1. No category

EQUITY RESEARCH
30 JANUARY 2015
ANATOLIA ENERGY LIMITED
High grade, low cost ISR uranium developer in Turkey
TURKEY
Share Price: A$0.075
URANIUM
PRELIMINARY ECONOMIC ASSESSMENT
EXCHANGE: ASX:AEK
CAPITAL PROFILE
Speculative Buy
Temrezli Project (100% AEK) is on track for low cost ISR
uranium production 2H16. PFS expected Feb '15 to confirm
robust economics with 11.3Mlb resource (MI) at 0.122% U3O8
and NPV breakeven ~US$30/lb U3O8. An exciting opportunity
with high potential for rerating: 12 month price target 20cps.
INVESTMENT POINTS
Share price (A$)
0.075
52 week range (A$/share)
0.055 to 0.105
Number of shares (M)
309.7
Options and warrants (M)
68.5
Performance shares (M)
12.7
Fully diluted (M)
391.0
Market capitalisation (undiluted) (A$M)
23.2
Debt (A$M) - Mar 15F
0.0
Enterprise value (A$M)
23.2
Major shareholders: Azarga Resources (11.33%), Aterra Capital
♦
Temrezli Project (Turkey): 1mlbpa plant, LOM 10 years. Low capex
(US$30m), and low opex (US$20.22/lb) - the lowest cost quartile for the
sector. Measured and Indicated resource 11.25Mlbs at 0.122% U3O8 with
regional exploration upside: Exploration Target 30-50Mlbs U3O8.
♦
PFS expected Feb '15. Updated PEA (May ’14) indicates project after tax
NPV10 A$149M (LT uranium price US$60/lb, AUD:USD 0.90). NPV
breakeven ~US$30/lb.
♦
AEK test work suggests uranium recovery of 80%+, good leach kinetics
and low reagent consumption. Positive hydrological and metallurgical test
work results released Jan '15 expected to drive further opex reduction.
♦
Project momentum is building: COO appointed (Jan '15) - former Cameco
VP of US ISR operations; community relations outreach expanding with local
office at Sorgun opened; EIA approval expected 2H15; financing term sheets
well advanced for $30M debt; forward sales contracts for 2017 in negotiation
- contract price expected to be around US$50-55/lb U3O8.
♦
Positive drill results at Sefaatli (4Q14) support potential for satellite
conventional operation to supplement Temrezli; target zone defined over
4.6km2; drill results include 2.5m at 0.21% U3O8; 4.3m @ 0.09% U3O8.
♦
Low EV to resource ratio compared to ISR peers: ~US$2.30/lb Vs select
peer range of US$5-22/lb (MI). We have a 12 month price target for AEK of
20cps and 18 month target of 30+cps.
♦
Blue chip share register includes specialist mining fund RMB (part of Rand
Merchant Bank), Aterra Capital, Azarga Resources, Doyen, and Sprott.
♦
Turkey has a stable democracy and rapidly expanding GDP of nearly 4%pa
since 1999. Transparent mining law recognizes uranium. Major mining
company presence. 8 nuclear energy reactors approved (construction started
Apr '14); 12 nuclear reactors are expected online by 2030.
♦
The uranium price is US$36.75/lb (spot, 26 Jan); US$49.50/lb (contract, 31
Dec). Investor confidence continues to build with uranium fund UPC
registering a C$200M capital raise Oct '14. Positive fundamentals longer term
are expected to drive the incentive price above US$60/lb from 2H16.
(9.69%), Sprott Asset Mgmt (8.96%), RMB Resources (6.46%),
Blenham Ventures (Doyen) (6.46%), Contango (4.04%)
Board and Mgmt (3.2%)
Avg monthly volume (M)
Cash (A$M) - Mar 15F
Price/Cash (x)
Listed company options:
7.0
3.6
6.5
No
^A Class and D Class perf. shares on JORC milestones up to 20Mlbs U3 O8.
