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"Wolfpack Research short report on Ramaco Resources (METC), Dec 11 2023. Format is a ~25-page Word/Times-Roman memo with embedded tables and a few charts (peer-cost table p.4, Critical Battery Metals bar chart p.5, Bloomberg insider-selling chart p.13). Headline: 'METC: Pumping And Dumping Nearly Worthless Dirt.' Short position explicitly disclosed in body but no % stake; standard WPR disclaimer notes WPR 'may be long, short or neutral at any time.' Strong adversarial framing built on three pillars: (1) crustal-abundance comparison undermining the 'world-class' claim, (2) clay-REE peer cost benchmarking, (3) insider selling + management criminal-history attack on Charlie/Randall Atkins. No explicit price target or closing call-to-action slide — typical for a short-seller research note that lets the disclosure of a short position carry the implicit ask.", "kpisCited": [ { "detail": "59 PPM vs 67 PPM Earth's crust average — 12% lower", "metric": "Brook Mine critical REE concentration" }, { "detail": "$3.59/t at Brook Mine vs $14.65/t peer average operating cost", "metric": "Realizable REE revenue per tonne" }, { "detail": "~$88 billion economic destruction", "metric": "Estimated total loss to mine $37bn of REEs" }, { "detail": "$96.3M dumped since Nov 10, 2023; >10% of market cap", "metric": "Insider selling" }, { "detail": "~12% of holdings sold since November", "metric": "Yorktown Partners stake sold" }, { "detail": "+40% in the past month following WSJ article", "metric": "Stock move" }, { "detail": "$400M shelf = ~45% dilution at current valuation", "metric": "Shelf dilution risk" }, { "detail": "Clay-REE peers carry 3-15x higher concentrations of the four critical REEs", "metric": "Peer concentration ratio" }, { "detail": "~$500 industry-standard test that METC has not disclosed", "metric": "PH4/PH1 recoverability test cost" } ], "closingAsk": null, "extraction": { "at": "2026-04-22 22:40:03+00", "model": "unknown-legacy", "runId": null, "seconds": 114.91882, "promptVersion": null }, "scqaReward": "Brook Mine carries no rare-earth value at current concentrations and would lose ~$88bn if mined; an imminent $400M shelf offering implies ~45% dilution at today's inflated valuation, pointing to severe downside.", "thesisTypes": [ "fraud_exposure", "undervaluation" ], "top3Reasons": [ "Brook Mine's REE concentration (59 PPM) is 12% below average Earth's crust", "Processing costs ~$14.65/t dwarf $3.59/t realizable revenue — $88bn estimated loss", "Insiders dumped $96.3M since Nov 10; Yorktown sold ~12% of stake into the hype" ], "scqaSituation": "METC is a met-coal miner whose stock surged 40%+ after a WSJ article hyped its Brook Mine in Wyoming as a potential $37 billion rare earth elements deposit, sparking national media coverage and retail enthusiasm.", "thesisSummary": "Wolfpack argues Ramaco Resources (METC) is being pumped on a Wall Street Journal article that hyped its Brook Mine as a $37bn rare-earth elements deposit, when in fact the mine's average concentration of the four critical magnetic REEs (Nd, Pr, Dy, Tb) is only 59 PPM — 12% below the Earth's crustal average and 3-15x worse than micro/nano-cap clay-REE peers like Meteoric, Aclara and Australian Rare Earths. Peer operating costs of ~$14.65/tonne against Wolfpack's $3.59/tonne realizable revenue imply an $11.06/t loss and a cumulative $88bn destruction if the resource were ever mined. Management has skipped the standard ~$500 PH4/PH1 recoverability test, CEO Randall Atkins carries a 1988 fiduciary-duty judgment tied to brother Charlie Atkins' tax-fraud scheme, and largest holder Yorktown Partners has sold 12% of its stake while a $400M shelf threatens ~45% dilution.", "primaryDemands": [ "Sell/short METC shares ahead of expected dilution from $400M shelf offering", "Demand METC publish PH4/PH1 recoverability test results on Brook Mine clays", "Discount management's $37bn REE valuation as stock-promoter spin" ], "scqaResolution": "Short the stock: Wolfpack discloses a short position, urges investors to discount the $37bn promotion, and demand management publish the standard PH4/PH1 recoverability test results before any further capital raise.", "thesisOneLiner": "Wolfpack is short METC: Brook Mine's REE concentration sits below crustal average, processing economics imply an $88bn loss, and insiders have dumped $96M into WSJ-fueled hype.", "precedentsCited": [ "Meteoric Resources (Caldeira) clay-REE project", "Aclara Resources (Penco Module) clay-REE project", "Australian Rare Earths (Koppamurra) clay-REE project", "Charlie Atkins / The Securities Group 1987 tax fraud case" ], "scqaComplication": "Brook Mine's REE concentration is actually below Earth's average crustal abundance, peer cost benchmarks make extraction structurally unprofitable, and METC has dodged the cheap recoverability test that would settle the question.", "narrativeInterest": 4, "notableSlidePages": [ 1, 3, 4, 5, 13 ], "peerCompaniesCited": [ "Meteoric Resources", "Aclara Resources", "Australian Rare Earths" ], "valuationFrameworks": [ "multiple_comparison", "asset_value" ], "visualCraftInterest": 2 }, "pitchdeck": { "metadata": null, "profile": null }, "slides": [ { "page": 1, "type": "analysis", "title": "This is a classic short-seller 'expose' report cover page. 