# Interim Results Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/interim-results--7fdd5a47-be5f-4e93-9b16-1e2776ae0a1c Original source: https://www.londonstockexchange.com/news-article/SAV/interim-results/17793151 Publisher: lse Original announcement: 2026-09-18T05:00:02.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-21T16:27:42.439Z Atlas analysis updated: 2026-09-21T16:27:42.439Z - 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 Narrative sentiment: 0.90 · Bullish ## Minestarters Atlas 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 factor: Maiden JORC Probable Ore Reserve established - Positive factor: Updated Mineral Resource shows significant growth and high M&I confidence - Positive factor: Strong DFS economics with high post-tax NPV and IRR - Positive factor: Significant non-reimbursable Portuguese State grant secured - Positive factor: Good lithium recovery achieved in DFS - Positive factor: Progress on permitting, financing, and stakeholder engagement - Negative factor: Increased operating losses due to higher administrative expenses - Negative factor: Material uncertainty regarding going concern due to funding requirements, though directors are confident Facts used in scoring: 34 ## Classification and evidence **Maiden Resource** Polarity: neutral Definition: 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 Compliant** Polarity: positive Definition: 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 Signed** Polarity: positive Definition: 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 Growth** Polarity: positive Definition: 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 Growth** Polarity: positive Definition: 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 Resource** Polarity: positive Definition: 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 Resource** Polarity: positive Definition: 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 Resource** Polarity: negative Definition: 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 Disclosed** Polarity: positive Definition: 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-Supporting** Polarity: neutral Definition: 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 Recovery** Polarity: neutral Story-specific tag Definition: 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 Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: the document describes a flotation route \("flotation"\) **Gravity Route** Polarity: neutral Definition: 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) ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/interim-results--7fdd5a47-be5f-4e93-9b16-1e2776ae0a1c#fact-resource-facts-0) Barroso Lithium Project · lithium #### 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 factor: Maiden JORC Probable Ore Reserve established - Positive factor: Economic grade for lithium - Positive factor: Supports robust DFS economics - Positive factor: JORC Code 2012 compliant Evidence · table > 20.0 / 0.99 Context: Total JORC Reserve / average Li₂O grade #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **No QP/CP Disclosure** Polarity: negative Definition: 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 Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **DFS-Supporting** Polarity: neutral Definition: 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 ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/interim-results--7fdd5a47-be5f-4e93-9b16-1e2776ae0a1c#fact-resource-facts-1) Barroso Lithium Project · lithium #### 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 factor: High confidence Measured category - Positive factor: Economic grade for lithium - Positive factor: Contributes to overall strong resource base Evidence · table > 8.7 Context: Grandão #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No QP/CP Disclosure** Polarity: negative Definition: 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 Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **DFS-Supporting** Polarity: neutral Definition: 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 ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/interim-results--7fdd5a47-be5f-4e93-9b16-1e2776ae0a1c#fact-resource-facts-2) Barroso Lithium Project · iron\_ore #### 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 Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **No QP/CP Disclosure** Polarity: negative Definition: 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 Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **DFS-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/interim-results--7fdd5a47-be5f-4e93-9b16-1e2776ae0a1c#fact-resource-facts-3) Barroso Lithium Project · lithium #### 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 factor: High confidence Indicated category - Positive factor: Economic grade for lithium - Positive factor: Contributes to overall strong resource base Evidence · table > 5.0 Context: Grandão #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No QP/CP Disclosure** Polarity: negative Definition: 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 Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **DFS-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/interim-results--7fdd5a47-be5f-4e93-9b16-1e2776ae0a1c#fact-resource-facts-4) Barroso Lithium Project · iron\_ore #### 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 Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **No QP/CP Disclosure** Polarity: negative Definition: 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 Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **DFS-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/interim-results--7fdd5a47-be5f-4e93-9b16-1e2776ae0a1c#fact-resource-facts-5) Barroso Lithium Project · lithium #### 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 factor: Economic grade for lithium - Positive factor: Provides future growth potential - Negative factor: Lower confidence Inferred category Evidence · table > 4.4 Context: Grandão #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No QP/CP Disclosure** Polarity: negative Definition: 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 Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **DFS-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/interim-results--7fdd5a47-be5f-4e93-9b16-1e2776ae0a1c#fact-resource-facts-6) Barroso Lithium Project · iron\_ore #### 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 Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **No QP/CP Disclosure** Polarity: negative Definition: 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 Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **DFS-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/interim-results--7fdd5a47-be5f-4e93-9b16-1e2776ae0a1c#fact-resource-facts-7) Barroso Lithium Project · lithium #### 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 factor: High confidence Indicated category - Positive factor: Economic grade for lithium - Positive factor: Contributes to overall strong resource base Evidence · table > 5.3 Context: Reservatório – within C-100 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No QP/CP Disclosure** Polarity: negative Definition: 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 Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **DFS-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/interim-results--7fdd5a47-be5f-4e93-9b16-1e2776ae0a1c#fact-resource-facts-8) Barroso Lithium Project · iron\_ore #### 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 Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **No QP/CP Disclosure** Polarity: negative Definition: 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 Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **DFS-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/interim-results--7fdd5a47-be5f-4e93-9b16-1e2776ae0a1c#fact-resource-facts-9) Barroso Lithium Project · lithium #### 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 factor: Economic grade for lithium - Positive factor: Provides future growth potential - Negative factor: Lower confidence Inferred category Evidence · table > 0.8 Context: Reservatório – within C-100 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No QP/CP Disclosure** Polarity: negative Definition: 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 Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **DFS-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/interim-results--7fdd5a47-be5f-4e93-9b16-1e2776ae0a1c#fact-resource-facts-10) Barroso Lithium Project · iron\_ore #### 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 Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **No QP/CP Disclosure** Polarity: negative Definition: 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 Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **DFS-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/interim-results--7fdd5a47-be5f-4e93-9b16-1e2776ae0a1c#fact-resource-facts-11) Barroso Lithium Project · lithium #### 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 factor: High confidence Indicated category - Positive factor: Economic grade for lithium - Positive factor: Contributes to overall strong resource base Evidence · table > 2.8 Context: Reservatório – area under application #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No QP/CP Disclosure** Polarity: negative Definition: 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 Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **DFS-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/interim-results--7fdd5a47-be5f-4e93-9b16-1e2776ae0a1c#fact-resource-facts-12) Barroso Lithium Project · iron\_ore #### 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 Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **No QP/CP Disclosure** Polarity: negative Definition: 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 Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **DFS-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/interim-results--7fdd5a47-be5f-4e93-9b16-1e2776ae0a1c#fact-resource-facts-13) Barroso Lithium Project · lithium #### 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 factor: Economic grade for lithium - Positive factor: Provides future growth potential - Negative factor: Lower confidence Inferred category Evidence · table > 3.2 Context: Reservatório – area under application #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No QP/CP Disclosure** Polarity: negative Definition: 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 Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **DFS-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/interim-results--7fdd5a47-be5f-4e93-9b16-1e2776ae0a1c#fact-resource-facts-14) Barroso Lithium Project · iron\_ore #### 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 Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **No QP/CP Disclosure** Polarity: negative Definition: 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 Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **DFS-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/interim-results--7fdd5a47-be5f-4e93-9b16-1e2776ae0a1c#fact-resource-facts-15) Barroso Lithium Project · lithium #### 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 factor: High confidence Indicated category - Positive factor: Economic grade for lithium - Positive factor: Contributes to overall strong resource base Evidence · table > 2.6 Context: Pinheiro #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No QP/CP Disclosure** Polarity: negative Definition: 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 Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **DFS-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/interim-results--7fdd5a47-be5f-4e93-9b16-1e2776ae0a1c#fact-resource-facts-16) Barroso Lithium Project · iron\_ore #### 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 Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **No QP/CP Disclosure** Polarity: negative Definition: 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 Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **DFS-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/interim-results--7fdd5a47-be5f-4e93-9b16-1e2776ae0a1c#fact-resource-facts-17) Barroso Lithium Project · lithium #### 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 factor: Economic grade for lithium - Positive factor: Provides future growth potential - Negative factor: Lower confidence Inferred category Evidence · table > 2.2 Context: Pinheiro #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No QP/CP Disclosure** Polarity: negative Definition: 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 Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **DFS-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/interim-results--7fdd5a47-be5f-4e93-9b16-1e2776ae0a1c#fact-resource-facts-18) Barroso Lithium Project · iron\_ore #### 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 Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **No QP/CP Disclosure** Polarity: negative Definition: 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 Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **DFS-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/interim-results--7fdd5a47-be5f-4e93-9b16-1e2776ae0a1c#fact-resource-facts-19) Barroso Lithium Project · lithium #### 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 factor: High confidence Indicated category - Positive factor: Economic grade for lithium - Positive factor: Contributes to overall strong resource base Evidence · table > 0.6 Context: NOA #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No QP/CP Disclosure** Polarity: negative Definition: 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 Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **DFS-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/interim-results--7fdd5a47-be5f-4e93-9b16-1e2776ae0a1c#fact-resource-facts-20) Barroso Lithium Project · iron\_ore #### 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 Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **No QP/CP Disclosure** Polarity: negative Definition: 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 Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **DFS-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/interim-results--7fdd5a47-be5f-4e93-9b16-1e2776ae0a1c#fact-resource-facts-21) Barroso Lithium Project · lithium #### 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 factor: Economic grade for lithium - Positive factor: Provides future growth potential - Negative factor: Lower confidence Inferred category Evidence · table > 0.1 