Interim Results
Original announcement by lse on
- Company
- Savannah Resources Plc
- Ticker
- SAV
- Exchange
- LSE
- Region
- Portugal
- Primary commodity
- Lithium
- Secondary commodities
- Iron ore
- Document categories
- Resource update, Metallurgy, Other
- Extracted
- 2026-09-21 16:27:43 UTC
Analysis by Minestarters Atlas
Atlas analysis published:
Minestarters Atlas analysis
Summary
Savannah Resources announced strong interim results, highlighted by the completion of a Definitive Feasibility Study for its Barroso Lithium Project in Portugal. The DFS outlines robust economics, including a post-tax NPV8 of US$913 million and a 43.2% IRR, supported by a maiden JORC Probable Ore Reserve of 20.0 Mt at 0.99% Li₂O and an updated Mineral Resource of 39.2 Mt at 1.05% Li₂O. The company also secured a significant non-reimbursable Portuguese State grant of up to €110 million and is progressing towards a Final Investment Decision in early 2027.
Reasoning: Savannah Resources announced highly positive interim results, highlighted by the completion of a Definitive Feasibility Study for its Barroso Lithium Project. This included a maiden JORC Probable Ore Reserve and a significantly updated Mineral Resource, both demonstrating robust economics and strong confidence. The company also secured substantial state funding and made considerable progress on project development milestones, de-risking the project towards a Final Investment Decision.
Positive factors
- Maiden JORC Probable Ore Reserve established
- Updated Mineral Resource shows significant growth and high M&I confidence
- Strong DFS economics with high post-tax NPV and IRR
- Significant non-reimbursable Portuguese State grant secured
- Good lithium recovery achieved in DFS
- Progress on permitting, financing, and stakeholder engagement
Negative factors
- Increased operating losses due to higher administrative expenses
- Material uncertainty regarding going concern due to funding requirements, though directors are confident
Facts used in scoring: 34
Classification and evidence
Maiden Resourceneutral
First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component.
Why it applies: The document explicitly states 'the delivery of a maiden JORC Ore Reserve'.
Evidence · text
“the delivery of a maiden JORC Ore Reserve”
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: The Reserve and Resource estimates were prepared in accordance with the JORC Code 2012.
Evidence · text
“Both estimates were prepared in accordance with the JORC Code 2012.”
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: Snowden Optiro undertook the Reserve assessment and Ashmore Advisory prepared the Mineral Resource estimate, indicating Qualified Person sign-off.
Evidence · text
“Reserve assessment undertaken by Snowden Optiro with an updated Mineral Resource estimate prepared by Ashmore Advisory.”
Tonnage Growthpositive
Significant tonnage increase (≥15%) vs prior estimate with grade maintained or improved.
Why it applies: The updated Mineral Resource of 39.2Mt is approximately twice the size of the initial JORC Reserve estimate of 20.0Mt, and was updated from a previous September 2025 estimate.
Evidence · text
“An updated Mineral Resource was estimated at 39.2Mt at 1.05% Li₂O, approximately twice the size of the initial JORC Reserve estimate”
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: The updated Mineral Resource totals 39.2Mt at 1.05% Li₂O, containing approximately 409,200 tonnes of Li₂O, which is a strong contained metal figure for lithium.
Evidence · text
“The estimate now totals 39.2Mt at 1.05% Li₂O, containing approximately 409,200 tonnes of Li₂O.”
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: The updated Mineral Resource includes 8.7Mt in the Measured category, indicating high confidence.
Evidence · text
“This includes 8.7Mt in the Measured category”
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: The updated Mineral Resource includes 18.1Mt in the Indicated category, indicating good confidence.
Evidence · text
“18.1Mt in the Indicated category”
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: The updated Mineral Resource includes 12.3Mt in the Inferred category, which is a speculative category.
Evidence · text
“12.3Mt in the Inferred category”
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: The Mineral Resource Estimate uses a 0.5% Li₂O cut-off, which is clearly stated.
Evidence · text
“The Mineral Resource Estimate is inclusive of the Ore Reserve and uses a 0.5% Li₂O cut-off.”
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: The resource and reserve estimates were prepared in support of the Phase 1 Definitive Feasibility Study.
Evidence · text
“In support of the Phase 1 DFS Mine plan, a principal objective of Savannah’s technical programme was to convert c.75% of the Project’s current Measured and Indicated JORC Mineral Resources into a maiden Ore Reserve.”
Moderate Recoveryneutral · Story-specific tag
No canonical definition is currently available.
Why it applies: The plant Li₂O recovery is reported at 69.6%, which falls within the moderate range (65-70%) for lithium flotation.
Evidence · table
“69.6”
Context: Plant Li₂O recovery
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: the document describes a flotation route ("flotation")
Gravity Routeneutral
Gravity separation forms a material part of the flowsheet.
Why it applies: the document describes a gravity route ("dense media separation")
Extracted facts
Stored fact records: 34. Some facts used in scoring do not have a stored record.
Resource Estimates (33)
probableBarroso Lithium Project · lithiumTonnes: 20000000Grade: 0.99Grade Unit: % Li₂OView all detailsHide details
Identity
- Project
- Barroso Lithium Project
- Commodity
- lithium
- Region
- portugal
- Reported Region
- Portugal
- Ticker
- SAV
Resource scope
- Estimate type
- reserve
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Snowden Optiro, Ashmore Advisory
- Resource group id
- resource:83a23e623112d204c29f
- Mining method
- open_pit
Resource Data
- Category
- probable
- Tonnes
- 20000000
- Grade
- 0.99
- Grade Unit
- % Li₂O
- Cutoff Grade
- 0.5
- Cutoff Unit
- % Li₂O
Prior Estimate
- Resource Date
- 2026-07
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-18T00:00:00.000Z
Reasoning: The establishment of a maiden JORC Probable Ore Reserve of 20.0 Mt at 0.99% Li₂O is a significant de-risking milestone for the project, confirming economic viability and supporting the positive DFS results.
Positive factors
- Maiden JORC Probable Ore Reserve established
- Economic grade for lithium
- Supports robust DFS economics
- JORC Code 2012 compliant
Evidence · table
“20.0 / 0.99”
Context: Total JORC Reserve / average Li₂O grade
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
No QP/CP Disclosurenegative
No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.
Why it applies: no Qualified or Competent Person is named anywhere in the release
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
measuredBarroso Lithium Project · lithiumTonnes: 8700000Grade: 1.06Grade Unit: % Li₂OContained Metal: 93100Contained Unit: tView all detailsHide details
Identity
- Project
- Barroso Lithium Project
- Commodity
- lithium
- Region
- portugal
- Reported Region
- Portugal
- Ticker
- SAV
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Snowden Optiro, Ashmore Advisory
- Resource group id
- resource:60c0f6d6dcde121bd350
- Deposit or zone
- Grandão
- Mining method
- open_pit
Resource Data
- Category
- measured
- Tonnes
- 8700000
- Grade
- 1.06
- Grade Unit
- % Li₂O
- Contained Metal
- 93100
- Contained Unit
- t
- Cutoff Grade
- 0.5
- Cutoff Unit
- % Li₂O
Prior Estimate
- Resource Date
- 2026-04
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-18T00:00:00.000Z
Reasoning: The Measured resource at Grandão provides high confidence in a significant portion of the project's lithium inventory, supporting future reserve conversion and mine planning.
Positive factors
- High confidence Measured category
- Economic grade for lithium
- Contributes to overall strong resource base
Evidence · table
“8.7”
Context: Grandão
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No QP/CP Disclosurenegative
No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.
Why it applies: no Qualified or Competent Person is named anywhere in the release
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
measuredBarroso Lithium Project · iron_oreTonnes: 8700000Grade: 0.7Grade Unit: % Fe₂O₃View all detailsHide details
Identity
- Project
- Barroso Lithium Project
- Commodity
- iron_ore
- Region
- portugal
- Reported Region
- Portugal
- Ticker
- SAV
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Snowden Optiro, Ashmore Advisory
- Resource group id
- resource:60c0f6d6dcde121bd350
- Deposit or zone
- Grandão
- Mining method
- open_pit
Resource Data
- Category
- measured
- Tonnes
- 8700000
- Grade
- 0.7
- Grade Unit
- % Fe₂O₃
- Cutoff Grade
- 0.5
- Cutoff Unit
- % Li₂O
Prior Estimate
- Resource Date
- 2026-04
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-18T00:00:00.000Z
Reasoning: Iron oxide is reported as an impurity in the Measured resource, providing additional detail on the ore body's composition.
Evidence · table
“0.7”
Context: Grandão
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
No QP/CP Disclosurenegative
No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.
Why it applies: no Qualified or Competent Person is named anywhere in the release
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedBarroso Lithium Project · lithiumTonnes: 5000000Grade: 1.03Grade Unit: % Li₂OContained Metal: 51100Contained Unit: tView all detailsHide details
Identity
- Project
- Barroso Lithium Project
- Commodity
- lithium
- Region
- portugal
- Reported Region
- Portugal
- Ticker
- SAV
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Snowden Optiro, Ashmore Advisory
- Resource group id
- resource:6c882036004004e6e077
- Deposit or zone
- Grandão
- Mining method
- open_pit
Resource Data
- Category
- indicated
- Tonnes
- 5000000
- Grade
- 1.03
- Grade Unit
- % Li₂O
- Contained Metal
- 51100
- Contained Unit
- t
- Cutoff Grade
- 0.5
- Cutoff Unit
- % Li₂O
Prior Estimate
- Resource Date
- 2026-04
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-18T00:00:00.000Z
Reasoning: The Indicated resource at Grandão adds to the high-confidence portion of the project's lithium inventory, suitable for detailed planning and reserve conversion.
Positive factors
- High confidence Indicated category
- Economic grade for lithium
- Contributes to overall strong resource base
Evidence · table
“5.0”
Context: Grandão
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No QP/CP Disclosurenegative
No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.
Why it applies: no Qualified or Competent Person is named anywhere in the release
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedBarroso Lithium Project · iron_oreTonnes: 5000000Grade: 0.8Grade Unit: % Fe₂O₃View all detailsHide details
Identity
- Project
- Barroso Lithium Project
- Commodity
- iron_ore
- Region
- portugal
- Reported Region
- Portugal
- Ticker
- SAV
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Snowden Optiro, Ashmore Advisory
- Resource group id
- resource:6c882036004004e6e077
- Deposit or zone
- Grandão
- Mining method
- open_pit
Resource Data
- Category
- indicated
- Tonnes
- 5000000
- Grade
- 0.8
- Grade Unit
- % Fe₂O₃
- Cutoff Grade
- 0.5
- Cutoff Unit
- % Li₂O
Prior Estimate
- Resource Date
- 2026-04
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-18T00:00:00.000Z
Reasoning: Iron oxide is reported as an impurity in the Indicated resource, providing additional detail on the ore body's composition.
Evidence · table
“0.8”
Context: Grandão
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
No QP/CP Disclosurenegative
No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.
Why it applies: no Qualified or Competent Person is named anywhere in the release
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredBarroso Lithium Project · lithiumTonnes: 4400000Grade: 1.06Grade Unit: % Li₂OContained Metal: 46400Contained Unit: tView all detailsHide details
Identity
- Project
- Barroso Lithium Project
- Commodity
- lithium
- Region
- portugal
- Reported Region
- Portugal
- Ticker
- SAV
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Snowden Optiro, Ashmore Advisory
- Resource group id
- resource:bf7784b2505b26e41c30
- Deposit or zone
- Grandão
- Mining method
- open_pit
Resource Data
- Category
- inferred
- Tonnes
- 4400000
- Grade
- 1.06
- Grade Unit
- % Li₂O
- Contained Metal
- 46400
- Contained Unit
- t
- Cutoff Grade
- 0.5
- Cutoff Unit
- % Li₂O
Prior Estimate
- Resource Date
- 2026-04
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-18T00:00:00.000Z
Reasoning: The Inferred resource at Grandão, while lower confidence, indicates significant potential for future resource growth and conversion with further drilling.
Positive factors
- Economic grade for lithium
- Provides future growth potential
Negative factors
- Lower confidence Inferred category
Evidence · table
“4.4”
Context: Grandão
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No QP/CP Disclosurenegative
No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.
Why it applies: no Qualified or Competent Person is named anywhere in the release
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredBarroso Lithium Project · iron_oreTonnes: 4400000Grade: 0.8Grade Unit: % Fe₂O₃View all detailsHide details
Identity
- Project
- Barroso Lithium Project
- Commodity
- iron_ore
- Region
- portugal
- Reported Region
- Portugal
- Ticker
- SAV
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Snowden Optiro, Ashmore Advisory
- Resource group id
- resource:bf7784b2505b26e41c30
- Deposit or zone
- Grandão
- Mining method
- open_pit
Resource Data
- Category
- inferred
- Tonnes
- 4400000
- Grade
- 0.8
- Grade Unit
- % Fe₂O₃
- Cutoff Grade
- 0.5
- Cutoff Unit
- % Li₂O
Prior Estimate
- Resource Date
- 2026-04
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-18T00:00:00.000Z
Reasoning: Iron oxide is reported as an impurity in the Inferred resource, providing additional detail on the ore body's composition.
Evidence · table
“0.8”
Context: Grandão
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
No QP/CP Disclosurenegative
No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.
Why it applies: no Qualified or Competent Person is named anywhere in the release
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedBarroso Lithium Project · lithiumTonnes: 5300000Grade: 0.98Grade Unit: % Li₂OContained Metal: 52000Contained Unit: tView all detailsHide details
Identity
- Project
- Barroso Lithium Project
- Commodity
- lithium
- Region
- portugal
- Reported Region
- Portugal
- Ticker
- SAV
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Snowden Optiro, Ashmore Advisory
- Resource group id
- resource:fcf8c1ca68fc53f58edd
- Deposit or zone
- Reservatório – within C-100
- Mining method
- open_pit
Resource Data
- Category
- indicated
- Tonnes
- 5300000
- Grade
- 0.98
- Grade Unit
- % Li₂O
- Contained Metal
- 52000
- Contained Unit
- t
- Cutoff Grade
- 0.5
- Cutoff Unit
- % Li₂O
Prior Estimate
- Resource Date
- 2026-04
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-18T00:00:00.000Z
Reasoning: The Indicated resource at Reservatório (within C-100) adds to the high-confidence portion of the project's lithium inventory, suitable for detailed planning and reserve conversion.
Positive factors
- High confidence Indicated category
- Economic grade for lithium
- Contributes to overall strong resource base
Evidence · table
“5.3”
Context: Reservatório – within C-100
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No QP/CP Disclosurenegative
No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.
Why it applies: no Qualified or Competent Person is named anywhere in the release
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedBarroso Lithium Project · iron_oreTonnes: 5300000Grade: 0.9Grade Unit: % Fe₂O₃View all detailsHide details
Identity
- Project
- Barroso Lithium Project
- Commodity
- iron_ore
- Region
- portugal
- Reported Region
- Portugal
- Ticker
- SAV
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Snowden Optiro, Ashmore Advisory
- Resource group id
- resource:fcf8c1ca68fc53f58edd
- Deposit or zone
- Reservatório – within C-100
- Mining method
- open_pit
Resource Data
- Category
- indicated
- Tonnes
- 5300000
- Grade
- 0.9
- Grade Unit
- % Fe₂O₃
- Cutoff Grade
- 0.5
- Cutoff Unit
- % Li₂O
Prior Estimate
- Resource Date
- 2026-04
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-18T00:00:00.000Z
Reasoning: Iron oxide is reported as an impurity in the Indicated resource, providing additional detail on the ore body's composition.
Evidence · table
“0.9”
Context: Reservatório – within C-100
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
No QP/CP Disclosurenegative
No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.
Why it applies: no Qualified or Competent Person is named anywhere in the release
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredBarroso Lithium Project · lithiumTonnes: 800000Grade: 1.1Grade Unit: % Li₂OContained Metal: 9200Contained Unit: tView all detailsHide details
Identity
- Project
- Barroso Lithium Project
- Commodity
- lithium
- Region
- portugal
- Reported Region
- Portugal
- Ticker
- SAV
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Snowden Optiro, Ashmore Advisory
- Resource group id
- resource:5e6e8d890c3176c40358
- Deposit or zone
- Reservatório – within C-100
- Mining method
- open_pit
Resource Data
- Category
- inferred
- Tonnes
- 800000
- Grade
- 1.1
- Grade Unit
- % Li₂O
- Contained Metal
- 9200
- Contained Unit
- t
- Cutoff Grade
- 0.5
- Cutoff Unit
- % Li₂O
Prior Estimate
- Resource Date
- 2026-04
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-18T00:00:00.000Z
Reasoning: The Inferred resource at Reservatório (within C-100), while lower confidence, indicates potential for future resource growth and conversion with further drilling.
Positive factors
- Economic grade for lithium
- Provides future growth potential
Negative factors
- Lower confidence Inferred category
Evidence · table
“0.8”
Context: Reservatório – within C-100
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No QP/CP Disclosurenegative
No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.
Why it applies: no Qualified or Competent Person is named anywhere in the release
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredBarroso Lithium Project · iron_oreTonnes: 800000Grade: 0.9Grade Unit: % Fe₂O₃View all detailsHide details
Identity
- Project
- Barroso Lithium Project
- Commodity
- iron_ore
- Region
- portugal
- Reported Region
- Portugal
- Ticker
- SAV
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Snowden Optiro, Ashmore Advisory
- Resource group id
- resource:5e6e8d890c3176c40358
- Deposit or zone
- Reservatório – within C-100
- Mining method
- open_pit
Resource Data
- Category
- inferred
- Tonnes
- 800000
- Grade
- 0.9
- Grade Unit
- % Fe₂O₃
- Cutoff Grade
- 0.5
- Cutoff Unit
- % Li₂O
Prior Estimate
- Resource Date
- 2026-04
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-18T00:00:00.000Z
Reasoning: Iron oxide is reported as an impurity in the Inferred resource, providing additional detail on the ore body's composition.
Evidence · table
“0.9”
Context: Reservatório – within C-100
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
No QP/CP Disclosurenegative
No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.
Why it applies: no Qualified or Competent Person is named anywhere in the release
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedBarroso Lithium Project · lithiumTonnes: 2800000Grade: 1.02Grade Unit: % Li₂OContained Metal: 28600Contained Unit: tView all detailsHide details
Identity
- Project
- Barroso Lithium Project
- Commodity
- lithium
- Region
- portugal
- Reported Region
- Portugal
- Ticker
- SAV
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Snowden Optiro, Ashmore Advisory
- Resource group id
- resource:8be1bddb95c6e9352e8f
- Deposit or zone
- Reservatório – area under application
- Mining method
- open_pit
Resource Data
- Category
- indicated
- Tonnes
- 2800000
- Grade
- 1.02
- Grade Unit
- % Li₂O
- Contained Metal
- 28600
- Contained Unit
- t
- Cutoff Grade
- 0.5
- Cutoff Unit
- % Li₂O
Prior Estimate
- Resource Date
- 2026-04
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-18T00:00:00.000Z
Reasoning: The Indicated resource at Reservatório (area under application) adds to the high-confidence portion of the project's lithium inventory, suitable for detailed planning and reserve conversion.
Positive factors
- High confidence Indicated category
- Economic grade for lithium
- Contributes to overall strong resource base
Evidence · table
“2.8”
Context: Reservatório – area under application
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No QP/CP Disclosurenegative
No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.
Why it applies: no Qualified or Competent Person is named anywhere in the release
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedBarroso Lithium Project · iron_oreTonnes: 2800000Grade: 0.9Grade Unit: % Fe₂O₃View all detailsHide details
Identity
- Project
- Barroso Lithium Project
- Commodity
- iron_ore
- Region
- portugal
- Reported Region
- Portugal
- Ticker
- SAV
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Snowden Optiro, Ashmore Advisory
- Resource group id
- resource:8be1bddb95c6e9352e8f
- Deposit or zone
- Reservatório – area under application
- Mining method
- open_pit
Resource Data
- Category
- indicated
- Tonnes
- 2800000
- Grade
- 0.9
- Grade Unit
- % Fe₂O₃
- Cutoff Grade
- 0.5
- Cutoff Unit
- % Li₂O
Prior Estimate
- Resource Date
- 2026-04
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-18T00:00:00.000Z
Reasoning: Iron oxide is reported as an impurity in the Indicated resource, providing additional detail on the ore body's composition.
Evidence · table
“0.9”
Context: Reservatório – area under application
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
No QP/CP Disclosurenegative
No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.
Why it applies: no Qualified or Competent Person is named anywhere in the release
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredBarroso Lithium Project · lithiumTonnes: 3200000Grade: 0.89Grade Unit: % Li₂OContained Metal: 28100Contained Unit: tView all detailsHide details
Identity
- Project
- Barroso Lithium Project
- Commodity
- lithium
- Region
- portugal
- Reported Region
- Portugal
- Ticker
- SAV
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Snowden Optiro, Ashmore Advisory
- Resource group id
- resource:3b36d30a9bcb8fba21be
- Deposit or zone
- Reservatório – area under application
- Mining method
- open_pit
Resource Data
- Category
- inferred
- Tonnes
- 3200000
- Grade
- 0.89
- Grade Unit
- % Li₂O
- Contained Metal
- 28100
- Contained Unit
- t
- Cutoff Grade
- 0.5
- Cutoff Unit
- % Li₂O
Prior Estimate
- Resource Date
- 2026-04
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-18T00:00:00.000Z
Reasoning: The Inferred resource at Reservatório (area under application), while lower confidence, indicates potential for future resource growth and conversion with further drilling.
Positive factors
- Economic grade for lithium
- Provides future growth potential
Negative factors
- Lower confidence Inferred category
Evidence · table
“3.2”
Context: Reservatório – area under application
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No QP/CP Disclosurenegative
No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.
Why it applies: no Qualified or Competent Person is named anywhere in the release
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredBarroso Lithium Project · iron_oreTonnes: 3200000Grade: 0.8Grade Unit: % Fe₂O₃View all detailsHide details
Identity
- Project
- Barroso Lithium Project
- Commodity
- iron_ore
- Region
- portugal
- Reported Region
- Portugal
- Ticker
- SAV
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Snowden Optiro, Ashmore Advisory
- Resource group id
- resource:3b36d30a9bcb8fba21be
- Deposit or zone
- Reservatório – area under application
- Mining method
- open_pit
Resource Data
- Category
- inferred
- Tonnes
- 3200000
- Grade
- 0.8
- Grade Unit
- % Fe₂O₃
- Cutoff Grade
- 0.5
- Cutoff Unit
- % Li₂O
Prior Estimate
- Resource Date
- 2026-04
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-18T00:00:00.000Z
Reasoning: Iron oxide is reported as an impurity in the Inferred resource, providing additional detail on the ore body's composition.
Evidence · table
“0.8”
Context: Reservatório – area under application
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
No QP/CP Disclosurenegative
No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.
Why it applies: no Qualified or Competent Person is named anywhere in the release
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedBarroso Lithium Project · lithiumTonnes: 2600000Grade: 1.11Grade Unit: % Li₂OContained Metal: 28500Contained Unit: tView all detailsHide details
Identity
- Project
- Barroso Lithium Project
- Commodity
- lithium
- Region
- portugal
- Reported Region
- Portugal
- Ticker
- SAV
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Snowden Optiro, Ashmore Advisory
- Resource group id
- resource:b8cfc4ee2a8a743d14f0
- Deposit or zone
- Pinheiro
- Mining method
- open_pit
Resource Data
- Category
- indicated
- Tonnes
- 2600000
- Grade
- 1.11
- Grade Unit
- % Li₂O
- Contained Metal
- 28500
- Contained Unit
- t
- Cutoff Grade
- 0.5
- Cutoff Unit
- % Li₂O
Prior Estimate
- Resource Date
- 2026-04
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-18T00:00:00.000Z
Reasoning: The Indicated resource at Pinheiro adds to the high-confidence portion of the project's lithium inventory, suitable for detailed planning and reserve conversion.
Positive factors
- High confidence Indicated category
- Economic grade for lithium
- Contributes to overall strong resource base
Evidence · table
“2.6”
Context: Pinheiro
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No QP/CP Disclosurenegative
No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.
Why it applies: no Qualified or Competent Person is named anywhere in the release
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedBarroso Lithium Project · iron_oreTonnes: 2600000Grade: 0.7Grade Unit: % Fe₂O₃View all detailsHide details
Identity
- Project
- Barroso Lithium Project
- Commodity
- iron_ore
- Region
- portugal
- Reported Region
- Portugal
- Ticker
- SAV
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Snowden Optiro, Ashmore Advisory
- Resource group id
- resource:b8cfc4ee2a8a743d14f0
- Deposit or zone
- Pinheiro
- Mining method
- open_pit
Resource Data
- Category
- indicated
- Tonnes
- 2600000
- Grade
- 0.7
- Grade Unit
- % Fe₂O₃
- Cutoff Grade
- 0.5
- Cutoff Unit
- % Li₂O
Prior Estimate
- Resource Date
- 2026-04
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-18T00:00:00.000Z
Reasoning: Iron oxide is reported as an impurity in the Indicated resource, providing additional detail on the ore body's composition.
Evidence · table
“0.7”
Context: Pinheiro
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
No QP/CP Disclosurenegative
No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.
Why it applies: no Qualified or Competent Person is named anywhere in the release
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredBarroso Lithium Project · lithiumTonnes: 2200000Grade: 1.08Grade Unit: % Li₂OContained Metal: 23300Contained Unit: tView all detailsHide details
Identity
- Project
- Barroso Lithium Project
- Commodity
- lithium
- Region
- portugal
- Reported Region
- Portugal
- Ticker
- SAV
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Snowden Optiro, Ashmore Advisory
- Resource group id
- resource:e20f1c222d00e5fffc22
- Deposit or zone
- Pinheiro
- Mining method
- open_pit
Resource Data
- Category
- inferred
- Tonnes
- 2200000
- Grade
- 1.08
- Grade Unit
- % Li₂O
- Contained Metal
- 23300
- Contained Unit
- t
- Cutoff Grade
- 0.5
- Cutoff Unit
- % Li₂O
Prior Estimate
- Resource Date
- 2026-04
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-18T00:00:00.000Z
Reasoning: The Inferred resource at Pinheiro, while lower confidence, indicates potential for future resource growth and conversion with further drilling.
Positive factors
- Economic grade for lithium
- Provides future growth potential
Negative factors
- Lower confidence Inferred category
Evidence · table
“2.2”
Context: Pinheiro
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No QP/CP Disclosurenegative
No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.
Why it applies: no Qualified or Competent Person is named anywhere in the release
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredBarroso Lithium Project · iron_oreTonnes: 2200000Grade: 0.7Grade Unit: % Fe₂O₃View all detailsHide details
Identity
- Project
- Barroso Lithium Project
- Commodity
- iron_ore
- Region
- portugal
- Reported Region
- Portugal
- Ticker
- SAV
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Snowden Optiro, Ashmore Advisory
- Resource group id
- resource:e20f1c222d00e5fffc22
- Deposit or zone
- Pinheiro
- Mining method
- open_pit
Resource Data
- Category
- inferred
- Tonnes
- 2200000
- Grade
- 0.7
- Grade Unit
- % Fe₂O₃
- Cutoff Grade
- 0.5
- Cutoff Unit
- % Li₂O
Prior Estimate
- Resource Date
- 2026-04
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-18T00:00:00.000Z
Reasoning: Iron oxide is reported as an impurity in the Inferred resource, providing additional detail on the ore body's composition.
Evidence · table
“0.7”
Context: Pinheiro
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
No QP/CP Disclosurenegative
No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.
Why it applies: no Qualified or Competent Person is named anywhere in the release
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedBarroso Lithium Project · lithiumTonnes: 600000Grade: 1.03Grade Unit: % Li₂OContained Metal: 6300Contained Unit: tView all detailsHide details
Identity
- Project
- Barroso Lithium Project
- Commodity
- lithium
- Region
- portugal
- Reported Region
- Portugal
- Ticker
- SAV
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Snowden Optiro, Ashmore Advisory
- Resource group id
- resource:be5b6ab2f1c506d2bea5
- Deposit or zone
- NOA
- Mining method
- open_pit
Resource Data
- Category
- indicated
- Tonnes
- 600000
- Grade
- 1.03
- Grade Unit
- % Li₂O
- Contained Metal
- 6300
- Contained Unit
- t
- Cutoff Grade
- 0.5
- Cutoff Unit
- % Li₂O
Prior Estimate
- Resource Date
- 2026-04
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-18T00:00:00.000Z
Reasoning: The Indicated resource at NOA adds to the high-confidence portion of the project's lithium inventory, suitable for detailed planning and reserve conversion.
Positive factors
- High confidence Indicated category
- Economic grade for lithium
- Contributes to overall strong resource base
Evidence · table
“0.6”
Context: NOA
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No QP/CP Disclosurenegative
No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.
Why it applies: no Qualified or Competent Person is named anywhere in the release
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedBarroso Lithium Project · iron_oreTonnes: 600000Grade: 0.8Grade Unit: % Fe₂O₃View all detailsHide details
Identity
- Project
- Barroso Lithium Project
- Commodity
- iron_ore
- Region
- portugal
- Reported Region
- Portugal
- Ticker
- SAV
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Snowden Optiro, Ashmore Advisory
- Resource group id
- resource:be5b6ab2f1c506d2bea5
- Deposit or zone
- NOA
- Mining method
- open_pit
Resource Data
- Category
- indicated
- Tonnes
- 600000
- Grade
- 0.8
- Grade Unit
- % Fe₂O₃
- Cutoff Grade
- 0.5
- Cutoff Unit
- % Li₂O
Prior Estimate
- Resource Date
- 2026-04
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-18T00:00:00.000Z
Reasoning: Iron oxide is reported as an impurity in the Indicated resource, providing additional detail on the ore body's composition.
Evidence · table
“0.8”
Context: NOA
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
No QP/CP Disclosurenegative
No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.
Why it applies: no Qualified or Competent Person is named anywhere in the release
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredBarroso Lithium Project · lithiumTonnes: 100000Grade: 0.95Grade Unit: % Li₂OContained Metal: 400Contained Unit: tView all detailsHide details
Identity
- Project
- Barroso Lithium Project
- Commodity
- lithium
- Region
- portugal
- Reported Region
- Portugal
- Ticker
- SAV
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Snowden Optiro, Ashmore Advisory
- Resource group id
- resource:3c039f765c61d2dec021
- Deposit or zone
- NOA
- Mining method
- open_pit
Resource Data
- Category
- inferred
- Tonnes
- 100000
- Grade
- 0.95
- Grade Unit
- % Li₂O
- Contained Metal
- 400
- Contained Unit
- t
- Cutoff Grade
- 0.5
- Cutoff Unit
- % Li₂O
Prior Estimate
- Resource Date
- 2026-04
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-18T00:00:00.000Z
Reasoning: The Inferred resource at NOA, while lower confidence, indicates potential for future resource growth and conversion with further drilling.
Positive factors
- Economic grade for lithium
- Provides future growth potential
Negative factors
- Lower confidence Inferred category
Evidence · table
“0.1”
Context: NOA
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No QP/CP Disclosurenegative
No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.
Why it applies: no Qualified or Competent Person is named anywhere in the release
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredBarroso Lithium Project · iron_oreTonnes: 100000Grade: 0.5Grade Unit: % Fe₂O₃View all detailsHide details
Identity
- Project
- Barroso Lithium Project
- Commodity
- iron_ore
- Region
- portugal
- Reported Region
- Portugal
- Ticker
- SAV
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Snowden Optiro, Ashmore Advisory
- Resource group id
- resource:3c039f765c61d2dec021
- Deposit or zone
- NOA
- Mining method
- open_pit
Resource Data
- Category
- inferred
- Tonnes
- 100000
- Grade
- 0.5
- Grade Unit
- % Fe₂O₃
- Cutoff Grade
- 0.5
- Cutoff Unit
- % Li₂O
Prior Estimate
- Resource Date
- 2026-04
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-18T00:00:00.000Z
Reasoning: Iron oxide is reported as an impurity in the Inferred resource, providing additional detail on the ore body's composition.
Evidence · table
“0.5”
Context: NOA
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
No QP/CP Disclosurenegative
No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.
Why it applies: no Qualified or Competent Person is named anywhere in the release
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedBarroso Lithium Project · lithiumTonnes: 1800000Grade: 1.25Grade Unit: % Li₂OContained Metal: 22600Contained Unit: tView all detailsHide details
Identity
- Project
- Barroso Lithium Project
- Commodity
- lithium
- Region
- portugal
- Reported Region
- Portugal
- Ticker
- SAV
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Snowden Optiro, Ashmore Advisory
- Resource group id
- resource:a9723ce47f8a7883cfa0
- Deposit or zone
- Aldeia
- Mining method
- open_pit
Resource Data
- Category
- indicated
- Tonnes
- 1800000
- Grade
- 1.25
- Grade Unit
- % Li₂O
- Contained Metal
- 22600
- Contained Unit
- t
- Cutoff Grade
- 0.5
- Cutoff Unit
- % Li₂O
Prior Estimate
- Resource Date
- 2026-04
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-18T00:00:00.000Z
Reasoning: The Indicated resource at Aldeia adds to the high-confidence portion of the project's lithium inventory, suitable for detailed planning and reserve conversion.
Positive factors
- High confidence Indicated category
- Economic grade for lithium
- Contributes to overall strong resource base
Evidence · table
“1.8”
Context: Aldeia
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No QP/CP Disclosurenegative
No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.
Why it applies: no Qualified or Competent Person is named anywhere in the release
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedBarroso Lithium Project · iron_oreTonnes: 1800000Grade: 0.5Grade Unit: % Fe₂O₃View all detailsHide details
Identity
- Project
- Barroso Lithium Project
- Commodity
- iron_ore
- Region
- portugal
- Reported Region
- Portugal
- Ticker
- SAV
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Snowden Optiro, Ashmore Advisory
- Resource group id
- resource:a9723ce47f8a7883cfa0
- Deposit or zone
- Aldeia
- Mining method
- open_pit
Resource Data
- Category
- indicated
- Tonnes
- 1800000
- Grade
- 0.5
- Grade Unit
- % Fe₂O₃
- Cutoff Grade
- 0.5
- Cutoff Unit
- % Li₂O
Prior Estimate
- Resource Date
- 2026-04
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-18T00:00:00.000Z
Reasoning: Iron oxide is reported as an impurity in the Indicated resource, providing additional detail on the ore body's composition.
Evidence · table
“0.5”
Context: Aldeia
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
No QP/CP Disclosurenegative
No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.
Why it applies: no Qualified or Competent Person is named anywhere in the release
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredBarroso Lithium Project · lithiumTonnes: 1700000Grade: 1.16Grade Unit: % Li₂OContained Metal: 19700Contained Unit: tView all detailsHide details
Identity
- Project
- Barroso Lithium Project
- Commodity
- lithium
- Region
- portugal
- Reported Region
- Portugal
- Ticker
- SAV
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Snowden Optiro, Ashmore Advisory
- Resource group id
- resource:e3b3090d6efb51fa1b38
- Deposit or zone
- Aldeia
- Mining method
- open_pit
Resource Data
- Category
- inferred
- Tonnes
- 1700000
- Grade
- 1.16
- Grade Unit
- % Li₂O
- Contained Metal
- 19700
- Contained Unit
- t
- Cutoff Grade
- 0.5
- Cutoff Unit
- % Li₂O
Prior Estimate
- Resource Date
- 2026-04
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-18T00:00:00.000Z
Reasoning: The Inferred resource at Aldeia, while lower confidence, indicates potential for future resource growth and conversion with further drilling.
Positive factors
- Economic grade for lithium
- Provides future growth potential
Negative factors
- Lower confidence Inferred category
Evidence · table
“1.7”
Context: Aldeia
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No QP/CP Disclosurenegative
No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.
Why it applies: no Qualified or Competent Person is named anywhere in the release
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredBarroso Lithium Project · iron_oreTonnes: 1700000Grade: 0.5Grade Unit: % Fe₂O₃View all detailsHide details
Identity
- Project
- Barroso Lithium Project
- Commodity
- iron_ore
- Region
- portugal
- Reported Region
- Portugal
- Ticker
- SAV
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Snowden Optiro, Ashmore Advisory
- Resource group id
- resource:e3b3090d6efb51fa1b38
- Deposit or zone
- Aldeia
- Mining method
- open_pit
Resource Data
- Category
- inferred
- Tonnes
- 1700000
- Grade
- 0.5
- Grade Unit
- % Fe₂O₃
- Cutoff Grade
- 0.5
- Cutoff Unit
- % Li₂O
Prior Estimate
- Resource Date
- 2026-04
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-18T00:00:00.000Z
Reasoning: Iron oxide is reported as an impurity in the Inferred resource, providing additional detail on the ore body's composition.
Evidence · table
“0.5”
Context: Aldeia
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
No QP/CP Disclosurenegative
No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.
Why it applies: no Qualified or Competent Person is named anywhere in the release
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
measuredBarroso Lithium Project · lithiumTonnes: 8700000Grade: 1.06Grade Unit: % Li₂OContained Metal: 93100Contained Unit: tView all detailsHide details
Identity
- Project
- Barroso Lithium Project
- Commodity
- lithium
- Region
- portugal
- Reported Region
- Portugal
- Ticker
- SAV
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Snowden Optiro, Ashmore Advisory
- Resource group id
- resource:e31108957c48fc2aa5d9
- Deposit or zone
- All deposits – grand total
- Mining method
- open_pit
Resource Data
- Category
- measured
- Tonnes
- 8700000
- Grade
- 1.06
- Grade Unit
- % Li₂O
- Contained Metal
- 93100
- Contained Unit
- t
- Cutoff Grade
- 0.5
- Cutoff Unit
- % Li₂O
Prior Estimate
- Resource Date
- 2026-04
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-18T00:00:00.000Z
Reasoning: The total Measured resource across all deposits provides high confidence in a significant portion of the project's lithium inventory, supporting future reserve conversion and mine planning.
Positive factors
- High confidence Measured category
- Economic grade for lithium
- Contributes to overall strong resource base
Evidence · table
“8.7”
Context: All deposits – grand total
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No QP/CP Disclosurenegative
No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.
Why it applies: no Qualified or Competent Person is named anywhere in the release
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
measuredBarroso Lithium Project · iron_oreTonnes: 8700000Grade: 0.7Grade Unit: % Fe₂O₃View all detailsHide details
Identity
- Project
- Barroso Lithium Project
- Commodity
- iron_ore
- Region
- portugal
- Reported Region
- Portugal
- Ticker
- SAV
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Snowden Optiro, Ashmore Advisory
- Resource group id
- resource:e31108957c48fc2aa5d9
- Deposit or zone
- All deposits – grand total
- Mining method
- open_pit
Resource Data
- Category
- measured
- Tonnes
- 8700000
- Grade
- 0.7
- Grade Unit
- % Fe₂O₃
- Cutoff Grade
- 0.5
- Cutoff Unit
- % Li₂O
Prior Estimate
- Resource Date
- 2026-04
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-18T00:00:00.000Z
Reasoning: Iron oxide is reported as an impurity in the total Measured resource, providing additional detail on the ore body's composition.
Evidence · table
“0.7”
Context: All deposits – grand total
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
No QP/CP Disclosurenegative
No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.
Why it applies: no Qualified or Competent Person is named anywhere in the release
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedBarroso Lithium Project · lithiumTonnes: 18100000Grade: 1.05Grade Unit: % Li₂OContained Metal: 189000Contained Unit: tView all detailsHide details
Identity
- Project
- Barroso Lithium Project
- Commodity
- lithium
- Region
- portugal
- Reported Region
- Portugal
- Ticker
- SAV
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Snowden Optiro, Ashmore Advisory
- Resource group id
- resource:707c54bc944d89de0f2d
- Deposit or zone
- All deposits – grand total
- Mining method
- open_pit
Resource Data
- Category
- indicated
- Tonnes
- 18100000
- Grade
- 1.05
- Grade Unit
- % Li₂O
- Contained Metal
- 189000
- Contained Unit
- t
- Cutoff Grade
- 0.5
- Cutoff Unit
- % Li₂O
Prior Estimate
- Resource Date
- 2026-04
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-18T00:00:00.000Z
Reasoning: The total Indicated resource across all deposits adds to the high-confidence portion of the project's lithium inventory, suitable for detailed planning and reserve conversion.
