Member Info for Inbrackets

Had we had an ‘event’ in the granting of the 2nd easements, snapping the fine thread that seemed to be holding things back, it might have jolted the market a bit.

Hopefully the significance of this workaround and backfill will not be missed in the meantime.

Excellent news, by-passing the hold up.

Where there is a will, there’s a way and there’s plenty of Will.

Past three/six months tilting at windmills that didn’t need to be there (now) (apparently)

Maybe some time will be taken up this week in Shanghai on this.

https://www.theportugalnews.com/news/2026-03-20/portugal-and-china-anticipate-possible-collaboration/991814

High level PG meetings to look at defence, energy and all things in the light of current issues.

“ The president’s announcement comes just as energy minister Maria da Graça Carvalho has confirmed that Portugal is closing in on the moment at which it will have to declare an ‘energetic crisis’, for which specific measures were decided only yesterday.”

Impetus perhaps or a convenient figleaf at a time of national emergency for the common good.

Whatever happens in the future is not likely to happen before things move on a stage or two. One might hope / expect value to be baked in by that stage as it progresses towards FID, construction and production.

Might we get the promised JORC resource upgrade now. Not reliant on the Government. Not reliant on the progress of the second easements. Outlined by the company as forthcoming news “in the near future” (RNS 26/02).

Meanwhile Fastmarkets Shanghai is quite a trek for a 45 min 6 man panel discussion. Hopefully the other three days will be worth it.

Prompt reporting? Crossed on March 4. Reported 19th.

Continuing sustained support from an interesting ii.

Didn’t say that they aren’t critical, just limited.

“ Land access to enable geotechnical drilling of areas designated for the TSF and waste dumps. CGe target: Q1 2026.”

“ A final hurdle exists in the form of a temporary land access order that will enable geotechnical fieldwork for the planned TSF (tailings storage facility) and waste rock dump sites. “

As I understand the work program in total maybe about 3 months but the information needed for completion of the permitting requirements is within that timeframe.

As you say, seems pretty binary from all angles, for all concerned. Downside risk 100% at worst. Upside risk x%. Ever thus

My take completely, not only BLP but also the positioning as a trusted partner for the auctions.

For anyone who has had to suffer my optimistic drivel for the past decade, I thought I would just point towards the article quite neutrally. But now that you mention it ……

As the recent CG report outlined, the work required / covered by the second easements really is very limited with the whole project being held back by a string. It just seems to be made of graphene.

Cleversheep, an article from a few days ago.

https://www.miningsee.eu/portugals-barroso-lithium-mine-a-crucial-test-for-europes-critical-minerals-strategy/

Doesn’t answer your specific points but perhaps helps explain why you are unlikely to get any answer from the company itself as any decision is and has been political for a number of months.

Sorry to hear that for you. It must make looking at the SAV share price a daily wound, with varying degrees of salt being rubbed in. Can but hope you are lifted off the rocks at some stage relatively soon in comparison to the time held.

And your reason for being invested Upton?

Aren’t you glad that we have no involvement with Oman.

The ‘imminent’ JORC resource update is not reliant on any Portuguese Gov department.

The electrics and road changes are heading down their respective pathways for final stamping but are not potential stop lights in the FID or earlier DFS.

CG’s report lifted their base case from 8 to 11p basically taking the grant into account, reducing the need for dilution. Their ‘optimistic’ outlook was closer to 18p and that was not taking a number of likely factors into account eg resource upgrades / further offtake deals or similar.

Equation of the Day:

Too many positive thoughts less lack of news on 2nd easements = current sp.

Bullish note from CG this morning (some would say realistic).

Confirms SAV has slipped back against ‘peers’ and points to all the green lights ahead.

States the bleeding obvious about the the 2nd easements being the hold up.

At a nice round number.

As I u derstand it we have no real idea how long they were working on the initial easements submission and we only heard of them when they were granted / appealed against / pulled and the re-granted a fortnight later. So we can see the speed that the appeal was struck down. This second phase though, does seem politically slow, despite having the Govt DynoRod supposedly on side

I understood that whilst related, they are separate issues. As a Project of National Interest, whilst SAV had always looked to agree to purchase or lease the required land from private owners or the communal Baldios areas, ultimately agreements would need to be reached or compulsory purchase or agreements would be enforced. I think it was about this time last year that notice was given that the second phase was coming, to focus minds and make sure that all parties were aware that attempting to hold things to ransom was unlikely to end in a win.

The second easements I do not believe depend on the progress or % success of the acquisitions. All they do is allow entry and access to the land that is not currently owned / subject to lease to enable specific works to be completed to provide the necessary information for the DeCape/ Recape / EIA to be completed in advance of any final agreement on the structure of any land ownership.

By the time we have the new Jorc update (now being worked on), road plans confirmed, off take agreements and funding in the wings, along with the wider supply chain and infrastructure being developed, it’s a ready made solution for the government. They still need to press the button

… pretty momentous. Can see oil prices heading north and China needing to re-source from Russia.

Meanwhile Zimbabwe shut down set to the lithium market to a higher burn.

As Kentan spells out there are stages to complete but it’s the 2nd easements that unlocks it. Nothing else.

I believe there is a chap who vowed not have his hair cut until Manchester United won five games on the trot. This started in October 2024. Fresher newbie, and on current track record, likely to be close cropped before us.

It’s perhaps a little vague but the electricity pathway will be a relatively narrow cut across the project, not covering the whole of it, so there would be no need to get any agreement in unaffected areas. This may or may not involve affect some of those who are firmly in the Nao camp but much the same as compulsory land purchase, utilities/ power companies tend to win out.

Otherwise, you may well be right that the land acquisition was skirted round. Being a a glass a little over half full sort of optimist, I am interested in the 4 MOUs but hope that this doesn’t just cover off baking sponsorships or the local Fado group.

Will have to re-read but I thought I read the 20% of approvals to re-route the electricity supply