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"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 20:10:20.877+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "080a65d5-3d4d-4208-863d-3345ac04a027", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Rare Earth Concentration (PPM): 59", "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 23:15:55+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0f20-71ed-bddb-206434435021", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.78, "x": 0.11, "y": 0.27 }, "kind": "paragraph", "text": "Shockingly, the REEs in METC's Brook Mine occur at a lower concentration than the average levels of the Earth's crust. Put another way, the rock beneath your feet is probably more enriched with REEs than METC's self-proclaimed \"world-class\" discovery.", "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 20:10:20.877+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a9b7a1fe-5a33-4f57-bf2e-a050cc5f6d91", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.78, "x": 0.11, "y": 0.17 }, "kind": "paragraph", "text": "Despite their name, rare earths are not rare. Precious metals and minerals are spread all throughout the Earth's crust. Mines are built around anomalies, extreme concentrations of valuable elements.", "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 20:10:20.877+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b0041396-398b-444f-9a4f-2ce8d636f439", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.78, "x": 0.11, "y": 0.67 }, "kind": "quote", "text": "Most of our [METC] deposits are found in clay and clay-like structures. ... They are easier to process, they are less expensive to process and they are, as a result, more valuable.", "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 20:10:20.877+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8e3fcf67-c82a-4956-8086-7cc703269b0f", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"Most of our [METC] deposits are found in clay and clay-like structures. ... They are easier to process, they are less expensive to process and they are, as a result, more valuable.\" — Randall Atkins, May 22nd, 2023 Interview", "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 23:15:55+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0f20-71ed-bddb-1e22d0da03c1", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.25, "x": 0.11, "y": 0.58 }, "kind": "source-note", "text": "Source: Wolfpack Analysis, Appendix A", "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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That’s what a PH4 test tells you and it’s about as complicated as sticking some clay in a beaker and stirring it around with liquid as acidic as apple juice then sending it to a lab.", "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 20:10:24.447+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "17b1f7cb-1b96-45fa-90ca-d844bfc34171", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.75, "x": 0.14, "y": 0.39 }, "kind": "quote", "text": "The frustration for us is that there are dozens of explorers who continue to drill, and drill, and release assay results who aren’t doing the simple test required to establish whether you can bring rare earths into solution", "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 20:10:24.447+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5bb262f2-fd3d-47c6-8bbc-516595fbf44a", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.75, "x": 0.14, "y": 0.21 }, "kind": "quote", "text": "finding it and then involves a lot of subsequent chemically testing to essentially determine how you can separate and extract this ... the trick is that you be able to economically separate that and that’s the quest we’re on right now", "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 20:10:24.447+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a4ed4c22-26b5-4165-a4c5-a70a4b513606", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"finding it and then involves a lot of subsequent chemically testing to essentially determine how you can separate and extract this ... the trick is that you be able to economically separate that and that's the quest we're on right now...but we anticipate probably within the next 12-24 months being in a pretty good position to analyze exactly which extraction