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  "documentTitle": "American Battery Metals Corporation / Comstock Mining Inc. (ABML / LODE)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2021-03-10 00:00:00",
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  "pageNumber": 39,
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  "notes": "Uses a combination of a company roadmap, a peer margin table, and a competitor financial projection table to build a case against the target's financial guidance.",
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      "kind": "callout",
      "text": "The (left) slide from ABML's corporate presentation dated 6/1/20 clearly suggests the Company expects to achieve 78% \"net\" margins. Current operator Li-Cycle (below) only expects to achieve 41% EBITDA margins when revenues are well over $200m.",
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      "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.",
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      "text": "ABML Road Map",
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      "text": "net margins: 78%",
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      "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.",
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      "text": "Li-Cycle Financial Projections",
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      "text": "We Believe ABML's Projected Financial Model Is Unlikely To Be Realized",
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      "arcName": "Overcoming the Monster",
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