Member Info for Inbrackets

Seem to remember that these easements have much to do with the water issues.

Bit ironic that northern Portugal has been quite wet recently and is continuing to get more than its fair share over the coming days.

Streets clean and grass green

The first set of easements came through quite quickly, enabling much work to be done and progress made. The 2nd set were applied for months ago, waited for and then was kicked to the far side of the Municipal elections.

The Recape and any subsequent progress would seem dependant on these second easements. Not sure how long it will take for the work to be completed once any go ahead is in, but that Christmas shut down period is looming and the elections were over two weeks ago. An update would be welcomed, not avoided.

Forward planning. Think auctions possibly

One might have thought so but he was recently voted back in and has been fairly one sided in approach to mining, at least in the past. Does this give a renewed mandate? Or has he come in with a reduced majority and a sense that implacable opposition is being increasingly marginalised and defeated in their chosen battleground, the courtroom.

However small and insignificant, a win is a win and crosses off another negative.

I see they have been given leave to appeal and I shall be interested to see whether the new Mayor actually has a dose of realism when they are 8-0 down or decides to continue. Once more unto the breach

It will only be a few weeks and there will be notification of the next regular Investor Presentation. I had been quite looking forward to this as we we were heading into a news rich period leading up to Recape and Beyond. As it happens, news on Board changes, Registered Offices, and Equity Incentives hardly fire up any interest and an updated Jorc was easily trumped by an update on delays. The next Investor Presentation might be a bit of turgid listen unless there is news on the second easements helping to unleash a ripple of enthusiasm.

The old mayor had gone to take his chance on the greasy pole of national politics and his deputy took over following the election earlier this year. This deputy has now been elected in his own right. I suppose that having worked over the past 6 months, at least it will be a known quantity as such and they will have some idea of what to expect.

I still don’t know whether there was any movement in vote share to reflect any shift in the level of local opposition/ support.

As a matter of interest can anyone correct papal infallibility ?

No change in Boticas management apparently with the existing mayor retaining the chain.

Presume things will grind on.

And counted.

Let’s see where it takes us

Wolster69, not so much that I am right about the easements as it was SAV that relayed the Government’s comments that they would be sorted after the municipal elections.

I shall be interested to see how quickly teams are deployed to get on with the work once the flag drops as the company has been chomping at the bit for some time. No doubt they will let us know.

There always seems to be a splurge of info after a pre-election purdah. Let’s hope for similar - seem to remember this being signposted a number of months ago in a vague way.

Dale’s expertise may well be needed not only in the ongoing development of MdB with Aldeia but also any auction tenements.

A point of view to be sure

At risk of being accused of being the PR agent, I was taken by a line in the RNS

“ I look forward to contributing to Savannah’s ambitions with a strong commitment to transparency, stakeholder

alignment, and strategic clarity during this important phase of growth”

Dale’s expertise remains in post. Meanwhile the company continues to deepen its blue blood links within Portugal (no change to the shareholding just transfer of ownership). I continue to think that this positions SAV to be able to benefit from the auctions when the Government finally launches them. As he says, he has no experience in mining but that is not a prerequisite.

When they were building their 10% stakes, I remember asking when the board appointment would appear. It would seem to be a collaborative result with underlying value rather than anything combative and another worthwhile link further establishing the MDB as a project that will be developed.

We should know the result of the Municipal Elections.

Whilst it always good to have a local blessing, it will be interesting to see whether the dial has shifted.

2nd easements to follow shortly thereafter

Forgot to add, the reason for asking / saying, is that they can refine and hopefully improve their systems / processes etc for the future and avoid similar unnecessary delays

Wolster69 - not sure that the recent comment is in any way incompatible with the ones earlier in the month. My understanding is that SAV applied for the second lot of easements many moons ago and it is only recently that there is now this ‘target date’ after the municipal elections in mid October. Questioning why it has taken so long would seem pretty fair but best from the Portuguese ministry/quango rather than SAV jumping up and down.

If you are saying that had SAV not played softly softly then having actioned all avenues and already procured the tenements with enforcement notices etc, then we wouldn’t have had to apply for the easements anyway, well you might have been right. I do feel that we would have faced other, different issues now. Possibly without government or other general support and goodwill. We are where we are, as always it is now a question of the best way of getting to wherever they want to be.

The reply in essence would seem to be right. All work is towards the DFS. Part of the work is to satisfy the RECAPE needs as this is an integral part of the process and requirements for the DIA.

RECAPE has not been delayed because of the DFS, but I would venture, is the other way round. It has been the lack of the missing easements that has prevented access to the land for the necessary geotechnical drilling results that then feed into RECAPE so the requirements of the DIA and subsequent EL and then I would suspect the fully loaded DFS. The question is why it has taken so long for the easements to get to the top of the pile. Another one for the Ministry for Chivvying Along.

Getting the easements, doing the work, getting the results, formatting the submission all before Christmas would require a wiggle that Marilyn Monroe would be proud of, but in reality, settling expectations into early next year is reasonable. Even my kids have stopped believing in Santa Claus.

“ Once the RECAPE submission is made and approved, the Project will be in a position to receive its final environmental licence. Savannah expects to make its submission in 2026 after completion of the outstanding geotechnical drilling.”

Always seemed logical that the easements would be needed to do the geotechnical drilling to provide the info for the Recape submission for the DIA, so had been a little surprised in the reply / comment from the co regards being in a position prior year end without the info.

The crystal ball is working.

There we go, the new presentation ticks the expected boxes, highlights the increase in resources and shunts the DFS into net year. Other than updates on the external issues, which will no doubt be of interest - elections, legals and easements - it would seem that there is little news to come other than the ongoing progress reports until they submit the Recape.

Back to twiddling thumbs for a while.

Too kind.

Is it only a decade?

Knowing that whatever is said on this or other boards has absolutely no impact on anything but does act as a vent rather than talking to the study wall, and generally looking for something quirky that may make me smile whilst twiddling thumbs.

Plus, having a family that puts any frustration with SAV into perspective.

Thanks for that, Hospi. It may come as no surprise, but I have no option other than to agree.