REG - Savannah Resources - AGM Statement

Savannah ResourcesAnnouncement

10/06/2025 07:00

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RNS Number : 0935M  Savannah Resources PLC  10 June 2025

 

 

 

10 June 2025

 

Savannah Resources Plc

(AIM: SAV) ('Savannah', or the 'Company')

 

 Chairman's AGM Statement

 

Savannah hosts its Annual General Meeting ('AGM') today at 09:00 BST at Druces
LLP, Salisbury House, London Wall, London, EC2M 5PS (Exchange Meeting Room).
Ahead of the AGM, the Company is providing the Chairman's Statement below.

 

Chairman's AGM Statement

The past year, my first as Chair of Savannah, was another hugely busy period
for the Company, during which our growing team made significant and valuable
progress at the Barroso Lithium Project in Portugal (the 'Project'). It is
also one year since we announced our first strategic partnership, with AMG
Critical Materials N.V ('AMG'). AMG's £16m equity investment (made at a
significant premium) in Savannah and the agreements the two companies made
last June have underpinned our recent work by providing significant cash
resources, as well as the impetus created by the Project's first proposed
customer, and a potential route towards full financing for the Project's
construction.

 

In today's lithium market, with lithium raw material prices down significantly
from the all-time highs seen in late 2022, the support of an established
industry player is invaluable. It also highlights the relevance and importance
of our Project to the burgeoning European lithium battery value chain due to
its quality, robustness and great potential. These key attributes were further
reiterated by the strong support the Project received from the Portuguese
Government and from the European Commission through its inclusion of our
Project in the first group of 'Strategic Projects' announced under the
Critical Raw Materials Act in March 2025. We trust that these actions along
with the confirmation of eligibility in principle for a project finance loan
guarantee from the Germany Government (secured through our proposed offtake
with AMG), make clear to all current and future stakeholders that Savannah and
the Barroso Lithium Project are significant and highly credible opportunities.

 

We also greatly benefited during the year from the marked increase in interest
shown in our Company and Project by Portuguese investors. Domestic investors
now account for over 20% of our register following significant on market
buying. We are delighted to have this 'local' backing, and I believe it speaks
highly of the work that Emanuel and team have done in-country to raise the
profile of the Project, clarify the benefits that it offers, and highlight the
role it can play in the country's wider lithium battery value chain
development plans.

 

Based on these supporting pillars, we have moved forward with confidence this
year, advancing the Definitive Feasibility study ('DFS') and building out the
team for the Project's development phase, despite the challenging market
conditions. It is our intention today to continue at our current pace in the
months ahead, generating further news flow, as we work towards our next major
Project goals, being completion of the DFS and the RECAPE submission in the
environmental licencing process.

 

Having personally experienced several price cycles in the lithium industry, I
firmly believe that trying to progress at speed continues to be the right
course of action for Savannah at the current time. The global energy
transition, the driving force behind our sector, as demonstrated by EV sales
(5.6m Jan-April, +29% vs. Jan-Apr 2024 source: Rho Motion) and the massive
growth in stationary battery storage systems, continues to evolve at pace.
While this growth may not be reflected in current lithium prices, the sector
has continued to attract massive investment from mining, energy and automotive
players keen to correctly position themselves for the future in this highly
strategic industry. Furthermore, as a pre-production company we are largely
insulated from the low prices of today. This allows us to focus on being ready
to operate in the more favourable market conditions, which market analysts
continue to predict for the years ahead.

 

As we work towards the great opportunity which lies ahead of us, I speak for
all at Savannah in saying that the continued support of our shareholders is
greatly appreciated. I look forward to seeing many of you at today's AGM.

 

With Thanks,

 

 

Rick Anthon

Chair, Savannah Resources PLC.

 

Regulatory Information

This Announcement contains inside information for the purposes of the UK
version of the market abuse regulation (EU No. 596/2014) as it forms part of
United Kingdom domestic law by virtue of the European Union (Withdrawal) Act
2018 ("UK MAR").

 

 

Savannah - Enabling Europe's energy transition.

 

**ENDS**

 

Follow @SavannahRes on X (Formerly known as Twitter)

 

Follow Savannah Resources on LinkedIn

 

 

For further information please visit www.savannahresources.com or contact:

 

 Savannah Resources PLC                                                  Tel: +44 20 7117 2489

 Emanuel Proença, CEO

 SP Angel Corporate Finance LLP (Nominated Advisor & Joint Broker)       Tel: +44 20 3470 0470

 David Hignell/ Charlie Bouverat (Corporate Finance)

 Grant Barker/Abigail Wayne (Sales & Broking)

 Canaccord Genuity Limited (Joint Broker)                                Tel: +44 20 7523 8000

 James Asensio / Charlie Hammond (Corporate Broking)

 Ben Knott (Sales)

 Media Relations                                                         Tel: +351 962 678 912

 António Neves Costa (Communications Manager)

 

About Savannah

Savannah Resources is a mineral resource development company and the sole
owner of the Barroso Lithium Project (the 'Project') in northern Portugal. The
Project is the largest battery-grade spodumene lithium resource outlined to
date in Europe and was classified as a 'Strategic Project' by the European
Commission under the Critical Raw Materials Act in March 2025.

 

Through the Project, Savannah will help Portugal to play an important role in
providing a long-term, locally sourced, lithium raw material supply for
Europe's lithium battery value chain. Once in operation, the Project will
produce enough lithium (contained in c.190,000tpa of spodumene concentrate)
for approximately half a million vehicle battery packs per year and hence make
a significant contribution towards the European Commission's Critical Raw
Material Act goal of a minimum 10% of European endogenous lithium production
from 2030. Savannah is focused on the responsible development and operation of
the Barroso Lithium Project so that its impact on the environment is minimised
and the socio-economic benefits that it can bring to all its stakeholders are
maximised.

 

The Company is listed and regulated on the AIM Market of the London Stock
Exchange and trades under the ticker "SAV".

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