REG - Savannah Resources - Barroso Lithium Project - JORC Resource Update
15/09/2025 07:00
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RNS Number : 3041Z Savannah Resources PLC 15 September 2025
15 September
2025
Savannah Resources Plc
(AIM: SAV) ('Savannah', or the 'Company')
Barroso Lithium Project - JORC Resource Update
JORC Resources increased by 40% at the Barroso Lithium Project to 39Mt
including 27Mt in the Measured and Indicated categories
Savannah Resources Plc, the developer of the Barroso Lithium Project (the
'Project') in Portugal, a 'Strategic Project' under the European Critical Raw
Materials Act, is pleased to announce a 40% increase in the Project's overall
JORC (2012) compliant Resource to over 39Mt and a corresponding 41% increase
in the Project's higher quality Measured and Indicated ('M&I') Resources
to nearly 27Mt. With average grade maintained at 1.05% Li(2)O, the new
estimate takes the Project's lithium resources past 1Mt of lithium carbonate
equivalent for the first time. Furthermore, at nearly 27Mt, the new M&I
Resources from which the Project's first JORC ore reserve will be created,
approximately equate to the entire previous resource.
Accompanying the increased and upgraded resource is a new Exploration
Target(1), which for the first time, includes targets for each of the
Project's five orebodies as well as the remainder of the Project's lease
areas. At 35-62Mt at 0.9%-1.2% Li(2)O(2) this represents more than a 200%
increase on the previous Exploration Target.
This substantial growth in resources, all drawn from within the Project's
lease areas, significantly increases its strategic importance to all its
stakeholders. This is both as a major contributor of lithium raw material to
Europe's battery value chain, but also as a significant, long term, value
creator for the local region, the Portuguese economy and Savannah's
shareholders.
Highlights:
· JORC (2012) compliant Resources at the Project increased by 40% to
39.1Mt at 1.05% Li(2)O based on extensions to existing orebodies all located
within the Project's existing lease areas.
· A larger resource offers the potential for the Project's producing
life to be longer and economic and social benefits to be greater, while
constraining development to the lease areas.
· A new Exploration Target(3), estimated from drilling and surface
exploration data, outlines the potential for an additional 35 to 62Mt at a
range from 0.9% to 1.2% Li(2)O(4). This represents more than a 200% increase
from the previous Exploration Target estimate.
· Contained Li(2)O resources increased by 41% to 411,900 tonnes due to
a slight increase in average grade. The new JORC Resource takes contained
Li(2)O mineralisation over the 1Mt lithium carbonate equivalent level for the
first time (1.019Mt).
· Measured and Indicated resources increased by 42% to 26.6Mt at 1.05%
Li(2)O, representing 68% of the total new resource and equating to 95% of the
total May 2024 JORC Resource.
· Virtually all the 2023 Scoping Study mining inventory (20.5Mt) was
converted into Measured and Indicated Resources, thus reinforcing the quality
of the economic study work done to date.
· All deposits remain open both along strike and down dip, offering
further upside potential.
· The new resource estimate will form the basis for the Project's
maiden JORC Reserve estimate, which will underpin the Definitive Feasibility
Study ('DFS'), paving the way for the Project to advance to production as
Europe's largest spodumene lithium deposit.
Savannah's Chief Technical Officer, Dale Ferguson said, "The primary goal of
the recent resource-focused drilling, which we completed in July, was to
upgrade the existing resources at Pinheiro, Reservatório and Grandão in
preparation for the Project's maiden reserve estimate for the DFS. However,
the drilling also confirmed several orebody extensions and consistently
returned impressive assays. Hence, it became clear that we would be able to
report a substantial increase in tonnage as well. It's great to be able to do
that today with a 40% overall increase in tonnage, including a 188% and 140%
increase at Reservatório and Pinheiro respectively, and a 42% increase in
Measured and Indicated resources.
"Importantly the updated resource also confirms the grade consistency of the
mineralisation, with the Project retaining its overall 1.05% Li(2)O average
grade. The updated resource also continues to confirm past exploration
targets. Hence this gives us confidence in our ability to convert the
substantially increased Exploration Target, which we have also announced
today, into more resources over time."
Savannah's Chief Executive Officer, Emanuel Proença, added, "My thanks go to
the exploration & geology teams for their tireless work to complete the
drilling and produce this significant increase in the Project's resources and
exploration targets. It's very exciting to witness this next step in the
Project's evolution and to get further insight into the potential the
Project's leases have to offer in terms of additional lithium prospectivity.
"The expansion of the resource close to 40Mt gives good visibility through to
a longer producing life than was envisaged in the 2023 Scoping Study. This has
clear benefits for all stakeholders as the potential now exists for the
Project to make a greater contribution in terms of lithium production, value
and job creation, tax and royalty payments, and numerous other socio-economic
benefits over a longer period. Furthermore, when the resources are considered
alongside the much increased Exploration Target we have also announced, it is
possible to envisage that the Project could pass the milestone of 100Mt of
resources at some point in the future - benefiting our growing team, our
partners, our region, Portugal and Europe, and leaving countless barrels of
oil in the ground."
(1,2,3,4)Cautionary Statement: The potential quantity and grade of the
Exploration Targets is conceptual in nature, there has been insufficient
exploration work to estimate a mineral resource and it is uncertain if further
exploration will result in defining a mineral resource.
Table 1. Summary of Updated Mineral Resource Estimation Summary
Deposit Resource Tonnes Li(2)O Fe(2)O(3) Li(2)O
Class
Mt % % Tonnes
All Deposits Measured 8.7 1.06 0.7 93,100
Indicated 17.9 1.05 0.8 187,700
Inferred 12.4 1.06 0.7 131,100
Total 39.1 1.05 0.8 411,900
Rounding discrepancies may occur
Figure 1. Growth of JORC (2012) compliant resource tonnage at the Barroso
Lithium Project since 2017
Table 2. Exploration Target(5) Summary
Deposit Tonnage Range (Mt) Li(2)O
%
Lower Upper
Reservatório 5.0 7.0 0.9-1.2%
Grandão 4.0 8.0 1.0-1.2%
Pinheiro 2.0 4.0 1.0-1.3%
Aldeia Block A 2.0 4.0 1.0-1.3%
NOA 2.0 4.0 1.0-1.2%
Regional (refer to Table 5) 20.0 35.0 0.9-1.2%
Total Exploration Target 35.0 62.0 0.9-1.2%
(5)Cautionary Statement: The potential quantity and grade of the Exploration
Targets is conceptual in nature, there has been insufficient exploration work
to estimate a mineral resource and it is uncertain if further exploration will
result in defining a mineral resource.
Figure 2. Growth in Upper limit of Exploration Target(6) tonnage at the
Barroso Lithium Project since 2017
Industry comparison
Following this significant upgrade to its JORC Resource base, the Barroso
Lithium Project retains its position as the largest spodumene lithium resource
in Europe. Furthermore, it now compares even more favorably to a wide group of
spodumene peer projects from around the world, which are at various stages
along the development curve, including some in construction and production.
With all its orebodies remaining open, and numerous prospects on the leases
still to be drilled to JORC Resource standards, significant opportunities
remain to further increase the Project's resource over time. This would then
present a great opportunity to extend the life of the operation, amplify the
socio-economic benefits the Project can bring to the region, and increase the
positive impact it can have in building Portugal's new lithium industry well
into the future.
(6)Cautionary Statement: The potential quantity and grade of the Exploration
Targets is conceptual in nature, there has been insufficient exploration work
to estimate a mineral resource and it is uncertain if further exploration will
result in defining a mineral resource.
Figure 3. Spodumene lithium projects with resources up to 100Mt
Key: Project status - (1) Resource bearing; (2) Post Scoping Study/Prelim
Economic Assessment; (3) Post Pre-Feasibility Study; (4) Post Feasibility
Study; (5) In construction; (6) In production; (7) Care & Maintenance
Source: External companies' websites and reports
Further Information
Mineral Resource Estimates for the Grandão, Reservatório, Pinheiro and NOA
lithium deposits have been prepared by Ashmore Advisory Pty Ltd, an external
and independent mining consultancy. The deposits form part of Savannah's
Barroso Lithium Project, located in northern Portugal and are highlighted in
Figure 4. The Mineral Resource Estimates for the deposits at the Project have
been classified as Measured, Indicated and Inferred Mineral Resource in
accordance with the JORC Code, 2012 Edition and are summarised in Tables 3 and
4 and Appendix 1. In addition, an updated exploration target(7) for the
existing resources and other identified pegmatites within the C-100 licence,
adjacent C-100 licence extension application(8) area and Aldeia licence(9)
(Figure 5) was also estimated in accordance with the JORC Code, 2012 Edition
and are summarised in Tables 5-9.
(7)Cautionary Statement: The potential quantity and grade of the Exploration
Targets is conceptual in nature, there has been insufficient exploration work
to estimate a mineral resource and it is uncertain if further exploration will
result in defining a mineral resource.
(8)Part of the Reservatório deposit is situated within a 250m extension zone
of the C-100 licence, which is under application. Savannah has received
written confirmation from the DGEG that under article 24 of Decree-Law no.
88/90 of March 16 being relevant justification based on the resources
allocated exploited and intended, Savannah has been approved an expansion up
to 250m of the C-100 mining concession in specific areas where a resource has
been defined and the requirement for the expansion can be justified.
(9)Savannah has the right to purchase the adjacent Aldeia Mining Lease
("Aldeia") and continues to evaluate this potential acquisition. Further
details of the proposed transaction can be found in note 19 to the accounts in
the 2024 Annual Report.
Figure 4. Barroso Lithium Project summary map showing deposits and drill hole
locations
Table 3. Detailed Breakdown of Updated Mineral Resource Estimation Summary
Deposit Resource Tonnes Li(2)O Fe(2)O(3) Li(2)O
Classification
Mt % % Tonnes
Grandão Measured 8.7 1.06 0.7 93,100
Indicated 5.0 1.03 0.8 51,100
Inferred 4.4 1.06 0.8 46,400
Total 18.1 1.05 0.7 190,600
Reservatório Measured
(Within C-100 Licence)
Indicated 5.3 0.98 0.9 52,000
Inferred 0.8 1.10 0.9 9,200
Total 6.2 0.99 0.9 61,100
Reservatório Measured
(Under Application)
Indicated 2.8 1.02 0.9 28,600
Inferred 3.2 0.89 0.8 28,100
Total 6.0 0.95 0.9 56,700
Reservatório Measured
(Within C-100 Licence & Under Application)
Indicated 8.1 1.00 0.9 81,200
Inferred 4.0 0.90 0.9 36,100
Total 12.1 0.97 0.9 117,300
Pinheiro Measured
Indicated 2.6 1.11 0.7 28,500
Inferred 2.2 1.08 0.7 23,300
Total 4.8 1.09 0.7 51,800
NOA Measured
Indicated 0.6 1.03 0.8 6,300
Inferred 0.1 0.95 0.5 400
Total 0.7 1.03 0.8 6,700
Aldeia Measured
(Under option)
Indicated 1.6 1.31 0.5 21,300
Inferred 1.8 1.29 0.4 23,700
Total 3.5 1.30 0.4 45,000
All Deposits (Excluding in Under Application area) Measured 8.7 1.06 0.7 93,100
Indicated 15.1 1.05 0.8 159,100
Inferred 9.2 1.11 0.7 102,900
Total 33.2 1.07 0.7 355,200
All Deposits (including Under Application) Measured 8.7 1.06 0.7 93,100
Indicated 17.9 1.05 0.8 187,700
Inferred 12.4 1.06 0.7 131,100
Total 39.1 1.05 0.8 411,900
*Rounding discrepancies may occur
The September 2025 Mineral Resource estimate compared to the previous Mineral
Resource estimate for the Project is shown in Table 4.
Table 4. September 2025 Mineral Resource Comparison (Grand Total) to Previous
Estimate
Deposit Resource Tonnes Li(2)O Li(2)O
Class
Mt % Tonnes
All Deposits Measured +33% -3% +30%
Indicated +47% +4% +54%
Inferred +33% -1% +32%
Total +40% +1% +41%
Figure 5. Location Map Highlighting Prospect Locations of Exploration Targets
Table 5. Barroso Lithium Project Regional Exploration Target(10) by Prospect
Prospect Tonnage Range (Mt) Li(2)O
%
Lower Upper
Altos da Urreta 2.0 3.0 0.7-1.0%
Altos dos Corticos 3.0 6.0 0.9-1.2%
Carvalha da Bacora 3.0 6.0 0.9-1.2%
Aldeia Block B 7.0 10.0 0.9-1.2%
Piagro Negro 1.0 2.0 0.7-1.0%
Grandão Northwest 1.0 2.0 0.7-1.1%
Grandão North 1.0 2.0 0.8-1.1%
Aldeia Block C 2.0 4.0 1.1-1.5%
Total Exploration Target 20.0 35.0 0.9-1.2%
The September 2025 Exploration Target compared to the previous Exploration
Target(11) for the Project is shown in Table 6.
Table 6. September 2025 Exploration Target(12) Comparison to Previous
Exploration Target
Deposit Tonnage Range (Mt)
Lower Upper
Reservatório 0% 0%
Grandão 0% 0%
Aldeia 0% 0%
Pinheiro +2Mt +4Mt
NOA +2Mt +4Mt
Regional +20Mt +35Mt
Total Exploration Target 218% 226%
Orebody Descriptions
Grandão
At the Grandão deposit, the largest orebody at the Project, the upper part of
the deposit occurs within a broad, flat-lying pegmatite body with a typical
thickness of 20 to 40m. A lower zone of the deposit comprises numerous steep
dipping dykes which are 10 to 20m in true width (Figures 6-7). Small parallel
lenses of spodumene pegmatite have also been interpreted. All orebodies remain
open both along strike and down dip.
(10,11,12)Cautionary Statement: The potential quantity and grade of the
Exploration Targets is conceptual in nature, there has been insufficient
exploration work to estimate a mineral resource and it is uncertain if further
exploration will result in defining a mineral resource.
Figure 6. Grandão Resource Model (Main Domains) Coloured by Li(2)O Content
(looking Northeast)
Figure 7. Grandão Cross Section (looking North)
Reservatório
At the Reservatório deposit, mineralisation is largely hosted within a
single, tabular pegmatite with several minor parallel lenses. It strikes
broadly NE-SW and dips to the NW at 15° to 30° and varies in thickness from
20m to 50m. The deposit outcrops over a strike length of approximately 550m
and remains open, particularly at depth (Figures 8-9).
Figure 8. Reservatório Resource Model (Main Domains) Coloured by Li(2)O
Content (looking Southeast)
Figure 9. Reservatório Cross Section (looking Northeast)
Pinheiro
At the Pinheiro deposit, mineralisation is hosted in three steep dipping,
north trending tabular pegmatite pods 20 to 30m in true width. The deposit
outcrops over a strike length of approximately 240m and remains open along
strike and at depth (Figures 10-11).
Figure 10. Pinheiro Resource Model (Main Domain) Coloured by Li(2)O Content
(looking Southeast)
Figure 11. Pinheiro Cross Section (looking Northeast)
NOA
At the NOA deposit, the host pegmatite is a steep dipping, northwest trending
body which is 5-10m in true width. It has been mapped in outcrop over much of
the interpreted 440m strike length of the Mineral Resource (Figures 12-13).
Figure 12. NOA Resource Model (Main Domains) Coloured by Li(2)O Content
(looking Southwest)
Figure 13. NOA Cross Section (looking West)
Geology
At the Barroso Lithium Project, lithium mineralisation occurs predominantly in
the form of spodumene-bearing pegmatites which are hosted in metapelitic and
mica schists and occasionally carbonate schists of upper Ordovician to lower
Devonian age. Lithium is present in most pegmatite compositions and laboratory
test work confirms that the lithium is almost exclusively within spodumene.
Distinct lithium grade zonation occurs within the pegmatites, with weakly
mineralised zones often evident at the margins of the intrusions. Minor
xenoliths and inliers of schist are observed on occasions.
The weathering profiles comprises a shallow, surficial zone of weak to
moderate oxidation, particularly of the schistose country rock. For each
deposit, Ashmore generated a top of fresh rock surface to differentiate
weathered and fresh material.
Mineral Resources have now been defined in five separate pegmatite zones -
Grandão, Reservatório, Pinheiro, NOA and Aldeia.
The Grandão deposit comprises what is interpreted to be one main pegmatite
intrusion and a series of minor mineralised intrusions. The upper part of the
deposit occurs within a broad, flat-lying pegmatite body with a typical
thickness of 20 to 40m. A lower zone of the deposit comprises numerous steep
dipping dykes which are 10 to 20m in true width. Small parallel lenses of
spodumene pegmatite have also been interpreted.
At the Reservatório deposit, mineralisation is largely hosted within a
single, tabular pegmatite with several minor parallel lenses. It strikes
broadly NE-SW and dips to the NW at 15° to 30° and varies in thickness from
20m to 50m. The deposit outcrops over a strike length of approximately 550m
and remains open, particularly at depth.
At the Pinheiro deposit, mineralisation is hosted in three steep dipping,
north trending tabular pegmatite pods 20 to 30m in true width. The deposit
outcrops over a strike length of approximately 240m and remains open along
strike and at depth.
At the NOA deposit, the host pegmatite is a steep dipping, northwest trending
body which is 5-10m in true width. It has been mapped in outcrop over much of
the interpreted 440m strike length of the Mineral Resource. The weathering
profile comprises a shallow, surficial zone of weak to moderate oxidation,
particularly of the schistose country rock.
Drilling
The Grandão deposit is defined by a total of 110 reverse circulation ("RC")
holes, 32 reverse circulation holes with diamond tails ("RCD"), 32 diamond
("DD") holes and a percussion hole. The holes were drilled on approximate
spacings of 20m to 40m on 40m to 50m spaced cross sections.
The Reservatório deposit is defined by a total of 72 RC holes, 19 RCD and 16
DD holes. The holes were drilled on approximate spacings of 20m to 40m on 40m
spaced cross sections.
The Pinheiro deposit is defined by a total of 3 percussion holes, 26 RC holes,
5 RCD and 17 DD holes. Drill hole spacing is as close as 20m by 10m; but is
predominantly 20m by 20m to 40m by 40m across the deposit.
The NOA deposit is defined by a total of 58 RC holes and 7 DD holes. The holes
were drilled on an approximate hole spacing of 25m by 20m, out to 40m by 40m.
All holes were completed by Savannah since 2017.
Drill collar locations are recorded in Universal Traverse Mercator ("UTM")
coordinates using differential GPS. All Savannah drilling has been down-hole
surveyed using a gyroscopic tool.
Sampling and Sub-Sampling Techniques
RC drilling by Savannah was carried out using a face sampling hammer (120mm).
Savannah reported that drilling conditions were good, samples were generally
dry and measured sample recoveries were good other than some recorded sample
loss near the hole collar in some holes.
Samples were collected at 1m intervals from pegmatite zones. For the 2017
drilling, composite sampling of typically 4m was conducted in the surrounding
schists. For drilling conducted since 2018, schist was only sampled for 5m
each side of the pegmatites. The 1m samples were collected through a
rig-mounted riffle splitter and were 4-6kg in weight.
Diamond drilling commenced in PQ diameter and reduced to HQ diameter when
competent rock was intersected. Core recovery was excellent. For sampling,
core was aligned then marked with a centre line. Core was cut with a saw with
half-core taken for bulk metallurgical samples. The remaining half core was
cut again to produce quarter core samples for analysis. Samples were to
geological boundaries then typically at 1m intervals.
Sample Analysis Method
The samples were analysed using ALS Laboratories ME-MS89L Super Trace method
which combines a sodium peroxide fusion with ICP-MS instrumentation utilising
collision/reaction cell technologies to provide the lowest detection limits
available.
A prepared sample (0.2g) is added to sodium peroxide flux, mixed well and then
fused in at 670°C. The resulting melt is cooled and then dissolved in 30%
hydrochloric acid. This solution is then analysed by ICP-MS and the results
are corrected for spectral inter-element interferences. The final solution is
then analysed by ICP-MS, with results corrected for spectral inter-element
interferences.
QA\QC protocols were in place for the drilling programmes and included the use
of blanks, standards and field duplicates. The data has confirmed the quality
of the sampling and assaying for use in Mineral Resource estimation.
Estimation Methodology
For the Mineral Resource Estimates, Surpac block models were generated using
block sizes approximately a quarter to a half the predominant drill hole
spacing, with sub-blocking. The block sizes selected for each deposit were
guided by Kriging Neighbourhood Analysis ("KNA").
Interpretation of the pegmatite dykes was completed using detailed geological
logging and Fe geochemistry. Wireframes of the pegmatites were prepared and
within those the sample data was extracted and analysed. A clear break in the
grade distribution occurs at 0.5% Li(2)O and this grade threshold was used to
prepare the internal grade domains for estimation.
Sample data was composited into 1m intervals. The pegmatites at the deposit
were estimated using ordinary kriging ("OK") grade interpolation. Up to three
passes were used in the grade interpolation with first pass ranges ranging
between 40 and 60m. A minimum of 6 to 8 samples and a maximum of 12 to 16
samples were used to estimate each block model. No extreme high grades were
present in the Li(2)O and Fe data, and the CV of less than 1 for all elements
suggested that high grade cuts were not required. However, a small number of
outliers of tantalum ('Ta') were present across the deposits and high-grade
cuts of 60 to 100ppm were applied to Ta values.
Iron contamination via abrasion of RC drilling equipment and/or sample
preparation equipment is a recognized problem when evaluating lithium
deposits. To test the potential for iron contamination at the Project,
Savannah carried out a preliminary programme of check assays and a series of
comparisons were undertaken on samples from the Grandão deposit.
It was concluded from the Grandão study that a significant proportion of the
iron being reported in the drilling assay data was introduced as contamination
during the sample preparation process. It was determined that the amount of
contamination was proportional to the lithium content of the samples. A
regression formula was calculated using all samples, with the derived
regression formula being:
Fe_contamination = (0.1734 * Li(2)O grade) + 0.2308.
The amount of Fe contamination was determined using the derived regression
formula. A new field "Fe_factored" was inserted into the drill hole database,
and the original Fe value minus the calculated contamination was stored in
that field. This allowed a "Fe_factored" value to be extracted from the
database and used for grade estimation in the Mineral Resource.
Bulk density values applied to the estimates were based on a substantial
number of drill core samples across the breadth of the Project. Values applied
to the estimates varied between 2.2t/m(3) to 2.7t/m(3) and were assigned based
on geology, weathering and mineralisation.
Mineral Resource Classification
The Mineral Resource Estimate was classified in accordance with the
Australasian Code for the Reporting of Exploration Results, Mineral Resources
and Ore Reserves (JORC, 2012).
Mineral Resource classification was considered on the basis of drill hole
spacing, continuity of mineralisation and data quality. Accurate drill hole
collar and topographic surveys have been obtained for the deposits, so the
spatial location of data and topography has a high level of confidence. The
quality of the drilling and assaying has been confirmed through independent
verification of procedures and through a satisfactory QAQC protocol.
The Grandão main (upper) pegmatite defined by 20m to 40m spaced drill holes
and showing excellent continuity of pegmatite and lithium distribution has
been classified as Measured Mineral Resource. The Indicated Mineral Resource
was defined within areas of close spaced drilling of less than 50m by 40m, and
where the continuity and predictability of the lode positions was good. The
lower portion of the deposit remains undrilled. The pegmatite interpretations
have been extended up to 300m past drill hole intersections. The portion which
has been extrapolated up to 120m past drill holes has been classified as
Inferred Mineral Resource. The deeper portion remains unclassified.
For Reservatório, the Indicated Mineral Resource was defined within areas of
close spaced drilling of less than 40m by 40m, and where the continuity and
predictability of the lode positions was good. The lower portion of the
deposit remains undrilled. The pegmatite interpretations have been extended up
to 300m past drill hole intersections. The portion which has been extrapolated
up to 120m past drill holes has been classified as Inferred Mineral Resource.
The deeper portion remains unclassified.
For Pinheiro, the Indicated Mineral Resource was defined within fresh
material, in areas of close spaced drilling of less than 40m by 40m, and where
the continuity and predictability of the lode positions was good. The lower
portion of the deposit remains undrilled. The pegmatite interpretations have
been extended up to 200m past drill hole intersections. The portion which has
been extrapolated up to 80m past drill holes has been classified as Inferred
Mineral Resource. The deeper portion remains unclassified.
The portion of the NOA pegmatite defined by 20m to 40m spaced drill holes and
showing good continuity of pegmatite and Li(2)O distribution has been
classified as Indicated Mineral Resource. The Indicated portion was extended
for the full length of the pegmatite which had been exposed and mapped in the
pit and was extrapolated up to 20m past drill hole intersections. Inferred
Mineral Resource was assigned to those areas of the NOA deposit defined by a
drill hole spacing of greater than 40m.
Cut-off Grades
The shallow nature of the Project's pegmatites suggests good potential for
open pit mining if sufficient resources can be delineated to consider a mining
operation. The Statement of Mineral Resources have been constrained by the
mineralisation solids, reported above a cut-off grade of 0.5% Li(2)O. Previous
Whittle optimisations demonstrate reasonable prospects for eventual economic
extraction utilising open pit mining methods.
Metallurgy
Metallurgical test work has been conducted on the Project's pegmatites,
including composite samples derived from the Grandão, Reservatório,
Pinheiro, NOA and Aldeia weathered and fresh material types. Sedgman MinSol
Pty Ltd ("MinSol") assisted with determining an efficient and environmentally
conscious process flowsheet for the production of a high quality spodumene
concentrate grading >5.5% Li(2)O, whilst achieving the following key
environmental and social criteria:
· Use of REACH (European Chemical Regulation) registered chemicals;
· Use of chemicals classified with low environmental toxicity;
· No use of strong acids or bases and operating at near neutral pH; and
· Dry stacked tails to minimise ground water disturbance.
The work indicated that the Project's material can contribute to the Project's
plant feed to produce a minimum 5.5% Li(2)O concentrate at approximately 73%
recovery.
Modifying Factors
No modifying factors were applied to the reported Mineral Resource Estimate.
Parameters reflecting mining dilution, ore loss and metallurgical recoveries
will be considered during any future mining evaluation of the Project.
These Mineral Resources will be utilised in the Project's Definitive
Feasibility Study to estimate Ore Reserves.
Exploration Targets
In addition to the Mineral Resource estimates, Ashmore completed Exploration
Targets for the Project.
The potential quantity and grade of the Project's Lithium Exploration Target
is conceptual in nature. There has been insufficient exploration to estimate a
Mineral Resource. It is uncertain if further exploration will result in the
estimation of a Mineral Resource. The Exploration Target has been prepared and
reported in accordance with the 2012 edition of the JORC Code.
The Exploration Target is based on the results of exploration activities
undertaken to date and references an extensive dataset of drilling, geological
mapping and surface sampling information. The drilling and surface sampling
data forms the basis for grade ranges; and tonnage factors were based on
wireframes generated from drilling data, as well as mapped pegmatites, surface
sampling grade within mapped pegmatites and historically mined areas. Savannah
plans on conducting further drilling and sampling at the Project after the
completion of the ongoing DFS.
The Exploration Target by Ashmore for the Project is tabulated in Table 7 and
the regional portion of the Exploration Target subdivided by prospect is shown
in Table 8.
Table 7. Exploration Target(13) Summary
Deposit Tonnage Range (Mt) Li(2)O
%
Lower Upper
Reservatório 5.0 7.0 0.9-1.2%
Grandão 4.0 8.0 1.0-1.2%
Pinheiro 2.0 4.0 1.0-1.3%
Aldeia Block A 2.0 4.0 1.0-1.3%
NOA 2.0 4.0 1.0-1.2%
Regional (refer to Table 8) 20.0 35.0 0.9-1.2%
Total Exploration Target 35.0 62.0 0.9-1.2%
Table 8. Barroso Lithium Project Regional Exploration Target(14) by Prospect
Prospect Tonnage Range (Mt) Li(2)O
%
Lower Upper
Altos da Urreta 2.0 3.0 0.7-1.0%
Altos dos Corticos 3.0 6.0 0.9-1.2%
Carvalha da Bacora 3.0 6.0 0.9-1.2%
Aldeia Block B 7.0 10.0 0.9-1.2%
Piagro Negro 1.0 2.0 0.7-1.0%
Grandão Northwest 1.0 2.0 0.7-1.1%
Grandão North 1.0 2.0 0.8-1.1%
Aldeia Block C 2.0 4.0 1.1-1.5%
Total Exploration Target 20.0 35.0 0.9-1.2%
The September 2025 Exploration Target compared to the previous Exploration
Target for the Project is shown in Table 9.
(13,14)Cautionary Statement: The potential quantity and grade of the
Exploration Targets is conceptual in nature, there has been insufficient
exploration work to estimate a mineral resource and it is uncertain if further
exploration will result in defining a mineral resource.
Table 9. September 2025 Exploration Target(15) Comparison to Previous
Exploration Target
Deposit Tonnage Range (Mt)
Lower Upper
Reservatório 0% 0%
Grandão 0% 0%
Aldeia 0% 0%
Pinheiro +2Mt +4Mt
NOA +2Mt +4Mt
Regional +20Mt +35Mt
Total Exploration Target 218% 226%
Next Steps
Following the successful upgrade and expansion of the Project's resource,
subsequent relevant work streams are expected to include:
· Additional resource drilling primarily focused on extension of the
Pinheiro deposits
· Resource optimisations and pit designs which will form the basis of
the DFS
· Further mapping, rock chipping and drilling to further refine
exploration targets and potential conversion into resources.
Background on the JORC Code
The Australasian Code for Reporting of Exploration Results, Mineral Resources
and Ore Reserves ('the JORC Code') is a professional code of practice that
sets minimum standards for Public Reporting of minerals Exploration Results,
Mineral Resources and Ore Reserves.
The JORC Code provides a mandatory system for the classification of minerals
Exploration Results, Mineral Resources and Ore Reserves according to the
levels of confidence in geological knowledge and technical and economic
considerations in Public Reports.
Public Reports prepared in accordance with the JORC Code are reports prepared
for the purpose of informing investors or potential investors and their
advisors.
The JORC Code was first published in 1989, with the most recent revision being
published late in 2012.
(15)Cautionary Statement: The potential quantity and grade of the Exploration
Targets is conceptual in nature, there has been insufficient exploration work
to estimate a mineral resource and it is uncertain if further exploration will
result in defining a mineral resource.
JORC Code Definitions
Category Definition
Exploration Target A statement or estimate of the exploration potential of a mineral deposit
in a defined geological setting where the statement or estimate, quoted as a
range of tonnes and a range of grade (or quality), relates to mineralisation
for which there has been insufficient exploration to estimate a Mineral
Resource.
Mineral Resource A concentration or occurrence of solid material of economic interest in or on
the Earth's crust in such form, grade (or quality), and quantity that there
are reasonable prospects for eventual economic extraction. The location,
quantity, grade (or quality), continuity and other geological characteristics
of a Mineral Resource are known, estimated or interpreted from specific
geological evidence and knowledge, including sampling. Mineral Resources are
sub-divided, in order of increasing geological confidence, into Inferred,
Indicated and Measured categories.
Inferred Mineral Resource That part of a Mineral Resource for which quantity and grade (or quality) are
estimated on the basis of limited geological evidence and sampling. Geological
evidence is sufficient to imply but not verify geological and grade (or
quality) continuity. It is based on exploration, sampling and testing
information gathered through appropriate techniques from locations such as
outcrops, trenches, pits, workings and drill holes. An Inferred Mineral
Resource must not be converted to an Ore Reserve. It is reasonably expected
that the majority of Inferred Mineral Resources could be upgraded to Indicated
Mineral Resources with continued exploration.
Indicated Mineral Resource That part of a Mineral Resource for which quantity, grade (or quality),
densities, shape and physical characteristics are estimated with sufficient
confidence to allow the application of Modifying Factors in sufficient detail
to support mine planning and evaluation of the economic viability of the
deposit. Geological evidence is derived from adequately detailed and reliable
exploration, sampling and testing gathered through appropriate techniques from
locations such as outcrops, trenches, pits, workings and drill holes, and is
sufficient to assume geological and grade (or quality) continuity between
points of observation where data and samples are gathered. An Indicated
Mineral Resource has a lower level of confidence than that applying to a
Measured. Mineral Resource and may only be converted to a Probable Ore
Reserve.
Measured Mineral Resource that part of a Mineral Resource for which quantity, grade (or quality),
densities, shape, and physical characteristics are estimated with confidence
sufficient to
allow the application of Modifying Factors to support detailed mine planning
and final evaluation of the economic viability of the deposit. Geological
evidence is derived from detailed and reliable exploration, sampling and
testing gathered through appropriate techniques from locations such as
outcrops, trenches, pits, workings and drill holes, and is sufficient to
confirm geological and grade (or quality) continuity between points of
observation where data and samples are gathered. A Measured Mineral Resource
has a higher level of confidence than that applying to either an Indicated
Mineral Resource or an Inferred Mineral Resource. It may be converted to a
Proved Ore Reserve or under certain circumstances to a Probable Ore Reserve.
Ore Reserve Is the economically mineable part of a Measured and/or Indicated Mineral
Resource. It includes diluting materials and allowances for losses, which may
occur when the material is mined or extracted and is defined by studies at
Pre-Feasibility or Feasibility level as appropriate that include application
of Modifying Factors. Such studies demonstrate that, at the time of reporting,
extraction could reasonably be justified. The reference point at which
Reserves are defined, usually the point where the ore is delivered to the
processing plant, must be stated. It is important that, in all situations
where the reference point is different, such as for a saleable product, a
clarifying statement is included to ensure that the reader is fully informed
as to what is being reported.
Figure 8. The JORC Classification Framework
Source: JORC Code
Competent Person and Regulatory Information
The information in this announcement that relates to exploration results is
based upon information compiled by Mr Dale Ferguson, Technical Director of
Savannah Resources Limited. Mr Ferguson is a Member of the Australasian
Institute of Mining and Metallurgy (AusIMM) and has sufficient experience
which is relevant to the style of mineralisation and type of deposit under
consideration and to the activity which he is undertaking to qualify as a
Competent Person as defined in the December 2012 edition of the "Australasian
Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves"
(JORC Code). Mr Ferguson consents to the inclusion in the report of the
matters based upon the information in the form and context in which it
appears.
The information in this release that relates to Mineral Resources and
Exploration Targets for the Grandão, Reservatório, Pinheiro and NOA
deposits, as well as the Barroso Lithium Project Exploration Target is based
on information compiled by Mr Shaun Searle who is a Member of the Australasian
Institute of Geoscientists. Mr Searle is an employee of Ashmore Advisory Pty
Ltd and independent consultant to Savannah Resources Plc. Mr Searle has
sufficient experience, which is relevant to the style of mineralisation and
type of deposit under consideration and to the activity which he has
undertaken to qualify as a Competent Person as defined in the 2012 Edition of
the 'Australasian Code for the Reporting of Exploration Results, Mineral
Resources and Ore Reserves'. Mr Searle consents to the inclusion in this
report of the matters based on this information in the form and context in
which it appears.
The Information in this report that relates to Mineral Resources and
Exploration Targets for the Aldeia deposit is based on information compiled by
Mr Paul Payne, a Competent Person who is a Fellow of the Australasian
Institute of Mining and Metallurgy. Mr Payne is a full-time employee of Payne
Geological Services. Mr Payne has sufficient experience that is relevant to
the style of mineralisation and type of deposit under consideration and to the
activity being undertaken to qualify as a Competent Person as defined in the
2012 Edition of the "Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves". Mr Payne consents to the inclusion in the
report of the matters based on his information in the form and context in
which it appears.
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
(http://www.savannahresources) .com or contact:
Savannah Resources PLC Tel: +44 20 7117 2489
Emanuel Proença, CEO
SP Angel Corporate Finance LLP (Nominated Advisor & 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
Savannah Resources: Antonio Neves Costa, Communications Manager Tel: +351 962 678 912
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 London Stock Exchange's Alternative
Investment Market (AIM) and trades under the ticker "SAV".
Appendix 1: Detailed Mineral Resource Tables
Reservatório September 2025 - Total Mineral Resource (Within C-100)
0.5% Li(2)O Cut-off
Bench Indicated Mineral Resource Inferred Mineral Resource Total Mineral resource
Top Tonnes Li(2)O Ta(2)O(5) Fe(2)O(3) Tonnes Li(2)O Ta(2)O(5) Fe(2)O(3) Tonnes Li(2)O Ta(2)O(5) Fe(2)O(3) Li(2)O
RL t % ppm % t % ppm % t % ppm % Tonnes
600 29,000 0.93 23 0.9 12,000 0.81 16 1.0 41,000 0.89 21 0.9 400
590 208,000 0.92 20 0.8 208,000 0.92 20 0.8 1,900
580 372,000 1.02 19 0.9 372,000 1.02 19 0.9 3,800
570 437,000 1.01 20 0.9 437,000 1.01 20 0.9 4,400
560 565,000 0.93 18 0.9 565,000 0.93 18 0.9 5,200
550 598,000 0.93 17 1.0 598,000 0.93 17 1.0 5,500
540 504,000 0.95 15 1.0 504,000 0.95 15 1.0 4,800
530 544,000 0.98 15 1.0 544,000 0.98 15 1.0 5,300
520 537,000 0.99 16 0.9 537,000 0.99 16 0.9 5,300
510 430,000 1.01 16 0.8 200 0.81 9 1.8 430,000 1.01 16 0.8 4,300
500 396,000 1.02 15 0.8 10,000 0.86 9 1.5 407,000 1.01 15 0.8 4,100
490 320,000 0.98 16 1.0 27,000 0.95 13 0.9 347,000 0.98 15 1.0 3,400
480 217,000 0.98 16 1.0 66,000 0.97 19 0.9 283,000 0.98 17 1.0 2,800
470 122,000 1.04 18 0.9 113,000 0.97 19 1.1 236,000 1.01 18 1.0 2,400
460 37,000 1.00 22 0.8 150,000 1.04 17 1.0 187,000 1.03 18 1.0 1,900
450 9,000 0.90 27 0.8 153,000 1.12 16 0.9 162,000 1.11 16 0.9 1,800
440 1,000 0.93 26 0.7 136,000 1.20 14 0.8 136,000 1.20 14 0.8 1,600
430 100,000 1.25 13 0.8 100,000 1.25 13 0.8 1,300
420 53,000 1.23 13 0.8 53,000 1.23 13 0.8 700
410 14,000 1.14 15 0.8 14,000 1.14 15 0.8 200
Total 5,326,000 0.98 17 0.9 835,000 1.10 16 0.9 6,161,000 0.99 17 0.9 61,100
Reservatório September 2025 - Total Mineral Resource (Within C-100 &
Under Application)
0.5% Li(2)O Cut-off
Bench Indicated Mineral Resource Inferred Mineral Resource Total Mineral resource
Top Tonnes Li(2)O Ta(2)O(5) Fe(2)O(3) Tonnes Li(2)O Ta(2)O(5) Fe(2)O(3) Tonnes Li(2)O Ta(2)O(5) Fe(2)O(3) Li(2)O
RL t % ppm % t % ppm % t % ppm % Tonnes
600 29,000 0.93 23 0.9 2,000 0.83 15 1.0 30,000 0.92 22 0.9 300
590 208,000 0.92 20 0.8 10,000 0.81 16 1.0 219,000 0.91 20 0.9 2,000
580 394,000 1.03 19 0.9 300 1.38 15 1.2 394,000 1.03 19 0.9 4,000
570 519,000 1.04 19 0.9 13,000 1.19 13 1.6 531,000 1.05 19 1.0 5,600
560 683,000 0.97 18 0.9 14,000 1.02 11 1.5 697,000 0.97 18 1.0 6,700
550 778,000 0.96 17 1.0 15,000 1.06 12 1.2 793,000 0.96 17 1.0 7,700
540 739,000 1.00 16 1.0 14,000 1.18 12 1.0 753,000 1.00 16 1.0 7,500
530 832,000 1.03 17 1.0 24,000 0.95 13 1.1 856,000 1.02 17 1.0 8,800
520 867,000 1.01 18 0.9 57,000 0.90 11 1.1 925,000 1.00 17 0.9 9,200
510 816,000 1.01 18 0.9 92,000 0.87 9 1.1 909,000 1.00 17 0.9 9,100
500 842,000 0.98 16 0.9 148,000 0.86 10 1.0 990,000 0.96 15 0.9 9,500
490 719,000 0.96 15 0.9 294,000 0.86 13 0.8 1,012,000 0.93 14 0.9 9,400
480 409,000 0.96 15 0.9 539,000 0.89 15 0.8 948,000 0.92 15 0.8 8,700
470 218,000 1.01 16 0.8 722,000 0.91 15 0.9 941,000 0.93 15 0.8 8,800
460 57,000 0.96 20 0.8 806,000 0.90 15 0.9 863,000 0.91 16 0.9 7,800
450 9,000 0.90 27 0.8 626,000 0.93 16 0.9 635,000 0.93 16 0.9 5,900
440 1,000 0.93 26 0.7 373,000 1.03 15 0.8 374,000 1.03 15 0.8 3,800
430 175,000 1.15 15 0.8 175,000 1.15 15 0.8 2,000
420 68,000 1.20 14 0.8 68,000 1.20 14 0.8 800
410 16,000 1.14 15 0.8 16,000 1.14 15 0.8 200
Total 8,121,000 0.99 17 0.9 4,007,000 0.93 15 0.9 12,127,000 0.97 16 0.9 117,800
Grandão September 2025 - Total Mineral Resource (0.5% Li(2)O Cut-off)
Bench Measured Mineral Resource Indicated Mineral Resource Inferred Mineral Resource Total Mineral resource
Top Tonnes Li(2)O Fe(2)O(3) Tonnes Li(2)O Fe(2)O(3) Tonnes Li(2)O Fe(2)O(3) Tonnes Li(2)O Fe(2)O(3) Li(2)O
RL t % % t % % t % % t % % Tonnes
600 2,000 1.14 0.5 1,000 1.16 0.5 3,000 1.15 0.5
590 16,000 0.85 1.0 22,000 0.85 0.9 2,000 0.93 0.7 40,000 0.85 0.9 300
580 74,000 0.93 1.0 59,000 0.70 0.8 5,000 0.83 0.7 139,000 0.83 0.9 1,100
570 272,000 1.05 0.7 71,000 0.73 0.8 11,000 0.93 0.7 354,000 0.98 0.7 3,500
560 321,000 0.95 0.6 85,000 0.81 0.8 12,000 0.97 0.7 418,000 0.92 0.6 3,800
550 358,000 0.94 0.7 86,000 0.75 1.1 10,000 0.93 0.8 454,000 0.90 0.8 4,100
540 478,000 0.94 0.6 89,000 0.77 1.1 5,000 0.79 0.9 572,000 0.92 0.7 5,200
530 572,000 0.91 0.7 75,000 0.77 1.2 14,000 0.80 1.2 661,000 0.89 0.8 5,900
520 603,000 0.89 0.7 69,000 0.86 1.0 56,000 0.91 1.1 728,000 0.89 0.7 6,400
510 494,000 0.90 0.7 119,000 0.93 0.9 70,000 1.02 0.8 683,000 0.92 0.8 6,300
500 592,000 1.00 0.8 211,000 0.97 0.8 69,000 1.10 0.7 872,000 1.00 0.8 8,700
490 590,000 1.11 0.9 294,000 0.96 0.9 45,000 1.00 1.0 929,000 1.06 0.9 9,900
480 564,000 1.13 0.9 281,000 0.94 0.9 34,000 0.92 1.4 879,000 1.06 0.9 9,400
470 596,000 1.05 0.9 264,000 0.97 0.9 42,000 0.89 1.6 902,000 1.02 1.0 9,200
460 621,000 1.12 0.7 286,000 0.98 1.0 50,000 0.87 1.7 957,000 1.06 0.8 10,200
450 612,000 1.20 0.6 285,000 1.04 0.9 61,000 0.93 1.7 958,000 1.13 0.8 10,800
440 476,000 1.22 0.6 260,000 1.06 0.7 104,000 0.95 1.6 840,000 1.14 0.7 9,600
430 353,000 1.14 0.8 271,000 1.10 0.6 136,000 0.92 1.4 759,000 1.09 0.8 8,300
420 259,000 1.19 0.8 290,000 1.11 0.7 159,000 0.93 1.2 708,000 1.10 0.8 7,800
410 237,000 1.27 0.6 230,000 1.09 0.8 177,000 0.98 1.0 644,000 1.12 0.8 7,200
400 207,000 1.31 0.6 165,000 1.08 0.8 195,000 1.05 0.9 567,000 1.15 0.8 6,500
390 169,000 1.30 0.5 161,000 1.12 0.6 220,000 1.12 0.9 550,000 1.17 0.7 6,400
380 111,000 1.26 0.6 230,000 1.18 0.5 245,000 1.11 0.9 585,000 1.16 0.7 6,800
370 81,000 1.14 0.6 281,000 1.21 0.5 294,000 1.11 0.7 655,000 1.15 0.6 7,600
360 57,000 1.10 0.6 277,000 1.08 0.5 326,000 1.06 0.7 661,000 1.07 0.6 7,100
350 26,000 1.06 0.6 235,000 1.10 0.5 334,000 1.07 0.5 595,000 1.08 0.5 6,400
340 3,000 1.03 0.6 148,000 1.06 0.5 392,000 1.05 0.5 543,000 1.05 0.5 5,700
330 91,000 1.29 0.5 416,000 1.03 0.5 508,000 1.08 0.5 5,500
320 30,000 1.17 0.5 415,000 1.21 0.5 444,000 1.21 0.5 5,400
310 1.30 0.4 279,000 1.15 0.5 279,000 1.15 0.5 3,200
300 137,000 1.17 0.5 137,000 1.17 0.5 1,600
290 45,000 1.14 0.5 45,000 1.14 0.5 500
280 3,000 1.05 0.7 3,000 1.05 0.7 30
Total 8,745,000 1.06 0.7 4,966,000 1.03 0.8 4,364,000 1.06 0.8 18,075,000 1.05 0.7 190,600
Pinheiro September 2025 - Total Mineral Resource
0.5% Li(2)O Cut-off
Bench Indicated Mineral Resource Inferred Mineral Resource Total Mineral resource
Top Tonnes Li(2)O Ta(2)O(5) Fe(2)O(3) Tonnes Li(2)O Ta(2)O(5) Fe(2)O(3) Tonnes Li(2)O Ta(2)O(5) Fe(2)O(3) Li(2)O
RL t % ppm % t % ppm % t % ppm % Tonnes
590 4,000 0.86 30 1.97 7,000 0.82 33 1.61 10,000 0.84 32 1.74 100
580 70,000 0.84 27 1.94 22,000 0.78 29 1.88 92,000 0.83 28 1.92 800
570 111,000 0.93 28 1.51 31,000 0.89 27 1.51 142,000 0.92 28 1.51 1,300
560 134,000 1.07 29 0.84 48,000 0.94 24 1.29 182,000 1.04 28 0.96 1,900
550 150,000 1.03 29 0.66 63,000 0.88 28 0.90 212,000 0.98 29 0.73 2,100
540 170,000 1.00 25 0.86 65,000 1.08 26 0.86 235,000 1.02 25 0.86 2,400
530 204,000 1.09 22 0.87 60,000 0.85 26 2.65 263,000 1.04 23 1.28 2,700
520 212,000 1.16 21 0.81 57,000 1.34 23 0.95 269,000 1.20 21 0.84 3,200
510 197,000 1.16 20 0.72 54,000 1.21 24 0.80 250,000 1.17 21 0.74 2,900
500 182,000 1.13 22 0.67 60,000 1.21 23 0.63 242,000 1.15 22 0.66 2,800
490 176,000 1.11 21 0.68 68,000 1.15 21 0.61 244,000 1.12 21 0.66 2,700
480 152,000 1.17 19 0.56 96,000 1.04 20 0.86 248,000 1.12 19 0.68 2,800
470 158,000 1.24 17 0.56 101,000 1.03 19 0.86 259,000 1.16 18 0.68 3,000
460 114,000 1.31 14 0.56 138,000 1.09 18 0.75 251,000 1.19 16 0.66 3,000
450 110,000 1.23 17 0.63 141,000 1.10 18 0.70 251,000 1.15 17 0.67 2,900
440 108,000 1.13 17 0.54 143,000 1.12 18 0.64 252,000 1.13 18 0.60 2,800
430 102,000 1.09 18 0.48 147,000 1.20 18 0.57 249,000 1.16 18 0.53 2,900
420 102,000 1.06 19 0.42 150,000 1.19 18 0.52 252,000 1.14 18 0.48 2,900
410 94,000 1.01 18 0.42 136,000 1.13 18 0.45 230,000 1.08 18 0.44 2,500
400 79,000 1.03 18 0.42 125,000 1.09 17 0.41 203,000 1.07 18 0.41 2,200
390 24,000 1.04 17 0.47 137,000 1.00 18 0.42 161,000 1.01 18 0.43 1,600
380 136,000 0.97 18 0.44 136,000 0.97 18 0.44 1,300
370 108,000 0.99 17 0.43 108,000 0.99 17 0.43 1,100
360 70,000 1.06 17 0.40 70,000 1.06 17 0.40 700
Total 2,652,000 1.10 21 0.73 2,161,000 1.08 20 0.71 4,813,000 1.09 21 0.72 52,600
NOA September 2025 - Total Mineral Resource
0.5% Li(2)O Cut-off
Bench Indicated Mineral Resource Inferred Mineral Resource Total Mineral Resource
Top Tonnes Li(2)O Fe(2)O(3) Tonnes Li(2)O Fe(2)O(3) Tonnes Li(2)O Fe(2)O(3) Li(2)O
RL t % % t % % t % % Tonnes
700 4,000 1.19 0.8 4,000 1.19 0.8 50
690 51,000 1.04 1.0 100 0.92 0.8 51,000 1.04 1.0 530
680 105,000 1.00 1.0 2,000 0.86 0.9 106,000 1.00 1.0 1,060
670 126,000 1.13 0.8 126,000 1.13 0.8 1,420
660 104,000 1.10 0.8 104,000 1.10 0.8 1,150
650 52,000 1.02 0.8 52,000 1.02 0.8 540
640 39,000 1.06 0.8 39,000 1.06 0.8 410
630 38,000 0.98 0.9 38,000 0.98 0.9 380
620 40,000 0.92 0.8 400 1.25 0.3 41,000 0.92 0.8 370
610 37,000 0.86 0.7 6,000 1.10 0.4 44,000 0.89 0.7 390
600 16,000 0.80 0.6 16,000 1.00 0.4 32,000 0.90 0.5 290
590 1,000 0.79 0.4 15,000 0.91 0.4 16,000 0.90 0.4 140
580 7,000 0.81 0.4 7,000 0.81 0.4 60
570 1,000 0.76 0.3 1,000 0.76 0.3 10
Total 614,000 1.03 0.8 46,000 0.95 0.5 661,000 1.03 0.8 6,700
Pinheiro September 2025 - Total Mineral Resource
0.5% Li(2)O Cut-off
Bench Indicated Mineral Resource Inferred Mineral Resource Total Mineral resource
Top Tonnes Li(2)O Ta(2)O(5) Fe(2)O(3) Tonnes Li(2)O Ta(2)O(5) Fe(2)O(3) Tonnes Li(2)O Ta(2)O(5) Fe(2)O(3) Li(2)O
RL t % ppm % t % ppm % t % ppm % Tonnes
590 4,000 0.86 30 1.97 7,000 0.82 33 1.61 10,000 0.84 32 1.74 100
580 70,000 0.84 27 1.94 22,000 0.78 29 1.88 92,000 0.83 28 1.92 800
570 111,000 0.93 28 1.51 31,000 0.89 27 1.51 142,000 0.92 28 1.51 1,300
560 134,000 1.07 29 0.84 48,000 0.94 24 1.29 182,000 1.04 28 0.96 1,900
550 150,000 1.03 29 0.66 63,000 0.88 28 0.90 212,000 0.98 29 0.73 2,100
540 170,000 1.00 25 0.86 65,000 1.08 26 0.86 235,000 1.02 25 0.86 2,400
530 204,000 1.09 22 0.87 60,000 0.85 26 2.65 263,000 1.04 23 1.28 2,700
520 212,000 1.16 21 0.81 57,000 1.34 23 0.95 269,000 1.20 21 0.84 3,200
510 197,000 1.16 20 0.72 54,000 1.21 24 0.80 250,000 1.17 21 0.74 2,900
500 182,000 1.13 22 0.67 60,000 1.21 23 0.63 242,000 1.15 22 0.66 2,800
490 176,000 1.11 21 0.68 68,000 1.15 21 0.61 244,000 1.12 21 0.66 2,700
480 152,000 1.17 19 0.56 96,000 1.04 20 0.86 248,000 1.12 19 0.68 2,800
470 158,000 1.24 17 0.56 101,000 1.03 19 0.86 259,000 1.16 18 0.68 3,000
460 114,000 1.31 14 0.56 138,000 1.09 18 0.75 251,000 1.19 16 0.66 3,000
450 110,000 1.23 17 0.63 141,000 1.10 18 0.70 251,000 1.15 17 0.67 2,900
440 108,000 1.13 17 0.54 143,000 1.12 18 0.64 252,000 1.13 18 0.60 2,800
430 102,000 1.09 18 0.48 147,000 1.20 18 0.57 249,000 1.16 18 0.53 2,900
420 102,000 1.06 19 0.42 150,000 1.19 18 0.52 252,000 1.14 18 0.48 2,900
410 94,000 1.01 18 0.42 136,000 1.13 18 0.45 230,000 1.08 18 0.44 2,500
400 79,000 1.03 18 0.42 125,000 1.09 17 0.41 203,000 1.07 18 0.41 2,200
390 24,000 1.04 17 0.47 137,000 1.00 18 0.42 161,000 1.01 18 0.43 1,600
380 136,000 0.97 18 0.44 136,000 0.97 18 0.44 1,300
370 108,000 0.99 17 0.43 108,000 0.99 17 0.43 1,100
360 70,000 1.06 17 0.40 70,000 1.06 17 0.40 700
Total 2,652,000 1.10 21 0.73 2,161,000 1.08 20 0.71 4,813,000 1.09 21 0.72 52,600
NOA September 2025 - Total Mineral Resource
0.5% Li(2)O Cut-off
Bench
Indicated Mineral Resource
Inferred Mineral Resource
Total Mineral Resource
Top
Tonnes
Li(2)O
Fe(2)O(3)
Tonnes
Li(2)O
Fe(2)O(3)
Tonnes
Li(2)O
Fe(2)O(3)
Li(2)O
RL
t
%
%
t
%
%
t
%
%
Tonnes
700
4,000
1.19
0.8
4,000
1.19
0.8
50
690
51,000
1.04
1.0
100
0.92
0.8
51,000
1.04
1.0
530
680
105,000
1.00
1.0
2,000
0.86
0.9
106,000
1.00
1.0
1,060
670
126,000
1.13
0.8
126,000
1.13
0.8
1,420
660
104,000
1.10
0.8
104,000
1.10
0.8
1,150
650
52,000
1.02
0.8
52,000
1.02
0.8
540
640
39,000
1.06
0.8
39,000
1.06
0.8
410
630
38,000
0.98
0.9
38,000
0.98
0.9
380
620
40,000
0.92
0.8
400
1.25
0.3
41,000
0.92
0.8
370
610
37,000
0.86
0.7
6,000
1.10
0.4
44,000
0.89
0.7
390
600
16,000
0.80
0.6
16,000
1.00
0.4
32,000
0.90
0.5
290
590
1,000
0.79
0.4
15,000
0.91
0.4
16,000
0.90
0.4
140
580
7,000
0.81
0.4
7,000
0.81
0.4
60
570
1,000
0.76
0.3
1,000
0.76
0.3
10
Total
614,000
1.03
0.8
46,000
0.95
0.5
661,000
1.03
0.8
6,700
APPENDIX 2 - JORC 2012 Table 1
JORC Table 1 Section 1 Sampling Techniques and Data
Criteria JORC Code Explanation Commentary
Sampling techniques · Nature and quality of sampling (eg cut channels, random chips, or · The majority of previous holes were reverse circulation, sampled
specific specialised industry standard measurement tools appropriate to the at 1m intervals. RC samples were collected in large plastic bags attached to
minerals under investigation, such as down hole gamma sondes, or handheld XRF the cyclone. On completion of the 1m run the large sample was passed through a
instruments, etc). These examples should not be taken as limiting the broad 3-stage riffle splitter to collect a 2.5-4kg sub sample, to be used for assay.
meaning of sampling.
· Diamond holes were completed for metallurgical sampling,
· Include reference to measures taken to ensure sample representivity geotechnical analysis and resource estimation. Core was PQ/HQ size, sampled at
and the appropriate calibration of any measurement tools or systems used. 1m intervals in the pegmatite, with boundaries sampled to geological
boundaries. Half core samples were collected for analysis.
· Aspects of the determination of mineralisation that are Material to
the Public Report. In cases where 'industry standard' work has been done this · Drilling was carried out to infill previous drilling to achieve a
would be relatively simple (eg 'reverse circulation drilling was used to nominal 40m by 40m spacing with selected infill to 40m by 20m spacings, or as
obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for twins of previous RC drilling to get known samples for metallurgical testing.
fire assay'). In other cases more explanation may be required, such as where Geotechnical drilling was designed purely to intersect planned pit walls and
there is coarse gold that has inherent sampling problems. Unusual commodities pegmatite intersections were incidental but followed all standard logging and
or mineralisation types (eg submarine nodules) may warrant disclosure of sampling in line with all the drilling.
detailed information.
· Collar surveys are carried using differential DGPS with an
accuracy to within 0.2m.
· A down hole survey for each hole was completed using gyro
equipment.
· The lithium mineralisation is predominantly in the form of
Spodumene-bearing pegmatites, the pegmatites are unzoned and vary in thickness
from 2m-109m.
Drilling techniques · Drill type (eg core, reverse circulation, open-hole hammer, rotary · RC drilling used a 120mm diameter face sampling hammer.
air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or
standard tube, depth of diamond tails, face-sampling bit or other type, · Core drilling was carried out using an PQ/HQ single tube core
whether core is oriented and if so, by what method, etc). barrels.
Drill sample recovery · Method of recording and assessing core and chip sample recoveries and · RC drilling sample weights were monitored to ensure samples were
results assessed. maximised. Samples were carefully loaded into a splitter and split in the same
manner ensuring that the sample split to be sent to the assay laboratories
· Measures taken to maximise sample recovery and ensure representative were in the range of 4-6kg.
nature of the samples.
· Core recovery was measured and was found to be generally
· Whether a relationship exists between sample recovery and grade and excellent.
whether sample bias may have occurred due to preferential loss/gain of
fine/coarse material. · No obvious relationships between sample recovery and grade.
Logging · Whether core and chip samples have been geologically and · All drill sample intervals were geologically logged in the field
geotechnically logged to a level of detail to support appropriate Mineral at the time of sampling. Core was logged in detail for a variety of physical
Resource estimation, mining studies and metallurgical studies. characteristics in a logging yard away from the drilling
· Whether logging is qualitative or quantitative in nature. Core (or · Each 1m sample interval was carefully homogenised and assessed
costean, channel, etc) photography. for lithology, colour, grainsize, structure and mineralisation. Core was
sampled to geological boundaries and at 1m intervals therein.
· The total length and percentage of the relevant intersections logged.
· A representative chip sample produced from RC drilling was washed
and taken for each 1m sample and stored in a chip tray which was photographed.
· Percussion holes were logged for every metre drilled with the
spoil collected for each metre by shovel and placed in a sample bag, a
representative sub sample was taken and logged for lithology, colour,
grainsize and mineralisation.
· Core was photographed.
Sub-sampling techniques and sample preparation · If core, whether cut or sawn and whether quarter, half or all core · 1m RC samples were split by the riffle splitter at the drill rig
taken. and sampled dry.
