resigned from the Board effective 12/31/19. Most credible executives consider board appointments to be positions requiring discretion and commitment. 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Cole’s other undisclosed positions were also with troubled companies.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:20.629+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b836320a-d2f4-49f0-bbda-4ebda83390b7", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "We Found Several Other Undisclosed Positions For CEO Doug Cole", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:20.629+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0713452e-5a01-47a9-9ab9-caef2dd7b801", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "16a60b35-01b9-4290-971f-6b00b94fae08", "evidence": "Systematic identification of undisclosed conflicts of interest to undermine CEO credibility.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:35:20.629+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 22, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 40, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 21, "name": "The Struggle", "beatId": "e8902662-150b-4224-a3d2-0c3276dfe918", "matchId": "d67c5325-4258-4570-b89d-1dc36691457a", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The deck highlights the struggles and challenges faced by ABML", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. 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Mr. MacLellan, age 65, currently serves as Chairman of the Board of eWellness Healthcare Corporation...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:24.861+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0b552cbd-1480-46d1-9148-21298c4581f1", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.2, "x": 0.05, "y": 0.93 }, "kind": "source-note", "text": "Source: ABML 424B filed 1/7/21.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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I could see tens of millions if everything went right, but where are you going to get the volumes you mentioned? The pipeline can be 10 or 20 years to get significant volumes, so its difficult to imagine hundreds of millions of dollars on the recycling side. Margins will be negative, and I wouldn’t want that much capacity. I don’t see it. 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}, { "bbox": null, "kind": "metric", "text": "revenue: $200m", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:48:25+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ee-7118-8703-e17f3a277fea", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.73, "x": 0.25, "y": 0.00475 }, "kind": "paragraph", "text": "it's at least an order of magnitude off on the revenue side. I could see tens of millions if everything went right, but where are you going to get the volumes you mentioned?...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:24.426+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "01103deb-3cd7-4a93-8470-e89ecadf5489", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.96, "x": 0.02, "y": 0.00175 }, "kind": "paragraph", "text": "We believe investors should have very low confidence that ABML will reach even a fraction of its oft-discussed $200m revenue plan from its first facility.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:24.426+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3c4da775-762c-4573-a8e0-141dd2b6a42f", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.18, "x": 0.25, "y": 0.00725 }, "kind": "paragraph", "text": "ABML's current Board incentive plan allows Director Batstone to take a victory lap if the Company can achieve only $1m of revenue.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:24.426+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "923146c7-0e62-4a18-8fe3-bb315fc7eed9", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.73, "x": 0.25, "y": 0.006 }, "kind": "paragraph", "text": "Li-Cycle is currently operating two facilities with a combined capacity of 10,000 t/y. However, In their SPAC merger presentation, Li-Cycle forecasts only $12m of revenue in 2021. They don't expect to surpass $200m of revenue until 2024...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:24.426+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f6f1676b-a313-4607-9380-b96091bda163", "parentComponentId": null }, { "bbox": { "h": 0.13, "w": 0.35, "x": 0.27, "y": 0.0025499999999999997 }, "kind": "quote", "text": "It will do 20 thousand tons and if you took the last 12 months on commodity prices, it would have done $200 million in top line revenue.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:24.426+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "569d3479-ac44-44ec-918b-339d4b259df8", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"It will do 20 thousand tons and if you took the last 12 months on commodity prices, it would have done $200 million in top line revenue.\" — Doug Cole (YouTube). \"it's at least an order of magnitude off on the revenue side. I could see tens of millions if everything went right, but where are you going to get the volumes you mentioned?...