enhanced dfs - american pacific borates ltd (asx:abr) … · was growing at 9% per annum. borates...

22nd April 2020

Enhanced DFS - AMERICAN PACIFIC BORATES LTD (ASX:ABR) THE NEXT MAJOR FERTILISER COMPANY? - - PANY?

DISCLAIMER: This report has been compiled by Peloton Capital Pty Ltd (Peloton) (ABN 22 149 540 018; AFSL 406040) from data provided by American Pacific Borates Ltd (ABR.ASX) and is general in nature. It is intended solely for the use of wholesale clients. This report must not be copied or reproduced, or distributed to any person, unless otherwise expressly agreed by Peloton. You should consider the appropriateness of the information in this report having regard to your particular objectives, needs and financial situation before making any decision. We recommend you obtain your own advice before proceeding further, including advice about the risks of securities trading. The information in this report is current as at the date of preparation and has been compiled from data provided by the company (ABR.ASX) that Peloton believes to be reliable. However, Peloton accepts no responsibility for any inaccuracy or action taken in reliance. Past performance is not an indication of future performance. Peloton may recommend or make investment decisions inconsistent with the views expressed in this report.

OVERVIEW

Company Overview: American Pacific Borates Ltd (ASX:ABR) (“ABR” or the “Company”) is an ASX-listed company focused on advancing its 100% owned Fort Cady Borate Mine (the “Mine”) located in Southern California, USA. The Corporate Objective of the Company is to become a globally significant specialty fertiliser producer.

Peloton visited the Project in January 2020. ABR released their enhanced DFS for its Fort Cady Borate Mine Project on 16 April 2020 which contains outstanding metrics and further builds on an already strong Project. ABR has previously released a DFS, which formed the basis of a Peloton Capital note dated 14 February 2020. Why ABR?:

Very Low Capex – pre production capex of only US$50.3m reduces dilution and ensures multiple potential funding sources.

Multiple Products – Significant production and diversified revenue from boric acid and SOP.

Very High Margin – the Company is targeting EBITDA margins of over 60%.

Brilliant Financial Metrics – NPV8 of A$3bn and IRR of 39.4%.

Potential for accelerated option – If financing conditions allow, Fort Cady may be built quicker, with even stronger financial metrics

Low Technical Risk – the ore body has been successfully mined and all processes are proven at commercial scale.

Massive EBITDA Target – US$438m ensures sufficient scale to be globally relevant to financial markets.

Food Security Thematic – focus on a growing specialty fertiliser market in North America.

Fertiliser Company Multiples – listed fertiliser companies on NYSE trade at EV / EBITDA multiples of 10x and PE multiples of 20x.

Sensible Delivery Strategy – starter project metrics driven by SOP with small scale boric acid operation to establish markets and optimise process.

One Remaining Permit – all construction permits in place. One Federal operational permit remaining.

Company Snapshot

ASX Ticker ABR Share Price (A$) – 22 April 2020 $0.29 10-day average close $0.24 Current Capital Structure

Fully Paid Ordinary Shares (m) 240.8 Options (m) 63.2 Fully Diluted Equity on Issue (m) 304.0 Market Capitalisation 60M Cash - Balance Sheet at 31 Mar 20 (A$m) 6.7 Projects

Fort Cady Borate and SOP Mine (100%) FEED Salt Wells Borate and Lithium Project (100%) EXPLORATION Shareholders

Atlas Precious Metals 20.4% Mayfair Ventures 4.4% Bring on Retirement 3.2% ISLV Partners 2.8% TOP 20 54.5% Directors Fully Diluted

Mike Schlumpberger – MD / CEO 12.2m Anthony Hall – ED 12.7m Roy Shipes – NEC 50.7m Stephen Hunt – NED 1.4m John McKinney – NED 0.8m Aaron Bertolatti – CFO / Co Sec 4.2m Fort Cady Mine DFS Metrics

Pre-Production Capex US$50m Peak Capital US$318m NPV8 US$1.97bn IRR 39.4% EBITDA in full production US$438m Boric Acid Annual Production 408ktpa SOP Annual Production 363ktpa

American Pacific Borates Limited

Peloton Capital raised funds for American Pacific Borates Ltd (ABR) at $0.40 in February 2020, at $0.18 in May 2019 and at $0.20 in August 2018 at $0.20, for which fees were received. Peloton Capital provides ongoing Corporate Advisory services to the Company, for which it receives fees.

