# Scoping Study for the Mina do Barroso Lithium Project Delivers NPV of US$356m Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/scoping-study-for-the-mina-do-barroso-lithium-project-delivers-npv-of-us-356m--c4d99141-952e-4163-a34a-68f1ba1aee19 Original source: https://www.rns-pdf.londonstockexchange.com/rns/3422R_1-2018-6-13.pdf Publisher: research Original announcement: Unknown date Analysis by Minestarters Atlas Atlas analysis published: 2026-11-03T10:14:33.818Z Atlas analysis updated: 2026-11-03T10:14:33.818Z - Company: Savannah Resources plc - Ticker: SAV - Exchange: LSE - Region: northern Portugal - Primary commodity: Lithium - Secondary commodities: Iron ore, Feldspar, Quartz - Document categories: Other, Resource update - Extracted: 2026-11-03 10:14:33 UTC Narrative sentiment: 0.74 · Bullish ## Minestarters Atlas summary Savannah Resources reported a scoping study for the Mina do Barroso lithium project in northern Portugal, outlining an open-pit mine and concentrator with DMS and flotation. The study estimates a pre-tax NPV8 of US$356m, IRR of 63.2%, and initial capex of US$136.0m, based on a 14.42Mt mining inventory. It is a preliminary economic assessment, so the numbers are indicative and still need feasibility-stage work and approvals. Reasoning: A scoping study with robust headline economics and a defined lithium development plan is materially positive, but it remains preliminary and subject to feasibility-level refinement. - Positive factor: Scoping study reports pre-tax NPV8 of US$356m and IRR of 63.2% - Positive factor: Open pit mining and conventional DMS + flotation processing are described - Positive factor: Project economics include a 14.42Mt mining inventory at 1.07% Li2O and average annual production of ~175,000tpa spodumene concentrate - Positive factor: Competent Persons are named for exploration, resources and the scoping mining assessment - Negative factor: Scoping-level study, so estimates remain preliminary - Negative factor: The study assumes 80% Li2O recovery and notes potential for metallurgical optimisation rather than completed improvement - Negative factor: Project still needs feasibility study, environmental approvals and fast-track execution - Rubric flag: resource rows in a scoping study are restated historical inputs, not a new resource update — Keep resource facts flagged historical and treat the document primarily as an economic\_study. Facts used in scoring: 16 ## Classification and evidence **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: The study is a scoping study intended to fast-track the project toward feasibility, with NPV, IRR, capex and payback metrics reported. Evidence · text > Scoping Study for the Mina do Barroso Lithium Project Delivers NPV of US$356m **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The resource and competent person disclosures explicitly reference the 2012 JORC Code and Competent Person sign-off. Evidence · text > qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” **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: Named Competent Persons are provided for the exploration results, Mineral Resources, and scoping mining assessment. Evidence · text > The information in this announcement that relates to exploration results is based upon information compiled by Mr Dale Ferguson **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 is explicitly reported using a 0.5% Li2O cut-off grade. Evidence · text > using a 0.5% Li₂O cut-off grade **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: The scoping study economics themselves do not name a single qualified person responsible for the economic model, though CPs are named elsewhere in the document. Evidence · text > The scoping level mining assessment of the Mino Do Barroso Deposit has been completed by Mr Nigel Spicer ## Extracted facts Stored fact records: 16. Some facts used in scoring do not have a stored record. ## Resource Estimates (16) ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/scoping-study-for-the-mina-do-barroso-lithium-project-delivers-npv-of-us-356m--c4d99141-952e-4163-a34a-68f1ba1aee19#fact-resource-facts-0) Mina do Barroso Lithium Project · lithium Historical result Needs review: historical\_restatement #### Identity - Project: Mina do Barroso Lithium Project - Commodity: lithium - Region: northern portugal - Reported Region: northern Portugal - Ticker: SAV #### Resource scope - Estimate type: resource - Effective date: 2018-04-01T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Paul Payne - Resource group id: resource:29c8559072d6affb3f20 - Deposit or zone: Grandao #### Resource Data - Category: indicated - Tonnes: 7160000 - Grade: 1.06 - Grade Unit: % Li2O - Cutoff Grade: 0.5 - Cutoff Unit: % Li2O #### Prior Estimate - Resource Date: 2018-04-01 #### Lab - Laboratory: Nagrom #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2018-04-01T00:00:00.000Z Reasoning: This is a directly stated Indicated lithium resource row used in the study basis, but it is a restatement of the April 2018 resource estimate. - Positive factor: Indicated resource row is explicitly reported in the scoping study table - Positive factor: Cut-off grade is disclosed at 0.5% Li2O - Positive factor: JORC Competent Person sign-off is named - Negative factor: This is a historical resource row restated inside a scoping study rather than a new estimate - Negative factor: No contained metal column is separately stated for this row #### 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 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 8.6 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/scoping-study-for-the-mina-do-barroso-lithium-project-delivers-npv-of-us-356m--c4d99141-952e-4163-a34a-68f1ba1aee19#fact-resource-facts-1) Mina do Barroso Lithium Project · lithium Historical result Needs review: historical\_restatement #### Identity - Project: Mina do Barroso Lithium Project - Commodity: lithium - Region: northern portugal - Reported Region: northern Portugal - Ticker: SAV #### Resource scope - Estimate type: resource - Effective date: 2018-04-01T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Paul Payne - Resource group id: resource:e9bd28847476c670d52a - Deposit or zone: Grandao #### Resource Data - Category: inferred - Tonnes: 2600000 - Grade: 1.13 - Grade Unit: % Li2O - Cutoff Grade: 0.5 - Cutoff Unit: % Li2O #### Prior Estimate - Resource Date: 2018-04-01 #### Lab - Laboratory: Nagrom #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2018-04-01T00:00:00.000Z Reasoning: This is a historical Inferred lithium resource row supporting the study input, not a new estimate. - Positive factor: Inferred resource tonnage and grade are explicitly stated for Grandao - Positive factor: Cut-off grade is disclosed at 0.5% Li2O - Positive factor: The estimate is signed off by a named Competent Person - Negative factor: Historical resource row repeated in the study context - Negative factor: Inferred category carries lower confidence than indicated material #### 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 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 8.6 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/scoping-study-for-the-mina-do-barroso-lithium-project-delivers-npv-of-us-356m--c4d99141-952e-4163-a34a-68f1ba1aee19#fact-resource-facts-2) Mina do Barroso Lithium Project · lithium Historical result Needs review: historical\_restatement #### Identity - Project: Mina do Barroso Lithium Project - Commodity: lithium - Region: northern portugal - Reported Region: northern Portugal - Ticker: SAV #### Resource scope - Estimate type: resource - Effective date: 2018-04-01T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Paul Payne - Resource group id: resource:4fabfb4b6c9d47090591 - Deposit or zone: Reservatorio #### Resource Data - Category: inferred - Tonnes: 2610000 - Grade: 1.01 - Grade Unit: % Li2O - Cutoff Grade: 0.5 - Cutoff Unit: % Li2O #### Prior Estimate - Resource Date: 2018-04-01 #### Lab - Laboratory: Nagrom #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2018-04-01T00:00:00.000Z Reasoning: This is a historical Inferred lithium resource row included in the study's feed inventory. - Positive factor: Reservatorio inferred resource is explicitly tabled in the study - Positive factor: Cut-off grade is stated - Positive factor: The project is described as open-pit mining - Negative factor: Historical resource row restated in an economic study - Negative factor: Inferred category lowers confidence #### 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 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 8.6 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/scoping-study-for-the-mina-do-barroso-lithium-project-delivers-npv-of-us-356m--c4d99141-952e-4163-a34a-68f1ba1aee19#fact-resource-facts-3) Mina do Barroso Lithium Project · lithium Historical result Needs review: historical\_restatement #### Identity - Project: Mina do Barroso Lithium Project - Commodity: lithium - Region: northern portugal - Reported Region: northern Portugal - Ticker: SAV #### Resource scope - Estimate type: resource - Effective date: 2018-04-01T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Paul