\" — Lithium Expert", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:48:25+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ee-7118-8703-dc7a6c84a42d", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.05 }, "kind": "title", "text": "We Believe ABML's $200m Revenue Claim Is A Far-Fetched And Likely To Disappoint", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:24.426+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "240568c8-8ade-4c4f-877c-92795e289014", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "77ea3571-1d9f-4a8d-b6c7-23e58de77254", "evidence": "Contrasting management claims with expert opinion, peer data, and internal incentive structures.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:35:24.426+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 38, "frameworkName": "expose_contradiction" } ], "arcBeats": [ { "to": 40, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 21, "name": "The Struggle", "beatId": "e8902662-150b-4224-a3d2-0c3276dfe918", "matchId": "d67c5325-4258-4570-b89d-1dc36691457a", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The deck highlights the struggles and challenges faced by ABML", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. 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Current operator Li-Cycle (below) only expects to achieve 41% EBITDA margins when revenues are well over $200m.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:23.75+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "51735b73-dae4-43c8-82b8-f56bf6e99980", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.19, "x": 0.34, "y": 0.65 }, "kind": "callout", "text": "No companies in the battery value chain come close to achieving 78% net margins, or even 78% EBITDA or gross margins, for that matter.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:23.75+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8809f8ed-439e-4a9f-be54-d38811caf2c0", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.45, "x": 0.04, "y": 0.28 }, "kind": "image", "text": "ABML Road Map", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:23.75+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c8d9d797-7862-4eda-8484-251d4b4815c0", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "net margins: 78%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:48:24+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ee-7118-8703-b28d7892470d", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.92, "x": 0.04, "y": 0.17 }, "kind": "paragraph", "text": "We believe no industry data points, or even any logical argument, can support ABML's claim that it can achieve 78% net margins ($140m / $180m, below). Even if \"net\" is meant to represent \"gross\" margins, we still find the claim absurd based on a range of related company margin profiles.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:23.75+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3717807a-9a64-4093-99f6-4aef943ca11f", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.42, "x": 0.54, "y": 0.46 }, "kind": "table", "text": "Li-Cycle Financial Projections", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:23.75+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "12442595-2022-483b-ba00-42ec9216719b", "parentComponentId": null }, { "bbox": { "h": 0.31, "w": 0.29, "x": 0.04, "y": 0.65 }, "kind": "table", "text": "LTM Margins Table", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:23.75+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "de27fabf-26b3-49a5-a8e9-cbd648dfe147", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "We Believe ABML's Projected Financial Model Is Unlikely To Be Realized", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:23.75+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9b607a72-37f1-4e9c-bc66-46318dabea68", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "d0a0bce7-7cc8-43c0-810c-eb8f4598f42b", "evidence": "Contrasting target claims with industry benchmarks to prove impossibility.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:35:23.75+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 39, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 40, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 21, "name": "The Struggle", "beatId": "e8902662-150b-4224-a3d2-0c3276dfe918", "matchId": "d67c5325-4258-4570-b89d-1dc36691457a", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The deck highlights the struggles and challenges faced by ABML", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 40, "type": "tension", "title": "Uses a timeline-style list to highlight the contradiction between early 2020 promises and late 2020 reality.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 38, "componentCount": 6, "textChars": 654, "nDataPoints": 0, "notes": "Uses a timeline-style list to highlight the 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emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:48:27+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ee-7118-8705-1e73bc20789c", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.96, "x": 0.02, "y": 0.0024500000000000004 }, "kind": "list", "text": "Chronological sequence of press releases from Jan 2020 to Dec 2020 with corresponding quotes.