REG - Savannah Resources - Update on Key Project Workstreams

Savannah ResourcesAnnouncement

09/04/2024 07:00

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RNS Number : 7646J  Savannah Resources PLC  09 April 2024

 

9 April 2024

 

Savannah Resources Plc

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

 

Project Update

 

Milestone reached on land acquisitions and update on other activities

 

Savannah Resources Plc, the developer of the Barroso Lithium Project (the
'Project') in Portugal, Europe's largest spodumene lithium deposit, is pleased
to provide an update on a number of workstreams as it continues to advance the
Project.

 

Land acquisition:

·    With the recent purchase of three additional plots, Savannah has now
reached the milestone of 100 plots purchased for the Project from local
landowners.

·    In the ongoing civil action brought by the Management Commission of
the Covas do Barroso Baldios (the 'Baldios Commission') against certain
private landowners in respect of land packages which they sold to Savannah,
the court dismissed the request made by the Baldios Commission for Savannah to
suspend its work on the land packages concerned while the case continues.

 

Definitive Feasibility Study ('DFS'):

·    Drilling: As of 4 April, Savannah has completed a total of 5,508m of
reverse circulation and diamond drilling across 60 holes in the first of the
two phases planned in the current programme. Processing and assaying of the
diamond core continues and further results will be released in due course,
once received.

·    Resource updates: The Company expects to publish the first of its new
JORC Resource estimates, on the NOA orebody, later this month.

·    Process Plant: Work on the preliminary layout of the plant is nearing
completion, with work continuing on the filter pad and grinding/Dense Media
Separation areas. Detailed layout development has advanced in most areas.

·    Topography: A LiDAR (light detection and ranging) survey has been
initiated to produce a detailed 3D terrain model to aid in final
infrastructure planning.

 

Environmental Licencing:

·    Environmental: Further baseline surveying for the RECAPE phase of the
licencing process has been completed. This includes permeability/infiltration
tests on the Lameiro areas (pastures), noise and water levels and quality
monitoring.

·    Biodiversity: The annual monitoring report on the Iberian Wolf
population was completed. This again concluded that no wolf packs were living
on the Mining Lease area.

·    Hydrology: Pump and falling head testing together with further water
sampling is being completed at the new water bores to aid in the completion of
an updated hydrology model.

 

Stakeholder engagement:

·    Savannah continues to proactively engage with the municipal
authority, local groups, residents and local media outlets as it continues to
present the Project to local stakeholders and receive feedback. With the
technical team growing and senior management spending more time in and around
the Project, Savannah is an increasingly visible part of local life.

·    In recent weeks Savannah has welcomed a number of guests to Boticas
and the Project. This included the Australian Ambassador to Portugal, several
representatives of top-tier global firms in the battery value chain, and
several university groups. We look forward to welcoming more members of the
Project's wider stakeholder group over the coming months.

·    The analysis of the data collected in interviews conducted by
Community Insights Group last year is continuing. The key takeaways will be
summarised for the community in an upcoming new Community Information sheet.
The third edition of our Community Newsletter will also be published in the
coming weeks with both documents distributed to households throughout the
municipality.

 

Recruitment:

·    Mr Antonio Neves Costa, an experienced Communications Manager joined
the Savannah team in February. He brings over 15 years of experience in
communications in Portugal and political strategy, resulting from a previous
role in Brussels.

·    The Company continues to plan for significant further recruitment
across a number of technical and non-technical disciplines as it moves towards
completion of the DFS.

 

Investor Relations:

·    Savannah will be publishing its 2023 Annual Results later this month.

·    The Company will be also hosting an online investor event later in
April. Details will be published separately.

 

European Research Projects:

·    Savannah is delighted to be part of the new Horizon Europe
'GoldenRam' research project. The project aims to enhance raw materials
information exchange by developing an Earth Observation Platform, utilising
the latest advances in IT, Cloud and AI technologies.
https://goldenram-project.eu/ (https://goldenram-project.eu/)

·    Savannah is now part of three separate Horizon Europe research
projects, all receiving funding from the European Commission. The other
projects are:

o  The EXCEED project, which is developing sustainable and responsible
extraction routes for recovering other critical raw materials and industrial
minerals as by-products from lithium-bearing hard rock ores
https://exceed-horizon.eu/ (https://exceed-horizon.eu/)

o  The LiTHOS project, which is attempting to enhance existing lithium
processing technologies to allow lower grade spodumene ores and non-spodumene
lithium minerals to be treated. https://lithos-horizon.eu/
(https://lithos-horizon.eu/)

 

Savannah's Chief Executive Officer, Emanuel Proença said, "Savannah continues
to be very busy on a wide range of fronts as we look to advance our Project,
one of Europe's key lithium assets, towards development and production.

 

"We were encouraged to reach the milestone of 100 land plots acquired
recently, but we treat all the Project's workstreams as equally important and
they receive equal commitment from the Savannah team. On the ground, we have
progressed the work necessary to complete the DFS and the RECAPE phase of the
environmental licencing process, while also working to further establish
ourselves and the Project within local society. Away from the field, our
commercial and funding discussions are continuing and we will maintain our
efforts to build Savannah's brand nationally and internationally, based on the
excellent Project we have and the responsible approach we are taking to its
development.

 

"With work set to continue on all fronts over the coming months, regular news
flow can be expected."

 

 

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 X

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 & Joint Broker)      Tel: +44 20 3470 0470

 David Hignell/ Charlie Bouverat (Corporate Finance)

 Grant Barker/Abigail Wayne (Sales & Broking)

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

 Filipe Martins/Chris Tonkin
 Camarco (Financial PR)                                                 Tel: +44 20 3757 4980

 Gordon Poole/ Emily Hall / Nuthara Bandara
 LPM (Portugal Media Relations)                                         Tel: +351 218 508 110

 Herminio Santos/ Jorge Coelho/Margarida Pinheiro

 

About Savannah

Savannah Resources is a mineral resource development company and the sole
owner of the Barroso Lithium Project in northern Portugal, the largest battery
grade 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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