Payne - Resource group id: resource:9ab066efc42135efed88 - Deposit or zone: Reservatorio #### Resource Data - Category: inferred - Tonnes: 1600000 - Grade: 1.09 - Grade Unit: % Li2O - Cutoff Grade: 0.5 - Cutoff Unit: % Li2O #### Prior Estimate - Resource Date: 2018-04-01 #### Lab - Laboratory: Nagrom #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2018-04-01T00:00:00.000Z Reasoning: This is the conceptual Reservatorio exploration-target component used in the scoping study, with a stated grade. - Positive factor: The table explicitly reports exploration-target material for Reservatorio - Positive factor: Grade range is in the 1.0% to 1.2% Li2O band used in the study - Negative factor: This is part of the conceptual exploration target, not a resource estimate - Negative factor: Exploration target tonnage is conceptual and not a mineral resource #### 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 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 8.6 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/scoping-study-for-the-mina-do-barroso-lithium-project-delivers-npv-of-us-356m--c4d99141-952e-4163-a34a-68f1ba1aee19#fact-resource-facts-4) Mina do Barroso Lithium Project · lithium Historical result Needs review: historical\_restatement #### Identity - Project: Mina do Barroso Lithium Project - Commodity: lithium - Region: northern portugal - Reported Region: northern Portugal - Ticker: SAV #### Resource scope - Estimate type: resource - Effective date: 2018-04-01T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Paul Payne - Resource group id: resource:cbb62afb3d6eff17c513 - Deposit or zone: NOA #### Resource Data - Category: inferred - Tonnes: 270000 - Grade: 1.21 - Grade Unit: % Li2O - Cutoff Grade: 0.5 - Cutoff Unit: % Li2O #### Prior Estimate - Resource Date: 2018-04-01 #### Lab - Laboratory: Nagrom #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2018-04-01T00:00:00.000Z Reasoning: This is a historical NOA inferred resource row included in the study's feed inventory. - Positive factor: NOA feed inventory is explicitly stated in the table - Positive factor: The project basis is a defined open-pit scoping study - Negative factor: Inferred category only - Negative factor: Historical resource row rather than a new estimate #### 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 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 8.6 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/scoping-study-for-the-mina-do-barroso-lithium-project-delivers-npv-of-us-356m--c4d99141-952e-4163-a34a-68f1ba1aee19#fact-resource-facts-5) Mina do Barroso Lithium Project · lithium Historical result Needs review: historical\_restatement #### Identity - Project: Mina do Barroso Lithium Project - Commodity: lithium - Region: northern portugal - Reported Region: northern Portugal - Ticker: SAV #### Resource scope - Estimate type: resource - Effective date: 2018-04-01T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Paul Payne - Resource group id: resource:f3e99563a51d208e6340 - Deposit or zone: Grandao #### Resource Data - Category: inferred - Tonnes: 180000 - Grade: 1.1 - Grade Unit: % Li2O - Cutoff Grade: 0.5 - Cutoff Unit: % Li2O #### Prior Estimate - Resource Date: 2018-04-01 #### Lab - Laboratory: Nagrom #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2018-04-01T00:00:00.000Z Reasoning: This is the conceptual Grandao exploration-target component, not a new resource estimate. - Positive factor: Grandao exploration-target material is explicitly tabled - Positive factor: Grade is within the conceptual target band - Negative factor: Exploration target material is conceptual and not yet a mineral resource - Negative factor: Historical basis within a scoping study #### 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 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 8.6 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/scoping-study-for-the-mina-do-barroso-lithium-project-delivers-npv-of-us-356m--c4d99141-952e-4163-a34a-68f1ba1aee19#fact-resource-facts-6) Mina do Barroso Lithium Project · lithium Historical result Needs review: historical\_restatement #### Identity - Project: Mina do Barroso Lithium Project - Commodity: lithium - Region: northern portugal - Reported Region: northern Portugal - Ticker: SAV #### Resource scope - Estimate type: resource - Effective date: 2018-04-01T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Paul Payne - Resource group id: resource:e79b580f764ad92a17fe - Deposit or zone: Grandao #### Resource Data - Category: inferred - Tonnes: 