REG - Savannah Resources - Interim Results for six months ending 30 June 2025
24/09/2025 07:00
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RNS Number : 5260A Savannah Resources PLC 24 September 2025
24 September
2025
Savannah Resources Plc
(AIM: SAV) ('Savannah', or the 'Company')
Interim Results for the six months ending 30 June 2025
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 provide its interim results for the six months
ended 30 June 2025.
First half and recent highlights include:
Barroso Lithium Project:
· Strategic Project Status: The Project was one of the first 47
European projects to be classified by the European Commission ('EC') as a
'Strategic Project' under the Critical Raw Materials Act.
· Lithium market: Sentiment towards the sector improved significantly
following the end of the period. Catalysed by coinciding reports of robust
ongoing demand (e.g. 10.7m EVs sold globally, +27% vs. Jan-Jul 2024, source:
Rho Motion) and further supply side curtailments, market conditions have
tightened with prices currently reported around the US$800/t level for
spodumene concentrate, over 30% up from the low in mid-June.
· Definitive Feasibility Study ('DFS'):
o Drilling: With investment at the Project increased during the period, the
resource-related element of the Phase 2 drilling programme was completed
between January and July. 12,463m were drilled across 103 holes (including 11
geotechnical holes). In the process, Savannah passed the milestone of 50,000m
of drilling (50,627m to date) on the Project since its acquisition in 2017.
o New JORC Resource estimate: As a result of the drilling, a new upgraded
and expanded JORC (2012) Compliant Resource of 39.1Mt at 1.05% Li(2)O was
announced in September, representing a 40% increase in tonnage and 41%
increase in contained Li(2)O.
o Other DFS workstreams: Proceeded as scheduled during the period.
· New Exploration Target(( 1 (#_ftn1) )): The drilling programme,
along with previous surface exploration, also allowed the estimation of new
Exploration Targets for all the Project's orebodies and the remainder of the
Lease areas as well. The total Exploration Target for the Project was
increased in September by over 200% from the previous estimate to 35-62Mt at
0.9%-1.2% Li(2)O.
· Environmental Licencing: Good progress was made during the period on
many inputs required for the current 'RECAPE' (confirmatory) phase of the
licencing process.
· Infrastructure
o Internal haul roads: Preliminary design work on the roads between the
processing plant and mining areas was advanced and is nearing completion.
o Bypass Road: Savannah submitted its design and Environmental Impact
Assessment ('EIA') for the Project's 16km bypass road, which joins the
Project's proposed new access road to the national highway. The Portuguese
Environmental Agency ('APA') subsequently requested revisions were made and
the revised EIA is scheduled for resubmission in October 2025.
o Electrical power: The design of the overhead power lines and the switching
station was completed and submitted to the network operator (E-REDES) for
approval.
· Government & Stakeholder Engagement
o Portuguese Government: Savannah engaged regularly with the Government
during the period, which continued to demonstrate its support for the Project.
This included confirmation from AICEP, Portugal's Trade & Investment
Agency, that its Permanent Committee for Investor Support would assist to
accelerate Project implementation.
o Local Stakeholders: During the period, Savannah continued to communicate
regularly about the Project through multiple channels to all local
stakeholders, and maintained its support for local groups and initiatives. It
also hosted a community trip to Spain to meet members of an existing mining
community.
o During the period, a group of local people created the 'Future of Barroso
Association' to represent those members of the community who wish to engage
with the Project, to ensure that the opportunities it generates are maximised
for local people.
· Strategic Partnerships and Project financing
o Savannah continued to build its relationship with its first strategic
partner, proposed offtaker and largest shareholder, AMG Critical Materials,
N.V. The groups are working together to potentially secure a loan guarantee
from the German Government.
o Project Finance Advisor appointment: Cutfield Freeman & Company
Limited ('CF&Co') were appointed to assist with preparations for
increasing engagement with other potential commercial partners and finance
providers.
o Public funding: Savannah continued to evaluate and prepare for public
funding opportunities which may become available from the Portuguese
Government and from the European Commission for Strategic Projects via the
CRMA.
· Land acquisition & access arrangements
o Land purchases: More land plots were purchased from private landowners
during the period, taking the total Savannah owns to 109 with a further 10
under promissory note.
o Temporary Land Access: The Company applied for a second temporary land
easement during the period over ground it needs to access to conduct
geotechnical drilling. All technical requirements for the approval have been
met, and the process is expected to conclude during Q4 2025.
o Compulsory acquisition/access: The process, which Savannah began last
year, was progressed by the relevant public bodies and Savannah is now
awaiting its conclusion.
· Project Timetable: Savannah expects to complete the DFS in the first
half of 2026 and achieve first production in 2028. A further update on
scheduling will be provided following grant of the second land easement, which
will allow completion of the current drilling programme.
· Corporate:
o Key Executive appointments Henrique Freire was appointed Chief Financial
Officer ('CFO'), with former Group CFO, Michael McGarty, assuming the new role
of Chief Corporate Officer. Egídio Ribeiro joined as Project Finance Manager,
Mike Tamlin as Offtake Adviser and Manuela Salgado as Group Head of HR.
o Financials: The Company ended the period with a cash position of GBP 9.5m
(30 June 2024 GBP 21.6m). This position was increased to GBP 13.3m in July
following completion of a Fundraise raising gross proceeds of GBP 4.78m.
Losses from continued operations during the period decreased by 21% versus
first half 2024 to GBP 1.5m (30 June 2024: GBP 1.9m). In contrast, cash
expenditure committed to exploration (GBP 3.2m vs. 30 June 2024: GBP 2.3m)
increased by 39% due to the greater level of work at the Project during the
period.
· Next steps/future news flow:
o Savannah will advance the Project's DFS and environmental licencing
process during the remainder of 2025 and complete these tasks during H1 2026.
o It will also begin to draw together the financing and commercial elements
it will need to develop the Project into an operating reality. By achieving
this, Savannah can contribute to Europe's energy independence and climate
goals, generate significant shareholder value and make an important
contribution towards the economic and social regeneration of its host region.
CHAIRMAN'S STATEMENT FOR THE SIX MONTHS ENDED 30 JUNE 2025
The first half of 2025 was another very busy period for the Company as we
continued to progress the Barroso Lithium Project towards development and into
a key supplier of lithium raw material to the European Battery Value Chain.
The progress we made during the period, and in the September quarter to date,
continues to secure our prominent position in the formation of the European
lithium industry and hence places us front and centre in the next development
phase in the global lithium market.
Shareholders will find further details of the progress made across the key
workstreams in the following Operational Review.
For me, the highlights of year so far have been, the level of political
support the Project received, completion of the resource element of the
current DFS drilling programme and the subsequent upgraded and expanded JORC
Resource; the support received from existing and new shareholders in our
recent fundraise and; the tightening of conditions in the lithium market and
resulting recovery in prices. I was also pleased to welcome new executive team
members during H1 2025, including the experienced Henrique Freire as CFO.
These appointments further reflect the transition the Company is currently
undergoing as it prepares for the Project's financing, construction and
eventual commissioning.
On political support, the fact that the year started with the commencement of
the second phase of DFS-related drilling was significant as it had required
Government approval of a temporary land easement to allow Savannah to access
land at the Project which it did not own. This clearly demonstrated to all
stakeholders the level of Government support that the Project receives due to
its potential significance to Portugal's new lithium industry and the regional
and national economies. The Government's support was further demonstrated when
the temporary easement was challenged in court by 3 landowners in February.
The Government responded quickly with a 'Reasoned Resolution' which underlined
the importance of the Project to the wider public interest in Portugal and
allowed fieldwork to restart immediately after a brief suspension.
This support was then followed in March by the classification of our Project
as a 'Strategic Project' by the European Commission under the Critical Raw
Materials Act. Receipt of this endorsement reflects the Commission's view that
our Project will contribute to the EU's secure supply of strategic raw
materials while adhering to stringent environmental, social and governance
criteria. By fulfilling these criteria, our Project should benefit from
coordinated support from the Commission, Member States and associated
financial institutions to become operational. Since the classification we have
been engaging with the European Commission and its relevant departments and
agencies to explore this potential commercial and financial support. While
guarantees cannot be given, it appears that the Commission is now more
prepared to help in delivering meaningful outcomes for our Project and all the
other projects Europe needs if it is to achieve far greater independence and
autonomy in renewable energy generation and storage, and critical raw material
supply.
Further assistance has been evident more recently when it was confirmed that
we would be receiving dedicated support from the Permanent Committee for
Investor Support (the 'CPAI') at Portugal's Trade & Investment agency,
AICEP. This Committee is dedicated to facilitating dialogue between project
promoters and relevant public administration bodies in Portugal to help
streamline administrative processes, anticipate potential bottlenecks, and
accelerate implementation for projects of national importance.
