I believe that the market will consider this a dilution of the fully de-risked price - but that dilution isn’t really applied immediately based the companies anticipated value at time of production, but not based on the price right now.
This is also because part of the JV has freed up working capital for the expansion onto the Northern side, which substantially increases our access to contingent and inferred (in-ground) resources to the North.
So while dilution is a word necessary to use, it is negated due to the increase in value that the company has just unlocked to theNorth.
Ann: Sibanye-Stillwater to invest US$490M in Rhyolite Ridge, page-9
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