Ann: Investor Presentation - Sibanye-Stillwater Investment, page-116

This is an interesting development today for INR.

They have sold half their project, so they now maintain a 50% ownership, so does that mean the share price should now be half of it's current value (market cap), and if not, what is fair value, and what is the validated basis for a new value?

They have sold a fair chunk to Sibanye at 65 cents, so I'm assuming they reached that value somehow, or that Goldman Sachs reached that value somehow.

So is INR now worth half (50%) of 65 cents, or about 33 cents?

I'd suggest that because of the de-risking, and quality of the JV partner, that it's worth more than 33 cents at current value, but not 65 cents now.

A reasonable current valuation may probably put it at around 45 cents or thereabouts, considering that a year ago it was only 10 cents before Lithium boom Mark II, which still gives it a 350% rise over the year, and a much fairer valuation.

Gw