5480000 - Grade: 1.07 - Grade Unit: % Li2O - Cutoff Grade: 0.5 - Cutoff Unit: % Li2O #### Prior Estimate - Resource Date: 2018-04-01 #### Lab - Laboratory: Nagrom #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2018-04-01T00:00:00.000Z Reasoning: This is the Grandao inferred resource input used in the combined mining inventory. - Positive factor: Grandao inferred material is explicitly stated as part of the plant feed inventory - Positive factor: Cut-off grade is disclosed - Positive factor: This supports the scoping study mine plan - Negative factor: Historical resource input rather than fresh drilling results - Negative factor: Inferred material carries lower confidence #### 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 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 8.6 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/scoping-study-for-the-mina-do-barroso-lithium-project-delivers-npv-of-us-356m--c4d99141-952e-4163-a34a-68f1ba1aee19#fact-resource-facts-7) Mina do Barroso Lithium Project · lithium Historical result Needs review: historical\_restatement #### Identity - Project: Mina do Barroso Lithium Project - Commodity: lithium - Region: northern portugal - Reported Region: northern Portugal - Ticker: SAV #### Resource scope - Estimate type: resource - Effective date: 2018-04-01T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Paul Payne - Resource group id: resource:be08437773c21f351c88 - Deposit or zone: Reservatorio #### Resource Data - Category: inferred - Tonnes: 1780000 - Grade: 1.09 - Grade Unit: % Li2O - Cutoff Grade: 0.5 - Cutoff Unit: % Li2O #### Prior Estimate - Resource Date: 2018-04-01 #### Lab - Laboratory: Nagrom #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2018-04-01T00:00:00.000Z Reasoning: This is the conceptual Reservatorio exploration-target material included in the study basis. - Positive factor: Reservatorio exploration-target component is explicitly shown in the table - Positive factor: Grade is within the study's target range - Negative factor: Conceptual exploration target material, not a resource estimate - Negative factor: Historical context #### 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 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 8.6 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/scoping-study-for-the-mina-do-barroso-lithium-project-delivers-npv-of-us-356m--c4d99141-952e-4163-a34a-68f1ba1aee19#fact-resource-facts-8) Mina do Barroso Lithium Project · lithium Historical result Needs review: historical\_restatement #### Identity - Project: Mina do Barroso Lithium Project - Commodity: lithium - Region: northern portugal - Reported Region: northern Portugal - Ticker: SAV #### Resource scope - Estimate type: resource - Effective date: 2018-04-01T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Paul Payne - Resource group id: resource:74c414cdc45930588788 - Deposit or zone: Total Current Project Target #### Resource Data - Category: inferred - Tonnes: 14000000 - Grade: 1.1 - Grade Unit: % Li2O - Cutoff Grade: 0.5 - Cutoff Unit: % Li2O #### Prior Estimate - Resource Date: 2018-04-01 #### Lab - Laboratory: Nagrom #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2018-04-01T00:00:00.000Z Reasoning: This is the total inferred resource basis for the scoping study, but it is restated from the April 2018 resource estimate. - Positive factor: The combined inferred mineral resource total is explicitly reported - Positive factor: Cut-off grade is disclosed - Positive factor: Used directly in the scoping study mine plan - Negative factor: Historical resource aggregation rather than a new estimate - Negative factor: Inferred-only category mix #### 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 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 8.6 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/scoping-study-for-the-mina-do-barroso-lithium-project-delivers-npv-of-us-356m--c4d99141-952e-4163-a34a-68f1ba1aee19#fact-resource-facts-9) Mina do Barroso Lithium Project · lithium Historical result Needs review: historical\_restatement #### Identity - Project: Mina do Barroso Lithium Project - Commodity: lithium - Region: northern portugal - Reported Region: northern Portugal - Ticker: SAV #### Resource scope - Estimate type: resource - Effective date: 2018-04-01T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Paul Payne - Resource group id: resource:3dce2b7cd09624894d6f - Deposit or zone: Total Current Project Target #### Resource Data - Category: inferred - Tonnes: 8000000 - Grade: 1 - Grade Unit: % Li2O #### Prior Estimate - Resource Date: 2018-04-01 #### Lab - Laboratory: Nagrom #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2018-04-01T00:00:00.000Z Reasoning: This is the lower bound of the conceptual project target, not a new resource row. - Positive factor: The conceptual exploration target lower bound is explicitly stated - Negative factor: Exploration target is conceptual and not a mineral resource - Negative factor: No cut-off grade is stated for the exploration target #### 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was 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 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 8.6 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/scoping-study-for-the-mina-do-barroso-lithium-project-delivers-npv-of-us-356m--c4d99141-952e-4163-a34a-68f1ba1aee19#fact-resource-facts-10) Mina do Barroso Lithium Project · lithium Historical result Needs review: historical\_restatement #### Identity - Project: Mina do Barroso Lithium Project - Commodity: lithium - Region: northern portugal - Reported Region: northern Portugal - Ticker: SAV #### Resource scope - Estimate type: resource - Effective date: 2018-04-01T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Paul Payne - Resource group id: resource:98b53191497166719df0 - Deposit or zone: Total Current Project Target #### Resource Data - Category: inferred - Tonnes: 12000000 - Grade: 1.2 - Grade Unit: % Li2O #### Prior Estimate - Resource Date: 2018-04-01 #### Lab - Laboratory: Nagrom #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2018-04-01T00:00:00.000Z Reasoning: This is the upper bound of the conceptual project target, included for completeness. - Positive factor: The conceptual project target upper grade bound is explicitly stated - Negative factor: Exploration target is conceptual and not a mineral resource - Negative factor: No cut-off grade is stated for the exploration target #### 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was 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 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 8.6 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/scoping-study-for-the-mina-do-barroso-lithium-project-delivers-npv-of-us-356m--c4d99141-952e-4163-a34a-68f1ba1aee19#fact-resource-facts-11) Mina do Barroso Lithium Project · lithium Historical result Needs review: historical\_restatement #### Identity - Project: Mina do Barroso Lithium Project - Commodity: lithium - Region: northern portugal - Reported Region: northern Portugal - Ticker: SAV #### Resource scope - Estimate type: resource - Effective date: 2018-04-01T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Paul Payne - Resource group id: resource:af28d8714c70ee15f4a9 - Deposit or zone: Grandao #### Resource Data - Category: indicated - Tonnes: 500 - Grade: 1.1 - Grade Unit: % Li2O #### Prior Estimate - Resource Date: 2018-04-01 #### Lab - Laboratory: Nagrom #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2018-04-01T00:00:00.000Z Reasoning: This is the indicated-component split implied by the table's 50% indicated allocation. - Positive factor: A 50% indicated split is explicitly given in the summary table - Negative factor: This figure is derived from the percentage split in the scoping study table and is not a standalone estimate row - Negative factor: Very small tonnage relative to the main resource #### 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was 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 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 8.6 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/scoping-study-for-the-mina-do-barroso-lithium-project-delivers-npv-of-us-356m--c4d99141-952e-4163-a34a-68f1ba1aee19#fact-resource-facts-12) Mina do Barroso Lithium Project · lithium Historical result Needs review: historical\_restatement #### Identity - Project: Mina do Barroso Lithium Project - Commodity: lithium - Region: northern portugal - Reported Region: northern Portugal - Ticker: SAV #### Resource scope - Estimate type: resource - Effective date: 2018-04-01T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Paul Payne - Resource group id: resource:d1096b7a629677387a73 - Deposit or zone: Grandao #### Resource Data - Category: inferred - Tonnes: 380 - Grade: 1.1 - Grade Unit: % Li2O #### Prior Estimate - Resource Date: 2018-04-01 #### Lab - Laboratory: Nagrom #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2018-04-01T00:00:00.000Z Reasoning: This is the inferred-component split implied by the table's 38% inferred allocation. - Positive factor: The resource split by