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I have dug deeper and it appears the people behind Amapa Minerals developing the Tucano gold mine have strong connections to Starboard.

February 16, 2018

SAO PAULO (Reuters) - Apollo Global Management LLC has agreed to acquire a 20 percent stake in Brazilian special situations investment firm Starboard Restructuring Partners, the two firms said in a statement on Friday.

Interesting!

I'm almost saying primed!

AI suggests the reporting will be:

Installation Licence (LI) – SEMA

Published in the Diário Oficial do Estado do Amapá (DOE/AP)

Appears as “Licença de Instalação nº XXXX/2026 – SEMA/AP”

Includes company name, validity, and conditions (“condicionantes”)

Typically published early morning Brazil time

Company usually announces the same day or within 24 hours

This is the main trigger event that confirms project approval.

Water Abstraction Licence (Outorga de Uso de Água)

Also published in DOE/AP

Listed as “Outorga de direito de uso de recursos hídricos”

Includes process number, water source, and usage limits

Issued by SEMA/AP water resources division

May appear separately or referenced within broader licensing

Often not highlighted publicly unless it was a key blocker.

Tailings Disposal Approval

Usually not a standalone licence

Often included within the Installation Licence conditions

May appear as “autorização para disposição de rejeitos”

Can also be issued via SEMA technical approvals or portarias

Typically buried within regulatory text rather than announced separately.

IPHAN Archaeological Clearance (via TAC)

Managed by IPHAN (federal heritage authority)

Usually completed via a TAC (Termo de Ajustamento de Conduta)

May not be publicly published in an obvious way

Sometimes appears in the federal gazette, but often doesn’t

More commonly referenced indirectly within the Installation Licence

How it works in practice

All approvals are typically completed internally first

Then the Installation Licence is issued as the final step

The LI confirms all other requirements have been satisfied

What you will actually see

One key publication: “Licença de Instalação concedida”

Other approvals may not appear clearly or separately

The LI effectively confirms:

Water licence approved

Tailings approval approved

IPHAN clearance completed.

Bottom line, do not expect four separate announcements The Installation Licence is the only signal that really matters Once published, the project is fully cleared to proceed.

#####

Still, something might appear, hopefully we start to see some decent uptick in SP if all goes well, I still expect Starboard to be knocking on the door so that may include some connection to Apollo Fund Management, just my view.

KM has stated they would like to be producing from Azteca prior to any buy offer, I do believe people should take account of the progress we have made and where we are now, just a couple of minutes from this timeline does it for me:

https://youtu.be/lFqTUX0KSNk?si=2xGyTgojui-xOk1K&t=1385

I've run this through AI and think this is reasonably conservative figures produced from more than one AI engine for a buyout offer estimate:

Conservative (20% NPV)Current state; Licence pending; Pre-production.$140 million (~£112m)

Reasonable (35% NPV)License granted; Azteca Plant producing cash flow.$246 million (~£196m)

Bull Case (50% NPV)Full 5.5 Mtpa DFS completed; Tier 1 bidding war.$351 million (~£280m)

How close are we to the lower figure being realised? could be very close if we get the licenses, so I agree a fair SP in the range @Struv and @Coffeenut suggest 15p - 25p as we hit production and see what offers might surface that will possibly push us up to 40p plus this side of a DFS.

Good to see that although we didn't get the licenses announced yesterday that the SP didn't dip too much outside daily trading ranges.

That's a good indicator they believe the rail and mining is coming alive?

We have used the port for shipping, more to do with past liabilities, IMHO

Good the see the activity in the state stepping up:

The Government of Amapá, in partnership with the Superintendency of the Manaus Free Trade Zone (Suframa), will promote another edition of the “Regional Integration and Development Interiorization Journey” on the 23rd and 24th in Macapá. The event will be held in the auditorium of the Sacaca Museum and aims to disseminate investment opportunities, tax incentives, and Research, Development and Innovation (R&D&I) programs in the area of ​​operation of the agency.

