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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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  "presentationDate": "2021-03-10 00:00:00",
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  "notes": "The slide uses a comparative framework to highlight the disparity between a SPAC-backed entity (Li-Cycle) and the target (ABML).",
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      "text": "Why ABML Does NOT Deserve Li-Cycle Multiples",
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      "text": "Why ABML Does NOT Deserve Li-Cycle Multiples",
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      "kind": "metric",
      "text": "EV / EBITDA: 2.4x",
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      "text": "Despite the caveats regarding Li-Cycle outlined on the previous page, we believe it is instructive to review the management estimates from the deal presentation and how the stock is trading.",
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      "text": "Source: Li-Cycle February 2021 Deal Presentation.",
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      "text": "Li-Cycle Forecasted Financials and Implied Multiples",
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      "text": "We Don't Believe ABML Deserves Li-Cycle's Valuation",
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