Enhanced DFS

Increased SOP production a bonus for financials and food security thematic As foreshadowed by the Company and in our previous note, the existing DFS has been significantly enhanced to take advantage of the growing demand in the US specialty fertiliser market. The key change to previous Project studies is the more than tripling of SOP production, to 362,874 tonnes per year. Boric Acid production is unchanged. Financial metrics have improved from an already strong position, with headline NPV8 hitting US$1.97 billion. Capex has increased in line with the increased production output. The Company also reduced its average selling price assumptions by US$50 / tonne for both boric acid and SOP to reflect market conditions. The Company has also outlined the ability for an accelerated build of its 4-phase construction, which would be pursued if financing conditions/partners allowed. This accelerated scenario would even further strengthen expected financial metrics, with production for Phases 1B/2 coming online earlier. We continue to expect the final operational permit to be awarded in Q3, CY2020. Given site construction has commenced, we expect this to result in a significant re-rating of the Company’s share price and market capitalisation. A summary of the Enhanced DFS, and a comparison to the previous DFS is shown below:

Source: ABR Enhanced DFS, April 2020


The Project

low capex, high margin, proven mining and processing The Fort Cady Borate Mine is a boric acid and SOP project being developed by American Pacific Borates Limited (ABR) in southern California, US. It is the world’s largest known borate deposit not owned by the two producing majors (Rio Tinto and Eti Maden), with an estimated mineral resource of 120.4 million tonnes (Mt) for nearly 14m tonnes of contained boric acid. The Fort Cady Borate Mine is located in the Mojave Desert region of San Bernardino County, California, approximately 200km north-east of Los Angeles. The site encompasses an area of 1.39km² and is situated approximately 50km east of Barstow. The Project has a JORC Mineral Resource Estimate of 120.4 million metric tonnes (“Mt”) at 6.5% B2O3 (11.6% Boric Acid equivalent [H3BO3] and 340 ppm Lithium (5% B2O3 cut-off) for 7.8 Mt contained B2O3 (13.9 Mt H3BO3):

• Total Measured MRE of 38.87 Mt at 6.70% B2O3 (11.91% H3BO3) and 379 ppm Lithium (5% B2O3 cut-off grade) for 2.61 Mt contained B2O3 (4.63 Mt H3BO3)

• Total Indicated MRE of 19.72 Mt at 6.40% B2O3 (11.36% H3BO3) and 343 ppm Lithium (5% B2O3 cut-off grade) for 1.26 Mt contained B2O3 (2.24 Mt H3BO3)

• Total Inferred MRE of 61.85 Mt at 6.43% B2O3 (11.42% H3BO3) and 322 ppm Lithium (5% B2O3 cut-off) for 3.98 Mt contained B2O3 (7.07 Mt H3BO3)

Photo of the region showing the buildings from the mining activities conducted on site

between 1997 and 2003

Map: ABR’s Fort Cady Project Location


We consider there to be three elements to the Mine - the acid plant, the boric acid operation; and logistics. A schematic of the Mine operation is presented below.

Source: ABR

At its simplest ABR is proposing to generate HCl using the Mannheim process. This HCl will then be added to saline ground water and pumped into the ore body that is around 400m beneath surface. The 4% HCl in this solution then reacts with the colemanite to form boric acid. The boric acid in solution is then pumped to the surface and processed. Once processed it is transported to customers in powder form per the photos below. Waste water from the process is recycled, limiting water use. The Mannheim process converts sulfuric acid and potash (KCl or MOP) and converts it into HCl and SOP. The resulting SOP is a by-product credit and will be sold into the high priced North American market with an initial focus on California. From a process perspective we are encouraged that all processes have operated at commercial scale. Mannheim furnaces currently produce over 50% of global SOP production. The ore body was mined via the proposed solution mining process between 1997 and 2003 producing 300t per month. 18 production wells have operated. The project is located 3kms from a major interstate highway and 2kms from the national rail network known as the BNSF. Importantly, the low capex is driven by the ability to construct a very profitable small initial operation that takes advantage of high priced North American SOP markets. The high margin is driven by SOP credits, grid electricity, network gas and a brilliant logistics solution. The low technical risk is a function of the fact that the mining processes are both proven at commercial scale.

Photo: ABR’s pilot plant boric acid


The Products and Markets

constrained borate market and high cost SOP competitor Both borates and SOP are used as specialty fertilisers. The global SOP market is around 7m tonnes per annum – all of which is used in the specialty fertiliser market. SOP is a potassium based sulfur fertiliser that is generally used by high value crops that require the potassium without the chlorine that is associated with MOP / KCl or what is commonly known as potash. SOP is also used in areas where rainfall is sparse to ensure soils do not build up chlorine (noting that chlorine is a micro nutrient and application in moderation is generally positive). The global boric acid equivalent market is around 4.5m tonnes per annum. Around 15% of this market is for fertiliser application with boron being the second most consumed micro nutrient in North America by value. Context completed a study for ABR in April 2018 that suggested the market for boron as a fertiliser was growing at 9% per annum. Borates are also used in fibre glass, ceramics, permanent magnets, wind turbines, solar PV modules, nuclear power plants, electric vehicles, smart phones and space shuttles. Borate Market

ABR believes the only new global source of borates in the short to medium term is Eti Maden. Eti Maden is owned by the Turkish Government and operates four mines in Turkey. The global supply curve is presented below.

Source: ABR analysis based on Roskill, Rio Tinto and Eti Maden data

The analysis is further supported by Rio’s actual production over the past eight years as presented below. Rio has revised its claim of being responsible for 40% of the world’s borates to now being responsible for “approximately 25% of the world’s borate production”.

Source: Rio Tinto Annual Results


Rio also claims that the global market is growing at 3% per annum. Assuming 4.5m tonnes per annum of boric acid equivalent, this means the market is growing at 135k tonnes per annum. This means that ABR will absorb around 50% of global growth over the next eight years with the Turkish Government absorbing the balance.

Source: Rio Tinto Fact Book – August 2019

Importantly, at 408k tpa in 2028 ABR will be less than 7% of the global market. Rio operates on an EBITDA margin of around 33% with operating costs averaging US$569 per tonne over the past five years per the table below.

Calendar Year Metric 2019 2018 2017 2016 2015 Volume (B2O3) kt 520 512 517 513 476 Volume (boric acid / H3BO3) kt 898 884 893 886 822 Sales Price (per metric tonne) 660 704 706 700 759 Sales (‘$m) 593 622 630 620 624 EBITDA (‘$m) 180 197 244 213 178 EBITDA Margin 30.4 31.6% 38.7% 34.3% 28.5% EBIT (‘m) 120 135 126 117 103 Operating Margin 20.2% 21.7% 20.0% 18.9% 16.5% Operating Costs per tonne (‘$US) 529 551 565 568 634

Source: Rio Tinto Annual Results North American SOP Market

Compass is the only producer of SOP in North America. In Calendar Year 2019 it sold around 288k metric tonnes of SOP at an average selling price US$718 per tonne per the table below.

Calendar Year Metric 2019 2018 2017 2016 2015 Volume (short tons) 317 362 327 313 311 Sales Price (per short ton) 651 645 642 648 765 Sales (‘$k) 206,200 233,490 209,934 202,824 237,915 Operating Earnings (‘$k) 22,500 25,300 27,700 21,100 57,900 Operating Margin 10.9% 10.8% 13.2% 10.4% 24.3% Operating Costs per Ton 579.5 575.11 557.29 580.59 578.83 Convert to Metric Tonnes Volume in k metric tonnes 287.58 328.40 296.65 283.95 282.13 Sales Price per metric tonne 717.60 710.99 707.68 714.30 843.27 Operating Cost Per Tonne 638.78 633.95 614.31 639.99 638.05

Source: Compass Minerals’ SEC Filings


Over the past five years, Compass Minerals has had an average operating cost of $633.02 per tonne of SOP production.

ABR is targeting North American markets to consume all of its produced SOP. The US market is currently a net importer of SOP with the only existing United States producer being Compass Minerals. The Company believes it is well positioned to compete in the US market with Compass Minerals and alternate sources of supply based on the fact SOP is a by-product of boric acid production after Phase 1A and the mine is located on the West Coast of the United States where the agricultural market is the largest consumer of SOP.

It is our view that ABR’s SOP production would be absorbed entirely by these high-priced markets, as is shown in the graphic below.