techniques may be the right one to deploy\" — Randall Atkins, December 6th, 2023 Bloomberg TV Interview; \"The frustration for us is that there are dozens of explorers who continue to drill, and drill, and release assay results who aren't doing the simple test required to establish whether you can bring rare earths into solution\" — Rick Pobjoy, AR3 Founder", "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": "2026-04-23 02:32:47+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f9-71ae-a671-3371fb66f8b1", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.1, "x": 0.11, "y": 0.88 }, "kind": "source-note", "text": "Source: NETL Deck", "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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coal used in this study.\" — Ramaco Carbon Technical Report (March 2023). \"guilty of conversion, unauthorized use of partnership funds for non-partnership purposes, usurping a partnership opportunity and of violating their fiduciary responsibilities to the partnerships.\" — Bankruptcy Court ruling regarding Randall Atkins.", "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": "2026-04-23 02:32:46+00", "model": "unknown-legacy", 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}, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.1, "y": 0.68 }, "kind": "title", "text": "Randall Atkins Involvement in “One of the Largest Tax Frauds Cases Ever Filed”", "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 20:10:26.4+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8dc8aa01-79df-4210-ab14-c241585ea0d9", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "fecaef6d-0ca1-43d2-965b-9d19e60bad62", "evidence": "Directly links technical failure to management's history of financial misconduct.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:10:26.4+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 11, "frameworkName": "fraud-exposure" } ], "arcBeats": [], "loops": [ { "to": 13, "from": 10, "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 }, "matchId": "630c0773-3737-4d8c-b481-12655a789057", "evidence": "The document highlights the consequences of not taking action", "position": 1, "objective": "What is the cost of inaction for METC's investors?", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:01:33.940815+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 12, "type": "evidence", "title": "The slide contains a direct quote from a legal judgment regarding misappropriation of assets.", "function": "cite_precedent", "rawType": "cite_precedent", "block": null, "metadata": { "slideType": "cite_precedent", "slideTypeCanon": { "name": "Cite precedent", "slug": "cite_precedent", "status": "active", "canonId": "019de52d-12ec-72be-8881-51b438fa76c7", "version": 1, "description": null }, "function": "cite_precedent", "functionCanon": { "name": "Cite precedent", "slug": "cite_precedent", "status": "active", "canonId": "019de52d-142b-714b-86d4-58aad7b568ec", "version": 1, "description": null }, "density": "dense", "densityScore": 51, "componentCount": 6, "textChars": 2044, "nDataPoints": 0, "notes": "The slide contains a direct quote from a legal judgment regarding misappropriation of assets.", "elementsJson": [ "paragraph", "quote_block", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:10:21.723+00", "seconds": 2.755, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9a-692010d91d05/12", "deck": "/decks/019dd923-622c-750b-8b9a-692010d91d05", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-692010d91d05#slide-12", "deckJson": "/decks/019dd923-622c-750b-8b9a-692010d91d05.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Atkins' conduct directly violated his fiduciary duty as a partner of TSG and TMG to refrain from personally profiting from the misuse of partnership assets.", "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": "2026-04-23 02:32:46+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f9-71ae-a670-bb8ba8693d0a", "parentComponentId": null }, { "bbox": { "h": 0.135, "w": 0.764, "x": 0.118, "y": 0.093 }, "kind": "paragraph", "text": "Randall and his partner appealed this ruling to the 11th circuit. The court reversed the judgment as to the other partner but affirmed the decision concerning Randall. This is because, according to the decision rendered by the 11th Circuit, there was a suspect real estate transaction where Randall acted as the general partner for The Securities Group, special counsel for another entity involved in the transaction, and was the escrow agent for the transaction.", "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 20:10:21.723+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "17a9fdb1-b6b7-4dd3-a0ee-3817caff6137", "parentComponentId": null }, { "bbox": { "h": 0.065, "w": 0.764, "x": 0.118, "y": 0.238 }, "kind": "paragraph", "text": "The court held that “Atkins actively participated in the purchase of the property” and “facilitated the transfer of the \"security deposit.