Frustratingly the support from CPAI has come too late to avoid delays in the
Project's timeline caused by the time taken to expedite procedures over a
period that includes 3 elections in less than 18 months. This has meant that
the second temporary land easement we need to complete the current drilling
programme has taken longer than desired to prepare. The technical parts of the
approval process have been completed following our application earlier in the
year but we understand this process may not be finalised until Q4 2025
following the latest round of local elections (scheduled for 12 October). This
means that completion of the DFS and environmental licence will now be
possible only in H1 2026 and first production moves from late 2027 to 2028.
I have no doubt that the second land easement will be approved, and we can
complete our work, not only because of the general trend evidenced above, but
also because the ties with the local community (which includes many of our own
team members) are now much stronger. Savannah is committed to moving forward
as quickly as possible post that approval to reach the defining milestones
that lie ahead of us.
Speaking of the drilling programme, my thanks go to our dedicated technical
team who have worked so effectively in the field this year, often in
challenging circumstances, to complete the resource-focused element of the
programme. This has allowed us to increase the JORC Resource for the Project
by 40% to 39Mt at 1.05% Li(2)O with 68% of the ore and Li(2)O mineralisation
in the higher Measured and Indicated categories. This gives the Project an
excellent foundation from which we can draw the Project's first JORC Reserve
estimate as part of the DFS work. Furthermore, the accompanying new
Exploration Target 2 (#_ftn2) of 35-62Mt at 0.9% to 1.2% Li(2)O gives a clear
indication of the Project's potential as a long-term supplier of lithium raw
material for Europe.
We were delighted by the support shown by so many of our existing
shareholders, including our four largest investors, in the recent fundraise
which was undertaken at a very challenging time in the lithium market. It was
also good to welcome new investors to the register including institutions in
Portugal and France. The GBP4.8m which was raised will help us with funding
during the now extended DFS timetable and allow us to make preparations for
post-DFS work as we move towards the Final Investment Decision on the Project.
Finally on the lithium market, sentiment towards the sector has improved
significantly since the end of June. Prices began to increase slowly in late
June but this upward trend accelerated quickly during the second half of July
and August, pushed by coinciding reports of robust ongoing demand (e.g. 10.7m
EVs sold globally, +27% vs. Jan-Jul 2024, source: Rho Motion) and further
supply side curtailments. Market conditions have tightened noticeably with
prices currently reported around the US$800/t level for spodumene concentrate,
over 30% up from the low in mid-June.
After such a long period of depressed prices, there is naturally some
scepticism about the sustainability of the recent correction. Time will tell
on this point, but the recent activity has provided a clear reminder of how
small and potentially fast moving the lithium market can be. Most importantly,
lithium demand is rising strongly as the major economies undertake the energy
transition, and the market must find a pricing level at which the supply side
is suitably incentivised to grow in response. With the consensus view that
prices will rise further in the future, driven by growing demand and supply
constraints, Savannah's task is to have our Project ready to produce as
quickly as we can. We can then maximise value creation for our shareholders
and make the Barroso region a showcase for responsible raw material production
in Europe.
With more exciting times ahead for our Company, my thanks go to our
shareholders and stakeholders for their ongoing support as we progress on our
important journey.
Rick Anthon
Chairman
Date: 23 September 2025
OPERATIONAL REVIEW FOR THE SIX MONTHS ENDED 30 JUNE 2025
Operational Review
Definitive Feasibility study ('DFS')
During the period the Company advanced multiple workstreams which will feed
into the DFS for the Project. The most significant of these was the c.13,000m
Phase 2 drilling programme, which the Company began in January to generate
vital data for further JORC Resource definition, geotechnical and
metallurgical purposes. Following on from the Phase 1 drilling last year,
which resulted in a material upgrade in the confidence level of the JORC
Resource for the NOA deposit, this campaign has focused to date on completing
similar 'infill and upgrade' resource drilling at the Pinheiro, Reservatório
and Grandão deposits. Good progress was made throughout the period with the
resource-focused element of the programme completed in July with a total of
12,463m drilled across 103 holes (including 11 geotechnical holes). In the
process, Savannah passed the milestone of 50,000m of drilling (50,627m to
date) on the Project since its acquisition in 2017.
The resource-focused element of the programme was extremely successful,
consistently returning higher grade intercepts, delineating extensions to the
existing orebodies and identifying new zones of mineralisation. Following the
end of the reporting period (in September 2025), a new upgraded and expanded
JORC (2012) Compliant Resource of 39.1Mt at 1.05% Li(2)O, representing a 40%
increase in tonnage and 41% increase in contained Li(2)O vs. the May 2024
estimate. In addition, the programme, along with previous surface exploration,
allowed the estimation of new Exploration Targets for all the orebodies and
the remainder of the Project's Lease areas as well. These new Exploration
Targets 3 (#_ftn3) increased by over 200% from the previous estimate and now
total an additional 35-62Mt at 0.9%-1.2% Li(2)O. Further details are provided
below in the JORC Resource & Exploration Target sections, but these
substantial increases in the overall JORC Resource and Exploration Target for
the Project gives a very clear indication of its significance and long-term
potential.
The geotechnical drilling associated with the deposits was also completed
alongside the resource-related drilling. The geotechnical drilling associated
with the Project's infrastructure will be completed when a second land
easement order is received from the Government, which is expected in Q4 2025.
Work on other fronts associated with the DFS, including mine scheduling,
metallurgical testwork, surface and ground water modelling, processing plant
equipment engineering and CAPEX estimation, tailings and water storage,
hydrogeology, decarbonisation, by-product strategy and contract pricing for
mining, earthworks and drilling, proceeded as scheduled during the period.
Savannah expects to complete the DFS as soon as possible in H1 2026. A more
precise timetable will be provided once the temporary land easement for the
geotechnical drilling has been received.
JORC Resources
As stated, the Phase 2 drilling programme was focused primarily on upgrading
the existing JORC (2012) compliant Resources at the project, i.e. allowing
more of the lithium mineralisation to be placed in the higher Measured and
Indicated JORC categories and hence be potentially convertible into reserves
for the Project's first JORC Reserve estimate. This reserve will underpin the
mine plan for the operation and thus the whole Project. Pleasingly, the
programme not only confirmed known mineralisation and increased the density of
drilling data, but also consistently returned higher grade assays, identified
new zones of mineralisation and extensions to known mineralisation. These
positive results were particularly seen at Pinheiro and Reservatório. In a
new JORC (2012) compliant Resource estimate published for the Project
following the end of the reporting period, there was a material upgrade in the
quality of the resources in terms of JORC classifications at both deposits as
well as significant increases to the overall tonnages.
At Pinheiro, the drilling campaign showed that the Eastern Pegmatite continues
to carry ore grade lithium mineralisation at depth and extends to the
northeast. The deposit's Western Pegmatite was also extended at depth and
remains open along strike to the south. Some of the highest grade intercepts
recorded at Pinheiro included 67m @1.82% Li(2)O from 56m and 30m at 1.5%
Li(2)O from 46m. Overall its JORC Resource tonnage rose by 140% to 4.8Mt and
its grade by 9% to 1.09% Li(2)O vs. the May 2024 estimate with the contained
Li(2)O rising by 159%. The proportion of the ore in the higher Indicated
category increased by 30% to 2.6Mt.
At Reservatório the drilling showed the continuation of lithium
mineralisation at depth especially extending into the area to the north where
Savannah currently has an application to expand the C-100 Mining Licence
boundary. Furthermore, the intersections showed the dip of the pegmatite
becomes shallower at depth, increasing its minable potential. Some of the
highest grade intercepts recorded at Reservatório included 38m @1.67% Li(2)O
from 41m and 22m at 1.56% Li(2)O from 25m. Overall its JORC Resource tonnage
rose by 188% to 12.1Mt, its grade by 8% to 0.97% Li(2)O and its contained
Li(2)O by 197% to 117.3kt vs. the May 2024 estimate. The proportion of the ore
in the higher Indicated category increased by 131% to 8.1Mt and contained
Li(2)O increased by 146% to 81.2kt.
At Grandão, already the largest and most densely drilled of the orebodies at
the Project, the infill drilling confirmed the excellent robustness of the
lithium mineralisation at depth, especially in the western portion of the
deposit, with grades seen to increase with depth. Some of the highest grade
intercepts recorded at Grandão included 19m @1.29% Li(2)O from 92m and 13.8m
at 1.41% Li(2)O from 139.2m. Pleasingly, the drilling also highlighted the
occurrence of a smaller parallel pegmatite beneath the main orebody. Given the
extent of previous drilling at Grandão, it saw the smallest increase (2%) in
its tonnage post this campaign to 18.1Mt at 1.05% Li(2)O, but did see the
Measured and Indicated portion of the overall resource increase by a further
5% to 13.7Mt and contained Li(2)O increase by 9% to 144.2kt.