DIRECTORS
Hikmet Akin (Non Exec Chairman)
Paul Cronin (Interim CEO and Managing Dir)
Robert Annett (Non Exec Dir)
Patrick Burke (Non Exec Dir)
COMPANY STATISTICS
Year End June
Dec-14a
Anatolia Energy Limited, West Perth, Australia
www.anatoliaenergy.com.au
Analyst: John Wilson
[email protected]
RCR Jan 2015
2014A
2015F
2016F
Exploration and evaluation (A$M)
1.51
0.50
3.43
3.25
2.40
Corporate (A$M)
0.28
0.26
1.22
1.23
1.10
84
66
74
73
69
0.3
0.6
2.7
Exploration/(Expl.+ Corporate) (%)
Mr Paul Cronin, Interim CEO and MD
Tel: +44 7912 351031 (UK)
Tel: +61 428 638 291 (Aust)
Mr Scott Mison, Company Secretary
Tel: +(61) 8 9321 5245 (Perth)
Mar-15F
Funding duration at current burn (years)
Shares on issue (pr end) (m shares)
309.7
309.7
234.7
309.7
393.1
Drilling - RAB (m)
4,750
2,000
1,000
8,750
4,000
Drilling - Other/Diamond (m)
1,000
1,000
500
3,000
2,000
Land holding ('000 ha)*
38
38
38
38
38
Capital raisings (A$M)
2
0
5
6
10
0.0
0.0
0.0
0.0
0.0
Cash (A$M)
4.3
3.6
1.2
2.8
9.6
Cash backing (Ac/share)
1.4
1.2
0.5
0.9
2.4
Funding from JV partners (A$M)
* Tenements held and under application.
Quarters refer to calendar year.
Drill metres are RCR estimates.
Disclaimer & disclosure attached. Copyright© 2015 by RCR Pty Ltd. All rights reserved.
1
EQUITY RESEARCH
COMPANY COMMENT
Overview: Anatolia Energy is a Perth based company,
relisted on the ASX Feb ’11 with a new management team
and focus on uranium. The company holds a 100% percent
interest in the advanced stage Temrezli uranium project in
an historic uranium exploration district in Turkey.
Board and Management: Members of AEK’s board and
management team have exceptional international uranium
market expertise and access. This includes Chairman Dr
Hikmet Akin, former global president and CEO of Uranerz
GmbH. Former Managing Director, Mr Jim Graham
resigned 4Q14 for health reasons.
Temrezli Project: (Uranium, Turkey) Located in the
Yozgat-Sorgun district of Central Anatolia, 200km east of
Ankara. Historic work was undertaken in the 1980s by the
Turkish government (MTA) which drilled 507 holes
(74,000m), and most of this data is now held by AEK. AEK
has completed an additional 94 holes for 13,800m. In May
2014 as part of the Updated PEA, the company announced
an upgraded JORC resource of 13.3Mlbs U3O8 grading
0.116% (MII, 200ppm cut-off, CSA Global) of which 85% is
Measured and Indicated. The resource comprises 21
stacked sandstone lenses along a ~3km strike down to
~200m depth. Lenses are 1 to 6m thick with good grade
continuity. There is potential to increase resources along
strike extensions of over 12km, with a total resource target
of 20-25Mlbs. AEK metallurgical test work suggests
uranium recovery of 85%, good leach kinetics and low
reagent consumption.
Preliminary Economic Assessment: (PEA, July 2013) by
WWC Engineering, indicates potential for an economically
robust ISR project using alkaline leach (bicarbonate and
oxygen) at Temrezli. Plant capacity 1mlbpa, LOM 10 years,
production potential 2016. Opex is US$22.30/lb (includes
US$11.29/lb for ongoing wellfield development) - the lowest
cost quartile for the sector; pre-production capex is
US$30m.
Updated PEA (WWC Engineering, May ’14): Hydrological
pump tests undertaken for the Updated PEA by
HydroSolutions has resulted in increased confidence in ISR
engineering parameters to support wider wellfield spacing
and revised opex of US$20.22/lb, down 9.3% from
US$22.30/lb in the PEA; modeled metallurgical recoveries
average 75%, considered conservative, and could exceed
80% in practice. The project is in a rural area with
excellent infrastructure, including sealed road, water,
power
(~1km),
and
towns.
No
environmental
impediments anticipated and the company indicates it
enjoys broad community support.