The event is aimed at business owners, merchants, representatives of government agencies, students and professionals in administration, accounting and economics, among others, as well as professionals working in the Science, Technology and Innovation ecosystem

https://www.diariodoamapa.com.br/cadernos/politica/amapa-recebe-nova-edicao-da-jornada-de-integracao-e-desenvolvimento-da-suframa/

The Manaus Free Trade Zone (ZFM) is Brazil’s largest special economic zone, designed to attract industry into the Amazon by offering major tax incentives

Yes @noodlebrain, could be in April still, here's my summary with timelines its taken me about a minute to rush it out, all can be found on YT:

1. Expected Licensing Timelines

The CEO described the current status as an "administrative finish line" rather than a technical one, as no new field studies are required. [19:02]

Azteca Plant Installation License (LI): The company expects to receive the final approvals within the next 2 to 3 weeks (late April to early May 2026). [41:05]

Key Dependencies: The license depends on three converging administrative strands:

Water Abstraction License: Currently with SEMA for final review. [17:24]

Tailings Disposal License: Also with SEMA for final review. [17:24]

Archaeological Clearance (IPHAN): No field studies are required; they are simply finalizing a TAC (Termo de Ajustamento de Conduta), which is already drafted and in the final legal review stage. [17:41]

Commissioning/Production: Based on these dates, the company maintains its target to commission the plant by the end of June 2026, with first production in July 2026. [11:00], [29:22]

2. JV and Buyout Potential

The CEO explicitly addressed the potential for strategic partnerships, JVs, or a project sale:

Strategic Interest: Morzaria confirmed there is "measurable inbound interest" and ongoing diligence from Tier 1 miners and steel majors. [23:07] He noted that a fully integrated, high-grade (DR-grade) project with its own rail and port is the exact profile these groups seek. [22:49]

Buyout Philosophy: The board’s stance is to maximize shareholder value and not "pre-commit to one end state." [26:51] He stated that if a "credible offer emerges" that fairly reflects the project's value, it would be considered. [27:12]

Negotiation Strategy: However, he emphasized that the best way to improve a buyout or JV price is to first get into production and fund the Definitive Feasibility Study (DFS) using internal cash flow. [27:25] By proving they can operate and generate cash, they "strengthen their hand" in conversations with Tier 1 partners. [23:14]

JV Alignment: He confirmed that their current JV partner, Indosina, is fully aligned with the development strategy and that their historical data and local knowledge have been vital to the project's progress. [53:26], [55:00]

Summary for Investors: The "hard gating item" is the administrative sign-off on the licenses, which is expected in the coming weeks. The company is currently positioning itself as a producer first to force a higher valuation from the Tier 1 companies currently conducting "inbound" due diligence. [39:41]

https://youtu.be/lFqTUX0KSNk?si=H7MDsJyMpsKdO1Gt&t=2

Thanks Gemini - as always with AI generated DYOR

Seeing ITM fly today, all looks good for renewables and other energy oil alternatives - battery storage is growing and is very competitive now along with wind and solar:

https://www.msn.com/en-us/money/markets/albemarle-soars-to-nearly-three-year-high-as-lithium-rebound-sparks-momentum/ar-AA214k39?ocid=finance-verthp-feeds

As of mid April, Chinese lithium carbonate prices have jumped ~40% YTD, according to Trading Economics, due to a recent surge in electric vehicle demand from the oil shock sparked by the Iran war, renewed power infrastructure investment, and tightening supply from key mine closures in China.

I'm sure we will be using ICSID and that the outcome of the Ganfeng case might lead to an early settlement rather than the conclusion of our claim:

1. The Supreme Court Rulings (Domestic)

The Court issued two major decisions that consolidated the government's power over lithium:

• March 25, 2026: The SCJN Plenary upheld the 2022 Mining Law amendment. The Court ruled that designating lithium as a "national heritage" resource and reserving its exploration/exploitation exclusively for the State is constitutional. It dismissed arguments that the government lacked the authority to retroactively reserve lithium, citing the constitutional updates of October 2024 as the final legal baseline.