JORC Mineral Resource Estimate (September 2025, 0.5% Li(2)O cut-off)
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
JORC Exploration Targets 4 (#_ftn4)
In addition to the new resource estimates, updated or maiden Exploration
Targets for all the orebodies on the Project were produced following the end
of the reporting period, based on the potential extensions to the orebodies.
In addition, first Exploration Targets for a further eight prospects and
areas across the remainder of the leases were also formulated based on the
exploration results Savannah has reported from drilling and surface sampling
results to date. Overall, the Exploration Target 5 (#_ftn5) for the Project
saw an increase in over 200%+ from the previous estimate to 35-62Mt at
0.9%-1.2% Li(2)O.
Exploration Target 6 (#_ftn6) Summary (September 2025)
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 following Prospect table) 20.0 35.0 0.9-1.2%
Total Exploration Target 35.0 62.0 0.9-1.2%
Exploration Target 7 (#_ftn7) Summary (September 2025)
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%
Environmental licencing & monitoring
Good progress was made during the period on many of the inputs required for
the current 'RECAPE' phase of the environmental licencing process and towards
the end of the period, work was underway compiling sections of the RECAPE
submission for review. During the RECAPE phase, Savannah is required to
confirm that the final design of the Project, which is largely defined by the
accompanying DFS and Mine Plan, complies with the conditions which were
attached to the key 'Declaration of Environmental Impact' approval, which the
Project's proposed design received in May 2023. Once the RECAPE submission is
made and approved, the Project will be in a position to receive its final
environmental licence. Savannah expects to make its submission in 2026 after
completion of the outstanding geotechnical drilling.
As required, Savannah also continued with its seasonal monitoring of numerous
environmental parameters during the period. The data from these ongoing
monitoring campaigns will form the baseline against which the Project's
environmental performance will be measured during development and production.
These parameters include noise, vibrations, air and water quality, ground and
surface water levels as well ecological parameters, such as the flora and
fauna found in the local area. This includes the Iberian wolf population in
the region with the latest survey again concluding that there are no wolf
packs living in the Project area.
Infrastructure
Development planning for the Project's internal and external infrastructure
such as roads and its electrical power supply overlaps significantly with the
Company's work on the DFS and environmental licence. During the period,
Savannah made some important progress on all key infrastructure topics.
Preliminary design work on the Project's internal haul roads between the
processing plant and mining areas was advanced and is nearing completion. In
April, Savannah submitted its design and Environmental Impact Assessment
('EIA') for the 16km bypass road, which joins the Project's proposed new
access road to the national highway, to the Portuguese Environmental Agency
('APA'). Following its review, APA requested that revisions were made to
certain sections of the road design and Savannah and its consultants have
already engaged with the relevant agencies and the Municipality of Boticas
regarding the revisions. The necessary redesign work is underway and the
revised EIA is scheduled for resubmission in October 2025.
Regarding power, the Project benefits from an existing overhead grid power
line which crosses the Lease area. However, it is necessary to both re-route a
section of this line and create a connection to it to develop the Project.
During the period the design of the overhead lines and the switching station
was completed and submitted to the network operator (E-REDES) for approval.
For the outstanding geotechnical studies required for the sections of the
Project's infrastructure, preparations were made for the relevant fieldwork,
including on internal roads and the northern access road, to allow for a swift
start as soon as the required temporary land easement is approved by the
Government.
Land acquisition & access arrangements
During the period, Savannah proceeded with its previously stated three-pronged
plan in regard to securing ownership or access to all the land it requires to
execute the Project. As such, it continued with its land purchasing strategy
through which it offers to acquire land from private owners at generous rates.
By the end of the period Savannah had purchased 109 plots in total with a
further 10 under promissory note.
Following receipt of a first temporary land easement order last December,
which made it possible to access land not owned by the Company to complete the
resource element of the current drilling programme, the Company applied for a
second temporary land easement during the period over ground it needs to
access to conduct geotechnical drilling. All technical requirements for the
approval have been met and the process is expected to conclude during Q4 2025.
As previously announced, due to the Project's Mining Lease, the Company has
the right under Portuguese law to apply for compulsory acquisition/access to
land properties that it has not been able to acquire or access to date. This
process, which Savannah began last year, is initiated through a 'Declaração
de Utilidade Publica' (Declaration of Public Utility or 'DPU'). During the
period, the Company's first application for a DPU, which was submitted in
February 2025, was progressed by the relevant public bodies and Savannah is
now awaiting its conclusion.
Project development timetable
Savannah currently expects to complete the DFS in the first half of 2026 and
achieve first production in 2028. A more detailed update on scheduling will be
provided once the second land easement has been granted, which will allow the
completion of the current drilling programme.
Governmental and European Commission Engagement
As part of its wider stakeholder engagement efforts, Savannah maintains
regular contact with key actors in the national government and its relevant
agencies. Engagement with EU actors is also made directly and through several
trade bodies and EU-backed agencies of which Savannah is a member.
Portuguese Government
Following on from the first temporary land easement, which was approved by the
Government in December 2024 to allow Savannah to access land at the Project
which it did not own, the Government's support was further demonstrated when
the temporary easement was challenged in court by 3 local landowners. The
Government responded swiftly with a 'Reasoned Resolution' which underlined the
importance of the Project to the wider public interest in Portugal and allowed
work to continue following a brief suspension.
As outlined above, the Company is currently waiting on approval for a second
land easement to complete the geotechnical drilling necessary for the
Project's DFS. This is now expected in Q4 2025. While this is later than
expected and the delay this causes is frustrating, the Company remains
confident that the second land easement will be granted. Furthermore, the
subsequent expropriation procedures for the concession's Eastern block and
supporting infrastructures, which are already advanced, should proceed rapidly
afterwards.
Pleasingly, Savannah did receive more positive news in relation to ongoing
assistance after the end of the period when AICEP, Portugal's Trade &
Investment Agency, confirmed that the Project would be followed by its
Permanent Committee for Investor Support (the 'CPAI'). The CPAI's mission is
to support high-impact investments that contribute to national development
goals and it can help to streamline administrative processes, anticipate
potential bottlenecks, and accelerate project implementation. Savannah is now
engaging regularly with the CPAI on its previous and upcoming work steps with
the various public administration bodies which are key stakeholders in the
Project's future development.
European Commission
In March 2025 the European Commission ('EC') classified the Barroso Lithium
Project as a 'Strategic Project' under the Critical Raw Materials Act.
Described as a "landmark moment for European sovereignty as an industrial
powerhouse" by Stéphane Séjourné, European Commission Executive
Vice-President for Prosperity and Industrial Strategy, our Project was one of
the first 47 domestic European projects to be given this classification. This
endorsement reflects the Commission's view that our Project will contribute to
the EU's secure supply of strategic raw materials, adhere to environmental,
social and governance criteria, is technically feasible within a reasonable
timeframe, achieve its expected production volumes, demonstrates clear
cross-border benefits for the EU and can be implemented sustainably. In return
for fulfilling these many criteria, our Project should benefit from
coordinated support from the Commission, Member States and associated
financial institutions to become operational, with particular regard to access
to finance, support to connect with relevant off-takers and streamlined
permitting provisions.
Savannah is now engaging in the first initiatives being organised by the EC
for Strategic Projects which includes connecting raw material suppliers with
potential customers and investors.
German Government
Savannah was informed last December that through its proposed offtake with AMG
Critical Materials, N.V., the Project was 'eligible in principle' for a
guarantee from the German Government on a loan for up to USD 270m. During the
period, Savannah has continued to work with Euler Hermes AG (the German export
credit agency) and the German bank, KfW IPEX on the next phase in the process.
This involves due diligence being undertaken by KfW IPEX-Bank, Euler Hermes AG
and its advisers across a range of topics.
Strategic Partnerships and Project financing
During the period, the Company continued to build its relationship with its
first strategic partner, proposed offtaker and largest shareholder, AMG
Critical Materials, N.V. This included continuing to work together on the next
steps to secure the potential loan guarantee from the German Government as
part of the 'full financing solution' for the Project's development, which AMG
is leading on. If such financing is successful, the Offtake heads of terms
anticipate the increase and extension of the offtake arrangements to 90ktpa
for 10 years from the current 45kpta for 5 years. Following the end of the
period, AMG also maintained its shareholding in Savannah by investing nearly
£700k in the £4.8m equity fundraise in July.