Context: NOA #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No QP/CP Disclosure** Polarity: negative Definition: 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 Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **DFS-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/interim-results--7fdd5a47-be5f-4e93-9b16-1e2776ae0a1c#fact-resource-facts-22) Barroso Lithium Project · iron\_ore #### 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 Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **No QP/CP Disclosure** Polarity: negative Definition: 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 Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **DFS-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/interim-results--7fdd5a47-be5f-4e93-9b16-1e2776ae0a1c#fact-resource-facts-23) Barroso Lithium Project · lithium #### 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 factor: High confidence Indicated category - Positive factor: Economic grade for lithium - Positive factor: Contributes to overall strong resource base Evidence · table > 1.8 Context: Aldeia #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No QP/CP Disclosure** Polarity: negative Definition: 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 Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **DFS-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/interim-results--7fdd5a47-be5f-4e93-9b16-1e2776ae0a1c#fact-resource-facts-24) Barroso Lithium Project · iron\_ore #### 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 Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **No QP/CP Disclosure** Polarity: negative Definition: 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 Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **DFS-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/interim-results--7fdd5a47-be5f-4e93-9b16-1e2776ae0a1c#fact-resource-facts-25) Barroso Lithium Project · lithium #### 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 factor: Economic grade for lithium - Positive factor: Provides future growth potential - Negative factor: Lower confidence Inferred category Evidence · table > 1.7 Context: Aldeia #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No QP/CP Disclosure** Polarity: negative Definition: 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 Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **DFS-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/interim-results--7fdd5a47-be5f-4e93-9b16-1e2776ae0a1c#fact-resource-facts-26) Barroso Lithium Project · iron\_ore #### 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 Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **No QP/CP Disclosure** Polarity: negative Definition: 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 Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **DFS-Supporting** Polarity: neutral Definition: 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 ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/interim-results--7fdd5a47-be5f-4e93-9b16-1e2776ae0a1c#fact-resource-facts-27) Barroso Lithium Project · lithium #### 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 factor: High confidence Measured category - Positive factor: Economic grade for lithium - Positive factor: Contributes to overall strong resource base Evidence · table > 8.7 Context: All deposits – grand total #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No QP/CP Disclosure** Polarity: negative Definition: 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 Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **DFS-Supporting** Polarity: neutral Definition: 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 ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/interim-results--7fdd5a47-be5f-4e93-9b16-1e2776ae0a1c#fact-resource-facts-28) Barroso Lithium Project · iron\_ore #### 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 Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **No QP/CP Disclosure** Polarity: negative Definition: 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 Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **DFS-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/interim-results--7fdd5a47-be5f-4e93-9b16-1e2776ae0a1c#fact-resource-facts-29) Barroso Lithium Project · lithium #### 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 factor: High confidence Indicated category - Positive factor: Economic grade for lithium - Positive factor: Contributes to overall strong resource base Evidence · table > 18.1 Context: All deposits – grand total #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No QP/CP Disclosure** Polarity: negative Definition: 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 Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **DFS-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/interim-results--7fdd5a47-be5f-4e93-9b16-1e2776ae0a1c#fact-resource-facts-30) Barroso Lithium Project · iron\_ore #### 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 Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **No QP/CP Disclosure** Polarity: negative Definition: 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 Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **DFS-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/interim-results--7fdd5a47-be5f-4e93-9b16-1e2776ae0a1c#fact-resource-facts-31) Barroso Lithium Project · lithium #### 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 factor: Economic grade for lithium - Positive factor: Provides future growth potential - Negative factor: Lower confidence Inferred category Evidence · table > 12.3 Context: All deposits – grand total #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No QP/CP Disclosure** Polarity: negative Definition: 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 Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **DFS-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/interim-results--7fdd5a47-be5f-4e93-9b16-1e2776ae0a1c#fact-resource-facts-32) Barroso Lithium Project · iron\_ore #### 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 Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **No QP/CP Disclosure** Polarity: negative Definition: 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 Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **DFS-Supporting** Polarity: neutral Definition: 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 plant [Link to this fact](https://atlas-staging.minestarters.com/news/interim-results--7fdd5a47-be5f-4e93-9b16-1e2776ae0a1c#fact-metallurgical-facts-33) Barroso Lithium Project · lithium #### 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 factor: Recovery achieved in DFS, indicating commercial viability - Positive factor: Processing route is established \(DMS and flotation\) Evidence · table > 69.6 Context: Plant Li₂O recovery #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **Gravity Route** Polarity: neutral Definition: Gravity separation forms a material part of the flowsheet. Why it applies: processing\_route matches the gravity signal **Pilot Scale Complete** Polarity: positive Definition: Pilot or demonstration plant testing completed under continuous operation. Why it applies: test\_type names pilot-scale work **Byproduct Commodity** Polarity: neutral Definition: 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.