Ann: Investor Presentation - Sibanye-Stillwater Investment, page-119

I'm just going to come right out and say that a DFS NPV in no way is a measurement of the asset's saleable value. Just for starters the discount rate plays a huge factor. So too the other variables.

Split the transaction up into the two individual pieces and look at the impact on the balance sheet.

Starting with the June 30, 2021 Balance Sheet from AR ... all AUD$
Then
1. take the placement which added Cash of $97M & 147.9M shares ... added ~40% to BV of Equity (that's us shareholders)
2. Now take the Rhyolite Ridge Asset out of INR and put it into the JV ... used carrying value of $114M per AR
3. Now add the JV as a Long Term investment at 50% of the BVE of the JV.

This transaction has increased BVE from $0.10/share to $0.27/share ... 170% increase



The JV has Cash Asset (the US$460M put into it by SBSW) and LT Asset (Rhyolite Ridge ... the $114M carrying value from INR balance sheet).

@Kevo88 ... pretty much like Lithium Americas structure ... and our initial dialogue from long ago.

IMO its a good deal