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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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      "kind": "callout",
      "text": "There’s an enormous disconnect between the financial targets provided for LiNiCo and the valuation placed on the business. LODE is claiming $100m of sales with $30m of pre-tax income... Why would LiNiCo’s Founder and CEO sell to investors a $30m profit stream for $20m?",
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      "text": "There’s an enormous disconnect between the financial targets provided for LiNiCo and the valuation placed on the business.",
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      "text": "implied valuation: $20.0m",
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      "text": "LiNiCo plans to commence production later this year, building toward cathode production capacity of about 10,000 tons per year. 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",
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      "text": "Source: Comstock Press Release",
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      "text": "Comstock's Financial Targets: $100m sales, >30% margins. Comstock Investment: $10.75m for 64% ($16.8m implied). Aqua Metals Investment: $2m for 10% ($20m implied).",
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      "kind": "title",
      "text": "The Mysterious LiNiCo Corporation (Cont'd)",
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