REG - Savannah Resources - Update on Lawsuit involving APA/Ministry

Savannah ResourcesAnnouncement

08/02/2024 17:15

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RNS Number : 5523C  Savannah Resources PLC  08 February 2024

 

8 February 2024

 

Savannah Resources Plc

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

 

Update on Lawsuit involving APA and the Portuguese Ministry of Environment and
Climate

 

Savannah Resources Plc, the developer of the Barroso Lithium Project (the
'Project') in Portugal, Europe's largest spodumene lithium deposit, provides
an update on relating to the lawsuit (the 'Lawsuit') brought by the Parish of
Covas do Barroso as plaintiff in the Mirandela Fiscal and Administrative Court
in Portugal (the 'Court') against the Portuguese Environmental Agency ('APA')
and the Ministry of Environment and Climate Action as defendants (announced on
28 September 2023).

The opinion of the Public Ministry, that was made public via the Portuguese
press today, is part of the ongoing Lawsuit. Savannah acknowledges this
development, which is part of the standard Court process, and is ready to
address the concerns of the Public Ministry within the ongoing Court process
at the earliest opportunity.

The DIA remains in force and allows Savannah to proceed with all the actions
authorised by its content, and the Lawsuit does not impact the Barroso Lithium
Project's activities.

 

The advice from Savannah's lawyers is that the Lawsuit is without foundation.
Savannah will make further announcements regarding the Lawsuit 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**

 

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Follow Savannah Resources on LinkedIn

 

For further information please visit www.savannahresources
(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 / 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 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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