\"” The court also held that “Atkins enjoyed a personal windfall from the transactions.” Finally, the court concluded:", "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 20:10:21.723+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ce94ad2d-95ff-4f33-8257-b50ebd6fadf1", "parentComponentId": null }, { "bbox": { "h": 0.165, "w": 0.734, "x": 0.148, "y": 0.315 }, "kind": "quote", "text": "“Based on his involvement in the transactions, Atkins clearly was aware of the nature of the transactions. Atkins cannot now credibly claim that he was neither aware of, nor participated in, the misappropriation of plaintiffs' property. Under the circumstances, Atkins' conduct directly violated his fiduciary duty as a partner of TSG and TMG to refrain from personally profiting from the misuse of partnership assets. We therefore conclude that the record amply supports the bankruptcy court's factual finding that Atkins wrongfully participated in the transaction.”42", "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 20:10:21.723+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "292048ef-d80a-4e64-8763-53afd617dfec", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"Based on his involvement in the transactions, Atkins clearly was aware of the nature of the transactions. 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We therefore conclude that the record amply supports the bankruptcy court's factual finding that Atkins wrongfully participated in the transaction.\" — 11th Circuit Court", "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": "2026-04-23 02:32:46+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f9-71ae-a670-bd9827bf131b", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.1, "x": 0.782, "y": 0.925 }, "kind": "source-note", "text": "Page 12 of 25", "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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"links": { "slide": "/slides/019dd923-622c-750b-8b9a-692010d91d05/13", "deck": "/decks/019dd923-622c-750b-8b9a-692010d91d05", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-692010d91d05#slide-13", "deckJson": "/decks/019dd923-622c-750b-8b9a-692010d91d05.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "if Yorktown and METC’s insiders actually believe the Brook Mine is worth anywhere near $37 billion then why are they selling so many of their shares at a sub $1 billion valuation?", "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 }, 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"google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "515a08d1-8647-4ead-a613-76107ce552b0", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "insider selling: $96.3 million", "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 23:15:56+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0f20-71ed-bddb-3e8e19d249b0", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.8, "x": 0.1, "y": 0.14 }, "kind": "paragraph", "text": "Insiders have used METC’s recent rise in its share price as an opportunity to cash out. Over the past month, insiders have dumped $96.3 million worth of stock—more than 10% of METC’s current market cap. As seen below, insiders are having a fire sale:", "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 20:10:22.375+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "26bed226-2330-46ee-9cab-1506aba8b1f2", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.8, "x": 0.1, "y": 0.56 }, "kind": "paragraph", "text": "Leading the pack of insider selling is METC’s largest shareholder, Yorktown Partners, which has sold more than 12% of their stake in the company since November. We think if the Brook Mine or Ramaco Carbon had any substantial value, Yorktown along with members of METC’s Board wouldn’t be selling. It’s that simple: if Yorktown and METC’s insiders actually believe the Brook Mine is worth anywhere near $37 billion then why are they selling so many of their shares at a sub $1 billion valuation?", "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 20:10:22.375+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4a58bd58-8fe3-422f-bee2-f36a9bea54e8", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.8, "x": 0.1, "y": 0.68 }, "kind": "paragraph", "text": "In our opinion, an existing $400 million shelf offering is cause for alarm. METC’s recent run-up in share price, coupled with newfound love for the stock from retail due to the flurry of media attention and promotional television appearances are tell-tale signs dilution is coming soon. We expect METC to use the shelf at today’s inflated prices. A $400 million equity offering at METC’s current valuation equates to ~45% dilution for current