Ann: Investor Presentation - Sibanye-Stillwater Investment, page-199

Adding to above.

Huge surprise but loaded up an extra 40,000 at 61c. Considering Sibanye Stillwater Limited (SBSW:NASDAQ) a successful profitable multi mine owner worth $10B miner pays 65.5c there is money to be made. Already 5c up.

SBSW have a lot of engineering know how and operational experience plus leverage purchasing hardware which is worth its weight in Gold. Even though we already signed a contract with catepillar SBSW should be able to influence discounts, delivery and than there are hundreds of other minor contract that will be required to start of mine.

Of course INR could have gone to market or head hunter 20 to 40 operational managers but SBSW will be able to bring in 20 to 40 people to setup the operations who are all already a proficient team with same ready made guidelines, structures and operational manual, this could save 6months to a year.

One thing that is clear Lithium juniors not producing are not getting major Debt financing.

Look at FFX sure its in Africa, but their CEO said no debt available at reasonable cost and look to Australia and US has any yet to start mining lithium producer been able to get a sizeable debt financing?

I am also sure that INR could have progressed piece meal with multiple CR and Shareholders could have saved 10 to 20% value but wait an extra year or two.

But I like INR JV with SBSW to lay a path of fast tracking and derisking the opening of the mine.