Importantly, the agreement with AMG leaves Savannah with 100% ownership of the
Project and at least 50% of its future concentrate offtake available to place
with other partners. With the Company expecting to complete the DFS and
licencing process and take a Final Investment Decision on the Project next
year, preparation for increasing engagement with other potential commercial
partners and finance providers is being accelerated. In support of this,
Cutfield Freeman & Company Limited ('CF&Co') was appointed as Project
Finance Advisor during the period. CF&Co is an independent international
corporate finance advisor to mining and metals companies on all aspects of
corporate, project and offtake-related finance, mergers and acquisitions and
joint ventures. Since it was founded in 2000, CF&Co has closed over
USD22bn of transactions.
In parallel with its discussions with potential partners and lenders, Savannah
continued to evaluate and prepare for public funding opportunities which may
become available from the Portuguese Government and from the European
Commission for Strategic Projects via the CRMA. While the Company's current
funding plans for the Project do not assume any contribution from these
sources, it seems reasonable to expect that Savannah and its lithium Project
could qualify for any such funding given the critical raw material being
targeted.
Building our team
During the period, Savannah's senior team was strengthened in areas including
finance, commercial and HR as it looks to gear up for the upcoming completion
of the assessment and design phase of the Project and entry into the financing
and construction stages. Key appointments included Chief Financial Officer,
Henrique Freire, a seasoned executive with extensive experience in financial
leadership across diverse sectors. Prior to joining Savannah, Henrique spent
nine years as CFO of USD2bn listed energy entity, EDP Brazil and 13-years in
M&A, having served as a Partner in one of the 'Big Four' accountancy
firms. Former Group CFO, Michael McGarty, assumed the new role of Chief
Corporate Officer. Working alongside Henrique is Savannah's new Project
Finance Manager, Egídio Ribeiro. A former investment banker whose previous
role was as Funding Manager at the Portuguese lithium refinery venture, Aurora
Lithium.
Savannah also appointed Mike Tamlin to the role of Offtake Adviser. Mike
brings over 20 years of expertise in the lithium industry. In previous roles,
Mike has negotiated and managed significant material offtake agreements and
identified and developed major international corporate joint venture
partnerships in the lithium mining and converting sectors in Australia and
internationally.
Manuela Salgado joined as Group Head of HR bringing over 20 years of HR
experience to the Company as it looks to establish a new dedicated and
coordinated HR function to support its current and future growth.
On the ground, staff numbers were increased during the period in support of
the drilling campaign. While staffing levels are closely regulated to match
short term commitments and skilling requirements, Savannah remains committed
to its target of growing its staff base in Portugal and employing local people
where possible.
Stakeholder engagement
During the first half of the year Savannah continued to build on its prior
commitment to engagement with all stakeholders in the Project. This ranges
from the national government, European Commission and local government through
shareholders, customers, and local businesses to members of the public living
in the towns and villages around the Project area.
As has been highlighted previously, at the local level the Company's continued
integration into the area has benefited from simply being more present through
greater numbers of staff in the area, including an increasing number of local
employees, and having more Savannah properties (both working spaces and staff
accommodation) in local towns and villages. However, our long term engagement
strategy is increasingly directed through the comprehensive stakeholder
engagement plans, frameworks and tools which we have developed in-house and
with guidance from external consultants. These are helping us continue to
better 'hear' our stakeholders and record, analyse and identify topics,
concerns and opportunities. This makes our subsequent communication and
actions more effective. In turn, this has also given the community a great
opportunity to interact with Savannah and to maximise the benefits that the
Project can generate for the area.
Central to this strategy is regular communication. Hence, Savannah continued
to communicate accurate information about the Project through a number of
channels including local radio and press as well as through formal and
informal meetings, social events, social media and our own publications.
Other pillars in our strategy include sustained support for local groups and
initiatives, regular interaction with local authorities, community leaders,
local businesses and landowners, and effective social mapping and data
collection.
Most importantly during the period, the community relations team worked
diligently to ensure that stakeholders were kept informed and prepared for the
DFS drilling programme which was being undertaken on land under the first
temporary land easement. Stakeholder engagement is now underway in preparation
for work beginning on land under the second land easement once it is approved.
However, there were numerous other highlights in terms of stakeholder
engagement during what was a very busy period for the team. Savannah's team
greatly enjoyed hosting its own social events as well as attending many other
local festivals and events. Perhaps two events of most note were the creation
of the 'Future of Barroso Association' by a group of local people, and the
second community trip which Savannah organised for local residents to meet
members of an existing mining community.
The Future of Barroso Association represents those members of the community
who wish to engage with the Project to ensure that the opportunities it
generates are maximised for local people. Savannah welcomes this initiative
and is now engaging regularly with this group. On the community visit,
following on from the well-attended community trip to the Neves Corvo mine
community in southern Portugal last year, Savannah was delighted to take
another large group of local residents to meet community members living near
to the Barruecopardo tungsten mine in Spain. As at Neves Corvo, our hosts were
extremely welcoming to our community and were very keen to explain how many
benefits their community enjoyed as a result of its location near to a long
term mining operation.
Significant effort continued to be made to build Savannah's brand within wider
Portuguese society through the media during the period. As a result, the
Company featured regularly across multiple platforms and formats of the local
and national media. Further work remains to be done, but reporting on the
Project continues to become more balanced and more fact based.
Alongside the progress made with the community, Savannah continued to see its
in-country shareholding rise during the period, surpassing the 20% level in
the process as existing shareholders added to their positions and new
participants joined the register. Following the reporting period, additional
investment from existing and new Portuguese investors, both institutional and
private individuals, was seen in the July fundraise, further cementing
Portugal's position as Savannah's second largest investor base behind the UK.
In parallel with the Government's stance towards the Project we believe the
growing national shareholder base reiterates the significance of the Project
to Portugal and the growing interest in it from the public and financial
institutional alike.
Legal matters
Operation Influencer
Though the Operation Influencer investigation, which was initiated by the
Portuguese Public Prosecutor in November 2023, continues Savannah has had no
contact with the investigating authorities since Q1 2024 and has been able to
continue with all its work unencumbered. No guidance on future steps or
outcome from the investigation can be given at this stage.
Other legal matters
In the five legal cases (further details can be found in the 2024 Annual
Report) brought against various parties in relation to the Project which were
underway at the start of 2025, there were no material developments or final
judgements made during the period beyond the setting of preliminary hearing
dates in September 2025 in both the land border dispute brought by the Covas
Baldios against Savannah and six other private landowners, and the
administrative claim made by 3 private landowners against the Ministry for the
Environment in regard to the first temporary land easement. The brief
suspension to fieldwork which was caused by this latter claim was lifted in
February 2025 when the Ministry of Environment issued a 'Reasoned resolution'
in response. Following submission of the Reasoned Resolution, the same 3
private landowners brought an administrative claim against it, which the court
dismissed having found the claim to be without merit. The 3 private landowners
subsequently appealed against this ruling during the period, which was also
dismissed by a higher court though subsequent appeals to this ruling may be
filed.
Most importantly, these ongoing cases have had no impact on the good standing
of the Project's Mining Lease or its 2023 DIA. Nor have they stopped Savannah
carrying on its work at the Project. Savannah's lawyers continue to advise
that the cases relating to licensing and permitting are without foundation. In
respect of the disputed land borders case, Savannah continues to be allowed to
work on the land in question which it has purchased, and has the right under
Portuguese law to use established legal processes for outright compulsory
purchase if required.
Financials
The Company ended the period with a cash position of GBP 9.5m (30 June 2024
GBP 21.6m). This position was increased to GBP 13.3m in July following
completion of a Fundraise which raised gross proceeds of GBP 4.78m from the
issuance of 136.6m new Ordinary shares at a placing price of 3.5p/share. This
cash reserve puts Savannah in a strong financial position to continue with its
current development of the Project.
Losses from continued operations during the period decreased by 21% versus
first half 2024 to GBP 1.5m (30 June 2024: GBP 1.9m) due to lower
administrative expenses and a GBP 0.2m foreign exchange gain. In contrast,
cash expenditure committed to exploration (GBP 3.2m vs. 30 June 2024: GBP
2.3m) increased by 39% due to the increased level of work at the Project
during the period. As result, Intangible assets grew by 19% vs. end of the
2024 to GBP 25.8m within a broadly unchanged total asset base of GBP 42.2m
(GBP 42.7m 31 Dec 2024).
Outlook
Savannah remains very well placed to play a prominent role in Europe's lithium
supply chain. Supported by the national Government, the European Commission,
its strategic partner, shareholders and stakeholders who share its vision of
making the Barroso region a leader in Europe's new lithium industry, Savannah
expects to make meaningful progress in the remainder of 2025 and 2026. Against
the backdrop of an increasingly positive, demand driven, lithium market, in
which new supply is beginning to be valued once again for its strategic
importance, Savannah will complete its Project's DFS and environmental
licencing. It will also begin to draw together the financing and commercial
elements it will need to develop the Barroso Lithium Project into an operating
reality. By achieving this Savannah can generate significant shareholder value
and makes an important contribution towards the economic and social
regeneration of its host region.
