REG - Savannah Resources - Appointment of AMG Representative to Board

Savannah ResourcesAnnouncement

20/08/2024 07:00

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RNS Number : 0089B  Savannah Resources PLC  20 August 2024

 

 

20 August 2024

Savannah Resources Plc

(AIM: SAV, FWB: SAV and SWB: SAV) ('Savannah' or the 'Company')

 

Appointment of AMG Representative to Savannah's Board

 

Savannah Resources plc, the European lithium development company, announces
that following the investment from the Company's new largest shareholder and
strategic partner, AMG Critical Materials N.V. ('AMG'), Mr Mike Connor, has
been appointed as a Non-Executive Director of the Company effective from 20
August 2024 as per the terms of the subscription agreement.

 

Mr. Connor joined AMG in 2010 and served in various positions within the
Company, including as the Corporate Controller of the AMG Group for close to a
decade before being appointed Chief Corporate Development Officer and a
Management Board member of AMG in May 2024. In his Board role at AMG, Mike was
significantly involved in creating the strategic partnership with Savannah.

 

Savannah's Chairman, Rick Anthon said: "It is my pleasure to welcome Mike to
the Company as our new Non-Executive Director and representative of AMG as we
begin this new phase in Savannah's evolution with our new partner. Having a
member of AMG's own board join our leadership team clearly indicates the
significance that our new partner places on its relationship with Savannah.
Furthermore, we are fortunate that Mike brings highly relevant lithium sector
knowledge to Savannah, which he has gained while helping AMG build their own
lithium business over recent years. The team and I are very much looking
forward to working with him and the senior management team from AMG Lithium as
we develop our Project into a responsibly managed source of lithium for
Europe, which generates significant socio-economic benefits for all its
stakeholders."

 

Savannah's new Non-Executive Director, Mike Connor said: "I am grateful for
the opportunity to join the Savannah team as a board member. I look forward to
contributing my skills and experience, and to collaborating to achieve
positive outcomes for both the Company and the communities we serve. Mining
goes beyond extracting minerals, it's about creating opportunities, fostering
local prosperity, and nurturing a resilient and thriving community. Savannah
is uniquely positioned to execute on all three of these goals. I hope to draw
from my experience at AMG, where we have built a successful lithium mining
operation in Brazil, to help guide the strategic decisions at Savannah toward
sustainable growth, unlocking opportunities for the local community, the
Company, and the shareholders."

 

Further information

Biographies

Mike Connor is the Chief Corporate Development Officer and a Management Board
member of AMG Critical Materials N.V.. With over twenty years of experience in
finance, corporate development, and strategic planning, he brings a blend of
technical expertise and leadership skills. Mr. Connor's experience at AMG
includes being an integral part of the leadership team which financed,
constructed, and successfully operate a lithium mining operation in Brazil, as
well as the first lithium conversion plant in Europe.

 

The following information is disclosed pursuant to Schedule Two, paragraph (g)
of the AIM Rules for Companies.

 

Mr Michael (Mike) Gerard Connor (a US national residing in Wayne,
Philadelphia), aged 42, currently holds or has held the following
directorships and partnerships in the last five years:

 

 Current Directorships / Partnerships   Former Directorships / Partnerships within the last 5 years
 AMG Critical Materials N.V.            -
 AMG Mineracao B.V.                     -
 AMG Lithium B.V.                       -
 AMG Lithium GmbH                       -
 Metallurg Inc.                         -
 Shieldalloy Metallurgical Corporation  -
 Advanced Circular Materials Company    -

 

Mr Connor does not currently hold any ordinary shares in the Company.

 

There is no further information to be disclosed pursuant to paragraph (g) of
Schedule 2 of the AIM Rules.

 

Regulatory Information

This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law
by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is
disclosed in accordance with the Company's obligations under Article 17 of
MAR.

 

Savannah - Enabling Europe's energy transition.

 

**ENDS**

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For further information please visit www.savannahresources.com
(http://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)

 SCP Resource Finance (Joint Broker)                                    Tel: +44 204 548 1765
 Filipe Martins / Chris Tonkin

 Camarco (Financial PR)                                                 Tel: +44 20 3757 4980

 Gordon Poole / Emily Hall / Nuthara Bandara

 LPM (Portugal Media Relations)                                         Tel: +351 218 508 110

 Herminio Santos / Jorge Coelho / Margarida Pinheiro

 

 

About Savannah

Savannah Resources is a mineral resource development company and the sole
owner of the Barroso Lithium Project in northern Portugal, the largest battery
grade spodumene lithium resource outlined to date in Europe.

 

Through the Barroso Lithium Project (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 rapidly developing lithium battery
value chain. After the Environmental Licence was granted in May 2023 and the
Scoping Study confirmed the economic potential of the Project in June 2023,
production is now targeted and on track to begin in 2026. At that stage,
Savannah will start producing enough lithium (contained in c.190,000tpa of
spodumene concentrate) for approximately half a million vehicle battery packs
per year, equal to a significant portion of the European Commission's Critical
Raw Material Act goal of a minimum 10% of European endogenous lithium
production set for 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.

 

In June 2024, Savannah entered a strategic partnership with AMG Critical
Materials N.V., the global critical materials business and established lithium
market participant. AMG has invested GBP 16m in Savannah in exchange for a
15.8% stake in the Company and a 5 year, 45ktpa spodumene offtake agreement.
This investment alongside existing cash provides Savannah with the finance
required to take the Project to a Final Investment Decision point. AMG can
increase its offtake to 90ktpa for 10 years if it provides an acceptable full
project funding solution for the Project's construction.

 

The Company is listed and regulated on the London Stock Exchange's Alternative
Investment Market (AIM) and the Company's ordinary shares are also available
on the Quotation Board of the Frankfurt Stock Exchange (FWB) under the symbol
FWB: SAV, and the Börse Stuttgart (SWB) under the ticker "SAV".

 

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