REG - Savannah Resources - Statement on Portuguese Public Prosecutor Actions

Savannah ResourcesAnnouncement

07/11/2023 17:45

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RNS Number : 6997S  Savannah Resources PLC  07 November 2023

 

 

7 November 2023

 

Savannah Resources Plc

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

 

Statement Regarding Today's Actions by the Portuguese Public Prosecutor

 

Savannah Resources Plc notes the actions taken today in the country led by the
Public Prosecutor's Office of the Central Investigation and Criminal Action
Department (DCIAP). According to DCIAP these actions were taken to investigate
facts related to:

 

·    A project for a hydrogen energy production plant in Sines

·    The data centre construction project developed in the Sines
Industrial and Logistics Zone

·    Lithium exploitation concessions 'in the Romano (Montalegre) and do
Barroso (Boticas)'

 

As part of these actions Savannah confirms that investigating officials
attended certain business locations in Portugal today. Savannah cooperated
fully with the investigating officials and the Company will continue to do so.
Neither Savannah nor any of its directors or employees are targets of the
investigation (termed as "arguidos" in Portuguese).

 

The Company confirms that its work at the Barroso Lithium Project is
continuing unencumbered while DCIAP's investigation is ongoing. The Project's
Mining Lease, issued in 2006, remains in good standing and Savannah has and
always will conduct its business in a fully lawful and transparent manner.

 

Savannah will make further announcements relating to DCIAP's investigation as
appropriate.

 

 

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
(http://www.savannahresources) .com or contact:

 

 Savannah Resources PLC                                                 Tel: +44 (0) 20 7117 2489

 Emanuel Proença, CEO

 SP Angel Corporate Finance LLP (Nominated Advisor & Joint Broker)      Tel: +44 (0) 20 3470 0470

 David Hignell/ Charlie Bouverat (Corporate Finance)

 Grant Barker/ Abigail Wayne (Sales & Broking)

 SCP Resource Finance (Joint Broker)                                    Tel: +44 (0) 204 548 1765

 Filipe Martins/ Chris Tonkin

 Camarco (Financial PR)                                                 Tel: +44 (0) 20 3757 4980

 Gordon Poole/ Emily Hall / Fergus Young

 LPM (Portugal Media Relations)                                         Tel: +351 218 508 110

 Herminio Santos/ Jorge Coelho

 

 

About Savannah

Savannah Resources is a mineral resource development company and the sole
owner of the Barroso Lithium Project in northern Portugal, the largest
spodumene lithium resource outlined to date in Europe.

 

Through the Barroso Lithium Project (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 rapidly developing lithium battery
value chain. After the Environmental Licence was granted in May 2023 and the
Scoping Study confirmed the economic potential of the Project in June 2023,
production is now targeted and on track to begin in 2026. At that stage,
Savannah will start producing enough lithium for approximately half a million
vehicle battery packs per year, equal to a significant portion of the European
Commission's Critical Raw Material Act goal of a minimum 10% of European
endogenous lithium production set for 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 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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