Source: ABR Enhanced DFS, April 2020

On top of standard BA and SOP pricing, the Company has commenced work on a specialty SOP, boron fertiliser that it believes will attract an additional premium price. This price premium is not factored into the enhanced DFS economics. ABR is ideally positioned to produce such a fertiliser as it will have internal supply of all requisite components, in the form of existing boric acid and SOP production. From an ABR perspective we note the following with respect to the borate and SOP markets:

1. Rio is currently North America’s main producer of borates (with small production amounts coming from Searles Valley).

2. Rio has not increased production over the past eight years into a market growing significantly suggesting they are unlikely to increase production going forward.

3. Over the past five years Rio’s average selling price was US$706 / tonne of boric acid equivalent with production costs averaging US$569 / tonne.

4. Compass is North America’s only producer of SOP.

5. Over the past five years Compass had an average cost of production of US$633 / tonne and an average sales price of US$739 / tonne.


Financial Metrics An unbreakable project In terms of sensitivity analysis, ABR has a very good guide provided by the presence of one major competitor in the target market of each of its two main products. ABR makes the case that as long as existing market dynamics continue, the price of BA is highly unlikely to fall below the US$569/tonne operating cost of Rio Tinto. The same theory applies with SOP and Compass Minerals. Operating cost of US$633. We believe this is a very sound theory, and if anything both Rio Tinto and Compass would be likely to manage their markets to the point where prices do not approach their breakeven points. ABR has run sensitivities at the point where both Rio Tinto and Compass would be breaking even, and it shows that at this point where its competitors are feeling considerable pain, Fort Cady would still be an outstanding project. This endorsement cannot be understated, as projects with this level of downside protection do not come around often. Per the table below, for the base case ABR has an NPV8 of US$1.37b when using Rio Tinto and Compass operating costs as price received for BA and SOP respectively. This NPV8 could increase to US$1.45b if the accelerated case is pursued. We reiterate that this seems a highly unlikely downside scenario, so this is considered very much a “worst-case” scenario.

Source: ABR Enhanced DFS release, April 2020


Valuation Peers trade on an average of c. 30% of NPV8 / fully diluted market cap Using enhanced DFS outputs, and based on peer valuations, ABR should be valued at between A$2.02 and A$4.04 per share once final permit is awarded per the table below, assuming a valuation of between 20-40% of NPV8. It is sensible to expect a target of 30% of NPV8 or A$3.03 per share. Importantly, at this level, ABR would trade on a peer average and would also likely be included in the ASX300 index. We consider this to be a realistic target on final permits and believe there is upside from this share price.

Company American Pacific Borates Exchange Code ABR.ASX Share Price 16/04/2020 AUD $ 0.25 Project Name Fort Cady Where California Study Level FEED Equity on Issue Undiluted (M) 240.8 Fully Diluted (M) 304.0 Mkt Cap Undiluted AUD (M) 60.2 Fully Diluted AUD (M) 76.0 Cash on Hand 31/03/2020 AUD (M) 6.7 EV (undiluted) 16/04/2020 AUD (M) 53.5 Capex Pre-Production AUD (M) 78.6 Peak Capital (estimate) AUD (M) 278 NPV 8% AUD (M) 3,070.3 EBITDA (Full Production) AUD (M) 685.0 Fully Diluted Market Capital / NPV8 2.5% NPV8 / Pre-Production Capital times 39.1 NPV8 / Peak Capital times 11.0 Target Share Price 20% $ 2.02 % NPV8 30% $ 3.03 40% $ 4.04

Table showing key ABR metrics at 16 April 2020

Summary Fort Cady looks even more attractive after release of Enhanced DFS In our previous note we wrote that Fort Cady was a well thought out fertiliser project that has very low up front capex, multiple revenue streams, very high margin, very low technical risk and an amazing location. All of this remains true, but with the enhanced DFS comes additional SOP production and even more attractive returns on investment. Borates can be considered strategically important, especially given they are necessary for some many new world applications including permanent magnets, solar PV modules, electric vehicles, nuclear power plants, food security and hardened glass. SOP also is a vital component for food security, and complements Borates in that regard. On receipt of the final operational permit we see ABR moving quickly to over A$2 per share, maybe as high as $4 per share, and into the ASX300. Noting that A$2 per share is likely to be around 20% of the NPV8 of the Mine – a very defendable valuation. From there and with the NYSE dual listing strategy, ABR has the potential to be worth well over A$10 per share. See appendix 1 for further detail.


