Rhyolite Ridge’s biggest investor has pulled out of the project saying it did not meet their pricing assumptions. South African precious metals mining company Sibanye-Stillwater has pulled out of the lithium-boron project from company Ioneer Limited.

American Lithium (TSXV: LI) says it has raised the confidence level of its Tonopah Lithium Claims (TLC) resource in Nevada with a new estimate that converted a significant portion into the measured category.

The federally backed lithium mine and processing plant in Nevada is seen as key to pumping out ingredients for electric vehicle supply chains.

Sibanye Stillwater will not proceed with the Rhyolite Ridge lithium-boron joint venture project in Nevada with Ioneer, in the wake of sustained lithium price weakness.