REG - Savannah Resources - BLP designated as Strategic Project under EU CRMA

Savannah ResourcesAnnouncement

25/03/2025 16:00

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RNS Number : 1170C  Savannah Resources PLC  25 March 2025

 

 

25 March
2025

Savannah Resources Plc

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

 

Barroso Lithium Project designated as a Strategic Project under the EU's
Critical Raw Materials Act

 

Savannah, the developer of the Barroso Lithium Project (the 'Project') in
Portugal, Europe's largest spodumene lithium deposit, is pleased to report
that the European Commission announced today in Brussels the selection of the
Barroso Lithium Project as one of the first 47 projects considered 'Strategic'
for Europe under its Critical Raw Materials Act ('CRMA').

 

To be classified as ´Strategic´, the European Commission must conclude that
a critical raw material project is or will become technically feasible within
a reasonable timeframe, and that there is sufficient confidence that it will
achieve its expected production volumes and can be implemented sustainably.
According to the European Commission, critical raw material projects which are
classified as Strategic "will be able to benefit from coordinated support by
the Commission, Member States and financial institutions to become
operational, notably regarding access to finance and support to connect with
relevant off-takers. They will also benefit from streamlined permitting
provisions, to ensure predictability for project promoters while safeguarding
environmental, social and governance standards. In line with the CRMA, the
permit-granting process will not exceed 27 months for extraction projects and
15 months for other projects".

 

According to the European Commission, "These projects were selected as they
contribute to the EU's secure supply of strategic raw materials, adhere to
environmental, social and governance criteria and are technically feasible. In
addition, the selected projects have also demonstrated clear cross-border
benefits for the EU."

 

Savannah will now engage with the European Commission to fully leverage the
opportunities which the new project classification provides. This will be done
in parallel with our ongoing work to complete our RECAPE submission and the
Definitive Feasibility Study by the end of 2025, with view of initiating
production in 2027.

 

Emanuel Proença, CEO of Savannah Resources stated: "The conclusion of the
Strategic Project classification process marks a significant step toward
fostering a more resilient and secure supply of critical raw materials
essential for Europe's green and digital transitions, as well as the aerospace
and defence sectors. In terms of the Barroso Lithium Project, it recognises
the quality of the work Savannah has been undertaking for years, not only on
the technical aspects of the Project but also on its social and economic
parameters, including our engagement and collaboration with our local
communities. Savannah's local staff now number around 30 people, who live and
work in the Barroso area every day, and many more will follow. Savannah is
committed to the sustainable development of the Project, attending to the
needs of the community and creating the conditions for a solid economic
development of the Barroso region."

 

Stéphane Séjourné, European Commission Executive Vice-President for
Prosperity and Industrial Strategy referred: "At the very start of our most
strategic supply chains, are raw materials. They are also indispensable to the
decarbonisation of our continent. But Europe currently depends on third
countries for many of the raw materials it needs the most. We must increase
our own production, diversify our external supply, and make stockpiles. Today,
we have identified 47 new strategic projects that, for the first time, will
help us secure our own domestic supply of raw materials. This is a landmark
moment for European sovereignty as an industrial powerhouse."

 

 

Further information

The projects recognised today cover one or more segments of the value chain,
with 12 extraction only projects; 11 integrated extraction and processing; 12
processing only; 10 recycling and 2 substitution of raw materials projects.
They cover 14 of the 17 strategic raw materials identified under the CRMA,
including: Lithium, Nickel, Cobalt, Copper, Manganese, Graphite, Germanium.

The official statement by the European Commission, can be found at:
https://ec.europa.eu/commission/presscorner/detail/en/ip_25_864
(https://ec.europa.eu/commission/presscorner/detail/en/ip_25_864)

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**

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

 Gordon Poole/ Emily Hall / Nuthara Bandara
 Portugal Media Relations

 Savannah Resources: Antonio Neves Costa, Communications Manager   Tel: +351 962 678 912
 LPM Herminio Santos/ Jorge Coelho/ Margarida Pinheiro             Tel: +351 218 508 110

 

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
largest battery grade spodumene lithium resource outlined to date in Europe.

 

Through the Project, Savannah will help Portugal to play an important role in
providing a long-term, locally sourced, lithium raw material supply for
Europe's lithium battery value chain. Once in operation the Project will
produce enough lithium (contained in c.190,000tpa of spodumene concentrate)
for approximately half a million vehicle battery packs per year, and hence
make a significant contribution towards the European Commission's Critical Raw
Material Act goal of a minimum 10% of European endogenous lithium production
from 2030.

 

Savannah is focused on the responsible development and operation of the
Barroso Lithium Project so that its impact on the environment is minimised and
the socio-economic benefits that it can bring to all its stakeholders are
maximised.

 

The Company is listed and regulated on the London Stock Exchange's Alternative
Investment Market (AIM) and trades under the ticker "SAV".

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