{ "docId": "019dd923-622c-750b-8b9a-692010d91d05", "docSlug": "7b1e82ee5383", "documentTitle": "Ramaco Resources, Inc. (METC)", "authorId": "60_Wolfpack_Research", "authorName": "Wolfpack Research", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2023-12-11 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 11, "pageCount": 25, "prevPage": 10, "nextPage": 12, "slideType": "villain_critique", "function": "expose_contradiction", "density": "dense", "nDataPoints": 3, "notes": "Includes specific citations (34-41) and a direct quote from a technical report.", "elementsJson": [ "headline_text", "paragraph", "quote_block", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-692010d91d05/11", "deckHref": "/decks/019dd923-622c-750b-8b9a-692010d91d05", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-692010d91d05.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-692010d91d05#slide-11", "components": [ { "bbox": null, "kind": "callout", "text": "We believe Ramaco Carbon's coal to carbon initiative is a glorified science experiment, designed by METC's management as a promotional point to dupe credulous investors.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-70f9-71ae-a671-150004997258", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.06, "w": 0.8, "x": 0.1, "y": 0.14 }, "kind": "paragraph", "text": "A technical report submitted by Ramaco Carbon in March 2023 to a Department of Energy lab revealed that its ongoing science experiment, converting coal to carbon fiber, was largely a failure.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "056c5bca-4800-4eba-bf67-ab3cd5412db8", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.8, "x": 0.1, "y": 0.55 }, "kind": "paragraph", "text": "Per the report, a positive net present value of $940k would be achieved on a large-scale operation requiring nearly $70 million in startup costs, only if the char can be sold for more than $250/ton.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "492a8f0b-d16b-4be1-ba48-e74c62d06a0b", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.06, "w": 0.8, "x": 0.1, "y": 0.74 }, "kind": "paragraph", "text": "In 1987, Charlie Atkins was convicted and later sentenced for his involvement in a massive tax fraud scheme involving The Securities Group that became national news.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "550236ef-5d83-47b3-b416-3dc11ba0c050", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.7, "x": 0.15, "y": 0.21 }, "kind": "quote", "text": "Evaluation of the char was not within the scope of the project; however, it is considered to be unlikely to have such high value when produced from a non-coking coal such as the Powder River Basin (PRB) coal used in this study.", "attrs": null, "subkind": "pull-quote", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "1c98b626-2781-4882-b82c-34f35bbc880b", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "\"Evaluation of the char was not within the scope of the project; however, it is considered to be unlikely to have such high value when produced from a non-coking coal such as the Powder River Basin (PRB) 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, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-70f9-71ae-a671-1a192bfd0a8a", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.1, "y": 0.08 }, "kind": "title", "text": "The Coal to Carbon Initiative Is Exposed as a Waste of Time and Money", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "6563d612-2a9d-4b9b-a9bc-7d08bb24f33b", "frameworkName": null, "frameworkSlug": null }, { "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, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "8dc8aa01-79df-4210-ab14-c241585ea0d9", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "fraud-exposure", "slug": null, "matchId": "fecaef6d-0ca1-43d2-965b-9d19e60bad62", "evidence": "Directly links technical failure to management's history of financial misconduct.", "confidence": 0.9 } ], "arcBeats": [], "loops": [ { "to": 13, "from": 10, "name": "Cost Of Inaction", "slug": "27-cost-of-inaction", "bestFor": "Urgent budget requests, compliance, risk mitigation", "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?", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "confidence": 0.6, "description": "Quantify what happens if the audience does nothing" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }