REG - Savannah Resources - AGM Statement

Savannah ResourcesAnnouncement

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RNS Number : 1660F  Savannah Resources PLC  21 May 2026

 

 

 

21 May 2026

 

Savannah Resources Plc

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

 

Chairman's AGM Statement

 

Savannah Resources Plc, the developer of the Barroso Lithium Project in
Portugal (the 'Project'), a 'Strategic Project' under the European Critical
Raw Materials Act and Europe's largest spodumene lithium deposit hosts its
Annual General Meeting ('AGM') today at 11:00 BST at the offices of the
Company's Joint Broker, Canaccord Genuity Limited, 88 Wood Street, London,
EC2V 7QR.

 

Ahead of the AGM, the Company is providing the Chairman's Statement below.

 

Chairman's AGM Statement

I look forward to welcoming shareholders to our AGM later today which follows
another important and significant year for the Company. The progress we have
made takes us ever closer to our goal of becoming a substantial lithium raw
material producer in Europe and making our contribution to the region's energy
transition by developing this new long term industry in Portugal.

 

This progress has been well supported by you, our shareholders, but also by
the local community, Portuguese State, European Commission and a much
revitalised lithium market, with prices strongly incentivising the development
of new sources of supply.

 

I refer shareholders to our recent Annual Report for a comprehensive review of
Savannah's performance in 2025, but since the turn of the year, the most
significant milestone has been the award and subsequent signing of an
investment contract with the Portuguese Trade & Investment Agency
('AICEP') for a non-reimbursable Portuguese State grant for up to €110
million. This represents a sizeable contribution towards the Project's future
construction funding and a clear endorsement of Barroso's national and
European significance.

 

Operationally, the Company has continued to advance the Definitive Feasibility
Study ('DFS'), with completion expected in July 2026. Savannah has also
progressed work on the Project's road and power infrastructure and the
environmental licence compliance process ('RECAPE'), where it expects to make
its submission to the regulator during Q4 2026. Meanwhile, the recent granting
of a second temporary land access order allows geotechnical fieldwork to
proceed, which will feed into the Project's detailed engineering designs,
which are critical for financing and subsequent construction.

 

On financing and additional commercial relationships, good progress continues
to be made on both fronts with the Project's strategic significance and its
robust economics combined with the buoyant lithium market attracting a strong
pool of potential lenders and additional commercial partners.

 

Stakeholder engagement has also increased significantly thanks to the efforts
of our team in Portugal. Public meetings have been held across the Project
area and Memorandums of Understanding have been signed with multiple key local
stakeholder groups. This is creating a framework for practical, mutually
beneficial cooperation between the Company and local communities, which we
will look to further strengthen as we move forward.

 

Underpinning our own efforts is the lithium market's resurgence, which began
in the second half of 2025 and has continued apace in 2026. Spodumene prices
are currently reported in a range of approximately US$2,800-2,900/t, around
375% above the lows seen in June last year. While lithium pricing will remain
volatile as the market continues to grow and stabilise, the current pricing
environment is highly supportive for new project development. Few companies
globally are in such a strong position to deliver into this market as
Savannah. Importantly, the structural drivers behind the market remain firmly
in place. EV and battery storage demand continue to grow, while security of
supply and the localisation of critical raw material supply chains remain
major policy priorities in western economies. The Barroso Lithium Project is
therefore well placed as Europe seeks to reduce reliance on imported lithium
raw materials and develop a more resilient domestic battery value chain as the
world grows its incentive for accelerating battery deployment and mass-scale
decarbonisation.

 

The remainder of 2026 is expected to be another active and important period
for Savannah. Our priorities include completing the DFS in July, progressing
the geotechnical fieldwork now enabled by the second temporary land access
order, advancing Front End Engineering & Design ('FEED') work, completing
the RECAPE submission, and continuing to develop the Project's financing and
commercial arrangements. Looking further ahead, Savannah remains focused on
preparing for construction in 2027 and maintaining the target of first
production in 2028, subject to securing the necessary financing, commercial
partnerships, licences and construction delivery.

 

On behalf of the Board, I would like to thank our shareholders for their
ongoing support and our team, advisers, contractors and stakeholders
everywhere for their continued commitment.

 

With thanks,

Rick Anthon

Chair, Savannah Resources Plc

 

 

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: +351 963 850 959

 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)

                                                                         Tel: +44 20 7523 8000

 Canaccord Genuity Limited (Joint Broker)

 James Asensio / Rory Blundell / Charlie Hammond (Corporate Broking)

 Ben Knott (Sales)

 Portugal 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 and was approved
for a Portuguese State development Grant of up to €110m in January 2026.

 

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 London Stock Exchange's Alternative
Investment Market (AIM) and trades under the ticker "SAV".

 

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