SW2/11 tenement application

Some speculation has been posted recently about the SW2/11 tenement application.

As far as the regulatory authority is concerned the following facts are pertinent.

There are currently 3 applications for what ultimately makes up the SW2/11 tenement.

Whilst CTM states in their announcements that historically Vale has held the SW tenements, the most recent title/tenement holder for SW2/11 was Terrativa (850.193).

Terrativa's 3 year research authorisation (exploration licence) ended on 3 July 2016 (850.193). See figs 1, 2 below.

Vale lodged a research application (exploration licence application) on 4 July 2016 (850.424, covering just over 100% of SW2 or 11). See figs 3, 4 below.

Terrativa lodged a research application on 5 July 2016 (850.429, covering approx 80% of SW2 or 11). See figs 5, 6 below.

CTM's brazillian subsidiary lodged a research application on 14 December 2016 (851.068, covering approx remaining 20% of SW2 or 11). See figs 7, 8 below.

At the end of a 3 year research authorisation the title/tenement holder is required to submit a final exploration report to the regulatory authority.

If it is approved a 3 year extension of the research application will be granted to the title/tenement holder, in this case Terrativa, with CTM earning in.

If it is rejected the tenement goes back on the open market on a first come first served basis, re priority date (data prioridade), in this case Vale with their 4 July application.

Note, it took approx 18 months for Terrativa to be awarded the 850.193 authorisation.

Vale last submitted documemtation for their application in Oct 2016.

Terrativa last submitted documentation for their application in June 2017.

CTM have submitted no further documentation since their application.

Incidentally Terrativa are a large private brazilian company with hundreds of tenements across Brazil, they have a lot of experience in dealing with the regulatory authority, more so than CTM.

All the figures below are screenshots from the regulatory authority website accessed 31 July 2017.