REG - Savannah Resources - Project Timetable Update

Savannah ResourcesAnnouncement

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RNS Number : 6146X  Savannah Resources PLC  23 March 2026

 

23 March 2026

 

Savannah Resources Plc

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

 

Project Timetable Update

DFS and RECAPE on track for summer 2026 completion, 2028 production target
reiterated

 

Savannah Resources Plc, the developer of the Barroso Lithium Project in
Portugal (the 'Project'), a 'Strategic Project' under the European Critical
Raw Materials Act and Europe's largest spodumene lithium deposit is pleased to
provide an update on the Project's development schedule which includes the
target of completing the Project's Definitive Feasibility Study ('DFS') and
environmental licence compliance process ('RECAPE') in July 2026 and
reiterates the goal of first production in 2028.

 

Highlights:

·    July 2026 completion targeted: The DFS and RECAPE submission are
expected to be completed in July 2026 (previous guidance by end of H1 2026).

·    Good progress being made: As previously reported, good progress has
been made to date with the DFS and RECAPE workstreams. Currently the team is
focused on completing a number of tasks including the closure of metallurgical
test work. The final noise modelling for the RECAPE has also been started. To
maintain momentum against the current positive lithium market backdrop, the
DFS and RECAPE will now be completed without further data collection from
fieldwork.

·    2028 Production guidance reiterated: Based on the new schedule for
the RECAPE and DFS, Savannah expects to receive the Project's final
environmental licence in Q3 2026 and reach FID before year end. As previously
guided, commissioning and first production is still expected in 2028, subject
to securing the necessary financing, additional commercial partners and
licences required, and completing the Project's construction in the interim
period.

·    Completion of outstanding fieldwork and use of data: Savannah remains
engaged with the Government ministry and agencies involved in the temporary
land access process and still expects this approval in the near term. Once
received, the planned fieldwork programme will be undertaken and completed as
quickly as possible. The supplementary data generated will be incorporated as
required into subsequent engineering studies, final designs and financing
agreements.

·    FEED tendering: With the DFS work in hand, Savannah is also currently
undertaking the tendering exercise for the subsequent Front-End Engineering
Design ('FEED') work and is engaged with a number of high quality engineering
firms on this front. Savannah expects to select a firm in the coming weeks.

 

Emanuel Proença, Chief Executive Officer of Savannah commented, "With the
outlook for the lithium market highly supportive of the Project's future
development and having sufficient capital ringfenced for the purpose, we are
determined to move forward and complete the DFS and RECAPE work this summer.

 

"We have concluded that with all the comprehensive technical work we have
completed to date, we can produce the RECAPE and DFS to the required standards
without the additional geotechnical and resource data we were expecting to
generate from the outstanding fieldwork, which will be included into future
engineering studies. This is good news for all stakeholders, and it comes
after detailed discussions and validation from our technical consultants and
project finance advisers.

 

"Our course ahead is clear and the team and I look forward to achieving the
many milestones which lie ahead for Savannah. We are confident that, by
reaching these key milestones and progressing through the important steps
along the way, we will continue to create significant value for the Company as
well as many benefits for the local region."

 

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.

 

**ENDS**

 

Follow @SavannahRes on X (Formerly known as Twitter)

Follow Savannah Resources on LinkedIn

 

For further information please visit www.savannahresources.com
(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)
 Portugal 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, was classified as a 'Strategic Project' by the European
Commission under the Critical Raw Materials Act in March 2025 and was approved
for a Portuguese State development Grant of up to €110m in January 2026.

 

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

 

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

 

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

 

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