Ann: Investor Presentation - Sibanye-Stillwater Investment, page-183

Mate.....

How can you say

" I don't see much upside now unless you use sky high lithium prices and /or P/E multiples, or assume that the mine will be significantly expanded."

and then also say

"I don't want to sell - I want to hold this and all my other battery mineral investments for the long term, ideally forever."

As Ayx pointed out. Are you short or long. If your long this is a good deal, if your short it wasnt. That was reflected in now historical data.

If you still think the deal was "SHIT" , why would you continue to hold? Unless in fact you still think we have future growth prospects.

Ioneer has exceptional management and have done capital raising with pinpoint accuracy historically. It still has very solid growth prospects.

Regardless of NPV, Net Asset value or SP calc... you cant exclude intangibles when valuing an Ioneer to which we just received a ton of "goodwill".

• The press
• The mining experience
• The contracts that Sib have with OEMs
• The international bargaining power
• The funding

This deal is one of the largest ever into the US lithium market....

Long term this is a great deal, your forum posts say otherwise but your holding (actions) prove it.