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Timeline item", "slug": "timeline-item", "status": "active", "canonId": "019de52c-fd0e-74ce-9443-440fbd8c23b4", "version": 1, "description": null }, "framework": null }, "subkind": "timeline-item", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:23.166+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "78b6104a-7ff2-4988-a1bd-b91dbcf0610c", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Our scalable commercial lithium-ion battery recycling facility will be fully operational in the second half of 2020. — Press Release Dated January 7, 2020", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:48:27+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ee-7118-8705-218f54648c1c", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.25, "x": 0.04, "y": 0.95 }, "kind": "source-note", "text": "Sources: Press releases on ABML website.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 45, "type": "tension", "title": "Uses screenshots of press releases and LinkedIn profiles to build a case of corporate deception.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 59, "componentCount": 6, "textChars": 1409, "nDataPoints": 4, "notes": "Uses screenshots of press releases and LinkedIn profiles to build a case of corporate deception.", "elementsJson": [ "headline_text", "callout_box", "screenshot", "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:35:25.142+00", "seconds": 3.761, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-0c6502d9e87e/45", "deck": "/decks/019dd923-622c-750b-8b99-0c6502d9e87e", "deckAnchor": "/decks/019dd923-622c-750b-8b99-0c6502d9e87e#slide-45", "deckJson": "/decks/019dd923-622c-750b-8b99-0c6502d9e87e.json" }, "components": [ { "bbox": { "h": 0.12, "w": 0.61, "x": 0.38, "y": 0.62 }, "kind": "callout", "text": "We were shocked to discover that less than two months after VCM reneged on its financing commitment to ABML, Michael Vogel joined LiNiCo, a potential future competitor, as \"CEO, President, and Founder\" according to his LinkedIn bio.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:25.142+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ce20ed08-54bd-45ec-9996-355d0360b3fb", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "We will show why we believe Unifinance doesn't exist, and VCM Group is nothing more than a 1 person enterprise that has suddenly vanished.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:48:25+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ee-7118-8704-1bb6c96e186a", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.97, "x": 0.02, "y": 0.31 }, "kind": "image", "text": "Press release and 8-K excerpts", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:25.142+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ed5401bd-ac7f-4328-9f2e-03273a8c17b0", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.88, "x": 0.11, "y": 0.15 }, "kind": "paragraph", "text": "On May 5, 2020, Unifinance Limited (an affiliate of VCM Group) informed ABML that it would fund its entire $10m commitment by June 1, 2020. After failing to provide the committed funding, Unifinance provided an initial payment of $50,000. Despite missing their original deadline and then funding 0.5% of their commitment, ABML saw fit to issue a press release heralding the $10m financing. Only 24 days later, ABML filed an 8-K on June 26, 2020 that disclosed the termination of the financing agreement. We will show why we believe Unifinance doesn't exist, and VCM Group is nothing more than a 1 person enterprise that has suddenly vanished.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:25.142+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e34b8b56-f5ae-4da0-a6af-c9ccd16b0177", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "We were shocked to discover that less than two months after VCM reneged on its financing commitment to ABML, Michael Vogel joined LiNiCo, a potential future competitor, as “CEO, President, and Founder” according to his LinkedIn bio.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:48:25+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ee-7118-8704-1e8dbebdd04d", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.63, "x": 0.35, "y": 0.02 }, "kind": "title", "text": "Another Example of Two Realities: Promotional Financing News Issued With A Fiji Entity That Was Slipping On Its Commitment, Then Busted", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:25.142+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d2c65ece-4bf8-4726-ab44-e04f323376a7", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "57afbb39-6da5-4ca6-b069-ab81a3db96c5", "evidence": "The slide systematically contrasts public claims with subsequent regulatory filings and executive actions to imply fraudulent behavior.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 20:35:25.142+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 45, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 73, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 41, "name": "The Victory", "beatId": "ec16cf87-0887-460f-99c4-b1c5fcae4ac2", "matchId": "d67c5325-4258-4570-b89d-1dc36691457a", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The deck concludes with a call to action, urging investors to be cautious", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. 