APPENDIX 1 What Does Success Look Like?:

Fertiliser Companies listed on NYSE trade at 10x forward EV / EBITDA. Based on the enhanced DFS metrics, ABR could be worth as much as A$20.75 / share in FY29.

Target USD EBITDA in FY29 438

AUD EBITDA at 64c 685

EV1 at 10x A$6.85bn

Shares on Issue2 330m

Share Price in FY27 A$20.75

1 – assumes no debt 2 – assumes some additional fundraising issuing c. 30m shares

Source: Capital IQ, 19 November 2019 On 28 January 2020, ABR announced it was working on a strategy to dual list on the NYSE when it was within six months of production. This can be considered a reasonable strategy for multiple reasons:

1. ABR can take advantage of the high multiples in NYSE for its project.

2. It establishes an arbitrage opportunity for investors on the ASX to take advantage of the likely re rating to a fertiliser company.

3. It enables ABR to focus the market’s attention on the EBITDA on full production that is forecast to be well be over US$400m under the enhanced DFS. For context, this represents an Enterprise Value north of US$4bn / c. A$6bn and potential share price north of A$20 based on ABR delivering its EBITDA target and the market valuing ABR at 10x forward EBITDA.


APPENDIX 2 Proposed Action Under the Mine’s EIS

The purpose of the proposed action to establish a commercial “in-situ” mine to recover boric acid for domestic and foreign use. The proposed action is on a 343-acre site and would extract boric acid through the injection and extraction of a weak hydrochloric acid and/ or sulphuric acid solution in the alkaline ore body. The extracted solution would be processed to precipitate boric acid crystals, and the crystals would be packaged for shipment or loaded for bulk delivery. The acid would be removed from the ground through an in-situ mining process, which in simplified terms, involves (1) the pumping of a weak acid solution into the ore body 1,400 feet below the surface; (2) a chemical reaction between the acid and the alkaline elements in the ore body which forms boric acid in the solution; and (3) an extraction of the solution by a reverse-pumping process. The mining operation would produce gypsum as a by-product, which would be potentially be sold to the local cement industry or to producers of drywall or soil conditioners In addition to the wells and piping located on the ore body, a variety of other facilities would be constructed as part of the project, including:

• a series of water wells and waterlines used to produce and route process water; • a 10 acre beneficiation plant (435,600 square feet) consisting of equipment to extract

the boric acid from the injected solution, purify and crystallize the boric acid, regenerate the acids used in the injection/extraction process, load and ship the boric acid crystals, generate electricity (natural gas cogeneration unit) and process/store chemicals and products;

• ancillary facilities, including a natural gas pipeline to serve the cogeneration power facility; and an electrical transmission line to link the plant with outside utility systems;

• a deposition area to store gypsum; • a railroad spur to provide bulk shipment capability; and • a system of access roads to connect site facilities providing access to local road and

highway corridors. The project would employ approximately 80 full-time employees, who would work in alternating shifts 24 hours per day. Based on the size and the accessibility of the ore body, the project is expected to be in operation for approximately 130 years Source: Final Environmental Impact Statement / Environmental Impact Report, Fort Cady Minerals Corporation Solution Mining Project, December 1993

The final operational permit is known as the Underground Injection Control Permit (UIC Permit). This permit is awarded by the EPA which is a Federal Agency. The background to this permit was provided in the Company’s ASX release in September 2018 as follows:

Lower level air and water quality permits were subsequently approved. During the public exposure period for the EIS, the EPA made a submission on 27 July 1993, noting: “We have rated this DEIS as EC-2 – Environmental Concerns – Insufficient Information. Our rating reflects our concerns regarding the proposed project’s potential impacts on surface water and groundwater resources and the need for additional information in the FEIS regarding potential impacts to water resources, measures to mitigate these impacts, the federal Underground Injection Control requirements as mandated by the Safe Drinking Water Act.” After the exposure process, and included in the EIS / EIR on page 131, the BLM commented as follows:


