Member Info for Inbrackets

Should get further news on any deal with Lifthium re offtake in not too distant future as well, confirming local processing.

End June, there is the legislation to confirm the proceeds of mining to the local communities.

I should be cutting the lawns before the next week of rain.

I see what you mean about the date, my oops. I had searched PR / Boticas and this was the first article, saw 10/06 and thought that was a couple of days ago and current, with all the standard elements that we have come to know and love.

It acts as a reminder of just how long we have all been treading water

Https://www.portugalresident.com/boticas-landowners-brace-for-further-sell-out-by-government-over-lithium-exploration/

Amongst all the rest, including reported of effectively corporate bullying (no way) out pops….

“Today, Correio da Manhã writes about the derisory amounts of money offered to landowners for the invasion of their property”

Whilst trailed in advance, the drop post appeal of 2nd easements hardly came as a surprise. The recovery should it be dismissed is also very likely.

Aside from the current downs and likely ups, this interim period when people are focussed on the Mirandela court’s decision eats up the dead time in the run up to the main event next month, the DFS. I am expecting a trio of positive warm up acts in the coming weeks - the dismissal, the resource information and confirmation of the local MOU’s.

Is Wednesday a bogey day or an opportunity to go fishing?

End July is the published date

“I’ll have what (s)he’s having”

Not sure they are party to the claim as it is against the Government per se.

They will know about it but until they are informed of any change, other than make plans for eventualities, it would be speculation. Neve4 know, but it might all be dismissed like last time with a beat being missed.

Looking back to early 2025, RNS Feb

“ Under Portuguese law, as the Order has been contested in a court, its authority is automatically suspended with no judicial evaluation of the merits of the Measure, awaiting a judgement by the court. As a result, Savannah is required to temporarily stop its work on the relevant land at the Project. Savannah has complied immediately with this requirement,”

If as reported “ On Wednesday, May 26, the Comunidade Local dos Baldios de Covas do Barroso*, in Boticas, lodged an injunction with Mirandela’s administrative and fiscal court, to suspend the second administrative easement”. It is quite interesting that as yet, nothing has happened.

SAV would presumably carry on until told otherwise. I do wonder whether the Mirandela court is able to let things continue until they make a decision on what is an old existing case. Last time it was ‘fresh blood’. No doubt we shall hear from the company at some stage when facts are known

Not sure that any brown envelopes will wash with decades if not centuries of loyalties, that will be so deep rooted. The lawyers reference to the underlying age of the anti-camp perhaps answers a few things. They have lived their lives, presumably very happily in difficult albeit idyllic surroundings, and don’t want to see that change, for themselves or for it to be lost for the future. Their legacy would be knowing that they remained true to their cause and beliefs, going down in local history as valiant refuseniks rather than taking mere mortal baubles. Age can concentrate stubbornness.

The lawyer looks to localise the purpose of easements to just the immediate vicinity and minimises the value of 500 to 300 local jobs. The whole of Portugal cannot take Boticas as its own version of a Passport to Pimlico as the underlying assets are Portuguese (as is the company these days) and the immediate local jobs bear no relation to the countrywide jobs to be created downstream with refining/processing/battery manufacturing/car production etc etc.

Maybe these pyrrhic refuseniks should reassess and embrace the much wider and greater legacy by enabling the future benefits for all.

Did I speak too soon.

Apparently the appeal was lodged last week and the PR article returns to the David and Goliath defence.

https://www.portugalresident.com/something-isnt-right-in-way-portugals-ad-government-is-railroading-peoples-lives-in-favour-of-foreign-big-business/

https://expresso.pt/opiniao/2026-05-28-a-lei-que-servia-para-estradas-agora-serve-para-minas-adfb0ae0?fbclid=IwY2xjawSHo_dleHRuA2FlbQIxMABicmlkETFwV1VhOXRKM1Vybko1RTVIc3J0YwZhcHBfaWQQMjIyMDM5MTc4ODIwMDg5MgABHoLPzPVvO90ZaT4troYinsFqhzr_c4T_JvyC2_S9ffc9ZO18FazlSoSyTgdU_aem_uo6YYGR1eDJlSaEJwfZLrw#Echobox=1779985120

No doubt we shall get another RNS to say that appeals have been made in which case there will be a halt called. The last time this was a very temporary two weeks and that included a change in the government personnel during the period who needed to sign it off.

Am expecting a short term wobble

Https://econews.pt/2026/05/29/portugal-to-unveil-750-mw-battery-auction-on-june-29/

Loosely related. The Government might get used to the sound of the gavel….sold to the man in the yellow sou’wester.

Point taken GS though at least there is a true value to the share now.

Anyway, all been very quiet here over the past week. Taking a breather or has it been too hot with any mental effort concentrating on Factor 50 and iced lollies.

Hopefully the cooler weather in Portugal has allowed continued progress towards the DFS due in July, barely 5 weeks away. In the meantime there was mention of further news on the multiple MOUs with a host of different local groups (I note there has been no news of an appeal against the 2nd easements as yet- a sign perhaps) along with further information on the resource prior to the DFS. A couple of positive updates coming up.

Did I see a kind of tip / reference in Motley Fool from a day or so ago?

With grant and German funding, the shortfall was about 30m + any inflation adjustment on the expected capex from the original PFS/Scoping.

Offset that against sizeable increase (already) I resource with more to come: plus extended life of mine; plus higher spod prices; plus much greater level of interest ; plus reduction in risk discount;

The bridge for the balance either by way of offtake / debt or further grants should be relatively straightforward without further dilution. Having the facility pre agreed allows for all options but doesn’t mean it has to be used and can sharpen pencils.

They are in a good space

Is it back to plan 1?

They may have by-passed the 2nd easement issue by saying they didn’t need it but today’s RNS would seem to have reversed this, albeit out of choice / preference now. If it belt and braces things, so be it and it sounds as if they have contracted the right people as per normal.

I see that Cannacord have maintained their 13p target price, almost preferring the short pushback coupled with early advances on later works.

I see that AMG have scooped up the Zinnwald project

https://www.ajbell.co.uk/news/articles/zinnwald-lithium-agrees-amg-offer-buy-all-remaining-shares

EMH Cinovec project, the other side of the underground cross border resource will no doubt take some comfort.

One might think that AMG can make a better fist of it.

Upgrade on the rubber dinghy or a natural progression?

So we have dropped about 10% from the 7.6 recent high.

But we are still up 30% over the past month.

I’ll take that any and every month given the option.

Did Al Marjan’s mini sell spook some elements.

Bizarrely their cash account will have gone up by about 500k but the remaining shareholding (99% +) has just reduced by about 8%, far more than 500k.

There’s always a reason - gives them some short term privacy to sell a bit more, albeit at the lower levels.

Their book is their book. They read it how they want to.

Try to get picked up from a target pub.