REG - Savannah Resources - Equity Incentive Plan – Update

Savannah ResourcesAnnouncement

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RNS Number : 1089B  Savannah Resources PLC  29 September 2025

 

 

29 September 2025

 

Savannah Resources Plc

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

 

Equity Incentive Plan - Update

CEO elects to receive bonus in Options rather than cash and update on Equity
Incentive Plan

 

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 it has granted share options over the Company's
ordinary shares ("Options") under the short-term incentive plan (the "STIP")
component of the Company's Equity Incentive Plan (announced on 28 July 2025)
which is designed to incentivise the Company's Executive Leadership and other
key individuals (together, the "Participants").

 

CEO bonus in form of Options rather than cash

 

The Board has considered a proposal to settle the unpaid 50% of Mr. Emanuel
Proença's 2024 cash bonus through the issuance of nominal cost Options of
equivalent value. This proposal aligns with the parameters approved by the
Board for the STIP component of the Equity Incentive Plan, under which 50% of
bonuses for all Participants from 2025 onwards will be settled via nominal
cost options.

 

This approach reflects the Company's strategic focus on preserving liquidity,
while reinforcing long-term alignment between executive performance and
shareholder value. By opting to settle part of the CEO's bonus through equity
rather than cash, the Company strengthens its capital position and
demonstrates prudent financial management. Moreover, it highlights Mr.
Proença's continued commitment to the Company's future success, as he accepts
compensation in the form of equity, directly tying his interests to those of
shareholders. This decision is consistent with the broader remuneration
framework adopted for 2025 onwards, which aims to incentivise performance
while ensuring sustainability and transparency in executive compensation.

 

Key Details:

1.    Number of Options to be issued: 3,100,000.

2.    Valuation Basis: Black-Scholes Value per Unit of GBP 0.0372, being
the same as utilised in the Options issued under the LTIP component of the
Equity Incentive Plan in July 2025.

3.    Terms: The Options will be issued at nominal cost, vest immediately,
and have a duration of five years.

 

Bruce Griffin, the Chair of Savannah's Nominations and Remuneration Committee
said: "Settling 50% of the CEO's bonus through nominal cost Options is a
balanced and responsible approach. It allows the Company to preserve cash
while reinforcing long-term value creation. This structure ensures that
executive rewards are closely tied to shareholder outcomes and reflects our
commitment to sound governance and financial discipline. This is a step
further in reinforcing alignment with our shareholders and ensuring that
leadership remains focused on sustainable value creation. I believe this
approach is both financially responsible and strategically sound, especially
as we continue to prioritise the Project's development, coupled with capital
efficiency".

 

Emanuel Proença, the CEO said: "I welcome the Board's decision and fully
support the structure of this year's bonus settlement."

 

Legacy Refinements

 

The Company has also addressed certain legacy matters related to the Equity
Incentive Plan. Specifically, a limited number of Options (11.2 million, being
~11% of the Options outstanding) that were due for the period up to the end of
2024 had been held in abeyance and not issued pending formal approval of the
new Equity Incentive Plan. These Options, granted in July 2025 and pertaining
to prior periods, will not be subject to the vesting performance conditions.

 

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
 2    Reason for the notification
 a)   Position/status                                              Chief Executive 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 LTIP component of the
                                                                   Company's Equity Incentive Plan.

 c)   Price(s) and volume(s)                                       Price(s)   Volume(s)
                                                                   1.0 pence  3,100,000
 d)   Aggregated information

      Aggregated volume

                                                                   3,100,000

      Price

                                                                   1.0 pence

 e)   Date of the transaction(s)                                   26 September 2025
 f)   Place of the transaction                                     Off-market transaction

d)

Aggregated information

 

Aggregated volume

 

Price

 

 

 

3,100,000

 

1.0 pence

 

e)

Date of the transaction(s)

26 September 2025

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 / 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.

 

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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