shareholders.", "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 20:10:22.375+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8aaefef3-64a7-4946-b6c6-d73028bedd65", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.4, "x": 0.1, "y": 0.53 }, "kind": "source-note", "text": "Source: METC Graph Insider Transactions, Accessed via Bloomberg, LP", "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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For brevity, we refer to each column by the letter listed in the top row.", "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 20:10:25.268+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ffee61ed-5518-4e23-80eb-18ddcd248818", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.45, "x": 0.11, "y": 0.89 }, "kind": "source-note", "text": "Source: Brook Mine ICP Analysis of REOs – Source: Weir International, Inc.", "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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"w": 0.75, "x": 0.118, "y": 0.81 }, "kind": "paragraph", "text": "Figure 7.6-1 Estimated TREO Grade Distribution shows only 3.3% of Brook Mine's distribution having an estimate greater than 300+ ppm. We assigned the average grade of this 300+ ppm distribution at 325 ppm.", "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 20:10:23.956+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "22b90de9-6cdd-4194-ad60-3d10b84d1ee5", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.75, "x": 0.118, "y": 0.47 }, "kind": "paragraph", "text": "We calculated Brook Mine's in situ value per tonne by taking each respective REE's column B/1000*Column C. Column C data was sourced each REE listed below from Macquarie's 2023 estimated REOs pricing table on p. 3 of this 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 20:10:23.956+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "289befbe-2685-41ea-9700-0061f991b9e4", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.75, "x": 0.118, "y": 0.125 }, "kind": "paragraph", "text": "Our realizable REE revenue per tonne is calculated as follows: [In Situ Value ($8.55) * Recoverability Rate (60%) * Payability Rate (70%)].", "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 20:10:23.956+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3ba47d0d-ee13-4aeb-b38a-e4b3fe8e91c0", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.75, "x": 0.118, "y": 0.275 }, "kind": "paragraph", "text": "A mining expert we consulted claims it'd be generous to assume METC could generate a 50% recovery rate... METC's rare earth peers, Aclara Resources and Ionic Rare Earths, respectively have recoverability rates of 18% and 53%.", "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 20:10:23.956+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a25d97a1-52d2-4007-8de2-65c742e8432a", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.75, "x": 0.118, "y": 0.36 }, "kind": "paragraph", "text": "Assuming Brook Mine has an ace 60% recoverability rate, we believe Brook Mine will only yield $5.13 per tonne. However, Brook Mine is then paid a percentage value (payability rate) of its REEs from their rare earth processor.", "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 20:10:23.956+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e3b1c65e-62f4-41e0-83a0-1c119ee09f2a", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.75, "x": 0.118, "y": 0.54 }, "kind": "table", "text": "Element Symbol, REO Midpoint Avg. PPM In Brook Mine, REO $/kg, In Situ Value; Nd, 40.63, 91.59, 3.72; Pr, 10.82, 91.59, 0.99; Dy, 6.21, 320.35, 1.99; Tb, 1.08, 1713.71, 1.85", "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 20:10:23.956+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4cf4736d-5ac5-4a7f-b751-5234b3de4d66", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.44, "x": 0.278, "y": 0.175 }, "kind": "table", "text": "In Situ Value $8.55; 60% Recoverability Rate $5.13; 70% Payability Rate $3.59; REE Revenue Per Tonne $3.59", "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 20:10:23.956+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5ad7b9e5-58c4-497c-9e24-9e62bf69e696", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.3, "x": 0.118, "y": 0.78 }, "kind": "title", "text": "Estimated TREO PPM Calculation", "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 20:10:23.956+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2d1de6e0-8f69-47fe-bfa2-660eb91d493e", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.52, "x": 0.118, "y": 0.095 }, "kind": "title", "text": "Appendix B: Brook Mine's Realizable REE Revenue Per Tonne", "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 20:10:23.956+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3bc10c4e-48c2-49da-a70e-d03aa5de34fa", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.3, "x": 0.118, "y": 0.44 }, "kind": "title", "text": "Brook Mine In Situ Value", "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 20:10:23.956+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "eab4f1f5-99c1-455d-8125-99da11e011a0", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Table data", "slug": "table-data", "status": "active", "bestFor": null, "canonId": "019dd9e1-4fab-7168-a82f-b847350a006d", "version": 1, "bodyDocId": null, "description": "Tabular layouts of structured data.