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(source)", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:25.211+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1c4cae78-814c-43e2-97ee-28fbc197a09f", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.18, "x": 0.81, "y": 0.45 }, "kind": "callout", "text": "Appointment Date After Which The Fiji Affiliate Newood Finance Solutions Was Reportedly Engaging ABML (source)", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:25.211+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c13aa84b-d939-496a-9ece-8803af47bcc6", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "According to Australian records, VCM Group PTY Limited is essentially Michael Simon Vogel. The share capital is essentially nil.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:48:25+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ee-7118-8704-305f666b3421", "parentComponentId": null }, { "bbox": { "h": 0.48, "w": 0.39, "x": 0.06, "y": 0.42 }, "kind": "image", "text": "ASIC Form 484 for VCM Group PTY Limited", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:25.211+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cfe2363e-2587-4fc6-93bf-73410ca8a721", "parentComponentId": null }, { "bbox": { "h": 0.48, "w": 0.35, "x": 0.45, "y": 0.42 }, "kind": "image", "text": "ASIC Form 484 showing Ashley Carson Walton appointment", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:25.211+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dfa9cc58-5a57-4679-8845-f1f8105d3e58", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.88, "x": 0.11, "y": 0.17 }, "kind": "paragraph", "text": "According to Australian records, VCM Group PTY Limited is essentially Michael Simon Vogel. The share capital is essentially nil. The website is registered under Vogel's name, and, ever since the announcement of the transaction with ABML, VCM Group's website went dark. VCM Group's company profile under LinkedIn also is dark. The \"Fiji affiliate\" appears to be Ashley Carson Walton, who joined VCM Group in May 2020 after ABML reported engaging the Fiji entity in February 2020. Vogel is now working for LiNiCo - an entity majority owned by Comstock Mining (LODE) – See our concerns later in the report", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:25.211+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "12435e41-a1f2-419b-90e6-346f2ab62633", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.2, "x": 0.05, "y": 0.96 }, "kind": "source-note", "text": "Source: Australian Corporate Registry", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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The \"patent pending\" is for LiFePO4 battery technology, not used by Tesla in the U.S.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:29.348+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a8272c10-0c37-41b7-848a-0f7d6e9fa6cc", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "We believe LODE's promotion of its new expansion into EV battery recycling is fraught with risks and a high degree of likelihood to fail.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:48:27+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ee-7118-8705-796453d0039a", "parentComponentId": null }, { "bbox": { "h": 0.68, "w": 0.96, "x": 0.02, "y": 0.26 }, "kind": "table", "text": "A 7-row table comparing specific risk areas (e.g., Track Record, Technology, Advisors, Capital at Risk, Facility, Financials, Valuation) with detailed critiques.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:29.348+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5f00ecac-f3de-4f57-bdd3-2a10e0874985", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.65, "x": 0.31, "y": 0.05 }, "kind": "title", "text": "A LODE of Profits, or a LODE of Potential Failed Promises?", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": 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To date, there's only been discussion of using a battery similar to this in the Tesla Model 3 in China. (Sources: 1,2,3)", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:29.922+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "34358522-ed04-4d30-8b8f-670576634677", "parentComponentId": null }, { "bbox": { "h": 0.171, "w": 0.788, "x": 0.106, "y": 0.171 }, "kind": "callout", "text": "Green Li-Ion and Comstock Mining need to explain: (1) What exactly is patented, and (2) In what jurisdictions is it patented? There are claims in LODE's press release of 'patented equipment' and 'patented deep technology', yet the only record in Singapore for Green Li-Ion Pte. Ltd, where the Company is based, is of a 'pending' application for 'Development of new technology for recycling of the LiFePO4 battery'. Furthermore, Green Li-Ion's own website makes no mention of a patent, and we cannot find any evidence of a patent pending or issued in the United States, where LiNiCo is to have exclusive use.