· If non-core, whether riffled, tube sampled, rotary split, etc and · Core was cut in half using a diamond saw with 1m half core
whether sampled wet or dry. samples submitted for analysis or for metallurgical samples one of the halves
was cut again for a quarter core and sent for analysis.
· For all sample types, the nature, quality and appropriateness of the
sample preparation technique. · The sampling was conducted using industry standard techniques and
were considered appropriate.
· Quality control procedures adopted for all sub-sampling stages to
maximise representivity of samples. · Field duplicates were used to test repeatability of the
sub-sampling and were found to be satisfactory.
· Measures taken to ensure that the sampling is representative of the
in situ material collected, including for instance results for field · Every effort was made to ensure that the samples were
duplicate/second-half sampling. representative and not biased in any way.
· Whether sample sizes are appropriate to the grain size of the
material being sampled.
Quality of assay data and laboratory tests · The nature, quality and appropriateness of the assaying and · Samples were received, sorted, labelled, and dried.
laboratory procedures used and whether the technique is considered partial or
total. · Samples were crushed to 70% less than 2mm, riffle split off 250g,
pulverise split to better than 85% passing 75 microns and 5g was split of for
· For geophysical tools, spectrometers, handheld XRF instruments, etc, assaying.
the parameters used in determining the analysis including instrument make and
model, reading times, calibrations factors applied and their derivation, etc. · The samples were analysed using ALS Laboratories ME-MS89L Super
Trace method which combines a sodium peroxide fusion with ICP-MS
· Nature of quality control procedures adopted (eg standards, blanks, instrumentation utilising collision/reaction cell technologies to provide the
duplicates, external laboratory checks) and whether acceptable levels of lowest detection limits available.
accuracy (i.e. lack of bias) and precision have been established.
· A prepared sample (0.2g) is added to sodium peroxide flux, mixed
well and then fused in at 670°C. The resulting melt is cooled and then
dissolved in 30% hydrochloric acid. This solution is then analysed by ICP-MS
and the results are corrected for spectral inter-element interferences.
· The final solution is then analysed by ICP-MS, with results
corrected for spectral inter-element interferences.
· Standards/blanks and duplicates were inserted on a 1:20 ratio for
both to samples taken.
· Duplicate sample regime is used to monitor sampling methodology
and homogeneity.
· Routine QA/QC controls for the method ME-MS89L include blanks,
certified reference standards of Lithium and duplicate samples. Samples are
assayed within runs or batches up to 150 samples. At the fusion stage that
quality control samples are included together with the samples, so all samples
follow the same procedure until the end. Fused and diluted samples are
prepared for ICP-MS analysis. ICP instrument is calibrated through appropriate
certified standards solutions and interference corrections to achieve strict
calibration fitting parameters. Each 40-sample run is assayed with two blanks,
two certified standards and one duplicate sample and results are evaluated
accordingly.
· A QA/QC review of all information indicated that all assays were
satisfactory.
Verification of sampling and assaying · The verification of significant intersections by either independent · All information was internally audited by company personnel.
or alternative company personnel.
· Savannah's experienced project geologists supervised all
· The use of twinned holes. processes.
· Documentation of primary data, data entry procedures, data · All field data is entered into a custom log sheet and then into
verification, data storage (physical and electronic) protocols. excel spreadsheets (supported by look-up tables) at site and subsequently
validated as it is imported into the centralised Access database.
· Discuss any adjustment to assay data.
· Hard copies of logs, survey and sampling data are stored in the
local office and electronic data is stored on the main server.
· Results were reported as Li (ppm) and were converted to a
percentage by dividing by 10,000 and then to Li(2)O% by multiplying by 2.153.
Location of data points · Accuracy and quality of surveys used to locate drill holes (collar · The coordinate of each drill hole was taken at the time of
and down-hole surveys), trenches, mine workings and other locations used in collecting using a handheld GPS with an accuracy of 5m. All collars were
Mineral Resource estimation. subsequently surveyed using DGPS with an accuracy of 0.2m.
· Specification of the grid system used. · The grid system used is WSG84 Zone29N.
· Quality and adequacy of topographic control. · An accurate, aerial topographic survey was obtained with accuracy
of +/- 0.5m.
Data spacing and distribution · Data spacing for reporting of Exploration Results. · Drilling was predominantly on a nominal 25m by 20m spacing, out
to 40m by 40m.
· Whether the data spacing and distribution is sufficient to establish
the degree of geological and grade continuity appropriate for the Mineral · Drill data is at sufficient spacing to define Indicated and
Resource and Ore Reserve estimation procedure(s) and classifications applied. Inferred Mineral Resource.
· Whether sample compositing has been applied. · Compositing to 1m has been applied prior to resource estimation.
Orientation of data in relation to geological structure · Whether the orientation of sampling achieves unbiased sampling of · Drilling was generally carried out using angled holes, as close
possible structures and the extent to which this is known, considering the to perpendicular to strike as possible.
deposit type.
· All Geotech holes were drilled in various orientations to
· If the relationship between the drilling orientation and the intersect planned pit walls. According to the expert (GGC - Consultants)
orientation of key mineralised structures is considered to have introduced a requirements.
sampling bias, this should be assessed and reported if material.
· No orientation based sampling bias has been identified in the
data.
Sample security · The measures taken to ensure sample security. · Samples were delivered to a courier and chain of custody is
managed by Savannah.
Audits or reviews · The results of any audits or reviews of sampling techniques and data. · Internal company auditing and a review by Ashmore during the
April 2018 site visit found that all data collection and QA/QC procedures were
conducted to industry standards.
JORC Table 1 Section 2 Reporting of Exploration Results
Criteria JORC Code explanation Commentary
Mineral tenement and land tenure status · Type, reference name/number, location and ownership including · The Grandão, Pinheiro, Reservatório and NOA deposits are
agreements or material issues with third parties such as joint ventures, situated inside the Mina do Barroso Project C-100 mining concession boundary.
partnerships, overriding royalties, native title interests, historical sites,
wilderness or national park and environmental settings. · Part of the Reservatório deposit is situated within a 250m
extension zone of the C-100 licence, which is under application. Savannah has
· The security of the tenure held at the time of reporting along with any received written confirmation from the DGEG that under article 24 of
known impediments to obtaining a licence to operate in the area. Decree-Law no. 88/90 of March 16 being relevant justification based on the
resources allocated exploited and intended, Savannah has been approved an
expansion up to 250m of C-100 mining concession in specific areas where a
resource has been defined and the requirement for the expansion can be
justified.
· The Aldeia deposit is within a mining licence currently held by
Aldeia & Irmão S.A, which Savannah has the right to purchase.
Exploration done by other parties · Acknowledgment and appraisal of exploration by other parties. · Limited exploration work has been carried out by previous
operators.
· No historic information has been included in the Mineral Resource
estimates.
Geology · Deposit type, geological setting and style of mineralisation. · The lithium mineralisation is predominantly in the form of
spodumene-bearing pegmatites which are hosted in meta-pelitic and mica schists
and occasionally carbonate schists of upper Ordovician to lower Devonian age.
The pegmatites vary in thickness from 3m-109m..
Drill hole information · A summary of all information material to the under-standing of the · Grid used UTM WSG84. Zone 29N.
exploration results including a tabulation of the following information for
all Material drill holes: · No material data has been excluded from the release.
· easting and northing of the drill hole collar · Drill hole intersections used in the resource have been previously
reported.
· elevation or RL (Reduced Level - elevation above sea level in metres)
of the drill hole collar
· dip and azimuth of the hole
· down hole length and interception depth
· hole length
· If the exclusion of this information is justified on the basis that the
information is not Material and this exclusion does not detract from the
understanding of the report, the Competent Person should clearly explain why
this is the case.
Data aggregation methods · In reporting Exploration Results, weighting averaging techniques, · Exploration results are not being reported.
maximum and/or minimum grade truncations (e.g. cutting of high grades) and
cut-off grades are usually Material and should be stated. · Not applicable as a Mineral Resource is being reported.
· Where aggregate intercepts incorporate short lengths of high grade · Metal equivalent values are not being reported; however, Li is
results and longer lengths of low grade results, the procedure used for such reported as ppm and converted to the oxide Li(2)O for resource purposes. The
aggregation should be stated and some typical examples of such aggregations conversion factor used is to divide the Li value by 10,000 and multiplying by
should be shown in detail. 2.153 to represent the value as a percentage.
· The assumptions used for any reporting of metal equivalent values
should be clearly stated.
Relationship between mineralisation widths and intercept lengths · These relationships are particularly important in the reporting of · The majority of holes have been drilled at angles to intersect the
Exploration Results. mineralisation approximately perpendicular to the orientation of the
mineralised trend.
· If the geometry of the mineralisation with respect to the drill hole
angle is known, its nature should be reported.
· If it is not known and only the down hole lengths are reported, there
should be a clear statement to this effect (e.g. 'down hole length, true width
not known').
Diagrams · Appropriate maps and sections (with scales) and tabulations of · A relevant plan showing the drilling is included within this
intercepts should be included for any significant discovery being reported. release.
These should include, but not be limited to a plan view of drill hole collar
locations and appropriate sectional views.
Balanced Reporting · Accuracy and quality of surveys used to locate drill holes (collar · All hole collars were surveyed WGS84 Zone 29 North grid using a
and down-hole surveys), trenches, mine workings and other locations used in differential GPS. All RC and DD holes were down-hole surveyed with a
Mineral Resource estimation. north-seeking gyroscopic tool.
· Where comprehensive reporting of all Exploration Results is not · All relevant results available have been previously reported.
practicable, representative reporting of both low and high grades and/or
widths should be practiced to avoid misleading reporting of Exploration
Results.
Other substantive exploration data · Other exploration data, if meaningful and material, should be reported · Results were estimated from drill hole assay data, with
including (but not limited to): geological observations; geophysical survey geological logging used to aid interpretation of mineralised contact positions
results; geochemical survey results; bulk samples - size and method of
treatment; metallurgical test results; bulk density, groundwater, geotechnical · Geological mapping and rock chip sampling has been conducted over
and rock characteristics; potential deleterious or contaminating substances. the Project area.
Further work · The nature and scale of planned further work (e.g. tests for lateral · Further RC and DD drilling to test for further extensions and to
extensions or depth extensions or large- scale step-out drilling). increase confidence.
· Diagrams clearly highlighting the areas of possible extensions, · Economic evaluation of the defined Mineral Resources.
including the main geological interpretations and future drilling areas,
provided this information is not commercially sensitive.
JORC Table 1 Section 3 Estimation and Reporting of Mineral Resources -
Grandão
Database integrity · Measures taken to ensure that data has not been corrupted by, for · The database has been systematically audited by Savannah's
example, transcription or keying errors, between its initial collection and geologists.
its use for Mineral Resource estimation purposes.
· All drilling data has been verified as part of a continuous
· Data validation procedures used. validation procedure. Once a drill hole is imported into the database a report
of the collar, down-hole survey, geology, and assay data are produced. This is
then checked by a Savannah geologist and any corrections are completed by the
database manager.
Site visits · Comment on any site visits undertaken by the Competent Person and the · A site visit was conducted by an associate of Ashmore, Paul Payne
outcome of those visits. during April 2018. Paul inspected the deposit area, drill core/chips and
outcrop. During this time, notes and photos were taken. Discussions were held
· If no site visits have been undertaken indicate why this is the case. with site personnel regarding drilling and sampling procedures. No major
issues were encountered.
Geological interpretation · Confidence in (or conversely, the uncertainty of) the geological · The confidence in the geological interpretation is considered to
interpretation of the mineral deposit. be good and is based on visual confirmation in outcrop and within drill hole
intersections.
· Nature of the data used and of any assumptions made.
· Geochemistry and geological logging have been used to assist
· The effect, if any, of alternative interpretations on Mineral identification of lithology and mineralisation.
Resource estimation.
· The MBLP comprises a series of pegmatite and aplite-pegmatite
· The use of geology in guiding and controlling Mineral Resource intrusions of granitic composition. Pegmatite dykes and sills are mainly
estimation. intruded in the granitic rocks of the region whilst aplite-pegmatite
intrusions are hosted by strongly deformed metasedimentary rocks of Silurian
· The factors affecting continuity both of grade and geology. age. The thickness of the dykes and sills ranges from less than 1m up to 70m.
· Mineral Resources have now been defined in five separate
pegmatite zones - Grandão, Reservatório, Pinheiro, NOA and Aldeia. The
Grandão deposit comprises what is interpreted to be one main pegmatite
intrusion and a series of minor mineralised intrusions. The upper part of the
deposit occurs within a broad, flat-lying pegmatite body with a typical
thickness of 20 to 40m. A lower zone of the deposit comprises numerous steep
dipping dykes which are 10 to 20m in true width. Small parallel lenses of
spodumene pegmatite have also been interpreted. Previous small-scale mining
activity has occurred at the Project. It was limited to shallow pits to
provide feed stock to the local ceramics industry.
· Infill drilling has supported and refined the model and the
current interpretation is considered robust.
· Observations from the outcrop of mineralisation and host rocks;
as well as infill drilling, confirm the geometry of the mineralisation.
· Infill drilling has confirmed geological and grade continuity.
Dimensions · The extent and variability of the Mineral Resource expressed as · The Grandão Mineral Resource area extends over a north-south
length (along strike or otherwise), plan width, and depth below surface to the strike length of 620m and includes the 320m vertical interval from 600mRL to
upper and lower limits of the Mineral Resource. 280mRL.
Estimation and modelling techniques · The nature and appropriateness of the estimation technique(s) applied · Using parameters derived from modelled variograms, Ordinary
and key assumptions, including treatment of extreme grade values, domaining, Kriging ("OK") was used to estimate average block grades in three passes using
interpolation parameters and maximum distance of extrapolation from data Surpac software. Linear grade estimation was deemed suitable for the Grandão
points. If a computer assisted estimation method was chosen include a Mineral Resource due to the geological control on mineralisation.
description of computer software and parameters used.
· The grade of Fe(2)O(3) was estimated for the deposit, using
· The availability of check estimates, previous estimates and/or mine factored Fe data to eliminate Fe introduced in the sample preparation stage.
production records and whether the Mineral Resource estimate takes appropriate The mean grade of Fe(2)O(3) was determined to be ~0.7% at Grandão.
account of such data.
· Li(2)O (%), Ta (ppm), Fe (%), Fe Factored (%), Rb (ppm), Ca (%)
· The assumptions made regarding recovery of by-products. and K (%) were interpolated into the block model and subsequently converted to
their respective oxide values.
· Estimation of deleterious elements or other non-grade variables of
economic significance (eg sulphur for acid mine drainage characterisation). · A Surpac block model was created to encompass the extents of the
known mineralisation, with block dimensions of 20m NS by 10m EW by 5m vertical
· In the case of block model interpolation, the block size in relation with sub-cells of 2.5m by 1.25m by 1.25m. The parent block size dimension was
to the average sample spacing and the search employed. selected on the results obtained from Kriging Neighbourhood Analysis.
· Any assumptions behind modelling of selective mining units. · An orientated 'ellipsoid' search was used to select data and
adjusted to account for the variations in lode orientations, however all other
· Any assumptions about correlation between variables. parameters were taken from the variography derived from Domains 1 and 2. Up to
three passes were used for each domain. First pass had a range of 60m, with a
· Description of how the geological interpretation was used to control minimum of 8 samples. For the second pass, the range was extended to 120m,
the resource estimates. with a minimum of 6 samples. For the third pass, the range was extended to
300m to 350m, with a minimum of 4 samples. A maximum of 16 samples was used
· Discussion of basis for using or not using grade cutting or capping. for each pass with a maximum of 6 samples per hole.
· The process of validation, the checking process used, the comparison · No assumptions were made on selective mining units.
of model data to drill hole data, and use of reconciliation data if available.
· Correlation analysis was conducted on the main domain. It is
evident that Li(2)O has little correlation with any of the other elements
presented in the table.
· The mineralisation was constrained by pegmatite geology
wireframes and internal lithium bearing mineralisation wireframes prepared
using a nominal 0.4% Li(2)O cut-off grade and a minimum down-hole length of 2
to 3m. The wireframes were used as hard boundaries for the interpolation.
· Statistical analysis was carried out on data from nine
mineralised domains. Following a review of the population histograms and log
probability plots and noting the low coefficient of variation statistics, it
was determined that the application of high grade cuts was not warranted,
apart from cutting Ta (ppm) values to 60 ppm.
· Validation of the model included detailed visual validation,
comparison of composite grades and block grades by northing and elevation.
Validation plots showed good correlation between the composite grades and the
block model grades.
Moisture · Whether the tonnages are estimated on a dry basis or with natural · Tonnages and grades were estimated on a dry in situ basis.
moisture, and the method of determination of the moisture content.
Cut-off parameters · The basis of the adopted cut-off grade(s) or quality parameters · The Statement of Mineral Resources has been constrained by the
applied. mineralisation solids, reported above a cut-off grade of 0.5% Li(2)O. Previous
Whittle optimisations demonstrate reasonable prospects for eventual economic
extraction utilising open pit mining methods. Metallurgical test work
indicated that the material can produce a 5.5% Li(2)O concentrate at
approximately 75% recovery.
· This Mineral Resource will be utilised in the MBLP Feasibility
Study to estimate an Ore Reserve.
Mining factors or assumptions · Assumptions made regarding possible mining methods, minimum mining · Ashmore has assumed that the deposit could be mined using open
dimensions and internal (or, if applicable, external) mining dilution. It is pit mining techniques.
always necessary as part of the process of determining reasonable prospects
for eventual economic extraction to consider potential mining methods, but the · A high level Whittle optimisation of the Mineral Resource
assumptions made regarding mining methods and parameters when estimating supports this view.
Mineral Resources may not always be rigorous. Where this is the case, this
should be reported with an explanation of the basis of the mining assumptions
made.
Metallurgical factors or assumptions · The basis for assumptions or predictions regarding metallurgical · Metallurgical test work has been conducted on the MBLP, including
amenability. It is always necessary as part of the process of determining composite samples derived from the Reservatório weathered and fresh material
reasonable prospects for eventual economic extraction to consider potential types Sedgman MinSol Pty Ltd ("MinSol") assisted with determining an efficient
metallurgical methods, but the assumptions regarding metallurgical treatment and environmentally conscious process flowsheet for the production of a high
processes and parameters made when reporting Mineral Resources may not always quality spodumene concentrate grading >5.5% Li(2)O, whilst achieving the
be rigorous. Where this is the case, this should be reported with an following key environmental and social criteria:
explanation of the basis of the metallurgical assumptions made.
a. Use of REACH (European Chemical Regulation) registered chemicals;
b. Use of chemicals classified with low environmental toxicity;
c. No use of strong acids or bases and operating at near neutral pH;
and
d. Dry stacked tails to minimise ground water disturbance.
· The work indicated that the Grandão material can contribute to
the MBLP plant feed to produce a 5.5% Li(2)O concentrate at approximately 75%
recovery.
Environmental factors or assumptions · Assumptions made regarding possible waste and process residue · No assumptions have been made regarding environmental factors.
disposal options. It is always necessary as part of the process of determining Savannah will work to mitigate environmental impacts as a result of any future
reasonable prospects for eventual economic extraction to consider the mining or mineral processing.
potential environmental impacts of the mining and processing operation. While
at this stage the determination of potential environmental impacts,
particularly for a greenfields project, may not always be well advanced, the
status of early consideration of these potential environmental impacts should
be reported. Where these aspects have not been considered this should be
reported with an explanation of the environmental assumptions made.
Bulk density · Whether assumed or determined. If assumed, the basis for the · Bulk density measurements were completed on selected intervals of
assumptions. If determined, the method used, whether wet or dry, the frequency diamond core drilled at the deposit. The measurements were conducted at the
of the measurements, the nature, size and representativeness of the samples. MBLP core processing facility using the water immersion/Archimedes method. The
weathered samples were coated in paraffin wax to account for porosity of the
· The bulk density for bulk material must have been measured by methods weathered samples.
that adequately account for void spaces (vugs, porosity, etc), moisture and
differences between rock and alteration zones within the deposit. · A total of 3,399 measurements were conducted on the material,
with samples obtained from weathered and fresh material.
· Discuss assumptions for bulk density estimates used in the evaluation
process of the different materials. · Bulk densities ranging between 2.50t/m(3) and 2.70t/m(3) were
assigned in the block model dependent on lithology, mineralisation and
weathering.
Classification · The basis for the classification of the Mineral Resources into · The Mineral Resource estimate is reported here in compliance with
varying confidence categories. the 2012 Edition of the 'Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves' by the Joint Ore Reserves
· Whether appropriate account has been taken of all relevant factors Committee (JORC). The Grandão Mineral Resource was classified as Measured,
(i.e. relative confidence in tonnage/grade estimations, reliability of input Indicated and Inferred Mineral Resource based on data quality, sample spacing,
data, confidence in continuity of geology and metal values, quality, quantity and lode continuity. The portion of the main (upper) pegmatite defined by 20m
and distribution of the data). to 40m spaced drill holes and showing excellent continuity of pegmatite and
lithium distribution has been classified as Measured Mineral Resource. The
· Whether the result appropriately reflects the Competent Person's view Indicated Mineral Resource was defined within areas of close spaced drilling
of the deposit. of less than 50m by 40m, and where the continuity and predictability of the
lode positions was good. The lower portion of the deposit remains undrilled.
The pegmatite interpretations have been extended up to 300m past drill hole
intersections. The portion which has been extrapolated up to 120m past drill
holes has been classified as Inferred Mineral Resource. The deeper portion
remains unclassified.
· The input data is comprehensive in its coverage of the
mineralisation and does not favour or misrepresent in-situ mineralisation. The
definition of mineralised zones is based on high level geological
understanding producing a robust model of mineralised domains. This model has
been confirmed by infill drilling which supported the interpretation.
Validation of the block model shows good correlation of the input data to the
estimated grades.
· The Mineral Resource estimate appropriately reflects the view of
the Competent Person.
Audits or reviews · The results of any audits or reviews of Mineral Resource estimates. · Internal audits have been completed by Ashmore which verified the
technical inputs, methodology, parameters and results of the estimate.
Discussion of relative accuracy/ confidence · Where appropriate a statement of the relative accuracy and confidence · The geometry and continuity have been adequately interpreted to
level in the Mineral Resource estimate using an approach or procedure deemed reflect the applied level of Indicated and Inferred Mineral Resource. The data
appropriate by the Competent Person. For example, the application of quality is good, and the drill holes have detailed logs produced by qualified
statistical or geostatistical procedures to quantify the relative accuracy of geologists. A recognised laboratory has been used for all analyses.
the resource within stated confidence limits, or, if such an approach is not
deemed appropriate, a qualitative discussion of the factors that could affect · The Mineral Resource statement relates to global estimates of
the relative accuracy and confidence of the estimate. tonnes and grade.
· The statement should specify whether it relates to global or local · No historical mining has occurred; therefore, reconciliation
estimates, and, if local, state the relevant tonnages, which should be could not be conducted.
relevant to technical and economic evaluation. Documentation should include
assumptions made and the procedures used.
· These statements of relative accuracy and confidence of the estimate
should be compared with production data, where available.
JORC Table 1 Section 3 Estimation and Reporting of Mineral Resources -
Reservatório
Database integrity · Measures taken to ensure that data has not been corrupted by, for · The database has been systematically audited by Savannah's
example, transcription or keying errors, between its initial collection and geologists.
its use for Mineral Resource estimation purposes.
· All drilling data has been verified as part of a continuous
· Data validation procedures used. validation procedure. Once a drill hole is imported into the database a report
of the collar, down-hole survey, geology, and assay data are produced. This is
then checked by a Savannah geologist and any corrections are completed by the
database manager.
Site visits · Comment on any site visits undertaken by the Competent Person and the · A site visit was conducted by an associate of Ashmore, Paul Payne
outcome of those visits. during April 2018. Paul inspected the deposit area, drill core/chips and
outcrop. During this time, notes and photos were taken. Discussions were held
· If no site visits have been undertaken indicate why this is the case. with site personnel regarding drilling and sampling procedures. No major
issues were encountered.
Geological interpretation · Confidence in (or conversely, the uncertainty of) the geological · The confidence in the geological interpretation is considered to
interpretation of the mineral deposit. be good and is based on visual confirmation in outcrop and within drill hole
intersections.
· Nature of the data used and of any assumptions made.
· Geochemistry and geological logging have been used to assist
· The effect, if any, of alternative interpretations on Mineral identification of lithology and mineralisation.
Resource estimation.
· The MBLP comprises a series of pegmatite and aplite-pegmatite
· The use of geology in guiding and controlling Mineral Resource intrusions of granitic composition. Pegmatite dykes and sills are mainly
estimation. intruded in the granitic rocks of the region whilst aplite-pegmatite
intrusions are hosted by strongly deformed metasedimentary rocks of Silurian
· The factors affecting continuity both of grade and geology. age. The thickness of the dykes and sills ranges from less than 1m up to 70m.
· Mineral Resources have now been defined in five separate
pegmatite zones - Grandão, Reservatório, Pinheiro, NOA and Aldeia. At the
Reservatório deposit, mineralisation is largely hosted within a single,
tabular pegmatite with several minor parallel lenses. It strikes broadly NE-SW
and dips to the NW at 15° to 30° and varies in thickness from 20m to 50m.
The deposit outcrops over a strike length of approximately 550m and remains
open, particularly at depth. Previous small-scale mining activity has occurred
at the Project. It was limited to shallow pits to provide feed stock to the
local ceramics industry.
· Infill drilling has supported and refined the model and the
current interpretation is considered robust.
· Observations from the outcrop of mineralisation and host rocks;
as well as infill drilling, confirm the geometry of the mineralisation.
· Infill drilling has confirmed geological and grade continuity.
Dimensions · The extent and variability of the Mineral Resource expressed as · The Reservatório Mineral Resource area extends over an
length (along strike or otherwise), plan width, and depth below surface to the east-northeast strike length of 550m and includes the 190m vertical interval
upper and lower limits of the Mineral Resource. from 600mRL to 410mRL.
Estimation and modelling techniques · The nature and appropriateness of the estimation technique(s) applied · Using parameters derived from modelled variograms, Ordinary
and key assumptions, including treatment of extreme grade values, domaining, Kriging ("OK") was used to estimate average block grades in three passes using
interpolation parameters and maximum distance of extrapolation from data Surpac software. Linear grade estimation was deemed suitable for the
points. If a computer assisted estimation method was chosen include a Reservatório Mineral Resource due to the geological control on
description of computer software and parameters used. mineralisation.
· The availability of check estimates, previous estimates and/or mine · The grade of Fe(2)O(3) was estimated for the deposit, using
production records and whether the Mineral Resource estimate takes appropriate factored Fe data to eliminate Fe introduced in the sample preparation stage.
account of such data. The mean grade of Fe(2)O(3) was determined to be ~0.8% at Reservatório.
· The assumptions made regarding recovery of by-products. · Li(2)O (%), Ta (ppm), Fe (%), Fe Factored (%), Rb (ppm), Ca (%)
and K (%) were interpolated into the block model and subsequently converted to
· Estimation of deleterious elements or other non-grade variables of their respective oxide values.
economic significance (eg sulphur for acid mine drainage characterisation).
· A Surpac block model was created to encompass the extents of the
· In the case of block model interpolation, the block size in relation known mineralisation, with block dimensions of 10m NS by 20m EW by 5m vertical
to the average sample spacing and the search employed. with sub-cells of 1.25m by 2.5m by 0.625m. The parent block size dimension was
selected on the results obtained from Kriging Neighbourhood Analysis.
· Any assumptions behind modelling of selective mining units.
· An orientated 'ellipsoid' search was used to select data and
· Any assumptions about correlation between variables. adjusted to account for the variations in lode orientations, however all other
parameters were taken from the variography derived from Domain 3. Up to three
· Description of how the geological interpretation was used to control passes were used for each domain. First pass had a range of 60m, with a
the resource estimates. minimum of 8 samples. For the second pass, the range was extended to 120m,
with a minimum of 6 samples. For the third pass, the range was extended to
· Discussion of basis for using or not using grade cutting or capping. 240m to 350m, with a minimum of 4 samples. A maximum of 16 samples was used
for each pass with a maximum of 6 samples per hole.
· The process of validation, the checking process used, the comparison
of model data to drill hole data, and use of reconciliation data if available. · No assumptions were made on selective mining units.
· Correlation analysis was conducted on the main domain. It is
evident that Li(2)O has little correlation with any of the other elements
presented in the table.
· The mineralisation was constrained by pegmatite geology
wireframes and internal lithium bearing mineralisation wireframes prepared
using a nominal 0.4% Li(2)O cut-off grade and a minimum down-hole length of 2
to 3m. The wireframes were used as hard boundaries for the interpolation.
· Statistical analysis was carried out on data from four
mineralised domains. Following a review of the population histograms and log
probability plots and noting the low coefficient of variation statistics, it
was determined that the application of high grade cuts was not warranted.
· Validation of the model included detailed visual validation,
comparison of composite grades and block grades by easting and elevation.
Validation plots showed good correlation between the composite grades and the
block model grades.
Moisture · Whether the tonnages are estimated on a dry basis or with natural · Tonnages and grades were estimated on a dry in situ basis.
moisture, and the method of determination of the moisture content.
Cut-off parameters · The basis of the adopted cut-off grade(s) or quality parameters · The Statement of Mineral Resources has been constrained by the
applied. mineralisation solids, reported above a cut-off grade of 0.5% Li(2)O. Previous
Whittle optimisations demonstrate reasonable prospects for eventual economic
extraction utilising open pit mining methods. Metallurgical test work
indicated that the material can produce a 5.5% Li(2)O concentrate at
approximately 75% recovery.
· This Mineral Resource will be utilised in the MBLP Feasibility
Study to estimate an Ore Reserve.
Mining factors or assumptions · Assumptions made regarding possible mining methods, minimum mining · Ashmore has assumed that the deposit could be mined using open
dimensions and internal (or, if applicable, external) mining dilution. It is pit mining techniques.
always necessary as part of the process of determining reasonable prospects
for eventual economic extraction to consider potential mining methods, but the · A high level Whittle optimisation of the Mineral Resource
assumptions made regarding mining methods and parameters when estimating supports this view.
Mineral Resources may not always be rigorous. Where this is the case, this
should be reported with an explanation of the basis of the mining assumptions
made.
Metallurgical factors or assumptions · The basis for assumptions or predictions regarding metallurgical · Metallurgical test work has been conducted on the MBLP, including
amenability. It is always necessary as part of the process of determining composite samples derived from the Reservatório weathered and fresh material
reasonable prospects for eventual economic extraction to consider potential types. MinSol Engineering Pty Ltd ("MinSol") assisted with determining an
metallurgical methods, but the assumptions regarding metallurgical treatment efficient and environmentally conscious process flowsheet for the production
processes and parameters made when reporting Mineral Resources may not always of a high quality spodumene concentrate grading >5.5% Li(2)O, whilst
be rigorous. Where this is the case, this should be reported with an achieving the following key environmental and social criteria:
explanation of the basis of the metallurgical assumptions made.
a. Use of REACH (European Chemical Regulation) registered chemicals;
b. Use of chemicals classified with low environmental toxicity;
c. No use of strong acids or bases and operating at near neutral pH;
and
d. Dry stacked tails to minimise ground water disturbance.
· The work indicated that the Reservatório material can contribute
to the MBLP plant feed to produce a 5.5% Li(2)O concentrate at approximately
75% recovery.
Environmental factors or assumptions · Assumptions made regarding possible waste and process residue · No assumptions have been made regarding environmental factors.
disposal options. It is always necessary as part of the process of determining Savannah will work to mitigate environmental impacts as a result of any future
reasonable prospects for eventual economic extraction to consider the mining or mineral processing.
potential environmental impacts of the mining and processing operation. While
at this stage the determination of potential environmental impacts,
particularly for a greenfields project, may not always be well advanced, the
status of early consideration of these potential environmental impacts should
be reported. Where these aspects have not been considered this should be
reported with an explanation of the environmental assumptions made.
Bulk density · Whether assumed or determined. If assumed, the basis for the · Bulk density measurements were completed on selected intervals of
assumptions. If determined, the method used, whether wet or dry, the frequency diamond core drilled at the deposit. The measurements were conducted at the
of the measurements, the nature, size and representativeness of the samples. MBLP core processing facility using the water immersion/Archimedes method. The
weathered samples were coated in paraffin wax to account for porosity of the
· The bulk density for bulk material must have been measured by methods weathered samples.
that adequately account for void spaces (vugs, porosity, etc), moisture and
differences between rock and alteration zones within the deposit. · A total of 1,241 measurements were conducted on the material,
with samples obtained from weathered and fresh material.
· Discuss assumptions for bulk density estimates used in the evaluation
process of the different materials. · Bulk densities ranging between 2.25t/m(3) and 2.70t/m(3) were
assigned in the block model dependent on lithology, mineralisation and
weathering.
Classification · The basis for the classification of the Mineral Resources into · The Mineral Resource estimate is reported here in compliance with
varying confidence categories. the 2012 Edition of the 'Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves' by the Joint Ore Reserves
· Whether appropriate account has been taken of all relevant factors Committee (JORC). The Reservatório Mineral Resource was classified as
(i.e. relative confidence in tonnage/grade estimations, reliability of input Indicated and Inferred Mineral Resource based on data quality, sample spacing,
data, confidence in continuity of geology and metal values, quality, quantity and lode continuity. The Indicated Mineral Resource was defined within areas
and distribution of the data). of close spaced drilling of less than 40m by 40m, and where the continuity and
predictability of the lode positions was good. The lower portion of the
· Whether the result appropriately reflects the Competent Person's view deposit remains undrilled. The pegmatite interpretations have been extended up
of the deposit. to 300m past drill hole intersections. The portion which has been extrapolated
up to 120m past drill holes has been classified as Inferred Mineral Resource.
The deeper portion remains unclassified.
· The input data is comprehensive in its coverage of the
mineralisation and does not favour or misrepresent in-situ mineralisation. The
definition of mineralised zones is based on high level geological
understanding producing a robust model of mineralised domains. This model has
been confirmed by infill drilling which supported the interpretation.
Validation of the block model shows good correlation of the input data to the
estimated grades.
· The Mineral Resource estimate appropriately reflects the view of
the Competent Person.
Audits or reviews · The results of any audits or reviews of Mineral Resource estimates. · Internal audits have been completed by Ashmore which verified the
technical inputs, methodology, parameters and results of the estimate.
Discussion of relative accuracy/ confidence · Where appropriate a statement of the relative accuracy and confidence · The geometry and continuity have been adequately interpreted to
level in the Mineral Resource estimate using an approach or procedure deemed reflect the applied level of Indicated and Inferred Mineral Resource. The data
appropriate by the Competent Person. For example, the application of quality is good, and the drill holes have detailed logs produced by qualified
statistical or geostatistical procedures to quantify the relative accuracy of geologists. A recognised laboratory has been used for all analyses.
the resource within stated confidence limits, or, if such an approach is not
deemed appropriate, a qualitative discussion of the factors that could affect · The Mineral Resource statement relates to global estimates of
the relative accuracy and confidence of the estimate. tonnes and grade.
· The statement should specify whether it relates to global or local · No historical mining has occurred; therefore, reconciliation
estimates, and, if local, state the relevant tonnages, which should be could not be conducted.
relevant to technical and economic evaluation. Documentation should include
assumptions made and the procedures used.
· These statements of relative accuracy and confidence of the estimate
should be compared with production data, where available.
JORC Table 1 Section 3 Estimation and Reporting of Mineral Resources -
Pinheiro
Criteria JORC Code explanation Commentary
Database integrity · Measures taken to ensure that data has not been corrupted by, for · The database has been systematically audited by Savannah's
example, transcription or keying errors, between its initial collection and geologists.
its use for Mineral Resource estimation purposes.
· All drilling data has been verified as part of a continuous
· Data validation procedures used. validation procedure. Once a drill hole is imported into the database a report
of the collar, down-hole survey, geology, and assay data are produced. This is
then checked by a Savannah geologist and any corrections are completed by the
database manager.
Site visits · Comment on any site visits undertaken by the Competent Person and the · A site visit was conducted by an associate of Ashmore, Paul Payne
outcome of those visits. during April 2018. Paul inspected the deposit area, drill core/chips and
outcrop. During this time, notes and photos were taken. Discussions were held
· If no site visits have been undertaken indicate why this is the case. with site personnel regarding drilling and sampling procedures. No major
issues were encountered.
Geological interpretation · Confidence in (or conversely, the uncertainty of) the geological · The confidence in the geological interpretation is considered to
interpretation of the mineral deposit. be good and is based on visual confirmation in outcrop and within drill hole
intersections.
· Nature of the data used and of any assumptions made.
· Geochemistry and geological logging have been used to assist
· The effect, if any, of alternative interpretations on Mineral identification of lithology and mineralisation.
Resource estimation.
· The MBLP comprises a series of pegmatite and aplite-pegmatite
· The use of geology in guiding and controlling Mineral Resource intrusions of granitic composition. Pegmatite dykes and sills are mainly
estimation. intruded in the granitic rocks of the region whilst aplite-pegmatite
intrusions are hosted by strongly deformed metasedimentary rocks of Silurian
· The factors affecting continuity both of grade and geology. age. The thickness of the dykes and sills ranges from less than 1m up to 70m.
· Mineral Resources have now been defined in five separate
pegmatite zones - Grandão, Reservatório, Pinheiro, NOA and Aldeia. At the
Pinheiro deposit, mineralisation is hosted in three steep dipping, north
trending tabular pegmatite pods 20 to 30m in true width. The deposit outcrops
over a strike length of approximately 240m and remains open along strike and
at depth.
· Infill drilling has supported and refined the model and the
current interpretation is considered robust.
· Observations from the outcrop of mineralisation and host rocks;
as well as infill drilling, confirm the geometry of the mineralisation.
· Infill drilling has confirmed geological and grade continuity.
Dimensions · The extent and variability of the Mineral Resource expressed as · The Pinheiro Mineral Resource area extends over a north-south
length (along strike or otherwise), plan width, and depth below surface to the strike length of 240m and includes the 230m vertical interval from 590mRL to
upper and lower limits of the Mineral Resource. 360mRL.
Estimation and modelling techniques · The nature and appropriateness of the estimation technique(s) applied · Using parameters derived from modelled variograms, Ordinary
and key assumptions, including treatment of extreme grade values, domaining, Kriging ("OK") was used to estimate average block grades in three passes using
interpolation parameters and maximum distance of extrapolation from data Surpac software. Linear grade estimation was deemed suitable for the Pinheiro
points. If a computer assisted estimation method was chosen include a Mineral Resource due to the geological control on mineralisation.
description of computer software and parameters used.
· The grade of Fe(2)O(3) was estimated for the deposit, using
· The availability of check estimates, previous estimates and/or mine factored Fe data to eliminate Fe introduced in the sample preparation stage.
production records and whether the Mineral Resource estimate takes appropriate The mean grade of Fe(2)O(3) was determined to be ~0.7% at Pinheiro.
account of such data.
· Li(2)O (%), Ta (ppm), Fe (%), Fe Factored (%), Rb (ppm), Ca (%)
· The assumptions made regarding recovery of by-products. and K (%) were interpolated into the block model and subsequently converted to
their respective oxide values.
· Estimation of deleterious elements or other non-grade variables of
economic significance (eg sulphur for acid mine drainage characterisation). · A Surpac block model was created to encompass the extents of the
known mineralisation, with block dimensions of 10m NS by 5m EW by 5m vertical
· In the case of block model interpolation, the block size in relation with sub-cells of 2.5m by 1.25m by 1.25m. The parent block size dimension was
to the average sample spacing and the search employed. selected on the results obtained from Kriging Neighbourhood Analysis.
· Any assumptions behind modelling of selective mining units. · An orientated 'ellipsoid' search was used to select data and
adjusted to account for the variations in lode orientations, however all other
· Any assumptions about correlation between variables. parameters were taken from the variography derived from Domain 2. Up to three
passes were used for each domain. First pass had a range of 40m, with a
· Description of how the geological interpretation was used to control minimum of 8 samples. For the second pass, the range was extended to 80m, with
the resource estimates. a minimum of 6 samples. For the third pass, the range was extended to 250m,
with a minimum of 4 samples. A maximum of 12 samples was used for each pass
· Discussion of basis for using or not using grade cutting or capping. with a maximum of 8 samples per hole.
· The process of validation, the checking process used, the comparison · No assumptions were made on selective mining units.
of model data to drill hole data, and use of reconciliation data if available.
· Correlation analysis was conducted on the main domain. It is
evident that Li(2)O has little correlation with any of the other elements
presented in the table.
· The mineralisation was constrained by pegmatite geology
wireframes and internal lithium bearing mineralisation wireframes prepared
using a nominal 0.4% Li(2)O cut-off grade and a minimum down-hole length of 2
to 3m. The wireframes were used as hard boundaries for the interpolation.
· Statistical analysis was carried out on data from three
mineralised domains. Following a review of the population histograms and log
probability plots and noting the low coefficient of variation statistics, it
was determined that the application of high grade cuts was not warranted.
· Validation of the model included detailed visual validation,
comparison of composite grades and block grades by northing and elevation.
Validation plots showed good correlation between the composite grades and the
block model grades.
Moisture · Whether the tonnages are estimated on a dry basis or with natural · Tonnages and grades were estimated on a dry in situ basis.
moisture, and the method of determination of the moisture content.
Cut-off parameters · The basis of the adopted cut-off grade(s) or quality parameters · The Statement of Mineral Resources has been constrained by the
applied. mineralisation solids, reported above a cut-off grade of 0.5% Li(2)O. Previous
Whittle optimisations demonstrate reasonable prospects for eventual economic
extraction utilising open pit mining methods. Metallurgical test work
indicated that the material can produce a 5.5% Li(2)O concentrate at
approximately 75% recovery.
· This Mineral Resource will be utilised in the MBLP Feasibility
Study to estimate an Ore Reserve.
Mining factors or assumptions · Assumptions made regarding possible mining methods, minimum mining · Ashmore has assumed that the deposit could be mined using open
dimensions and internal (or, if applicable, external) mining dilution. It is pit mining techniques.
always necessary as part of the process of determining reasonable prospects
for eventual economic extraction to consider potential mining methods, but the · A high level Whittle optimisation of the Mineral Resource
assumptions made regarding mining methods and parameters when estimating supports this view.
Mineral Resources may not always be rigorous. Where this is the case, this
should be reported with an explanation of the basis of the mining assumptions
made.
Metallurgical factors or assumptions · The basis for assumptions or predictions regarding metallurgical · Metallurgical test work has been conducted on the MBLP, including
amenability. It is always necessary as part of the process of determining composite samples derived from the Pinheiro weathered and fresh material
reasonable prospects for eventual economic extraction to consider potential types. MinSol Engineering Pty Ltd ("MinSol") assisted with determining an
metallurgical methods, but the assumptions regarding metallurgical treatment efficient and environmentally conscious process flowsheet for the production
processes and parameters made when reporting Mineral Resources may not always of a high quality spodumene concentrate grading >5.5% Li(2)O, whilst
be rigorous. Where this is the case, this should be reported with an achieving the following key environmental and social criteria:
explanation of the basis of the metallurgical assumptions made.
a. Use of REACH (European Chemical Regulation) registered chemicals;
b. Use of chemicals classified with low environmental toxicity;
c. No use of strong acids or bases and operating at near neutral pH;
and
d. Dry stacked tails to minimise ground water disturbance.
· The work indicated that the Pinheiro material can contribute to
the MBLP plant feed to produce a 5.5% Li(2)O concentrate at approximately 75%
recovery.
Environmental factors or assumptions · Assumptions made regarding possible waste and process residue · No assumptions have been made regarding environmental factors.
disposal options. It is always necessary as part of the process of determining Savannah will work to mitigate environmental impacts as a result of any future
reasonable prospects for eventual economic extraction to consider the mining or mineral processing.
potential environmental impacts of the mining and processing operation. While
at this stage the determination of potential environmental impacts,
particularly for a greenfields project, may not always be well advanced, the
status of early consideration of these potential environmental impacts should
be reported. Where these aspects have not been considered this should be
reported with an explanation of the environmental assumptions made.
Bulk density · Whether assumed or determined. If assumed, the basis for the · Bulk density measurements were completed on selected intervals of
assumptions. If determined, the method used, whether wet or dry, the frequency diamond core drilled at the deposit. The measurements were conducted at the
of the measurements, the nature, size and representativeness of the samples. MBLP core processing facility using the water immersion/Archimedes method. The
weathered samples were coated in paraffin wax to account for porosity of the
· The bulk density for bulk material must have been measured by methods weathered samples.
that adequately account for void spaces (vugs, porosity, etc), moisture and
differences between rock and alteration zones within the deposit. · A total of 839 measurements were conducted on the material, with
samples obtained from weathered and fresh material.
· Discuss assumptions for bulk density estimates used in the evaluation
process of the different materials. · Bulk densities ranging between 2.40t/m(3) and 2.70t/m(3) were
assigned in the block model dependent on lithology, mineralisation and
weathering.
Classification · The basis for the classification of the Mineral Resources into · The Mineral Resource estimate is reported here in compliance with
varying confidence categories. the 2012 Edition of the 'Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves' by the Joint Ore Reserves
· Whether appropriate account has been taken of all relevant factors Committee (JORC). The Pinheiro Mineral Resource was classified as Indicated
(i.e. relative confidence in tonnage/grade estimations, reliability of input and Inferred Mineral Resource based on data quality, sample spacing, and lode
data, confidence in continuity of geology and metal values, quality, quantity continuity. The Indicated Mineral Resource was defined within fresh material,
and distribution of the data). in areas of close spaced drilling of less than 40m by 40m, and where the
continuity and predictability of the lode positions was good. The lower
· Whether the result appropriately reflects the Competent Person's view portion of the deposit remains undrilled. The pegmatite interpretations have
of the deposit. been extended up to 200m past drill hole intersections. The portion which has
been extrapolated up to 80m past drill holes has been classified as Inferred
Mineral Resource. The deeper portion remains unclassified.
· The input data is comprehensive in its coverage of the
mineralisation and does not favour or misrepresent in-situ mineralisation. The
definition of mineralised zones is based on high level geological
understanding producing a robust model of mineralised domains. This model has
been confirmed by infill drilling which supported the interpretation.
Validation of the block model shows good correlation of the input data to the
estimated grades.
· The Mineral Resource estimate appropriately reflects the view of
the Competent Person.
Audits or reviews · The results of any audits or reviews of Mineral Resource estimates. · Internal audits have been completed by Ashmore which verified the
technical inputs, methodology, parameters and results of the estimate.
Discussion of relative accuracy/ confidence · Where appropriate a statement of the relative accuracy and confidence · The geometry and continuity have been adequately interpreted to
level in the Mineral Resource estimate using an approach or procedure deemed reflect the applied level of Indicated and Inferred Mineral Resource. The data
appropriate by the Competent Person. For example, the application of quality is good, and the drill holes have detailed logs produced by qualified
statistical or geostatistical procedures to quantify the relative accuracy of geologists. A recognised laboratory has been used for all analyses.
the resource within stated confidence limits, or, if such an approach is not
deemed appropriate, a qualitative discussion of the factors that could affect · The Mineral Resource statement relates to global estimates of
the relative accuracy and confidence of the estimate. tonnes and grade.
· The statement should specify whether it relates to global or local · No historical mining has occurred; therefore, reconciliation
estimates, and, if local, state the relevant tonnages, which should be could not be conducted.
relevant to technical and economic evaluation. Documentation should include
assumptions made and the procedures used.
· These statements of relative accuracy and confidence of the estimate
should be compared with production data, where available.
JORC Table 1 Section 3 Estimation and Reporting of Mineral Resources - NOA
Criteria JORC Code explanation Commentary
Database integrity · Measures taken to ensure that data has not been corrupted by, for · The database has been systematically audited by Savannah's
example, transcription or keying errors, between its initial collection and geologists.
its use for Mineral Resource estimation purposes.
· All drilling data has been verified as part of a continuous
· Data validation procedures used. validation procedure. Once a drill hole is imported into the database a report
of the collar, down-hole survey, geology, and assay data are produced. This is
then checked by a Savannah geologist and any corrections are completed by the
database manager.
Site visits · Comment on any site visits undertaken by the Competent Person and the · A site visit was conducted by an associate of Ashmore, Paul Payne
outcome of those visits. during April 2018. Paul inspected the deposit area, drill core/chips and
outcrop. During this time, notes and photos were taken. Discussions were held
· If no site visits have been undertaken indicate why this is the case. with site personnel regarding drilling and sampling procedures. No major
issues were encountered.
Geological interpretation · Confidence in (or conversely, the uncertainty of) the geological · The confidence in the geological interpretation is considered to
interpretation of the mineral deposit. be good and is based on visual confirmation in outcrop and within drill hole
intersections.
· Nature of the data used and of any assumptions made.
· Geochemistry and geological logging have been used to assist
· The effect, if any, of alternative interpretations on Mineral identification of lithology and mineralisation.
Resource estimation.
· The MBLP comprises a series of pegmatite and aplite-pegmatite
· The use of geology in guiding and controlling Mineral Resource intrusions of granitic composition. Pegmatite dykes and sills are mainly
estimation. intruded in the granitic rocks of the region whilst aplite-pegmatite
intrusions are hosted by strongly deformed metasedimentary rocks of Silurian
· The factors affecting continuity both of grade and geology. age. The thickness of the dykes and sills ranges from less than 1m up to 70m.
· Mineral Resources have now been defined in five separate
pegmatite zones - Grandão, Reservatório, Pinheiro, NOA and Aldeia. At the
NOA deposit, mineralisation is hosted in a steep dipping NW trending tabular
pegmatite 5 to 10m in true width. The deposit outcrops over a strike length of
approximately 420m and remains open along strike and at depth. Previous
small-scale mining activity has occurred at the Project. It was limited to
shallow pits to provide feed stock to the local ceramics industry.
· Infill drilling has supported and refined the model and the
current interpretation is considered robust.
· Observations from the outcrop of mineralisation and host rocks;
as well as infill drilling, confirm the geometry of the mineralisation.
· Infill drilling has confirmed geological and grade continuity.
Dimensions · The extent and variability of the Mineral Resource expressed as · The NOA Mineral Resource area extends over a west-northwest
length (along strike or otherwise), plan width, and depth below surface to the strike length of 420m and includes the 130m vertical interval from 700mRL to
upper and lower limits of the Mineral Resource. 570mRL.
Estimation and modelling techniques · The nature and appropriateness of the estimation technique(s) applied · Using parameters derived from modelled variograms, Ordinary
and key assumptions, including treatment of extreme grade values, domaining, Kriging ("OK") was used to estimate average block grades in three passes using
interpolation parameters and maximum distance of extrapolation from data Surpac software. Linear grade estimation was deemed suitable for the NOA
points. If a computer assisted estimation method was chosen include a Mineral Resource due to the geological control on mineralisation.
description of computer software and parameters used.
· The grade of Fe(2)O(3) was estimated for the deposit, using
· The availability of check estimates, previous estimates and/or mine factored Fe data to eliminate Fe introduced in the sample preparation stage.
production records and whether the Mineral Resource estimate takes appropriate The mean grade of Fe(2)O(3) was determined to be ~0.8% at NOA.
account of such data.
· Li(2)O (%), Ta (ppm), Fe (%), Fe Factored (%), Rb (ppm), Ca (%)
· The assumptions made regarding recovery of by-products. and K (%) were interpolated into the block model and subsequently converted to
their respective oxide values.
· Estimation of deleterious elements or other non-grade variables of
economic significance (eg sulphur for acid mine drainage characterisation). · A Surpac block model was created to encompass the extents of the
known mineralisation, with block dimensions of 5m NS by 10m EW by 5m vertical
· In the case of block model interpolation, the block size in relation with sub-cells of 1.25m by 2.5m by 1.25m. The parent block size dimension was
to the average sample spacing and the search employed. selected on the results obtained from Kriging Neighbourhood Analysis.
· Any assumptions behind modelling of selective mining units. · An orientated 'ellipsoid' search was used to select data and
adjusted to account for the variations in lode orientations, however all other
· Any assumptions about correlation between variables. parameters were taken from the variography derived from Domain 1. Up to three
passes were used for each domain. First pass had a range of 40m, with a
· Description of how the geological interpretation was used to control minimum of 6 samples. For the second pass, the range was extended to 80m, with
the resource estimates. a minimum of 4 samples. For the third pass, the range was extended to 150m,
with a minimum of 2 samples. A maximum of 16 samples was used for each pass
· Discussion of basis for using or not using grade cutting or capping. with a maximum of 6 samples per hole.
· The process of validation, the checking process used, the comparison · No assumptions were made on selective mining units.
of model data to drill hole data, and use of reconciliation data if available.
· Correlation analysis was conducted on the main domain. It is
evident that Li(2)O has little correlation with any of the other elements
presented in the table.
· The mineralisation was constrained by pegmatite geology
wireframes and internal lithium bearing mineralisation wireframes prepared
using a nominal 0.4% Li(2)O cut-off grade and a minimum down-hole length of
2m. The wireframes were used as hard boundaries for the interpolation.
· Statistical analysis was carried out on data from seven
mineralised domains. Following a review of the population histograms and log
probability plots and noting the low coefficient of variation statistics, it
was determined that the application of high grade cuts was not warranted,
apart from cutting one Ta assay to 100ppm.
· Validation of the model included detailed visual validation,
comparison of composite grades and block grades by easting and elevation.
Validation plots showed good correlation between the composite grades and the
block model grades.
Moisture · Whether the tonnages are estimated on a dry basis or with natural · Tonnages and grades were estimated on a dry in situ basis.
moisture, and the method of determination of the moisture content.
Cut-off parameters · The basis of the adopted cut-off grade(s) or quality parameters · The Statement of Mineral Resources has been constrained by the
applied. mineralisation solids, reported above a cut-off grade of 0.5% Li(2)O. Previous
Whittle optimisations demonstrate reasonable prospects for eventual economic
extraction utilising open pit mining methods. Metallurgical test work
indicated that the material can produce a 5.5% Li(2)O concentrate at
approximately 75% recovery.
· This Mineral Resource will be utilised in the MBLP Feasibility
Study to estimate an Ore Reserve.
Mining factors or assumptions · Assumptions made regarding possible mining methods, minimum mining · Ashmore has assumed that the deposit could be mined using open
dimensions and internal (or, if applicable, external) mining dilution. It is pit mining techniques.
always necessary as part of the process of determining reasonable prospects
for eventual economic extraction to consider potential mining methods, but the · A high level Whittle optimisation of the Mineral Resource
assumptions made regarding mining methods and parameters when estimating supports this view.
Mineral Resources may not always be rigorous. Where this is the case, this
should be reported with an explanation of the basis of the mining assumptions
made.
Metallurgical factors or assumptions · The basis for assumptions or predictions regarding metallurgical · Metallurgical test work has been conducted on the MBLP, including
amenability. It is always necessary as part of the process of determining composite samples derived from the NOA weathered and fresh material types.
reasonable prospects for eventual economic extraction to consider potential MinSol Engineering Pty Ltd ("MinSol") assisted with determining an efficient
metallurgical methods, but the assumptions regarding metallurgical treatment and environmentally conscious process flowsheet for the production of a high
processes and parameters made when reporting Mineral Resources may not always quality spodumene concentrate grading >5.5% Li(2)O, whilst achieving the
be rigorous. Where this is the case, this should be reported with an following key environmental and social criteria:
explanation of the basis of the metallurgical assumptions made.
a. Use of REACH (European Chemical Regulation) registered chemicals;
b. Use of chemicals classified with low environmental toxicity;
c. No use of strong acids or bases and operating at near neutral pH;
and
d. Dry stacked tails to minimise ground water disturbance.
· The work indicated that the NOA material can contribute to the
MBLP plant feed to produce a 5.5% Li(2)O concentrate at approximately 75%
recovery.
Environmental factors or assumptions · Assumptions made regarding possible waste and process residue · No assumptions have been made regarding environmental factors.
disposal options. It is always necessary as part of the process of determining Savannah will work to mitigate environmental impacts as a result of any future
reasonable prospects for eventual economic extraction to consider the mining or mineral processing.
potential environmental impacts of the mining and processing operation. While
at this stage the determination of potential environmental impacts,
particularly for a greenfields project, may not always be well advanced, the
status of early consideration of these potential environmental impacts should
be reported. Where these aspects have not been considered this should be
reported with an explanation of the environmental assumptions made.
Bulk density · Whether assumed or determined. If assumed, the basis for the · Bulk density measurements were completed on selected intervals of
assumptions. If determined, the method used, whether wet or dry, the frequency diamond core drilled at the deposit. The measurements were conducted at the
of the measurements, the nature, size and representativeness of the samples. MBLP core processing facility using the water immersion/Archimedes method. The
weathered samples were coated in paraffin wax to account for porosity of the
· The bulk density for bulk material must have been measured by methods weathered samples.
that adequately account for void spaces (vugs, porosity, etc), moisture and
differences between rock and alteration zones within the deposit. · A total of 306 measurements were conducted on the material, with
samples obtained from weathered and fresh material.
· Discuss assumptions for bulk density estimates used in the evaluation
process of the different materials. · Bulk densities ranging between 2.50t/m(3) and 2.70t/m(3) were
assigned in the block model dependent on lithology, mineralisation and
weathering.
Classification · The basis for the classification of the Mineral Resources into · The Mineral Resource estimate is reported here in compliance with
varying confidence categories. the 2012 Edition of the 'Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves' by the Joint Ore Reserves
· Whether appropriate account has been taken of all relevant factors Committee (JORC). The NOA Mineral Resource was classified as Indicated and
(i.e. relative confidence in tonnage/grade estimations, reliability of input Inferred Mineral Resource based on data quality, sample spacing, and lode
data, confidence in continuity of geology and metal values, quality, quantity continuity. The Indicated Mineral Resource was defined within areas of close
and distribution of the data). spaced drilling of less than 40m by 40m, and where the continuity and
predictability of the lode positions was good. Inferred Mineral Resource was
· Whether the result appropriately reflects the Competent Person's view assigned to areas where drilling was wider than 40m, or domains that were
of the deposit. intercepted by few drill holes.
· The input data is comprehensive in its coverage of the
mineralisation and does not favour or misrepresent in-situ mineralisation. The
definition of mineralised zones is based on high level geological
understanding producing a robust model of mineralised domains. This model has
been confirmed by infill drilling which supported the interpretation.
Validation of the block model shows good correlation of the input data to the
estimated grades.
· The Mineral Resource estimate appropriately reflects the view of
the Competent Person.
Audits or reviews · The results of any audits or reviews of Mineral Resource estimates. · Internal audits have been completed by Ashmore which verified the
technical inputs, methodology, parameters and results of the estimate.
Discussion of relative accuracy/ confidence · Where appropriate a statement of the relative accuracy and confidence · The geometry and continuity have been adequately interpreted to
level in the Mineral Resource estimate using an approach or procedure deemed reflect the applied level of Indicated and Inferred Mineral Resource. The data
appropriate by the Competent Person. For example, the application of quality is good, and the drill holes have detailed logs produced by qualified
statistical or geostatistical procedures to quantify the relative accuracy of geologists. A recognised laboratory has been used for all analyses.
the resource within stated confidence limits, or, if such an approach is not
deemed appropriate, a qualitative discussion of the factors that could affect · The Mineral Resource statement relates to global estimates of
the relative accuracy and confidence of the estimate. tonnes and grade.
· The statement should specify whether it relates to global or local · A total of 22,000t at 1.2% Li(2)O have been mined from NOA,
estimates, and, if local, state the relevant tonnages, which should be however historical production figures were not available for comparison.
relevant to technical and economic evaluation. Documentation should include
assumptions made and the procedures used.
· These statements of relative accuracy and confidence of the estimate
should be compared with production data, where available.
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