With such significant milestones ahead, news flow will be frequent, and
Savannah will continue to market its unique, European, offering to investors
looking for exposure to underlying critical raw materials in regions where
stringent regulations call for high quality, responsible man.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE SIX MONTHS ENDED 30
JUNE 2025
Unaudited Unaudited Audited
Six months to 30 June 2025 Six months to 30 June 2024 Year ended 31 December 2024
Notes £ £ £
CONTINUING OPERATIONS
Revenue - - -
Administrative Expenses (1,793,790) (1,855,896) (4,250,179)
Foreign Exchange Gain / (Loss) 165,413 (104,444) (438,018)
OPERATING LOSS (1,628,377) (1,960,340) (4,688,197)
Finance Income 144,530 68,362 265,451
Finance Costs (2,320) - (2,855)
LOSS FROM CONTINUING OPERATIONS BEFORE TAX (1,486,167) (1,891,978) (4,425,601)
Tax Expense - - -
LOSS FROM CONTINUING OPERATIONS AFTER TAX (1,486,167) (1,891,978) (4,425,601)
(LOSS) / GAIN ON DISCONTINUED OPERATIONS NET OF TAX 3 (24,728) (24,393) 181,859
LOSS AFTER TAX ATTRIBUTABLE (1,510,895) (1,916,371) (4,243,742)
TO EQUITY OWNERS OF THE PARENT
OTHER COMPREHENSIVE INCOME
Items that will not be reclassified to Profit or Loss:
Net Change in Fair Value through Other Comprehensive Income of Equity (748) (2,736) (2,357)
Investments
Items that will or may be reclassified to Profit or Loss:
Exchange Loss arising on translation of foreign operations 674,813 (354,792) (729,046)
OTHER COMPREHENSIVE INCOME FOR THE PERIOD 674,065 (357,528) (731,403)
TOTAL COMPREHENSIVE LOSS FOR THE PERIOD ATTRIBUTABLE TO EQUITY OWNERS OF THE (836,830) (2,273,899) (4,975,145)
PARENT
Loss per Share attributable to Equity Owners of the parent expressed in pence
per share:
Basic and Diluted
From Operations 3 (0.07) (0.10) (0.21)
From Continued Operations 3 (0.07) (0.10) (0.22)
From Discontinued Operations 3 (0.00) (0.00) 0.01
The notes form part of this Interim Financial Report.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2025
Unaudited Unaudited Audited
30 June 30 June 31 December
2025 2024 2024
Notes £ £ £
ASSETS
NON-CURRENT ASSETS
Intangible Assets 4 25,757,380 19,860,606 21,621,293
Right-of-Use Assets 5 748,902 70,964 377,258
Property, Plant and Equipment 6 2,106,607 1,735,879 1,879,337
Other Receivables 7 436,120 434,924 513,407
Other Non-Current Assets 8 109,633 79,988 78,381
Bank Deposits 9 2,356,464 - -
TOTAL NON-CURRENT ASSETS 31,515,106 22,182,361 24,469,676
CURRENT ASSETS
Equity Instruments at FVTOCI 3,583 3,952 4,331
Trade and Other Receivables 7 665,503 547,799 562,564
Bank Deposits 9 507,804 - 2,844,220
Cash and Cash Equivalents 9 9,530,835 21,560,741 14,847,386
TOTAL CURRENT ASSETS 10,707,725 22,112,492 18,258,501
TOTAL ASSETS 42,222,831 44,294,853 42,728,177
EQUITY AND LIABILITIES
SHAREHOLDERS' EQUITY
Share Capital 12 21,727,742 21,727,742 21,727,742
Share Premium 59,215,369 59,215,369 59,215,369
Merger Reserve 6,683,000 6,683,000 6,683,000
Foreign Currency Reserve 335,333 34,774 (339,480)
Share Based Payment Reserve 663,348 610,731 673,738
FVTOCI Reserve (49,429) (49,060) (48,681)
Retained Earnings (50,166,161) (46,392,785) (48,720,156)
TOTAL EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT 38,409,202 41,829,771 39,191,532
LIABILITIES
NON-CURRENT LIABILITIES
Lease Liabilities 11 610,486 47,658 301,921
Non-Current Trade and Other Payables 10 138,048 - 133,587
TOTAL NON-CURRENT LIABILITIES 748,534 47,658 435,508
CURRENT LIABILITIES
Lease Liabilities 11 148,991 23,306 77,140
Trade and Other Payables 10 2,118,379 1,595,728 2,519,725
Tax Provisions 13 460,953 798,390 504,272
Other Current Liabilities 15 336,772 - -
TOTAL CURRENT LIABILITIES 3,065,095 2,417,424 3,101,137
TOTAL LIABILITIES 3,813,629 2,465,082 3,536,645
TOTAL EQUITY AND LIABILITIES 42,222,831 44,294,853 42,728,177
The Interim Financial Report was approved by the Board of Directors on 23
September 2025 and was signed on its behalf by:
………………………………………………..
Emanuel Proença
CEO and Director
Company number: 07307107
The notes form part of this Interim Financial Report.
Share Capital Share Premium Foreign Currency Reserve Share Based Payment Reserve FVTOCI Reserve Retained Earnings Total Equity
£ £ Merger Reserve £ £ £ £ £
Shares to be Issued £
£
At 1 January 2024 18,281,499 46,598,337 43,423 6,683,000 389,566 600,709 (46,324) (44,606,003) 27,944,207
Loss for the period - - - - - - - (1,916,371) (1,916,371)
Other Comprehensive Income - - - (354,792) - (2,736) - (357,528)
-
Total Comprehensive Income for the period - - - (354,792) - (2,736) (1,916,371) (2,273,899)
-
Issue of Share Capital (net of expenses) 3,426,124 12,562,712 - - - - - - 15,988,836
Share Based Payment charges - - 31,016 - - 139,611 - - 170,627
Issue / Exercise Share Based Payments 20,119 54,320 (74,439) - - - - - -
Lapse of Options - - - - - (129,589) - 129,589 -
At 30 June 2024 21,727,742 59,215,369 - 6,683,000 34,774 610,731 (49,060) (46,392,785) 41,829,771
Loss for the period - - - - - - - (2,327,371) (2,327,371)
Other Comprehensive Income - - - - - 379 - (373,875)
(374,254)
Total Comprehensive Income for the period - - - - (374,254) - 379 (2,327,371) (2,701,246)
Share Based Payment charges - - - - 63,007 - - 63,007
-
At 31 December 2024 21,727,742 59,215,369 - 6,683,000 (339,480) 673,738 (48,681) (48,720,156) 39,191,532
Loss for the period - - - - - - - (1,510,895) (1,510,895)
Other Comprehensive Income - - - 674,813 - (748) - 674,065
-
Total Comprehensive Income for the period - - - 674,813 - (748) (1,510,895) (836,830)
-
Issue of Share Capital (net of expenses) - - - - - - - - -
Share Based Payment charges - - - - - 54,500 - - 54,500
Issue / Exercise Share Based Payments - - - - - - - - -
Lapse of Options - - - - - (64,890) - 64,890 -
At 30 June 2025 21,727,742 59,215,369 - 6,683,000 335,333 663,348 (49,429) (50,166,161) 38,409,202
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHS ENDED 30 JUNE
2025
The notes form part of this Interim Financial Report.
CONSOLIDATED CASH FLOW STATEMENT FOR THE SIX MONTHS ENDED 30 JUNE 2025
Notes Unaudited Six months to June 2025 Unaudited Six months to June 2024 Audited
£ £ Year ended December
2024
£
Cash Flows used in Operating Activities
Loss for the period (1,510,895) (1,916,371) (4,243,742)
Depreciation and Amortisation charges 5,6 79,773 14,856 48,483
Share based payment charge - Share Options 54,500 139,611 202,618
Shares based payment charge - Shares to be issue in lieu of bonus - 31,016 31,016
Finance Income (144,530) (68,362) (265,451)
Finance Expense 2,320 - 2,855
Decrease tax provision - - (301,124)
Exchange Losses (174,467) 106,854 443,675
Cash Flow used in Operating Activities before changes in Working Capital (1,693,299) (1,692,396) (4,081,670)
Increase in Trade and Other Receivables (71,810) (100,961) (173,725)
Increase / (Decrease) in Trade and Other Payables (339,031) 94,248 676,547
Net Cash used in Operating Activities (2,104,140) (1,699,109) (3,578,848)
Cash flow used in Investing Activities
Purchase of Intangible Exploration Assets 4 (3,178,863) (2,279,953) (3,989,253)
Purchase of Tangible Fixed Assets 6 (235,886) (119,663) (213,564)
(Set up of) / return from Bank Deposits (20,049) - (2,844,220)
Interest received 121,744 60,632 242,665
Net Cash used in Investing Activities (3,313,054) (2,338,984) (6,804,372)
Cash Flow (used in) / from Financing Activities
Proceeds from issues of ordinary shares (net of expenses) - 15,988,836
15,988,836
Principal paid on Lease Liabilities (45,494) (9,552) (29,989)
Interest paid (2,320) - (2,855)
Net Cash (used in) / from Financing Activities (47,814) 15,979,284 15,955,992
(Decrease) / Increase in Cash and Cash Equivalents (5,465,008) 11,941,191 5,572,772
Cash and Cash Equivalents at beginning of period 14,847,387 9,721,281 9,721,281
Exchange Gain / (Losses) on Cash and Cash Equivalents 148,456 (101,731) (446,667)
Cash and Cash Equivalents at end of period 9,530,835 21,560,741 14,847,386
The notes form part of this Interim Financial Report.
