REG - Savannah Resources - Equity Incentive Plan Awards

Savannah ResourcesAnnouncement

01/05/2026 07:01

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RNS Number : 6908C  Savannah Resources PLC  01 May 2026

 

1 May 2026

 

Savannah Resources Plc

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

 

Equity Incentive Plan Awards

 

Savannah Resources plc, the developer of the Barroso Lithium Project (the
'Project') in Portugal, one of the European Commission's 'Strategic Projects'
under the Critical Raw Materials Act and Europe's largest spodumene lithium
deposit, announces that upon the recommendation of the Company's Nomination
and Remuneration Committee (the "Committee") it has granted share options
under the Company's Equity Incentive Plan (the "Plan") which is designed to
incentivise the Company's Executive Leadership and other key individuals
(together, the "Participants").

 

2026 Grants

The Company's Nomination and Remuneration Committee undertook a review of the
appropriate awards to be issued under the Company's incentive arrangements in
connection with the remuneration of the members of the executive team.

 

Short Term Incentive Plan ("STIP") component Awards

A total of 6,200,000 Nominal Cost Options ("NCOs") were granted to
Participants who elected to receive 50 per cent of their annual bonus in
equity rather than cash under the STIP. The NCOs have an exercise price of 1.0
pence, vest immediately on grant, and have a term of five years.

 

Long Term Incentive Plan ("LTIP") component Awards

João Nunes, Operations Readiness Manager who joined the Company in 2025 was
conditionally granted (with the same conditions as the LTIP Awards announced
on 28 July 2025) 3,900,000 NCOs under the LTIP.

 

Bruce Griffin, Chair of Savannah's Nominations and Remuneration Committee,
said:

"Following the annual review of the Company's remuneration framework, the
Committee agreed to offer certain executive and other key staff of Savannah
the opportunity to elect to receive 50 per cent of their annual bonus in
equity, through the award of Nominal Cost Options. These awards are made
within the existing 7.5 per cent limit of the Company's issued share capital
approved for equity‑based incentives and support disciplined cash
management, while further aligning the interests of the executive team with
those of shareholders. In addition, and in line with the Company's long‑term
incentive arrangements, the Committee approved the grant of an LTIP award to
João Nunes, subject to defined performance conditions, reinforcing the focus
on long‑term value creation."

 

Additional Information

 

Equity Incentive Plan Summary

 

The Equity Incentive Plan is designed to encourage long-term value creation
for Savannah's shareholders by aligning the interests of Participants with
those of shareholders. The Equity Plan allows for up to 7.5% of the Company's
issued share capital to be allocated to employees. The scheme has been
designed to meet the requirements of all relevant regulations and the Board
believes that the Plan will incentivise Participants and support Savannah's
ability to attract and retain talented individuals as the Company accelerates
the development of the Project towards production.

 

The long-term incentive plan ("LTIP") component is a share option scheme of
the kind commonly adopted by listed companies. Awards under the LTIP take the
form of options ("Options") over the Company's ordinary shares ("Shares").
Vesting conditions are attached to the Options and are subject to several
market standard specific exceptions.

 

The Equity Incentive Plan also includes a short-term incentive plan ("STIP")
component, under which up to 50% of annual bonuses may be settled through the
grant of Options.

 

Table 1 below sets out the Options which have been granted in 2026 to the
Executive Leadership Team and other Participants under the Plan. The total
quantity of Options being granted under the Plan is 10,100,000, which is
equivalent to 0.39% of issued Shares in the Company.

 

Table 1 - Summary of Options being granted in 2026 and existing Options

 Participant                        2026       2026       2026 NCO                             Existing Options  Total Options  Total Options as % of Issued Share Capital

                                    STIP       LTIP       Grant as % of Issued Share Capital

                                    NCO        NCO

                                    Grant      Grant
 Executive Leadership
 Chief Executive Officer            2,300,00              0.089%                               29,100,000        31,400,000     1.220%
 Chief Financial Officer            900,000               0.035%                               11,000,000        11,900,000     0.462%
 Chief Technical Officer (retired)  800,000               0.031%                               9,833,241(1)      10,633,241     0.413%
 Chief Corporate Officer            700,000               0.027%                               16,870,000        17,570,000     0.683%
 Sub Total                          4,700,000             0.183%                               66,803,241        71,503,241     2.778%
 Other                              1,500,000  3,900,000  0.210%                               28,047,276(2)     33,447,276     1.299%
 Total                              6,200,000  3,900,000  0.392%                               94,850,517        104,950,517    4.077%

(1)Mr. Ferguson is treated as a "good leaver" for the purposes of his Share
Options after his departure from the Company in 2025. As a consequence, Mr.
Ferguson will retain 2,583,241 of the NCOs issued in 2025, with 7,616,759 NCOs
cancelled. The retained NCOs will remain unvested, with final vesting to be
determined following the end of the vesting period in December 2027. Share
Options granted to Mr. Ferguson in 2021 remain operative.

 

(2)The Company has undertaken to convert Options granted on 30 June 2021, and
which expire on 30 June 2029 into NCOs. Hence, 1,120,000 options (50 per cent
exercisable at £0.0468 and 50 per cent exercisable at £0.0624) will be
converted into 510,099 NCOs using a Black‑Scholes valuation of £0.0303 per
Option.

 

 

PDMR Notification

 

Notification and public disclosure of transactions by persons discharging
managerial responsibilities and persons closely associated with them.

 

 1    Details of the person discharging managerial responsibilities / person closely
      associated
 a)   Name                                                         Emanuel Proença

                                                                   Henrique Freire

                                                                   Michael McGarty
 2    Reason for the notification
 a)   Position/status                                              Chief Executive Officer

                                                                   Chief Financial Officer

                                                                   Chief Corporate Officer
 b)   Initial notification /Amendment                              Initial notification

 3    Details of the issuer, emission allowance market participant, auction

    platform, auctioneer or auction monitor

 a)   Name                                                         Savannah Resources Plc
 b)   LEI                                                          213800UCK16HW5KKGP60
 4    Details of the transaction(s): section to be repeated for (i) each type of

    instrument; (ii) each type of transaction; (iii) each date; and (iv) each
      place where transactions have been conducted
 a)   Description of the financial instrument, type of instrument

      Identification code

                                                                   nominal cost Options of 1.0 pence

                                                                   ISIN: GB00B647W791
 b)   Nature of the transaction                                    Grant of options of 1.0 pence each in respect of the STIP component of the
                                                                   Company's Equity Incentive Plan

 c)   Price(s) and volume(s)                                       Price(s)     Volume(s)
                                                                   1.   1.0 pence   2,300,000
                                                                   2.   1.0 pence   900,000
                                                                   3.   1.0 pence   700,000
 d)   Aggregated information

      Aggregated volume

                                                                   3,900,000

      Price

                                                                   1.0 pence

 e)   Date of the transaction(s)                                   30 April 2026
 f)   Place of the transaction                                     Off-market transaction

d)

Aggregated information

 

Aggregated volume

 

Price

 

 

 

3,900,000

 

1.0 pence

 

e)

Date of the transaction(s)

30 April 2026

f)

Place of the transaction

Off-market transaction

 

Regulatory Information

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

 

Savannah - Enabling Europe's energy transition.

 

**ENDS**

 

Follow @SavannahRes on X (Formerly known as Twitter)

 

Follow Savannah Resources on LinkedIn

 

 

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

 

 Savannah Resources PLC                                                  Tel: +44 20 7117 2489

 Emanuel Proença, CEO

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

 David Hignell/ Charlie Bouverat (Corporate Finance)

 Grant Barker/Abigail Wayne (Sales & Broking)

                                                                         Tel: +44 20 7523 8000

 Canaccord Genuity Limited (Joint Broker)

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

 Ben Knott (Sales)

 Portugal Media Relations

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

 

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

 

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

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