Hydrological test work 4Q14 confirms high production flow
rates of 48L/min represents a 26% improvement over PEA
flow rate assumptions of 38L/min. The tests were
conducted at Site B, Lens 1 which accounts for about 30%
of the project resource and is expected to be the site of
initial production. Metallurgical results 4Q14 also
demonstrated improved recoveries of 84.9%, which
compares with 75% used in the economic model. Test
results will be factored into the PFS and are expected to
drive a significant reduction in opex, including restoration
and reclamation, to ~US$15/lb or lower which compares
with US$20.22/lb used in the updated PEA. Pre-production
well field costs should also fall, however, overall capex is
anticipated to increase modestly to ~US$33-35M with
inclusion of an expanded evaporation pond and
contingency costs.
Feasibility Study and next steps: The PFS is expected
Feb ’15. The EIS will be submitted shortly thereafter with
state approvals anticipated 2H15. The project received the
key Operation Licence Oct ’13; the final operations permit
necessary for project construction is expected 2H15 at
which point AEK is expected to make a project
development decision. Financing discussions are well
advanced in conjunction with uranium forward sales;
RCR Jan 2015
announcements anticipated 1H15. It is expected the project
could carry US$30M in debt with a further US$10M equity
required for working capital
Regional Prospects: (Uranium, Turkey) AEK is targeting
high grade uranium mineralization near Temrezli. There are
two key areas of focus: Sefaatli (40km away), and Sorgun
(30km away). Sefaatli – historic MTA work intercepted
uranium mineralization over a 9km strike length. The
tenement holds an additional 18km of prospective strike
associated with the Tuglu Tepe and Deliler prospects.
Drilling 4Q14 (~5,664m) confirmed high grade uranium
mineralization including 2.5m at 0.215% U3O8 from 82m.
The deposit occurs in 5 stacked lenses, is shallow <150m
depth, high grade. The deeper mineralisation, below the
water table, may be amenable to ISR. Phase 2 drilling
anticipated March (6,000m). Resource expected 2H15.
West Sorgun – drilling confirmed new discovery reported
1Q13. Regional Exploration Target is 30-50mlbs grading
0.075-0.10% U3O8 at Temrezli, Sefaatli and West Sorgun.
Uranium Market Outlook: The uranium spot price is
US$36.75/lb (26 Jan) having rallied to a recent two year
high of US$44/lb (17 Nov '14) up 40% from 30 June low of
US$28/lb; the contract price is US$49.50/lb (31 Dec '14).
The underlying spot price rally reflects tighter market
conditions driven in part by production shutdowns and a
boost to sentiment from key approvals for Japanese reactor
restarts; and return to the spot and term market of US
utilities after a long absence. Further, uranium fund
Uranium Participation Corp raised C$57.6M Feb ’14 and
filed a prospectus Oct '14 to raise a further C$200M - a
signal of increasing investor confidence in the sector
turnaround. The U.TO share price has been a good leading
indicator of the uranium price, and while volatile, there has
been a clear uptrend since bottoming Jul '14. A price
resurgence to US$60/lb is anticipated 2H16, driven by
renewed demand from Japan and ongoing global growth in
nuclear reactor construction. Growth is especially strong in
China where installed nuclear capacity projections are 7080 GWe by 2020, and 200 GWe by 2030 which compares
with a 17 GWe capacity today (20 reactors). RCR uranium
spot price forecasts are CY14 US$33.21/lb (actual), CY15
US$39.25/lb, CY16 US$50.00/lb, long term US$55/lb (LT
contract price US$65/lb).
Valuation: RCR’s Temrezli project de-risked after tax
NPV10 is A$149M ($0.41/share; discounting US$60lb U3O8
long term (real), AUD:USD 0.90) and based on Updated
PEA (May ’14; see RCR valuation table). Discounting at
8%, after tax NPV rises to US$170M. The project
economics are increasingly robust with key engineering
parameters confirmed. NPV breakeven is estimated at
~US$30/lb. There is significant potential valuation upside
with anticipated ongoing regional exploration success.
Peer comparison valuation: based on a valuation measure
of US$10/lb attributable uranium resource (MII) from select
ISR producer peers in Wyoming, viz: TSX:URE and
TSX:URZ (see peer comparison table), AEK valuation is
A$0.40/share; or assuming US$15/lb (MI resource)
valuation rises to A$0.52/share.
Investment Comment: AEK represents one of the best
uranium investment opportunities in the sector with low
cost production visibility, increasing technical confidence
and PFS expected Feb '15. Our 12 month price target for
the company is $0.20/share. We anticipate a significant
rerating as AEK moves to production in 2016. Our 18
month price target is $0.30+/share. The company is
currently trading at ~US$2.30/lb (M+I uranium resource)
and could be re-rated to US$15/lb in line with Wyoming
based peer ISR producers over the next 2 years.