NOTES TO THE CONSOLIDATED INTERIM FINANCIAL REPORT FOR THE SIX MONTHS ENDED 30
JUNE 2025
1. BASIS OF PREPARATION
The financial information set out in this report is based on the Consolidated
Financial Statements of Savannah Resources Plc (the 'Company') and its
subsidiary companies (together referred to as the 'Group'). The Interim
Financial Report of the Group for the six months ended 30 June 2025, which is
unaudited, was approved by the Board on 23 September 2025. The financial
information contained in this interim report does not constitute statutory
accounts as defined by s434 of the Companies Act 2006. The statutory accounts
for the year ended 31 December 2024 have been filed with the Registrar of
Companies. The Auditors' Report on those accounts was unqualified and did not
contain a statement under section 498 (2) or 498 (3) of the Companies Act
2006.
This condensed consolidated interim financial report has been prepared in
accordance with IAS 34 Interim Financial Reporting. The financial information
set out in this report has been prepared in accordance with the accounting
policies set out in the Annual Report and Financial Statements of Savannah
Resources Plc for the year ended 31 December 2024. New standards and
amendments to IFRS effective as of 1 January 2025 have been reviewed by the
Group and there has been no material impact on the financial information set
out in this report as a result of these standards and amendments.
The Group Interim Financial Report is presented in Pound Sterling.
Going Concern
In common with many mineral exploration companies, the Group has, in the past
raised equity to fund its exploration activities and to date has not earned
any revenues from its exploration projects.
The Directors have prepared a cash flow forecast for the period to September
2026. This indicates that the Group can complete the DFS and RECAPE work with
its current cash balance and additional funding would be required thereafter.
However, if the Group proceeds with all activities to maintain the Project's
critical path to production and completes the potential acquisition of the
Aldeia mining licence, additional funding would be required during the first
half of 2026 in order to finalise the DFS and RECAPE work, and to bring the
Project to the final investment decision stage and start construction. The
Directors believe that following the grant of the DIA, the classification of
the Project as a 'Strategic Project' under the Critical Raw Materials Act, and
the participation of the Company's four largest shareholders in the July 2025
fundraise (representing 40% of the fundraise), the Group's Barroso Lithium
Project will be attractive to investors and other offtake partners.
Furthermore, with AMG incentivised to deliver a full funding solution for the
Project, the non-binding Letter of Intent received from Euler Hermes on behalf
of the German Federal Ministry of Economic Affairs for a project finance loan
guarantee of up to USD270m, and the classification as 'Strategic Project'
under which the Project should benefit from coordinated support by the
Commission, Member States and financial institutions to become operational,
the Directors are confident that funding required to move the Project forwards
will be available through options which may include equity, strategic
partnership investment, offtake-related finance, loans or grants.
While the Group have been successful in raising equity finance in the past,
and while the Directors are confident of raising additional funding when
required, their ability to do this is not completely within their control and
the lack of a binding agreement means there can be no certainty that the
additional funding required by the Group will be secured within the necessary
timescale and requires suitable market conditions. These conditions indicate
the existence of a material uncertainty which may cast significant doubt about
the Group's ability to continue as a Going Concern and therefore they may be
unable to realise their assets and discharge their liabilities in the normal
course of business.
The Directors consider that the funding will be forthcoming and therefore the
Going Concern basis of preparation is deemed appropriate. The Financial
Statements do not include any adjustments that would result if the Group was
unable to continue as a Going Concern.
2. SEGMENTAL REPORTING
The Group complies with IFRS 8 Operating Segments, which requires operating
segments to be identified on the basis of internal reports about components of
the Group that are regularly reviewed by the chief operating decision maker,
which the Company considers to be the Board of Directors. In the opinion of
the Directors, the operations of the Group are comprised of exploration and
development in Portugal, and headquarter, corporate and other costs.
Based on the Group's current stage of development there are no external
revenues associated to the segments detailed below. For exploration and
development in Portugal the segments are calculated by the summation of the
balances in the legal entities which are readily identifiable to each of the
segmental activities. Recharges between segments are at cost (although tax
related transfer pricing markup is required) and included in each segment
below. Intercompany loans are eliminated to zero and not included in each
segment below.
HQ, corporate and other
Portugal Lithium Elimination Total
£ £ £ £
Period 1 January 2025 to 30 June 2025
Revenue (1) 761,672(2) 291,355 (1,053,027) -
Administrative Expenses (961,059) (832,731) - (1,793,790)
Finance Costs (2,320) - - (2,320)
Interest Income 2,283 142,247 - 144,530
Share Based Payments - (54,500) - (54,500)
Loss for the period (997,846) (513,049) - (1,510,895)
Total Assets 32,840,586 9,382,245 - 42,222,831
Total Non-Current Assets 31,114,059 401,047 - 31,515,106
Additions to Non-Current Assets 6,490,333 - - 6,490,333
Total Current Assets 1,726,527 8,981,198 - 10,707,725
Total Liabilities (2,532,459) (1,281,170) - (3,813,629)
Portugal Lithium HQ, corporate and other Elimination Total
£ £ £ £
Period 1 July 2024 to 30 December 2024
Revenue (1) 1,357,142(2) 747,982 (2,105,124) -
Administrative Expenses (1,426,780) (967,503) - (2,394,283)
Interest Income - 197,089 197,089
Share Based Payments - (63,007) - (63,007)
Loss for the period (1,513,517) (813,854) - (2,327,371)
Total Assets 24,827,016 17,901,161 - 42,728,177
Total Non-Current Assets 24,030,767 438,909 - 24,469,676
Additions to Non-Current Assets 2,505,607 - - 2,505,607
Total Current Assets 796,249 17,462,252 - 18,258,501
Total Liabilities (1,698,231) (1,838,414) - (3,536,645)
Portugal Lithium HQ, corporate and other Elimination Total
£ £ £ £
Period 1 January 2024 to 30 June 2024
Revenue (1) 576,468(2) 360,100 (936,568) -
Administrative Expenses (855,098) (1,000,798) - (1,855,896)
Interest Income - 68,362 - 68,362
Share Based Payments - (170,627) - (170,627)
Loss for the period (868,040) (1,048,331) - (1,916,371)
Total Assets 22,734,944 21,559,909 - 44,294,853
Total Non-Current Assets 21,747,436 434,925 - 22,182,361
Additions to Non-Current Assets 2,062,175 - - 2,062,175
Total Current Assets 987,508 21,124,984 - 22,112,492
Total Liabilities (1,044,652) (1,420,430) - (2,465,082)
( )
(1) Revenues included the intercompany recharges within the Group which are
eliminated.
(2) Included in the Portugal Lithium segment is GBP 761,672 (31 December 2024:
GBP 1,357,142; 30 June 2024: GBP 576,468) relating to intercompany recharges
within this segment and therefore eliminated in Elimination column.
3. EARNINGS PER SHARE
Basic earnings per share is calculated by dividing the
earnings attributable to the ordinary shareholders by the weighted average
number of ordinary shares outstanding during the period.
In accordance with IAS 33 as the Group is reporting a
loss for both this and the preceding period the share options are not
considered dilutive because the exercise of share options and warrants would
have the effect of reducing the loss per share.
Reconciliations are set out below:
Unaudited Six months to 30 June 2025 Unaudited Six months to 30 June 2024 Audited Year ended 31 December 2024
Basic and Diluted Loss per Share:
Losses attributable to Ordinary Shareholders (£):
Total Loss for the period (£) (1,510,895) (1,916,371) (4,243,742)
Total Loss for the period from Continuing Operations (£) (1,486,167) (1,891,978) (4,425,601)
Total Loss for the period from Discontinued Operations (£) (1) (24,728) (24,393) 181,859
Weighted average number of shares (number) 2,172,774,204 1,845,932,402 2,010,745,208
Loss per Share - Total Loss for the period from Operations (£) (0.00070) (0.00104) (0.00211)
Loss per Share - Total Loss for the period from Continuing Operations (£) (0.00069) (0.00103) (0.00220)
Loss per Share - Total Loss for the period from Discontinued Operations (£) (0.00001) (0.00001) 0.00009
(1) Savannah is in the process of exiting its residual
interest in Mozambique which includes Mining Concession 9735C and finalising
administrative work related to the termination of the Consortium Agreement as
required by the Mozambique laws. The costs incurred during 2025 and 2024 are
related to these activities and are registered under Discontinued Operations.