Source: Final Environmental Impact Statement / Environmental Impact Report, Fort Cady Minerals Corporation Solution Mining Project, December 1993 Further to this, the Company received legal advice that stated the UIC Program was not applicable and it was not necessary to obtain an UIC permit. Notwithstanding the above, the Company determined to obtain further legal advice, which was received in California on 24 September 2018, and in light of that advice has decided to lodge an application for a UIC permit. The Company does not consider there to be any significant risk associated with the granting of this permit for the reasons noted by the BLM and additional drilling and sampling information it has accumulated over the past year. The Company does, however, consider there to be more of a risk relating to not obtaining the permit with respect to potential project delays if the referral authority was to argue a permit is necessary at a later stage. The Company has discussed the proposed course of action with the referral authority and has received advice that the process should take between 6-12 months depending upon whether amendments are necessary to the application. It is important to note that this application is within the normal course of permitting post receipt of the relevant mining permit (Plan of Operations) and that there are “about 165 mining sites with approximately 18,500 [similar] wells operating across the [United States]”. (source: https://www.epa.gov/uic/class-iii-injection-wells-solution-mining). Source: ABR release dated 25 September 2018


APPENDIX 3 Mine Construction Activities Initial construction activities have commenced for the Mine. On 4 February 2020, the Company took possession of second hand boric acid production equipment necessary for initial phase 1A production.

Early infrastructure work is ongoing with workers on site undertaking road, fencing and initial survey work to support the installation of key supporting infrastructure equipment.

Photos: Workers unloading boric acid production equipment at Fort Cady Borate Mine


Disclaimer & Disclosure of Interests: This report is compiled by Peloton Capital Pty Ltd (Peloton) (ABN 22 149 540 018, AFSL 406040) from data provided by the Company and is general in nature. It is intended solely for the use of wholesale clients. This report must not be copied or reproduced, or distributed to any person, unless otherwise expressly agreed by Peloton. This document contains only general securities information or general financial product advice. The data contained in this report has been obtained from the Company, that Peloton believed is accurate at the time of issue, including the company’s ASX releases which have been relied upon for factual accuracy. The information has not been independently verified. Peloton does not warrant the accuracy or reliability of the information in this report. The report is current as of the date it has been published. In compiling the report, Peloton did not take into account the specific investment objectives, financial situation or particular needs of any specific recipient. The report is published only for informational purposes and is not intended to be personal financial product advice. This report is not a solicitation or an offer to buy or sell any financial product. Peloton is not aware whether a recipient intends to rely on this report and is not aware of how it will be used by the recipient. Before acting on this general financial product advice, you should consider the appropriateness of the advice having regard to your personal situation, investment objectives or needs. Recipients should not regard the report as a substitute for the exercise of their own judgment. Peloton believes that the information contained in this document is correct and that any estimates, opinions, conclusions or recommendations are reasonably held or made at the time of its compilation in an honest and fair manner that is not compromised. However, no representation is made as to the accuracy, completeness or reliability of any estimates, opinions, conclusions or recommendations (which may change without notice) or other information contained in this report. To the maximum extent permitted by law, Peloton disclaims all liability and responsibility for any direct or indirect loss that may be suffered by any recipient through relying on anything contained in or omitted from this report. Peloton is under no obligation to update or keep current the information contained in this report and has no obligation to tell you when opinions or information in this report change. Peloton does and seeks to do business with companies covered in research. As a result, investors should be aware that the firm may have a conflict of interest which it seeks to manage and disclose.

Peloton and its directors, officers and employees or clients may have or had interests in the financial products referred to in this report and may make purchases or sales in those the financial products as principal or agent at any time and may affect transactions which may not be consistent with the opinions, conclusions or recommendations set out in this report. Peloton and its Associates may earn brokerage, fees or other benefits from financial products referred to in this report. Furthermore, Peloton may have or have had a relationship with or may provide or has provided, capital markets and/or other financial services to the relevant issuer or holder of those financial products. Specific Disclosure: Peloton Capital raised funds for ABR at $0.18, announced 9 May 2019 and on 20 August 2018 at $0.20 and February 2020 at $0.40, for which it earned fees. Peloton Capital has a corporate advisory mandate with ABR for which is receives fees. Specific Disclosure: As of 14th February 2020, Peloton Capital, its Directors and employees held a total of held 5m shares. This position may change at any time and without notice, including on the day that this report has been released. Peloton and its employees may from time to time own shares in ABR, and trade them in ways different from those discussed in research. Peloton Capital may arrange the buying and selling securities on behalf of clients.

enhanced dfs - american pacific borates ltd (asx:abr) … · was growing at 9% per annum. borates...

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