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "f5dfa962-73bb-403b-9876-52efc152e989", "evidence": "The slide contains a table with data: Element Symbol, REO Midpoint Avg. 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Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:10:22.572+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2d2198e6-31fc-4b8f-9df8-916b079077a2", "parentComponentId": null }, { "bbox": { "h": 0.185, "w": 0.764, "x": 0.118, "y": 0.165 }, "kind": "table", "text": "PPM Range, Average PPM, PPM Range Percentage, 300+, 325, 3.3%, 10.7, 250-299.99, 274.995, 63.7%, 175.2, 200-249.99, 224.995, 26.7%, 60.1, 150-199.99, 174.995, 5.6%, 9.8, 100-149.99, 124.995, 0.4%, 0.5, 50-99.99, 74.995, 0.3%, 0.2, Estimated TREO PPM, 256.5", "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 20:10:22.572+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cae2df3d-d59a-46e1-a71e-219332509056", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Table data", "slug": "table-data", "status": "active", "bestFor": null, "canonId": "019dd9e1-4fab-7168-a82f-b847350a006d", "version": 1, "bodyDocId": null, "description": "Tabular layouts of structured data.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "93c6ea2a-bc79-4f69-b816-d9e444b1ea7b", "evidence": "table/data: PPM Range, Average PPM, PPM Range Percentage, 300+, 325, 3.3%, 10.7, 250-299.99, 274.995, 63.7%, 175.2, 200-249.99, 224.995, 26.7%, 60.1, 150-199.99, 174.995, 5.6%, 9.8, 100-149.99, 124.995, 0.4%, 0.5, 50-99.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 23:11:21.294187+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 17, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 18, "type": "appendix", "title": "Provides methodology for REO conversion and lists source reports for each project.", "function": "appendix", "rawType": "appendix_data", "block": null, "metadata": { "slideType": "appendix_data", "slideTypeCanon": { "name": "Appendix data", "slug": "appendix_data", "status": "active", "canonId": "019de52d-078a-745b-9ee4-c15f2f539acd", "version": 1, "description": null }, "function": "appendix", "functionCanon": { "name": "Appendix", "slug": "appendix", "status": "active", "canonId": "019de52d-138d-750b-83c3-49b4bc7a7a38", "version": 1, "description": null }, "density": "balanced", "densityScore": 28, "componentCount": 5, "textChars": 498, "nDataPoints": 20, "notes": "Provides methodology for REO conversion and lists source reports for each project.", "elementsJson": [ "headline_text", "paragraph", "numbered_list", "data_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:10:21.734+00", "seconds": 2.256, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9a-692010d91d05/18", "deck": "/decks/019dd923-622c-750b-8b9a-692010d91d05", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-692010d91d05#slide-18", "deckJson": "/decks/019dd923-622c-750b-8b9a-692010d91d05.json" }, "components": [ { "bbox": { "h": 0.1, "w": 0.3, "x": 0.118, "y": 0.21 }, "kind": "list", "text": "1. Aclara (Penco Module)\n2. Australian Rare Earths (Koppamurra)\n3. Meteoric Resources (Caldeira)\n4. 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Conversion factors were used from Brook Mine’s technical report (p. 38) to convert each project’s REEs to rare earth oxides (REOs).", "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 20:10:21.734+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6425160d-2b2d-48c1-a978-a275363efdb9", "parentComponentId": null }, { "bbox": { "h": 0.14, "w": 0.72, "x": 0.138, "y": 0.295 }, "kind": "table", "text": "Table showing ppm values for Nd, Pr, Dy, 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How can a \"an industry leading provider of independent and professional consulting services to the mining and energy industries worldwide\" produce such drivel? — Kerrin Allwood. Right, but then a lot of the 0.3% \"Ni deposits\" being touted are also far away from being economic. Seems like these days any analytically detectable level of an element of interest is being touted as an ore deposit. — Robert Brozdowski, Ph.D., P.Geo. Michael, I came to the same conclusions...this hype over coal deposits being viable sources of REE's is very frustrating and yet it seems to attract funding and investment! — John Ormerod. Agree completely... 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