AEK’s valuation gap compared to Wyoming peers is
expected to quickly close in our view, given the high
quality of the Temrezli Project, anticipated fast track
development decision and financing (expected 2H15),
and given that Turkey is a favorable and supportive
jurisdiction for mining investment.
©
Disclaimer & disclosure attached. Copyright 2015 by RCR Pty Ltd. All rights reserved.
2
EQUITY RESEARCH
KEY PROJECTS
Ownership/
JV
Target
Process
Project
Project
Option
Partner
Type
Route
Status
Location
Temrezli
Sefaatli
West Sorgun
100%
100%
100%
na
na
na
U
U
U
Alkaline ISR
na
na
PFS
Adv. Expl.
Mid Expl.
Turkey
Turkey
Turkey
RESERVES AND RESOURCES/MINERALISED MATERIAL
Code for reporting mineral resources - Australian:(JORC)
Uranium
U3O8
Reserves
Resources
Temrezli
Temrezli
Temrezli
Total
Classification
Measured
Indicated
Inferred
Project
Equity
100%
100%
100%
CSA Global 2011
Ore
Mt
2.01
2.18
1.02
5.21
U3O8
%
0.138
0.108
0.089
0.116
Mineralised Material (est., non compliant with JORC)
Cut Off
ppm
200
200
200
U3O8
Kt
U3O8
Mlb
U3O8 Eq
Mlb
0.0
0.0
0.0
2.8
2.4
0.9
6.0
6.1
5.2
2.0
13.3
6.1
5.2
2.0
13.3
0.0
0.0
0.0
Updated PEA (May 2014) comparison with Original PEA (July 2013). Updated PEA cash
operating cost US$20.22/lb, capex US$30.2M.
Temrezli Project schedule: PFS expected Feb ’15. The EIS will be submitted shortly thereafter
with state approvals anticipated 2H15. AEK project development decision expected 2H15.
Financing discussions are well advanced in conjunction with uranium forward sales announcements anticipated 1H15. Production potential 2H16.
RCR Jan 2015
©
Disclaimer & disclosure attached. Copyright 2015 by RCR Pty Ltd. All rights reserved.
3
EQUITY RESEARCH
Location Chart: Turkey. AEK is targeting high grade uranium mineralization. Total regional
Exploration Target 30-50mlbs grading 0.075-0.10% U3O8 at Temrezli, Sefaatli and West
Sorgun; adjacent to key infrastructure – roads, power and water. Temrezli resource: 13.2mlbs
grading 0.116 % U3O8 (MII) defined over 3km; potential resource upside to 20m-25mlbs U3O8.
Sefaatli satellite prospect: 27km of prospective strike, including 18km associated with the
Tuglu Tepe and Deliler prospects drilled 4Q14 (~6,500m). High grade uranium mineralization
confirmed: best intercept - 2.5m at 0.215% U3O8 from 82m. The deposit occurs in 5 stacked
lenses, is shallow <150m depth, high grade, above the water table with open pit potential.
Phase 2 drilling anticipated 1H15.
RCR Jan 2015
©
Disclaimer & disclosure attached. Copyright 2015 by RCR Pty Ltd. All rights reserved.
4
EQUITY RESEARCH
ANATOLIA ENERGY LIMITED VALUATION
Equity
(%)
Assumptions
LT Realised Uranium Price
LT Exchange Rate: AUUS
Projects
Temrezli project
Resources and Exploration
Temrezli (resource est. +100%)
Other
Sub-total Exploration
Base
Resource
Val'n
(US$/lb)
: US$/lb
Base
NAV
(A$M)
NAV Adjusted
Factor Value
(%)
(A$M)
60
0.90
Adjusted
Uranium Price Sensitivity
(A$M)
60
0.90
40
0.90
50
0.90
70
0.90
80
0.90
: NPV @10%
100%
3.53
149
35%
52
25
38
66
80
: NPV @10%
100%
0.58
86
1
87
10%
9
1
10
4
1
5
7
1
8
10
2
12
12
4
16
Assets
+ Cash
+ Tax losses^^
4
4
4
4
4
4
4
4
4
4
4
4
Liabilities
- Debt
- Corporate
- Reclamation
0
5
0
0
5
0
0
5
0
0
5
0
0
5
0
0
5
0
237
64
31
48
80
98
391.0
9.9
391.0
9.9
391.0
9.9
391.0
9.9
391.0
9.9
391.0
9.9
0.77
0.63
0.205
0.188
0.101
0.106
0.155
0.148
0.258
0.230
0.315
0.275
0.18
0.17
0.16
0.11
0.10
0.10
0.15
0.14
0.13
0.22
0.20
0.19
0.26
0.24
0.23
AEK Net Assets
Fully diluted shares (M)
Cash on Option Conversion^
AEK Net Asset Value per share
AEK Net Asset Value Diluted
: A$/share
: A$/share dil
^Most options are out of the money: 48M options have a strike price of 18cps ($8.6m); expiry 2017.