4. INTANGIBLE ASSETS
Exploration and Evaluation Assets
£
Cost
At 1 January 2024 18,391,089
Additions 1,800,791
Exchange differences (331,274)
At 30 June 2024 19,860,606
Additions 2,125,969
Exchange difference (365,282)
At 31 December 2024 21,621,293
Additions 3,542,638
Exchange differences 593,449
At 30 June 2025 25,757,380
Amortisation and Impairment
At 1 January 2024 -
At 30 June 2024 -
At 31 December 2024 -
At 30 June 2025 -
Net Book Value
At 1 January 2024 18,391,089
At 30 June 2024 19,860,606
At 31 December 2024 21,621,293
At 30 June 2025 25,757,380
The Exploration and Evaluation Assets referred to in
the table above comprise expenditure in relation to exploration licences in
Portugal. The Directors consider that for the purposes of assessing
impairment, the above exploration and evaluation expenditure is allocated to
the Portugal Lithium licences area, representing the Group's Cash Generating
Units ('CGUs').
The Directors have reviewed the carrying value of the CGU and have not
identified any indicators of impairment for the assets allocated to the
licences in Portugal, and therefore there is no impairment charge in 2025 or
2024 for Portugal operations.
The value included in Purchase of Intangible Exploration Assets in the
Statement of Cash Flows is affected by the net movements between the
Exploration and Evaluation Assets creditors at 31 December 2024 and the value
of these at 30 June 2025, hence it does not match with the Additions to
Intangible Assets.
5. RIGHT-OF-USE ASSETS
Motor Vehicles Buildings Total
£ £ £
Cost
At 1 January 2024 137,045 - 137,045
Additions 25,635 - 25,635
Exchange differences (3,331) - (3,331)
At 30 June 2024 159,349 - 159,349
Additions 138,608 197,880 336,488
Exchange difference (6,234) (4,188) (10,422)
At 31 December 2024 291,723 193,692 485,415
Additions 76,299 333,855 410,154
Exchange differences 10,319 8,988 19,307
At 30 June 2025 378,341 536,535 914,876
Depreciation
At 1 January 2024 80,667 - 80,667
Charge for the period 9,633 - 9,633
Exchange differences (1,915) - (1,915)
At 30 June 2024 88,385 - 88,385
Charge for the period 17,105 5,007 22,112
Exchange difference (2,234) (106) (2,340)
At 31 December 2024 103,256 4,901 108,157
Charge for the period 35,958 17,841 53,799
Exchange differences 3,720 298 4,018
At 30 June 2025 142,934 23,040 165,974
Net Book Value
At 1 January 2024 56,378 - 56,378
At 30 June 2024 70,964 - 70,964
At 31 December 2024 188,467 188,791 377,258
At 30 June 2025 235,407 513,495 748,902
The Right-of-Use Assets referred to in the table above comprise agreements
signed in relation to the BLP in Portugal. The additions during the period are
related to vehicles lease agreements and long-term rental agreements for Group
premises in Portugal.
Details of the Lease Liabilities related to these Right-of-Use Assets are
included in Note 11.
6. PROPERTY, PLANT AND EQUIPMENT
Motor Vehicles Office Equipment Buildings and Land Total
£ £ £ £
Cost
At 1 January 2024 56,192 61,125 1,633,776 1,751,093
Additions - 4,737 114,926 119,663
Exchange differences (1,277) (5,573) (38,101) (44,951)
At 30 June 2024 54,915 60,289 1,710,601 1,825,805
Additions - 40,411 155,783 196,194
Exchange difference (1,220) (2,150) (40,218) (43,588)
At 31 December 2024 53,695 98,550 1,826,166 1,978,411
Additions - 38,017 151,234 189,251
Exchange differences 1,793 3,579 62,126 67,498
At 30 June 2025 55,488 140,146 2,039,526 2,235,160
Depreciation
At 1 January 2024 56,192 34,766 - 90,958
Charge for the period - 5,223 - 5,223
Exchange differences (1,277) (4,978) - (6,255)
At 30 June 2024 54,915 35,011 - 89,926
Charge for the period - 11,515 - 11,515
Exchange difference (1,220) (1,147) - (2,367)
At 31 December 2024 53,695 45,379 - 99,074
Charge for the period - 19,108 6,866 25,974
Exchange differences 1,793 1,660 52 3,505
At 30 June 2025 55,488 66,147 6,918 128,553
Net Book Value
At 1 January 2024 - 26,359 1,633,776 1,660,135
At 30 June 2024 - 25,278 1,710,601 1,735,879
At 31 December 2024 - 53,171 1,826,166 1,879,337
At 30 June 2025 - 73,999 2,032,608 2,106,607
The additions in land reflect the land acquisition program that Savannah has
in place in Portugal to acquire the land required for the future development
of the Barroso Lithium project and rehabilitation works done in rented
premises.
The above Property, Plant and Equipment is allocated to the Portugal Lithium
operations, representing the Group's CGUs.
Management has evaluated the existence of impairment indicators of the
Property, Plant and Equipment allocated to the licences area together with the
impairment review performed for the Exploration and Evaluation Assets, and it
has concluded that there are no indicators of impairment, and therefore there
is no impairment charge in 2025 or 2024.
The value included in Purchase of Tangible Assets in the Statement of Cash
Flows is affected by the net movement between the Tangible Assets creditors at
31 December 2024 and the value of these at 30 June 2025, hence it does not
match with the Additions to Tangible Assets.
7. TRADE AND OTHER RECEIVABLES
Unaudited Unaudited Audited
30 June 2025 30 June 2024 31 December 2024
£ £ £
Non-Current
Other Receivables 436,120 434,924 513,407
Total Non-Current Trade and Other Receivables 436,120 434,924 513,407
Unaudited Unaudited Audited
30 June 2025 30 June 2024 31 December 2024
£ £ £
Current
VAT Recoverable 411,965 181,879 225,831
Other Receivables 253,538 365,920 336,733
Total Current Trade and Other Receivables 665,503 547,799 562,564
8. OTHER NON-CURRENT ASSETS
Unaudited Unaudited Audited
30 June 2025 30 June 2024 31 December 2024
£ £ £
Non-Current
Guarantees 62,509 61,862 60,489
Other 47,124 18,126 17,892
Total Other Non-Current Assets 109,633 79,988 78,381
9. CASH AND CASH EQUIVALENTS
Cash and Cash Equivalent Unaudited Unaudited Audited
30 June 2025 30 June 2024 31 December 2024
£ £ £
Cash at Bank and in Hand 6,072,996 19,046,767 4,498,141
Short-term Deposits 2,847,094 1,807,326 9,657,513
Restricted Cash 610,745 706,648 691,732
Total Cash and Cash Equivalents 9,530,835 21,560,741 14,847,386
The balance of Cash and Cash Equivalents approximates fair value.
Short-term Deposits include bank deposits and treasury deposits with maturity
between 1 and 3 months and are interest bearing.
Restricted Cash includes the Group's cash balance in Mozambique amounting to
GBP610,745 (31 December 2024: GBP691,732; 30 June 2024: GBP706,648) which is
restricted for use in Mozambique until the Group and the Mozambican Tax
Authority resolve the potential tax treatment or otherwise of the Deed of
Termination from 2021. These funds are being used to settle the necessary
costs to maintain the Mozambique subsidiary in good order.
Bank Deposits Unaudited Unaudited Audited
30 June 2025 30 June 2024 31 December 2024
£ £ £
Non-Current
Bank Deposits 2,356,464 - -
Total Bank Deposits 2,356,464 - -
Current
Bank Deposits 507,804 - 2,844,220
Total Bank Deposits 507,804 - 2,844,220
Non-Current Bank Deposits includes Bank deposits amounting to GBP2,356,464 (31
December 2024 and 30 June 2024 nil) which are pledged against bank guarantees
related to the compulsory acquisition process for relevant land for the
Project that the Group does not own. The process is expected to be completed
more than 12 months after the reporting date (see note 14). These deposits are
interest bearing.
Current Bank Deposits include bank and treasury deposits with maturity between
3 and 6 months in duration and are interest bearing.
