Member Info for Inbrackets

I once gave a little notebook to my wife with Jemima Puddleduck on the front and IOU on the first page.

She worked out straightaway that I was looking to cover one of her bucket list wishes to visit a certain restaurant in Bray.

After about 9 months of trying to book, I gave up. She has the IOU and an intact bucket list. Meanwhile, albeit an unintended consequence , I still have the cash and console myself knowing that if we had managed to eat the Fat Duck, it would just have been replaced with another item on the never ending bucket list.

Hopefully the intra-governmental MND will repair itself with the aid of the Dept for Knocking Heads Together that is supposedly standing full square by SAVs side.

Https://www.vsacapital.com/research-portal?#/portal/vsa-capital/media/25903

Brief mention of grant……sure I heard the words ‘phenomenal’ and ‘free money’

som might say that the company ***** footed about for ages in securing the land or access. they had always (and still) look do things with mutual agreement though as they had to, eventually have had to invoke legal measures to secure the necessary land. they are deep into this process now and will be sorted before it is absolutely needed.

the 2nd easements effectively give access to complete the reports earlier, in advance of full ownership/rights. agree completely with the chat comments and the importance of the easements, if only to accelerate the delivery of the required info to fulfill vital parts of recape/decape/eia, without which, things stop.

hence the fixation - hopefully more understandable now.

More than inclined to agree but some folk want things in black and white, cast iron, guaranteed certainty and even then want to see others making their decisions and buying in, before joining in.

Still very early days in reaction to the news of the grant. News of, and understanding the significance of the 2nd easements, should confirm and boost. As you say, happy days ahead.

Whatever the ups and downs in the sp today, a step back to understand the significance even if it still remains all pie in the sky until news of the second easements.

Today’s news of the non refundable grant (albeit dependent on targets and milestones of performance) plus the in principle availability of the funds underwritten by the German Gov, means that the project shortfall (based on recent numbers) is around £20m. Bearing in mind recent resource upgrade and availability for a further offtake agreement, this means that the funding is basically in place with either grants and/or advantageous financing. Job well done.

This should have a positive effect on the all in costings even set against the original numbers that were positive at $600 spod prices assumptions. Should make for a very interesting DFS.

If this is the case, then the importance of the 2nd easements really becomes quite defining prior to further confirmations that would normally be waited for. People query learner drivers passing their test and immediately being able to drive on the motorway. This will be like passing the test and immediately putting the foot down at Silverstone.

Great news, on lots of fronts.

Just imagine what the reaction to the news granting the 2nd easements. It might be a tiny barrier and the road ahead clear with green traffic lights, but until this

barrier is lifted, it is still stopping progress.

Hopefully that will drop in very soon, substantially adding to the new of the grant today.

As ever, infallible logic.

Not much on the sell side, that’s for sure. Certainly not at 3.5.

Approx 3 months of work to be done post 2nd easements being granted, so DFS unlikely / not really possible in Q1. Already pencilled in Q2 and probably late Q2, but at least the way forward would be all clear.

There have been better offers.

Good question.

With the holidays over, people will be back at their desks with the first hours spent discussing the Brussels sprouts or whatever are the Portuguese equivalent, but eventually, fresh coffee in hand, attention has to turn to last years leftovers.

For whatever reasons, no news came as quickly as hoped for post local elections or the run up to Christmas and New Year, but it still needs to be dealt with. That file is still in the tray, as it was before the holidays. Silence can be a powerful force. We are now just 25 fortnights away from next Christmas and it is the Government’s turn to speak.

Having now got up, on the right side of the bed, wishing all a Happy and Prosperous New Year.

…..but hopefully the New Year brings everything we are hoping for.

Just spent an hour chatting completely unexpectedly with a lady recently retired from the British Geological people. We had started with the inevitable Christmas chit chat and this morphed into time spent abroad, past work etc and it turned out that she was heavily involved in critical minerals and lithium speciality. Dived into 50 mins of interesting conversation only buggered up by the New Year countdown.

Bottom line…a political decision. Don’t we just know it.

2nd easements will confirm that the political decisions have been made and progressed.

That, and that alone will make for a Happy New Year. Let’s see.

There may only be a few working days before we slip into 2026, and I know there was some speculation that the Gov might slip out news over the Christmas break, possibly looking to bury it in the distraction.

If it is, fine. If it isn’t, fine. In some respects, whilst I want to hear a positive outcome on the 2nd easements, much like someone close dying over the Christmas period, for the heavily involved local people, it could be seen as an unnecessarily cruel timing, set to repeat every year.

The confirmations this morning continue to confirm the future build out plans and the company’s confidence that the necessary easements will land. Not intending to get upset if these remaining 4 working days are lost in the mix..

Lil peep, hi.

Thanks for your trouble. An interesting piece.

My previous comments were prompted by the most recent company presentation.

Originally the Aldeia blocks were for the future but more recently, with the resource update especially with the good grades and easy access, it states that this might now be earlier (page 11). In addition if you compare the pictures on page 11 and page 17, phase 1, this looks like it covers not only the C-100 lease but also the Aldeia Block A.

The application for the 2nd easements came shortly after the completion of the drilling work allowed by the initial easement and with the results, it may well have changed their preferred approach. Either way, the 2nd easements are not just an extension of the first, so effectively are a new application, so renewed process. To be fair, without the new drilling info, would the company have known exactly what they were going to need in the 2nd application, now understanding that Aldeia was to become part of the initial phase.

If the thesis is correct, it may help explain what would otherwise seem like the Order of Procrastination with Bar and whilst we may have to wait until the legal transfer is completed, at least we would know that everything is confirmed and this Limbo-land suspension is likely to end.

As for patience, parked on the driveway with a full tank but not going anywhere.

Whilst delivery of the DFS is notable, I have to say that I can but hope that when SAV actually manages to get to that stage, that it compares favourably.

Is their prospective IRR more of a big Err? Worth the risk?

The initial bounce (on top of a bounce from the funding confirmation) has been muted and deflating as calculators hit the = button.

Just wondering and I have no idea of the answers or, indeed, whether the questions are relevant.

I do understand that the first tranche of easements took time to be worked up, applied for and then ruled on initially in Dec 2024. These were then challenged, with the results of the appeal being made quite quickly, about a fortnight later.

We know that the company then applied for the second tranche of easements sometime around May. I don’t know how long it took for the first tranche to be considered/decided upon but may be guilty of considering the relative speed of the appeal’s rebuttal as being a ‘new norm’. Obviously the Gov’s comment to say that any decision on the easements would be after the local elections, kicking things further down the road frustratingly, but this also stoked an expectation that it would follow through under the ‘new norm’ fortnight or so. As we know, that has not happened as yet.

Were any of the areas in the 2nd easement application in any of the Aldeia lease areas? Has the Gov been waiting for the Aldeia purchase to (almost) complete to avoid further complications on any appeal? Like I say, I have no idea but the mind can become fertile in barren times.

Meanwhile, another broker update from Canaccord this morning describes the imminent acquisition of the ‘Aldeia Mining Lease was a significant positive for SAV’. 2 positive noises in the past month without shifting their target sp or rating. Hardly surprising as we know what they are waiting for.

No comment on its content but full marks on its completion and getting the barriers lifted for progression.

When we are able, it will be interesting to compare the relative merits of both investment cases.

Nothing can progress until 2nd easements. At this stage, you need look no further or waste effort considering other issues.

That is the truly pivotal point