^^ Tax losses incurred prior to 30 June 2010 have been forfeited.
Sensitivity of Net Asset Value to Equity Raising Price:
AEK NAV (assuming A$10M capex raised in share issue at A$0.15)
AEK NAV (assuming A$10M capex raised in share issue at A$0.10)
AEK NAV (assuming A$10M capex raised in share issue at A$0.08)
0.56
0.52
0.50
TEMREZLI URANIUM PROJECT KEY ASSUMPTIONS (derived from Updated PEA - May 2014)
RESOURCE ESTIMATES
Uranium Resource
Resource (M,I)
Resource (Inf)
Temrezli
Temrezli
Tonnes
Grade
Resource Recoverable
Uranium Conversion
Uranium
Cutoff
Mt
% U3O8
Mlbs
%
Mlbs
200ppm
200ppm
4.19
1.02
5.21
4.78
.
0.122
0.089
0.142
0.116
11.3
2.0
13.3
100
50
11.3
1.0
RCR modelling assumptions (based on Updated PEA)
MINING METHOD
IN-SITU RECOVERY (ISR)
PROCESS METHOD
CENTRALISED URANIUM PLANT
1. Ion exchange
2. Satellite facilities
RESOURCE CONVERSION
RESOURCE CONVERSION
:%
:%
100%
50%
:%
:%
:%
:Mlbspa
:US$mpa
:US$Mpa
:US$/lb
:US$/lb
0.12
0.20
75
1.0
30.2
29.5
20.22
1.95
:US$/lb
22.17
CORPORATE TAX
ROYALTY
MARKETING
:%
:%
:%
20
5
1
MINE LIFE
COMMISSION PROJECT
:Years
:
10+ Years
1H16
36 month ramp-up.
12.3
(Measured and Indicated)
(Inferred)
BASE CASE ASSUMPTIONS
AVERAGE HEAD GRADE - U3O8
HIGH GRADE
RECOVERY - URANIUM
URANIUM PRODUCTION
CAPITAL COSTS
ONGOING CAPITAL COSTS
OPERATING COSTS:
plus royalties/taxes
Total production costs
PEA assumes 3 year ramp up to 1mlbpa. LOM production total 9.2Mlbs U3O8.
Pre production, wellfield development, centralised processing plant.
Includes sustaning capex and wellfield developmentcosts of US$11.29/lb.
Estimated royalties (5% of net revenue as per below; approx 3.25% of gross
revenues at US$60/lb).
Corporate income tax could fall to 16% with investment tax incentives.
Net Royalties: Government Right 4%; Discovery Right 1%.
These figures are preliminary in nature and are intended to provide only a general indication of project scale and economic robustness. Considerable refinement
may result from subsequent studies and operating experience.
RCR Jan 2015
©
Disclaimer & disclosure attached. Copyright 2015 by RCR Pty Ltd. All rights reserved.
5
EQUITY RESEARCH
ANATOLIA ENERGY PEER COMPARISON – EV/RESOURCE RATIO (US$/lb)
Share Price
Shares Current
52w Hi-Lo
LC/sh#
M
LC/sh LC/sh
129.3
Ur-Energy Inc.
0.98
2.21
0.83
Uranium Resource
Enterprise Project
(direct interest)
Debt Cash Other
Value
Equity Resource Grade
EV/resource
LC$M LC$M LC$M
LC$M
%
M+I,I
U3O8 % Mlbs
U$/lb
35
5
157
[Comment: (TSX:URE) Lost Creek in production. Commissioned August 2013.]
