REG - Savannah Resources - Restart of fieldwork at Project

Savannah ResourcesAnnouncement

21/02/2025 07:00

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RNS Number : 9511X  Savannah Resources PLC  21 February 2025

 

21 February 2025

 
Savannah Resources Plc

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

 

Restart of fieldwork following Portuguese State response to Precautionary
Measure

 

Savannah Resources Plc is pleased to announce that it can restart fieldwork
and the current drilling campaign with immediate effect at the Barroso Lithium
Project (the 'Project'). This follows the issuance of a 'Reasoned Resolution'
(the 'Resolution') by the Portuguese State in response to the 'precautionary
measure' (the 'Measure') entered at the Administrative and Fiscal Court of
Mirandela by three local landowners (See RNS 7 February 2025). The Company
will seek to make up the time lost during this unwanted two-week stoppage over
the remainder of the programme.

 

The Measure relates to the temporary land easement order (the 'Order') which
was approved by the Portuguese State in December 2024 and gives Savannah
temporary access to land which it does not own at the Project, for the
purposes of conducting the fieldwork required for Project's Definitive
Feasibility Study ('DFS') and environmental licencing. As the state has
responded to the Measure with a Reasoned Resolution, the suspension of the
Order's effectiveness is removed immediately and fieldwork can resume on the
land concerned.

 

The Resolution concludes, "…we believe that any postponement of the
execution of the administrative act (the Order) being challenged in court is
more costly and seriously detrimental to the public interest, and that its
full effectiveness should be maintained."

 

Savannah is pleased that its previously stated expectation of being able to
return to the field promptly has now been met.

 

The Company looks forward to providing shareholders with further updates
regarding its progress as it works toward completing the Project's DFS and
environmental licencing process in the second half of the year.

 

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.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)

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

 Gordon Poole/ Emily Hall / Nuthara Bandara
 Portugal Media Relations

 Savannah Resources: Antonio Neves Costa, Communications Manager   Tel: +351 962 678 912
 LPM Herminio Santos/ Jorge Coelho/ Margarida Pinheiro             Tel: +351 218 508 110

 

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
largest battery grade spodumene lithium resource outlined to date in Europe.

 

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".

 

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