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  "documentTitle": "Ramaco Resources, Inc. (METC)",
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  "presentationDate": "2023-12-11 00:00:00",
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  "notes": "Includes a direct quote from the CEO to expose a contradiction regarding REE concentration levels.",
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      "kind": "callout",
      "text": "$3.59 - $14.65 = ($11.06) (value of 1 tonne) (operating costs per tonne) (METC loss per tonne of rock processed)",
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      "text": "All in all, this suggests that if METC were to mine $37 billion worth of REEs from their Brook Mine, we estimate they would lose ~$88 billion in the process, which would forever cement METC as the most capital destructive mine in history.",
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      "text": "Total Opex: $14.65",
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      "text": "Clay REE projects aren't rare either. Many are scattered across numerous micro and nano-cap companies, and the consensus cost of processing them is ~$7-$11/t of clay.",
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      "kind": "quote",
      "text": "Although the amount of overall REE ppm concentrations are lower than found in “conventional” hard rock minerals, the overall level of concentrations is both consistent as well as higher than ppm concentrations usually found in other “unconventional” deposits - Randall Atkins, May 4 Shareholder Letter",
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      "text": "Source: Meteoric Resources, Aclara Resources, Australian Rare Earths & Wolfpack Analysis",
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      "text": "Peer comparison table showing Strip Ratio, Mining Costs, Processing Costs, G&A, and Total Opex for METC peers.",
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      "text": "Clay or No Clay, METC Would Set a World Record for The Most Capital Destructive Mine in History if They Tried to Mine $37 billion of REE's from Brook Mine",
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