10. TRADE AND OTHER PAYABLES
Unaudited Unaudited Audited
30 June 2025 30 June 2024 31 December 2024
£ £ £
Non-Current
Trade Payables 138,048 - 133,587
Total Non-Current Trade and Other Payables 138,048 - 133,587
Current
Trade Payables 988,906 761,287 976,127
Accruals 892,744 650,070 1,328,285
Other Payables 236,729 68,978 215,313
Deferred Income - 115,393 -
Total Current Trade and Other Payables 2,118,379 1,595,728 2,519,725
11. LEASE LIABILITIES
£
At 1 January 2024 56,378
Additions 25,419
Lease payments (9,552)
Foreign exchange movements (1,281)
At 30 June 2024 70,964
Additions 329,758
Lease payments (20,437)
Foreign exchange movements (1,224)
At 31 December 2024 379,061
Additions 413,251
Lease payments (45,494)
Foreign exchange movements 12,659
At 30 June 2025 759,477
The maturity of the leases is as follows:
Unaudited Unaudited Audited
30 June 2025 30 June 2024 31 December 2024
Less than 1 year 148,991 23,306 77,140
Between 1 year and 2 years 161,420 24,305 70,732
Between 2 years and 3 years 152,464 23,353 66,342
Between 3 years and 4 years 128,731 - 50,692
Between 4 years and 5 years 87,316 - 30,059
More than 5 years 80,555 - 84,096
Total Lease Liabilities 759,477 70,964 379,061
The Right-of-Use Assets and related Lease Liabilities are for the lease of
motor vehicles and business premises in Portugal.
12. SHARE CAPITAL
Six months to Six months to Six months to
30 June 2025 30 June 2024 31 December 2024
£0.01 ordinary shares number £ £0.01 ordinary shares number £ £0.01 ordinary shares number £
Allotted, issued and fully paid
At beginning of period 2,172,774,204 21,727,742 1,828,149,904 18,281,499 2,172,774,204 21,727,742
Issued during the period:
Share placement - - 342,612,420(1) 3,426,124 - -
Shares issued in lieu - - 2,011,880(2) 20,119 - -
At end of period 2,172,774,204 21,727,742 2,172,774,204 21,727,742 2,172,774,204 21,727,742
(1) In respect of the Share placements in 2024 the net proceeds were GBP
15,988,836 of which GBP 12,562,712 has been recorded in Share Premium. The
gross proceeds were GBP 16,000,000 and the costs of the Share placement GBP
11,164.
(2) In respect of the issue of shares to the CEO (at his election of receiving
shares rather than cash) in lieu of payment of the 2023 bonus. This is
considered a share based payment and a charge of GBP 43,423.08 was recognised
in 2023 and GBP 31,016.48 in 2024.
The par value of the Company's shares is GBP 0.01.
13. GROUP CONTINGENCIES AND PROVISONS
Contingencies
Consideration payable in relation to the acquisition of the Aldeia Mining
Lease Application for lithium, feldspar and quartz (Portugal lithium project)
In June 2019 the Company purchased the right to acquire a Mining Lease
Application for lithium, feldspar and quartz from private Portuguese company,
Aldeia & Irmão, S.A., once the Mining Lease has been granted. The terms
of the agreement were modified in June 2024, primarily to extend the date, by
which the Mining Licence could be issued (until September 2026) to ensure that
the Company's right to acquire was continued. Under the new terms the total
purchase price for the acquisition is EUR3,550,000 (~GBP3,040,000) if the
transfer of the Mining Lease to an entity within the Group takes place before
30 April 2025, whereas if the transfer of the Mining Lease takes place after
that date the purchase price will be EUR3,250,000 (~GBP2,780,000). In both
cases this will only become due if the Company elects to request the transfer
of the Mining Lease to an entity within the Group, at which point the agreed
payment schedule will consist of an initial EUR55,000 (~GBP47,000) payment
with the balance due in 71 monthly instalments. Upon delivery of the request
for transfer of the Mining Lease to an entity within the Group to Aldeia to
submit the request to the DGEG, the Group shall provide Aldeia with a bank
guarantee of EUR3,495,000 (~GBP2,990,000) or EUR3,195,000 (~GBP2,735,000) that
will be reduced in accordance with the 71 monthly instalments. Additionally,
under the new agreement, Savannah was granted the option to defer the timing
of requesting the transfer of the Mining Lease and therefore the issue of the
Bank Guarantee by up to 12 months by making payments of EUR150,000
(~GBP128,000) for 6 months or a further EUR150,000 (~GBP128,000) for 12 months
(these payments of EUR150,000 will be deducted from the total purchase price
and adjusted in the future monthly payment schedule).
In December 2024 Aldeia notified to the Company that the Mining Lease
Application had been granted by the DGEG. The Company executed the option to
defer the transfer of the Mining Lease to an entity within the Group for 12
months by the payment of EUR150,000 in December 2024 and EUR150,000 in May
2025, which will be reduced from the acquisition price. The value of the
contingency as at 30 June 2025 amounts to EUR2,950,000 (~GBP2,525,000)
(EUR3,250,000 minus the December 2024 payment of EUR150,000 and the May 2025
payment of EUR150,000) (31 December 2024: EUR3,100,000 (~GBP2,650,000)).
Provisions:
In October 2016 the Group and Rio Tinto entered into a Consortium Agreement to
develop their respective projects in Mozambique through an unincorporated
consortium. On 1 December 2021 Savannah signed a Deed of Termination relating
to the Consortium Agreement. Under the Deed of Termination, compensation of
USD9.5m (GBP7.6m) was agreed to be paid by Rio Tinto to the Group. In 2023 the
Company was indirectly notified that the Mozambican Tax Authority ('MTA')
considers the transaction in scope for capital gains tax and that a tax amount
of MZN134,261,677 (~GBP1,530,000) should be paid (this notification was
received via Rio Tinto because, under Mozambican law, the Consortium
counterparty can be pursued. Nevertheless, Savannah is contractually obliged
to re-imburse Rio Tinto for any legitimate tax paid on Savannah's behalf.
During 2024 Savannah progressed work with its professional advisers,
concluding that the transaction was under the scope of Capital Gains Tax.
However, the review also concluded that the significant majority of the costs
incurred during the Consortium Agreement period are eligible to be deducted in
a Capital Gains Tax calculation (applying 100% of the costs from the
Consortium Agreement period would result in a Capital Gains Tax charge of
USD141k). The fact that the Group and the MTA have different opinions in this
matter represents the existence of an uncertainty in the tax treatment
relating to the Deed of Termination and therefore the Group was required to
apply IFRIC 23. Management applied estimations to determine the probability of
different scenarios occurring which resulted in a tax provision amounting to
GBP460,953 (31 December 2024: GBP504,272; 30 June 2024: GBP798,390) which is
registered in the Group accounts, but that does not indicate that the Group
will be liable to pay this amount. Although the Company is seeking a
resolution of the matter with the MTA the timing thereof is not certain, and
in the event that any tax is paid it could be settled from restricted cash
(see note 9) or non-current other receivables (see Note 7).
14. GROUP COMMITMENTS
During the H1 2025 Savannah initiated the process for the compulsory
acquisition of relevant land for the Project area that it does not own. In
February 2025, Savannah provided two bank guarantees in favour of the Tribunal
Judicial da Comarca de Vila Real, amounting to EUR2,052,668 (~GBP1,758,000)
and EUR699,304 (~GBP599,000), to secure the execution of payments related to
the compulsory acquisition process. These bank guarantees will remain valid
until the commitments arising from the compulsory acquisition process are
extinguished, and will be reduced as commitments are fulfilled.
15. EVENTS AFTER THE REPORTING DATE
In July 2025 Savannah completed a share placement, subscription and RetailBook
offer of £4.78m (before expenses) through the issue of 136,596,897 ordinary
shares at an issue price of 3.5pence per share, of which 29,261,516 were
subscribed by the Directors, and at the same price of other investors
participating in the Company's fundraise. At the end of the period net
proceeds amounting to GBP336,772 had been received and all remaining proceeds
were received before the approval of this Interim Financial Report.
In August 2025 Savannah approved the implemented of a new Equity Incentive
Plan which was designed to incentivise the Company's Executive Leadership and
other key individuals while aligning goals with the creation of long term
shareholder value and preserving cash in the short term. The LTIP is a share
option scheme of the kind commonly adopted by listed companies. Vesting
conditions are attached to the Options and are subject to several market
standard specific exceptions. The total quantity of Options granted is
68,552,896, of which 36,200,000 were granted to the Directors. The 26,000,000
Options for the Chief Executive Officer includes the substitution for the
20,000,000 Options which were announced upon his appointment in September
2023, but which were never granted.
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**
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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)
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".
1 (#_ftnref1) 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.
2 (#_ftnref2) 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.
3 (#_ftnref3) 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.
4 (#_ftnref4) (5 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.
(#_ftnref5)
(#_ftnref6)
7 (#_ftnref7) 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.
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