REG - Savannah Resources - Response to Recent Portuguese Press Coverage

Savannah ResourcesAnnouncement

25/07/2022 08:30

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RNS Number : 5868T  Savannah Resources PLC  25 July 2022

 

25 July 2022

 

Savannah Resources Plc

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

 

Response to Recent Portuguese Press Coverage

 

Savannah Resources plc, the European lithium development company, acknowledges
the recent press coverage in Portugal relating to land acquisition, and a
legal action initiated by the Covas do Barroso Baldios in respect of some land
packages which Savannah has acquired from private landowners at the Barroso
Lithium Project (the "Project").

The Baldios Management Commission (the "Baldios Commission") has lodged a
civil claim against certain landowners, claiming that they have registered
some of their properties in excess, that is, occupying property that is
actually Baldios land (community owned and managed land).

As Savannah has acquired some of those properties, the Baldios Commission has
included Savannah in those claims, requesting that the acquisition of such
properties should be declared null and void.

To the best of Savannah's knowledge, the purchased properties correspond to
what has been declared by the private landowners to the official registration
of cadastral information office, BUPI - Balcão Único do Prédio and Savannah
has purchased exactly what is registered with the Land Registry Office.

For reference, out of a total area of 593 hectares within the Project's
concession, the areas that are being disputed by the Baldios Commission occupy
approximately 8 hectares, or circa 1.4% of the total area of the Project.

Savannah has been asked to submit its defence to the proposed legal action
before the end of September 2022 and will be working with its Portuguese
counsel on this.

 

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**

Follow @SavannahRes on Twitter

Follow Savannah Resources on LinkedIn

 

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

 

 Savannah Resources PLC                                      Tel: +44 20 7117 2489

 Dale Ferguson, CEO

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

 David Hignell/ Charlie Bouverat

 finnCap Ltd (Joint Broker)                                  Tel: +44 20 7220 0500

 Christopher Raggett/ Tim Redfern

 RBC Capital Markets (Joint Broker)                          Tel: +44 (0) 20 7653 4000

 Farid Dadashev/ Jamil Miah

 WH Ireland Limited (Joint Broker)                           Tel: +44 20 7220 1666

 Jessica Cave/ Ben Good/ Darshan Patel (Corporate Finance)

 Aimee McCusker (Corporate Broking)

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

 Gordon Poole/ Emily Hall

 

 

About Savannah

Savannah is the owner of the Barroso Lithium Project, located close to key
infrastructure in Northern Portugal which contains the most significant
spodumene lithium resource in Western Europe. Following a positive Scoping
Study which outlined a conventional operation producing 175,000t of spodumene
concentrate per annum, Savannah is progressing the development and
environmental licencing of the Barroso Lithium Project.

 

The Company is listed and regulated on AIM and the Company's ordinary shares
are also available on the Quotation Board of the Frankfurt Stock Exchange
(FWB) under the symbol FWB: SAV, and the Börse Stuttgart (SWB) under the
ticker "SAV".

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