REG - Savannah Resources - Update on Strategic Partnering Process

Savannah ResourcesAnnouncement

04/03/2024 07:00

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RNS Number : 4123F  Savannah Resources PLC  04 March 2024

 

 

4 March 2024

 

Savannah Resources Plc

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

 

Update on Strategic Partnering Process

 

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 the 'Strategic Partnering Process' (the 'Process') it
is running to identify partners for the Project, and the evaluation the
Company is conducting into additional sources of public finance for the
Project.

 

Savannah's Process to identify strategic partners has now progressed to phase
two, broadly within the expected timeframe. Interest was confirmed from a
number of relevant tier one groups located along the lithium battery value
chain, or looking to enter it. As planned, Savannah is now moving forward with
a shortlist of potential partners, who are expected to conduct further due
diligence on both the Project and Savannah in the weeks ahead. This will
include engagement with Savannah's management team and the Company's advisers
in the Process, Barclays and Barrenjoey. Further updates will be provided as
appropriate.

 

In parallel with the Process, Savannah continues to research and analyse
sources of public funding which may be available to the Company as it seeks to
progress the Project. This includes various Portuguese government funding
solutions and some European Union funding opportunities, which are either
applicable to certain aspects of the Project or the Project as a whole, given
its focus on a 'Strategic' and 'Critical' raw material.

 

Savannah's Chief Executive Officer, Emanuel Proença said, "My thanks go to
all those groups who entered our Strategic Partnership Process in November
last year. We now look forward to engaging with those on the resulting
shortlist who have shown significant interest in working with Savannah in
varying ways, to ensure that our Project is developed to its full potential.

 

"While the Process remains the main focus of our efforts to commercialise the
Project, our cash position allows us to prudently progress the key workstreams
of the Definitive Feasibility Study and the compliance phase ('RECAPE') of the
environmental licencing process.

 

"At the same time, the passing of the Critical Raw Material Act by the
European Parliament last year has generated renewed focus on the development
of domestic European critical raw material projects, such as ours. As a
result, additional sources of public funding have become available. Savannah
is rightly assessing all of these so that we maximise the financing options
available to the Company as it moves towards production."

 

 

 

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
(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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