Member Info for Inbrackets

When out walking the Lakes and Dales, I often need to pause, admire the view, catch breath and then plod on.

Auctions perhaps once SAV gets underway

Https://www.theportugalnews.com/news/2026-05-09/geological-resources-and-a-strategic-opportunity-that-portugal-cannot-postpone-again/1017343

Long delayed and oft postponed

No doubt we shall get the varying broker updates once they have trawled through the various boards to see what needs to be said. They will then come out with their target sp’s that will bear little relation to where it will end up.

Suspect there will be a certain spring in the company’s step that will be reflected at the AGM in a couple weeks and in the report. Chocolate biscuits all round this year.

Confirmation of the second easements have been a year in the making. Kudos to the company for continuing the preparations rather than waiting for the easements to come through before building up the next stages.

There may be information that will need to be backfilled and added to the mix, but with the frameworks in place, there should be precious little to halt progress at pace. There was a caveat in the RNS should an appeal be lodged but that was rapidly dismissed in a fortnight last time.

Logic (not necessarily anyone’s best friend) would say that the next steps are quite concentrated and should support a higher sp, not just based on what is likely to be a humdinger DFS, but as the project is progressively de-risked and the applied risk discount is withdrawn. Double plus.

Yesterday’s news was significant.

Should get an RNS to confirm.

Another duck in the long line - enables confirmation with the backfill information and (according to the annual report) the green light to compulsory purchase if need be.

Further impetus.

Apparently,…

An extract

“ One of the ideas gaining traction in Brussels and several European capitals is the concept of “strategic autonomy.”

This approach focuses on strengthening domestic capabilities in sectors considered essential for economic stability and national security, including:

Artificial intelligence and advanced computing

Semiconductor manufacturing

Renewable energy technologies

Battery production and electric mobility

Critical raw materials supply chains”

Methinks the exploration targets (and historically these have always become reality) are already well beyond 100 and that was before any detailed work on new areas. Expect more, much more.

BLP up and running, plus a couple of the Govt auction lots would make SAV a formidable force on its own or as a target. Bearing in mind what is / has been paid, whilst it may be some time off, it’s not outside realms of reality.

Happy Birthday W69.

If not now…when

The company may have popped the bubble that seemed to be forming around the non appearance of the 2nd easements by saying they were no longe4 needed for the DFS/Recape. A good move as it stopped the need to look see whether they had been granted on a daily basis.

They do still need to be issued but as not vital at this stage, they can and no doubt will suddenly appear. This would then enable the company to backfill the information (and give the nod for compulsory purchases if needed). Once this box is ticked it should give further impetus.

I don’t think it will be a full year for you to get to your next birthday.

Https://x.com/savannahres/status/2046853572814311609?s=61&t=AJxxcVs_tbxqv1S84UYMow

A national not a local paper, with the message of acorns and oaks whilst explaining the need for the resource to give life to the downstream potential.

Ps. Not sure whether it’s a paltry 3 month advent calendar or a gut busting 11/15 year chocfest.

Far more on the buy side.

Another chocolate taken from the advent calendar

Can live with that, preferably towards the top of their range.

Wolster69 will be happy.

I shall be long buried by the time it’s achieved.

Another very one sided day that would point northwards at some stage.

Currently announced resource. Current numbers in the scoping study. Based on any RNS that the company has detailed.

Not based on what we might hope will be presented in the DFS and beyond. As EP said the resource update perhaps set to give good news on the exploration side and that it would be after they get going that the story would unfold.

Does anybody take a blind bit of notice of the broker sp targets. They are based on the current state of play not the future position post DFS / Recape / FiD / funding / offtakes etc and the improvements as the project is progressively de-risked with the discount withdrawn. Really wouldn’t worry

Quietly confident that all is in hand.

Not needing to ‘sell’ the project in any way.

Sounds as if the wrinkles that are known about are on the ironing board and will be covered off shortly.

The numbers in the PFS were good.

Since then we have a much larger resource (and likely to increase substantially); spod prices about 4x the base cost; LoM much extended; cornerstone investors; offtake agreements; substantial grants awarded; EU/German funding package awaiting; a complete industry supply chain; 3-4 years more of local presence; no substantial increase to expected capex.

When looking at the PFS IRR of 77% with a payback of about 1.5 yrs, the July DFS is likely to make these numbers more than irrelevant. Confirmation of RECAPE still needed and hurdles may remain, but the economics of the project are set to be exemplary.

C

Assuming the associated undertakings are also transferred

To be fair Upton, it’s a review of and the accounts for 2025 adding the info since the start of the year rather than any current announcements that have been waited for. It is being teed up for July which is not that far away