Positive factors
- High confidence Indicated category
- Economic grade for lithium
- Contributes to overall strong resource base
Evidence · table
“18.1”
Context: All deposits – grand total
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No QP/CP Disclosurenegative
No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.
Why it applies: no Qualified or Competent Person is named anywhere in the release
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedBarroso Lithium Project · iron_oreTonnes: 18100000Grade: 0.8Grade Unit: % Fe₂O₃View all detailsHide details
Identity
- Project
- Barroso Lithium Project
- Commodity
- iron_ore
- Region
- portugal
- Reported Region
- Portugal
- Ticker
- SAV
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Snowden Optiro, Ashmore Advisory
- Resource group id
- resource:707c54bc944d89de0f2d
- Deposit or zone
- All deposits – grand total
- Mining method
- open_pit
Resource Data
- Category
- indicated
- Tonnes
- 18100000
- Grade
- 0.8
- Grade Unit
- % Fe₂O₃
- Cutoff Grade
- 0.5
- Cutoff Unit
- % Li₂O
Prior Estimate
- Resource Date
- 2026-04
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-18T00:00:00.000Z
Reasoning: Iron oxide is reported as an impurity in the total Indicated resource, providing additional detail on the ore body's composition.
Evidence · table
“0.8”
Context: All deposits – grand total
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
No QP/CP Disclosurenegative
No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.
Why it applies: no Qualified or Competent Person is named anywhere in the release
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredBarroso Lithium Project · lithiumTonnes: 12300000Grade: 1.04Grade Unit: % Li₂OContained Metal: 127100Contained Unit: tView all detailsHide details
Identity
- Project
- Barroso Lithium Project
- Commodity
- lithium
- Region
- portugal
- Reported Region
- Portugal
- Ticker
- SAV
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Snowden Optiro, Ashmore Advisory
- Resource group id
- resource:00f5b9c23c23f1baa32a
- Deposit or zone
- All deposits – grand total
- Mining method
- open_pit
Resource Data
- Category
- inferred
- Tonnes
- 12300000
- Grade
- 1.04
- Grade Unit
- % Li₂O
- Contained Metal
- 127100
- Contained Unit
- t
- Cutoff Grade
- 0.5
- Cutoff Unit
- % Li₂O
Prior Estimate
- Resource Date
- 2026-04
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-18T00:00:00.000Z
Reasoning: The total Inferred resource across all deposits, while lower confidence, indicates significant potential for future resource growth and conversion with further drilling.
Positive factors
- Economic grade for lithium
- Provides future growth potential
Negative factors
- Lower confidence Inferred category
Evidence · table
“12.3”
Context: All deposits – grand total
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No QP/CP Disclosurenegative
No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.
Why it applies: no Qualified or Competent Person is named anywhere in the release
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredBarroso Lithium Project · iron_oreTonnes: 12300000Grade: 0.8Grade Unit: % Fe₂O₃View all detailsHide details
Identity
- Project
- Barroso Lithium Project
- Commodity
- iron_ore
- Region
- portugal
- Reported Region
- Portugal
- Ticker
- SAV
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Snowden Optiro, Ashmore Advisory
- Resource group id
- resource:00f5b9c23c23f1baa32a
- Deposit or zone
- All deposits – grand total
- Mining method
- open_pit
Resource Data
- Category
- inferred
- Tonnes
- 12300000
- Grade
- 0.8
- Grade Unit
- % Fe₂O₃
- Cutoff Grade
- 0.5
- Cutoff Unit
- % Li₂O
Prior Estimate
- Resource Date
- 2026-04
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-18T00:00:00.000Z
Reasoning: Iron oxide is reported as an impurity in the total Inferred resource, providing additional detail on the ore body's composition.
Evidence · table
“0.8”
Context: All deposits – grand total
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
No QP/CP Disclosurenegative
No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.
Why it applies: no Qualified or Competent Person is named anywhere in the release
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
Metallurgical Results (1)
pilot plantBarroso Lithium Project · lithiumRecovery: 69.6 %View all detailsHide details
Identity
- Project
- Barroso Lithium Project
- Commodity
- lithium
- Region
- portugal
- Reported Region
- Portugal
- Ticker
- SAV
Test Work
- Program Status
- detailed
- Test Type
- pilot plant
- Processing Route
- crushing, grinding, Dense Media Separation and flotation circuits
Recovery
- Recovery
- 69.6 %
- Recovery Basis
- actual_test
Lab
- Laboratory
- Sedgman-Minsol and Nagrom and ALS
- Consultant
- Sedgman-Minsol and Nagrom and ALS and Ashmore Advisory and Snowden Optiro and Knight Piésold and Model Answer and Quadrante and TPF and LNEC
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-18T00:00:00.000Z
Reasoning: The reported lithium recovery of 69.6% from the DFS, using DMS and flotation, is a key parameter for project economics and falls within the moderate range for lithium flotation, supporting the overall project viability.
Positive factors
- Recovery achieved in DFS, indicating commercial viability
- Processing route is established (DMS and flotation)
Evidence · table
“69.6”
Context: Plant Li₂O recovery
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the flotation signal
Gravity Routeneutral
Gravity separation forms a material part of the flowsheet.
Why it applies: processing_route matches the gravity signal
Pilot Scale Completepositive
Pilot or demonstration plant testing completed under continuous operation.
Why it applies: test_type names pilot-scale work
Byproduct Commodityneutral
The tested commodity is a byproduct rather than the primary economic driver.
Why it applies: the release describes a byproduct credit
How Atlas produces this analysis
Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.