percentage is explicitly stated in the study summary - Negative factor: Derived from the percentage split rather than a separate estimate row - Negative factor: Very small tonnage #### 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was 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 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 8.6 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/scoping-study-for-the-mina-do-barroso-lithium-project-delivers-npv-of-us-356m--c4d99141-952e-4163-a34a-68f1ba1aee19#fact-resource-facts-13) Mina do Barroso Lithium Project · lithium Historical result Needs review: historical\_restatement #### Identity - Project: Mina do Barroso Lithium Project - Commodity: lithium - Region: northern portugal - Reported Region: northern Portugal - Ticker: SAV #### Resource scope - Estimate type: resource - Effective date: 2018-04-01T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Paul Payne - Resource group id: resource:23d7c225b6755f17e1fb - Deposit or zone: Grandao #### Resource Data - Category: inferred - Tonnes: 120 - Grade: 1.1 - Grade Unit: % Li2O #### Prior Estimate - Resource Date: 2018-04-01 #### Lab - Laboratory: Nagrom #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2018-04-01T00:00:00.000Z Reasoning: This is the exploration-target component implied by the 12% allocation. - Positive factor: The exploration-target percentage is explicitly stated - Negative factor: This is a derived split from the conceptual target percentage, not a standalone estimate - Negative factor: Conceptual target material only #### 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was 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 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 8.6 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/scoping-study-for-the-mina-do-barroso-lithium-project-delivers-npv-of-us-356m--c4d99141-952e-4163-a34a-68f1ba1aee19#fact-resource-facts-14) Mina do Barroso Lithium Project · lithium Historical result Needs review: historical\_restatement #### Identity - Project: Mina do Barroso Lithium Project - Commodity: lithium - Region: northern portugal - Reported Region: northern Portugal - Ticker: SAV #### Resource scope - Estimate type: resource - Effective date: 2018-04-01T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Paul Payne - Resource group id: resource:3da0fbe13f529b85142d - Deposit or zone: Reservatorio #### Resource Data - Category: inferred - Tonnes: 800 - Grade: 1.1 - Grade Unit: % Li2O #### Prior Estimate - Resource Date: 2018-04-01 #### Lab - Laboratory: Nagrom #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2018-04-01T00:00:00.000Z Reasoning: This is the conceptual exploration-target component implied for Reservatorio. - Positive factor: The resource split table gives the project-level percentage allocation - Negative factor: Derived split from percentage, not an independently stated row - Negative factor: Very small tonnage #### 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was 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 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 8.6 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/scoping-study-for-the-mina-do-barroso-lithium-project-delivers-npv-of-us-356m--c4d99141-952e-4163-a34a-68f1ba1aee19#fact-resource-facts-15) Mina do Barroso Lithium Project · lithium Historical result Needs review: historical\_restatement #### Identity - Project: Mina do Barroso Lithium Project - Commodity: lithium - Region: northern portugal - Reported Region: northern Portugal - Ticker: SAV #### Resource scope - Estimate type: resource - Effective date: 2018-04-01T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Paul Payne - Resource group id: resource:4766f6ee31f1d51860be - Deposit or zone: Reservatorio #### Resource Data - Category: inferred - Tonnes: 1280 - Grade: 1.1 - Grade Unit: % Li2O #### Prior Estimate - Resource Date: 2018-04-01 #### Lab - Laboratory: Nagrom #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2018-04-01T00:00:00.000Z Reasoning: This is the upper conceptual target split implied for Reservatorio. - Positive factor: The target range is explicitly stated in the table - Negative factor: Derived from the conceptual target range, not a standalone estimate - Negative factor: Conceptual target material only #### 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was 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 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 8.6 years before this release ## 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.