I have run into it occasionally. It is not totally uncommon. Here is a saved procedure I have used to solve it.
Savage Rimfire Extraction Issues
Failure to extract most often is caused by one or both of these causes:
The extractor plate noses fit into two recesses machined into the barrel face. Grunge builds up in these recesses and keep the extractor plates from closing tight around the rim of the case. Clean the grunge out. An aerosol automotive throttle body cleaner works well.
The extractor plates are held in the bolt by a C shaped spring. Either grunge or a weak spring will prevent the plates from squeezing tight to the bolt to grip the case rim. Remove the C spring taking careful note of the location of the two extractor plates, and the notch in the C spring. The sharp pointed extractor is on the eject port side, and the rounded one on the opposite side. The notch in the C spring is away from the bolt face side, and allows the plates to slide further toward the bolt face. Clean the slots for the extractor plates with a throttle body cleaner. Stone the sides of the extractor plates to ensure they are flat and have no burred edges, and clean them too with the same cleaner. No lube is required other than the residual from the cleaner. While you are at it, do the same for the firing pin (plate). Next scrunch the C spring together to give it maximum tension. When you reassemble you want to minimize the amount you stretch the C spring. Put the firing pin in first, then the C spring, stretching it as little as possible. Last slide the extractor plates in from the end of the bolt under the spring one at a time. As a last check shake the bolt from end to end to ensure the firing pin is free. It should rattle back and forth.
If that does not work, you may want to call Savage. Some have even installed two C springs to get the extra tension to keep the extractors tight. But, the above procedure is all I've needed to put the gun back in perfect form again.