Upon anticipated completion of the U.S. federal permitting process, Stage 1 construction at Rhyolite Ridge, largely funded through the combination of
conditional commitments of $490 million USD in equity from Sibanye-Stillwater and $700 million USD in debt from the U.S. Department of Energy’s Loan Programs Office, is set to begin in 2024
largely funded by. not fully funded. capital raise 2024 - capex gap may be huge.
Ann: Tests reveal potential for growth at Rhyolite Ridge, page-6
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