Ann: ABR Provides an Update on Recent Positive Progress, page-94

Daz,

Boron

Rio who appear to be operating at full capacity are the only producer of Boron in the USA. Over 60% of global boron supply comes from Turkey from a mine run by the Turkish government. When our larger Stage 1 and 2 mine is in production (lets say 2024) we will supply approx. 200,000 tons of BA in a demand market of approx. 6,000,000 tons (3%).

For some of the reasons below, the use of Boron is set to rise -

• The world population is forecast to grow 35% over the next 30 years which means a 70% growth in food production. The demand for Speciality fertilizers which include Boron, is expected to increase rapidly in order to achieve the farming yield gains required to meet global food production needs.

• Electric vehicles

• Clean Energy and Efficiency transition

So on the BA front I do not think there is any chance of crushing the commodity price.

SOP

Compass Minerals are the only producer of SOP in the USA and is one of the highest cost producers in the world. The US is a net importer of SOP with the market growing at around 5%. There is sufficient increase in demand forecasted to enable ABR and Compass to jointly supply the North American market with ABR’s production profile.

For some of the reasons below, the use of SOP is set to rise -

• The world population is forecast to grow 35% over the next 30 years which means a 70% growth in food production. The demand for Speciality fertilizers which include Boron, is expected to increase rapidly in order to achieve the farming yield gains required to meet global food production needs.

Again, on the SOP front I do not think there is any chance of crushing the commodity price.

Let me know if you need anything else