{
  "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": 16,
  "pageCount": 25,
  "prevPage": 15,
  "nextPage": 17,
  "slideType": "appendix_data",
  "function": "analyze_data",
  "density": "overcrowded",
  "nDataPoints": 20,
  "notes": "Includes detailed breakdown of REO values by element (Nd, Pr, Dy, Tb).",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "data_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9a-692010d91d05/16",
  "deckHref": "/decks/019dd923-622c-750b-8b9a-692010d91d05",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-692010d91d05.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-692010d91d05#slide-16",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Assuming Brook Mine has an ace 60% recoverability rate, we believe Brook Mine will only yield $5.13 per tonne.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-70f9-71ae-a671-ac2021e34e6a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "REE Revenue Per Tonne: $3.59",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-70f9-71ae-a671-b0c01b8630d8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "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,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "22b90de9-6cdd-4194-ad60-3d10b84d1ee5",
      "frameworkName": null,
      "frameworkSlug": 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,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "289befbe-2685-41ea-9700-0061f991b9e4",
      "frameworkName": null,
      "frameworkSlug": 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,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3ba47d0d-ee13-4aeb-b38a-e4b3fe8e91c0",
      "frameworkName": null,
      "frameworkSlug": 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,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a25d97a1-52d2-4007-8de2-65c742e8432a",
      "frameworkName": null,
      "frameworkSlug": 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,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e3b1c65e-62f4-41e0-83a0-1c119ee09f2a",
      "frameworkName": null,
      "frameworkSlug": 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,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4cf4736d-5ac5-4a7f-b751-5234b3de4d66",
      "frameworkName": null,
      "frameworkSlug": 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,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5ad7b9e5-58c4-497c-9e24-9e62bf69e696",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.3,
        "x": 0.118,
        "y": 0.78
      },
      "kind": "title",
      "text": "Estimated TREO PPM Calculation",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2d1de6e0-8f69-47fe-bfa2-660eb91d493e",
      "frameworkName": null,
      "frameworkSlug": 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,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3bc10c4e-48c2-49da-a70e-d03aa5de34fa",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.3,
        "x": 0.118,
        "y": 0.44
      },
      "kind": "title",
      "text": "Brook Mine In Situ Value",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "eab4f1f5-99c1-455d-8125-99da11e011a0",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Table data",
      "slug": "table-data",
      "agent": null,
      "layer": "slide",
      "matchId": "f5dfa962-73bb-403b-9876-52efc152e989",
      "evidence": "The slide contains a table with data: Element Symbol, REO Midpoint Avg. PPM In Brook Mine, REO $/kg, In Situ Value",
      "confidence": 0.9
    }
  ],
  "frameworks": [],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}