(1,2)", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:29.922+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "beb4ec86-8193-46f6-9549-f837ce7f8489", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Green Li-Ion and Comstock Mining need to explain: (1) What exactly is patented, and (2) in what jurisdictions is it patented?", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:48:27+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ee-7118-8705-45ce13facb33", "parentComponentId": null }, { "bbox": { "h": 0.355, "w": 0.425, "x": 0.538, "y": 0.415 }, "kind": "image", "text": "Singapore IP search result showing 'Pending' status.", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:29.922+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fa877fa0-23b5-4682-9218-d8a24d0a8e85", "parentComponentId": null }, { "bbox": { "h": 0.065, "w": 0.485, "x": 0.043, "y": 0.366 }, "kind": "paragraph", "text": "Notice Conflicting Language: First Saying 'Patented Process Equipment' Then 'Patented Deep Technology'", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:29.922+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b827628c-7bc5-4391-8ed8-3414302cf864", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Our agreements accelerate the race towards reducing carbon emissions by valorizing critical metals and supporting the increasingly high demand for electric vehicles (\"EVs\"). — Michael Vogel, LiNiCo CEO", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:48:27+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ee-7118-8705-488709733e09", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.6, "x": 0.043, "y": 0.892 }, "kind": "source-note", "text": "Source: Comstock Mining Press Release, Feb 17, 2021; 1) US patent application search; 2) US patent search; Source: Singapore IP", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:29.922+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5f2869c8-546d-4732-a752-74ca3eb36070", "parentComponentId": null }, { "bbox": { "h": 0.045, "w": 0.365, "x": 0.317, "y": 0.045 }, "kind": "title", "text": "What Exactly Is Patented?", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:29.922+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a0fd1521-8f1b-4b45-91bb-39c075748304", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "f14460ee-287e-40bf-9709-2e09cd2681d0", "evidence": "The slide explicitly contrasts public claims with official records to expose a potential misrepresentation.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 20:35:29.922+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 61, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 73, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 41, "name": "The Victory", "beatId": "ec16cf87-0887-460f-99c4-b1c5fcae4ac2", "matchId": "d67c5325-4258-4570-b89d-1dc36691457a", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The deck concludes with a call to action, urging investors to be cautious", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 62, "type": "tension", "title": "Uses red arrows and boxes to annotate screenshots of websites to prove the contradiction.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 79, "componentCount": 10, "textChars": 1345, "nDataPoints": 0, "notes": "Uses red arrows and boxes to annotate screenshots of websites to prove the contradiction.", "elementsJson": [ "headline_text", "callout_box", "screenshot", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:35:33.887+00", "seconds": 9.591, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-0c6502d9e87e/62", "deck": "/decks/019dd923-622c-750b-8b99-0c6502d9e87e", "deckAnchor": "/decks/019dd923-622c-750b-8b99-0c6502d9e87e#slide-62", "deckJson": "/decks/019dd923-622c-750b-8b99-0c6502d9e87e.json" }, "components": [ { "bbox": { "h": 0.15, "w": 0.88, "x": 0.1, "y": 0.16 }, "kind": "callout", "text": "LODE is promoting its new lithium recycling investment in LiNiCo, which is using the proceeds to increase its direct strategic investment in Green Li-ion Pte, Ltd. (\"Green Li-ion\") and purchase Green Li-ion’s patented process equipment with exclusive rights for the U.S. market. Green Li-ion’s website promotes having three investors, but upon closer inspection it appears the Company may be misrepresenting itself: HAX and SOSV appear to be related. 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"densityScore": 57, "componentCount": 8, "textChars": 530, "nDataPoints": 6, "notes": "Uses screenshots of official Singapore corporate filings to highlight discrepancies in investor lists and founder capital contributions.", "elementsJson": [ "headline_text", "callout_box", "screenshot", "data_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:35:27.363+00", "seconds": 3.029, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-0c6502d9e87e/63", "deck": "/decks/019dd923-622c-750b-8b99-0c6502d9e87e", "deckAnchor": "/decks/019dd923-622c-750b-8b99-0c6502d9e87e#slide-63", "deckJson": "/decks/019dd923-622c-750b-8b99-0c6502d9e87e.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.14, "x": 0.02, "y": 0.615 }, "kind": "callout", "text": "Where is HAX?", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:27.363+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1b2c25e7-d585-448d-b2c0-12741dfa00e0", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.2, "x": 0.76, "y": 0.82 }, "kind": "callout", "text": "Founders have no capital at risk.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": 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"2026-05-02 20:35:27.363+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2a7ebc1b-5ed3-491d-bbeb-99a798e48452", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.45, "x": 0.5, "y": 0.36 }, "kind": "image", "text": "Shareholder details table", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:27.363+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4caf0011-604a-4061-9881-3a6c492a2022", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.11, "y": 0.17 }, "kind": "paragraph", "text": "Singapore records show Green Li-ion PTE Ltd is a thinly-capitalized venture, having raised just $1.4m before LiNiCo's investment. Most importantly, we see that the founders (the CEO and CTO) have put no money into the Company. 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Spear Carson City, NV", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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"name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:28.038+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "15b78ab3-fc4c-4f75-bc8f-27e00c5a5f8b", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.25, "x": 0.71, "y": 0.29 }, "kind": "callout", "text": "We Believe Few, If Any, Business Models Achieve Commercial Success Within Three Years", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": 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At just 33% of that rate and 60% of applicable commodity prices, the LiNiCo facility should generate more than $100 million in sales with pre-tax operating income margins exceeding 30%, adding 40 good paying Nevada jobs and making a landmark contribution to Comstock's Environmental, Social and Corporate Governance (“ESG”), Product and Process Stewardship and Climate Smart Mining goals. — Comstock Press Release", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:48:28+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ee-7118-8705-d5a1804bdb66", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.18, "x": 0.02, "y": 0.51 }, "kind": "source-note", "text": "Source: Comstock Press Release", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Comstock now has a competing venture with the formation of LiNiCo, claiming that on just 33% of 10,000 tons it can produce $100m of sales. ABML claims it can do $200m of sales with a 20,000 ton facility. Investors should also be aware that Mr. Jolcover was an investor in Pershing Gold Corp (PGLC). 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"019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:48:29+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ee-7118-8706-860f07b6238e", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.45, "x": 0.52, "y": 0.33 }, "kind": "image", "text": "SEC Litigation Release", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, 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"019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:29.359+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "86923743-f27f-4183-b408-52da5c3b74eb", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.45, "x": 0.04, "y": 0.53 }, "kind": "list", "text": "On November 11, 2003, we issued 64,486 shares to Jeffrey Jolcover for the purchase of the water rights with the Plum Mining acquisition....On November 6, 2003, we issued a total of 64,486 shares to Scott Jolcover for the purchase of the water rights with the Plum Mining acquisition.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:29.359+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "25b4169d-36de-40af-8b6d-e3a1394b58eb", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.45, "x": 0.04, "y": 0.33 }, "kind": "list", "text": "Meanwhile, Jeffrey Jolcover of Las Vegas, who worked for the state from 1977 to 1979, faces a prison term of up to 25 years. Standing next to his attorney in federal court Thursday morning, Joseph Cronin of Reno, Jolcover pleaded guilty to charges of conspiracy to commit securities, mail and wire fraud, and money laundering in connection with the sales of securities to the public in wireless television systems.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:29.359+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6b174523-5072-4371-805b-660516abc8ec", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.45, "x": 0.04, "y": 0.67 }, "kind": "list", "text": "On January 17, 2008, the Company’s Board of Directors elected Robert T. Faber and Scott Jolcover as directors of the Company to fill vacancies on the Board. Mr. Faber has served as the Company’s President and Chief Executive Officer since September 2004 and Chief Financial Officer since June 2003. Mr. Jolcover served as Manager of the Plum Mine prior to and after it was acquired by GoldSpring in November 2003. Since leaving GoldSpring in 2006, Mr. Jolcover has worked as a consultant.