Lost Creek
(WY, USA)
Uranerz Energy Corporation
na
na
95.9
1.35
6
2.18
1.00
25
151
12
100
MII
M+I
0.052
0.053
13
8.7
14.30
22.12
various
MII
M+I
0.104
0.103
19
15.7
9.35
11.34
MII
0.048
0.050
54
17.2
1.67
5.22
143
[Comment: (TSX:URZ) Nichols Ranch in production. Commissioned April 2014.]
Nichols Ranch
(WY, USA)
Peninsula Energy Limited
na
na
5477
0.021
2
0.038 0.015
19^
141
54
80
[Comment: (ASX:PEN) Lance Project under construction; final permits received Apr '14 (SML). First production expected 2015.]
Lance Project
(WY, USA)
na
na
10
70
100
M+I
284.7
Anatolia Energy Limited
0.075
0.100
0.06
0
1
20
[Comment: (ASX:AEK) Temrezli funding to be finalised, fast track government and land holder approvals anticipated. Production potential 2016.]
Temrezli Project (Turkey)
Alliance Resources Limited
na
na
372.6
0.07
0
0.27
0.07
0
20
3
100
MII
M+I
0.116
0.122
13
11.3
1.95
2.29
15
MII
M+I
0.33
0.34
10.5
4.8
2.76
6.03
24
[Comment: (ASX:AGS) Four Mile Project in production; commissioned April 2014.]
Four Mile Project (Australia)
na
#
LC: local currency
na
1
Closing share prices as at 29 January 2015.
23
^Debt plus undraw n debt.
AUUS:
0.78
Blue indicates comps based on Measured, Indicated and Inferred Resource
CAUS:
0.79
Red indicates comps based on Measured and Indicated Resource
ANATOLIA's valuation compared to ISR peers indicates there is huge potential for a market
rerating as Temrezli fast tracks development and moves from explorer to production in 2016.
RCR 12 month price target for AEK is 20cps and 18 month target of 30+cps. Chart shows AEK
EV to resource (MI) ratio (US$/lb) compared to ISR peers at different stages of development.
Source: AEK presentation Nov '14
RCR Jan 2015
©
Disclaimer & disclosure attached. Copyright 2015 by RCR Pty Ltd. All rights reserved.
6
EQUITY RESEARCH
URANIUM PRICE CHARTS
Long-term and spot average uranium prices: 1999 - December 2014 (US$/lb). The spot
uranium price has risen strongly from a near 10 year low of US$28/lb (30 June 2014) to a
recent high of US$44/lb (17 November). The spot price is currently US$36.75/lb (26 Jan). The
contract price is US$49.50/lb (31 December).
160
US $/lb U 3O8
(month end prices)
140
120
100
80
60
40
20
0
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Long term
Spot price
Source: Cameco, RCR
Uranium Participation Corp (TSX:U) is an exchange traded fund that invests in uranium
concentrates - its share price has been a good leading indicator of the uranium price and the
below chart shows a clear uptrend since the uranium price bottomed Jun '14. The company
raised C$57.6m Feb ’14 and filed a prospectus Oct '14 to raise a further C$200M - a sign of
increasing investor confidence in the sector. Uranium Participation Corp share price chart: 12
month to 27 January 2015 (C$).
RCR Jan 2015
©
Disclaimer & disclosure attached. Copyright 2015 by RCR Pty Ltd. All rights reserved.
7
EQUITY RESEARCH
CONTACT
DISCLOSURE AND DISCLAIMER
Important Information
Resource Capital Research
ACN 111 622 489
Level 21, 68 Pitt Street
Sydney NSW 2000
T +612 9439 1919
E [email protected]
www.rcresearch.com.au
Resource Capital Research Pty Limited (referred to as “we”, “our”, or “RCR” herein) ACN 111
622 489 holds an Australian Financial Services Licence (AFS Licence number 325340). General
advice is provided by RCR’s Authorised Representatives Dr Tony Parry (Authorised Representative
number 328842) and Murray Brooker (Authorised Representative number 407208). The FSG is
available at www.rcresearch.com.au. All references to currency are in Australian dollars unless
otherwise noted.
This report and its contents are intended to be used or viewed only by persons resident and
located in the United States and Australia and therein only where RCR’s services and products
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RCR Jan 2015
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