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  "documentTitle": "Ramaco Resources, Inc. (METC)",
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  "notes": "This is a classic short-seller research note page focusing on 'villain' critique and fundamental business failure.",
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      "text": "Adding in mining, capex, and G&A cost, we estimate METC would lose ~$88 billion bringing the REEs to market.",
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      "text": "We estimate Brook Mine can realize REE revenue of only $3.59/t of clay... we estimate METC would lose ~$88 billion bringing the REEs to market.",
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      "text": "Our analysis indicates the concentration of REEs in the Brook Mine are less than the average levels present in Earth’s crust.",
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      "text": "METC’s stock has soared over 40% in the past month. However, insiders have sold $96.3 million of stock since November 10, indicating they don’t believe the hype.",
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      "text": "Three of METC’s competitors have concentrations of the four most commercially valuable REEs of these rare earths at 3-15 times higher than METC’s concentrations.",
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      "text": "METC wants you to believe their project is special because their REEs are in clay and easier to recover but REEs in clay are often unrecoverable.",
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      "text": "This was Charlie’s second felony conviction for tax fraud... Randall, the CEO, was a general partner for The Securities Group, and was found liable for a $32M judgment.",
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      "text": "METC’s recent focus on REEs follows its failed “coal-to-carbon fiber” project... Charlie Atkins... brother of CEO Randall Atkins, pled guilty to felony tax fraud in 2020.",
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      "text": "REE revenue: $88 billion",
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      "text": "We are short METC and believe the stock is massively overvalued due to its incredulous REE claims.",
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      "text": "[Randall] Atkins' conduct directly violated his fiduciary duty as a partner of [The Securities Group] and [The Monetary Group] to refrain from personally profiting from the misuse of partnership assets.",
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      "text": "\"[Randall] Atkins' conduct directly violated his fiduciary duty as a partner of [The Securities Group] and [The Monetary Group] to refrain from personally profiting from the misuse of partnership assets.\" — 11th Circuit Court",
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