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:29.359+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "feb82ef5-ffd5-4964-88b2-bbc86d00f798", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.88, "x": 0.11, "y": 0.16 }, "kind": "paragraph", "text": "Prior to changing its name and ticker to Comstock Mining (LODE) in July 2010, the Company was called GoldSpring Mining (GSPG). Scott and Jeffrey Jolcover received shares from selling assets to the Company. Scott joined as Director in January 2008. Shortly after in June 2008, we find evidence that Jeffery Jolcover formed an entity called Comstock Merger Mines, Inc., though its purpose is unclear. We believe Jeffrey Jolcover is related to Scott Jolcover.(1,2) Jeffrey Jolcover pleaded guilty to securities fraud and was scrutinized by the FTC.(3)", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:29.359+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ddd90c76-ba0d-4db8-91a1-72920c5c6b56", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Meanwhile, Jeffrey Jolcover of Las Vegas, who worked for the state from 1977 to 1979, faces a prison term of up to 25 years. Standing next to his attorney in federal court Thursday morning, Joseph Cronin of Reno, Jolcover pleaded guilty to charges of conspiracy to commit securities, mail and wire fraud, and money laundering in connection with the sales of securities to the public in wireless television systems. — Las Vegas Sun", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:48:29+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ee-7118-8706-8b56ec8da571", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.45, "x": 0.04, "y": 0.88 }, "kind": "source-note", "text": "1. A public obituary in Illinois links “Scott, Sandra and Jeffrey Jolcover”\n2. Open source internet search (s) links them as related and of approximately the same age\n3. FTC 1993 Annual Report – “Preliminary and Permanent Injunctions”", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:29.359+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "242b8ae1-f250-4c7b-8421-54f12304f4dc", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "We Believe Scott Jolcover’s Relative Was Convicted of Securities Fraud And Has Also Been Connected To LODE", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:29.359+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "32af7c1b-992e-4967-9b98-1608ba60266b", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "6b295d21-25e4-47f8-9e78-9bee03ff1684", "evidence": "The slide explicitly documents a pattern of behavior and legal history to expose potential fraud or conflicts of interest.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:35:29.359+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 69, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 73, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 41, "name": "The Victory", "beatId": "ec16cf87-0887-460f-99c4-b1c5fcae4ac2", "matchId": "d67c5325-4258-4570-b89d-1dc36691457a", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The deck concludes with a call to action, urging investors to be cautious", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. 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Winfield. DWC Resources has completed transactions with Comstock Mining.(1) According to LODE’s recent proxy statement, the Winfield Group is the largest shareholder, owning 3.3m shares or 9.7% of the Company.(2)", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:29.844+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "77030796-5dbf-4ff6-b4e2-5ed02ba5d84f", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "According to local media, as reported by the Comstock Residents Association, convicted securities fraudster Jeffery Jolcover is an officer of DWC Resources, a Company owned by John V. Winfield.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:48:28+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ee-7118-8706-72f9f113ca6e", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.96, "x": 0.02, "y": 0.0040999999999999995 }, "kind": "quote", "text": "As the rest of the day passed quietly, several small groups of investors and potential investors found their way up to our Information Center at Maynard Station where they were provided with information about CMI, its predecessor companies and its leadership, including Jeffrey Jolcover, an officer with Winfield in D.W.C. Resources, who was sentenced to 37 months in federal prison for stock fraud and money laundering.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:29.844+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "67f44d90-05d9-493c-a9c8-7756606a1d2a", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "As the rest of the day passed quietly, several small groups of investors and potential investors found their way up to our Information Center at Maynard Station where they were provided with information about CMI, its predecessor companies and its leadership, including Jeffrey Jolcover, an officer with Winfield in D.W.C. Resources, who was sentenced to 37 months in federal prison for stock fraud and money laundering. — Comstock Residents Association", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:48:28+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ee-7118-8706-76be7e874fb2", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.25, "x": 0.03, "y": 0.006 }, "kind": "source-note", "text": "Source: Comstock Residents Association - 2017", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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