• April 10, 2026: In a binding precedent, the Court ruled that existing mining concessions do not constitute "vested rights" regarding their extensions. This means while a company may hold a title, they have no "acquired right" to have it renewed or protected from regulatory changes like the lithium nationalization. This ruling effectively killed Ganfeng's domestic amparo (injunction) lawsuits.

20th January 2026:

According to the company's CEO, Raquel Dalseco, prior authorization has already been granted by the State Secretariat for the Environment (Sema), while the installation process for the extraction plant is 90% complete, with full completion expected within the next three months.

Still within that timeframe so consistent with the update today.

Not Li?

Not long to wait and see what KM has to say, @Bannor, sorry it's late, ' there's no RNS' see what today brings.

I'm still optimistic for our Sonora claim, global events are driving renewables through the roof - how long can Mexico afford to lock out lithium, Ganfeng and Sonora, that could easily force a settlement:

https://www.msn.com/en-us/money/markets/albemarle-soars-to-nearly-three-year-high-as-lithium-rebound-sparks-momentum/ar-AA214k39?ocid=finance-verthp-feeds

As of mid April, Chinese lithium carbonate prices have jumped ~40% YTD, according to Trading Economics, due to a recent surge in electric vehicle demand from the oil shock sparked by the Iran war, renewed power infrastructure investment, and tightening supply from key mine closures in China.

News coming in the UK on energy strategy, battery storage is so cheap now!

GLA

What the day before the scheduled meeting @gary you pluck up the courage to post a bold prediction - still an element of risk as they may inform Dev Mineracao during working hours in Amapa!

I'll post at 7:01 to be sure - remember well over a month since the 'minor' amended details were submitted and no further requirement announced in several weeks indicates this is going through, well that's my view.

@JonnyCache,

I've posted a couple of times on my findings, interested to see your view, if you see my post:

RE: Holding 31 Mar 2026 22:09

I would hope late today, @Coffeenut,

On a positive note we have had over a month for other requests for licensing to be challenged or additional reporting to be raised!

@Bannor,

I agree, to be clear the spineless to me is the multi ID people who will return to say how they were right all along if things go pear shaped but unlike many LTH's who make their position clear they do not show their hand.

They will be very vocal on failure and silent on success, for those who hold and can take at profit, I'm all for that!

Blimey, this is news to me!!

“The value of investments can go down as well as up, and you may get back less than you invested.”

;-0

GL, those who have a spine, I hope this week delivers - and the spineless - no one cares what you think.

@MLQ, I do believe it's Amapa Minerals - now do some digging and you will find who is backing that Tucano Gold project - Starboard

For Dev, I think this is the way we are heading:

What usually happens (DOE vs company RNS timing)

1. Legal effect comes from publication

In Brazil, licences (LP, LI, LO) are generally only legally valid once published in the Diário Oficial do Estado do Amapá (DOE/AP).

So the DOE is the formal, binding record.

2. Internal notification often happens first (or same day)

The company (e.g. DEV Mineração / Cadence JV) is usually informed slightly before publication via:

SEMA/AP internal system updates

Direct communication (email / portal)

This can be:

Same day (very common)

Hours before DOE publication

Occasionally 1–2 days earlier

3. DOE publication lag

After approval is signed, the notice is queued for the DOE.

Typical lag:

Same day (best case)

24–72 hours (very common)

Longer delays can happen around:

holidays (e.g. Easter in Amapá)

backlog / administrative batching

My expectation, and why I did my full allowance also today - well 6p left for the year! IMHO Starboard will have an influence on our project if only just the railroad - but could be a bigger role.

@deepbreath, yes, Tax Man LOL!

https://www.gov.uk/capital-gains-tax/losses