REG - Savannah Resources - Financial Results & Notice of AGM
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RNS Number : 6617A Savannah Resources PLC 16 April 2026
16 April 2026
Savannah Resources Plc
(AIM: SAV) ('Savannah', or the 'Company')
Financial Results for the Year Ended 31 December 2025
&
Notice of Annual General Meeting
Savannah Resources Plc, the developer of the Barroso Lithium Project in
Portugal, a 'Strategic Project' under the European Critical Raw Materials Act
and Europe's largest spodumene lithium deposit is pleased to announce its
audited financial results for the year ended 31 December 2025 and give notice
of its Annual General Meeting.
Commenting on the results, Savannah's Chief Executive Officer, Emanuel
Proença said, "2025 and the first quarter of 2026 have been decisive periods
for Savannah as we continued to strengthen the technical, financial and
strategic foundations of the Barroso Lithium Project. During the period, we
delivered a materially larger JORC Resource, advanced the Definitive
Feasibility Study ('DFS') and environmental licencing workstreams,
strengthened our team and the Company's balance sheet, and deepened support at
local, national and European levels. With the Project now recognised by the
European Commission as a Strategic Project and backed by a Portuguese State
grant 1 (#_ftn1) of up to €110 million, it is increasingly well positioned
to become a provider of critical raw materials for Europe. Our focus for the
remainder of 2026 is clear: complete the DFS and environmental licencing
process, progress financing and commercial discussions, and make the
preparations required to begin constructing the Project."
2025 summary
Corporate
Board & Management:
· Savannah strengthened its Board and leadership team during the year
as it continued its transition from project study phase towards development
and operational readiness.
· Paulo Pinto was appointed as a Non-Executive Director to the
Board and representative of substantial Portuguese shareholders Grupo Lusiaves
SGPS, S.A. and Pluris Investments, S.A. Dale Ferguson stepped down from the
Board in October 2025 after 12 years of service.
· Senior management capability was expanded with key appointments
across finance, operations readiness, project finance, HR and corporate
functions.
Financials:
· Following two successful equity fundraisings in 2025 which raised
gross proceeds of approximately £14.6 million, Savannah ended 2025 with
£17.2 million of cash in bank and a further £5.0 million ringfenced in
long-term bank deposits for future compulsory land acquisitions and completion
of the Aldeia Mining Lease acquisition. The Company reported a loss from
continuing operations of £4.0 million for 2025, compared with £4.4 million
in 2024.
Other corporate matters:
· Savannah continued engagement with potential project finance
providers, including KfW IPEX-Bank and appointed Cutfield Freeman & Co as
Project Finance adviser to support development of additional funding sources
for the Barroso Lithium Project.
Barroso Lithium Project
Technical developments
· Supported by a temporary land access approval from the Portuguese
State a c.13,000m drilling programme was initiated in early 2025, with the
resource-focused component completed in July 2025. The 2025 drilling campaign
took total drilling completed on the Project since acquisition to more than
50,000m.
· In September 2025, Savannah announced an upgraded JORC (2012)
Mineral Resource of 39.1Mt at 1.05% Li(2)O, representing an approximate 40%
increase in overall tonnage and including a 41% increase in higher-confidence
Measured and Indicated Resources to nearly 27Mt.
· Savannah also reported a more than 200% increase in the Project's
additional Exploration Target to 35-62Mt at 0.9%-1.2% Li(2)O.
· Engineering and study work required for the Project DFS and
environmental licence compliance process ('RECAPE') was progressed across
multiple fronts.
· Savannah completed the financial and legal steps required to
acquire the adjacent C-190 'Aldeia' Mining Lease, which includes the
highest-grade orebody on the Project. The vendor instructed the authorities to
transfer the Lease to Savannah in December 2025; formal transfer remains
awaited.
Stakeholder Engagement
· Savannah continued to expand and deepen stakeholder engagement in
the Project area during 2025 with more than 1,000 engagements with local
people during the year as well as regular interaction with the municipal
authority, parish representatives, local businesses and community
associations.
· A Memorandum of Understanding ('MoU') was signed with Terra
Quente Saúde Group to develop a partnership focused on improved healthcare
provision in the Project area.
· Savannah continued progress with land acquisition through
voluntary agreements and maintained focus on securing land access or ownership
for fieldwork and the future development of the Project.
· The Project became officially support by the Permanent Committee
for Investor Support ('CPAI') of AICEP, Portugal's Trade & Investment
Agency The CPAI supports high-impact investments that contribute to national
development goals, helping to streamline administrative processes, anticipate
potential bottlenecks, and accelerate project implementation.
2026 year to date summary
Corporate
· Savannah signed an investment contract with AICEP securing a
non-reimbursable Portuguese State grant of up to €110 million to support the
Project's future development.
Barroso Lithium Project
· The Company announced it would complete the DFS without some
outstanding geotechnical field data to keep the wider development schedule
progressing. Savannah now expects to complete the DFS and submit the RECAPE in
July 2026. First spodumene concentrate production remains targeted for 2028.
· A number of public meetings have been held across the Project
area and MoUs have been signed with four key local stakeholder groups. Further
MoUs with other stakeholder groups are expected during 2026.
Notice of AGM
The Company, gives notice that its Annual General Meeting ('AGM') will be held
at 11:00 a.m. (BST) on Thursday 21 May 2026 at the offices of Canaccord
Genuity Limited, 88 Wood Street, London, EC2V 7QR.
The 2025 Annual Report and Notice of AGM can be viewed or downloaded from the
Company's website at www.savannahresources.com/investors/corporate-documents/
(https://gbr01.safelinks.protection.outlook.com/?url=http%3A%2F%2Fwww.savannahresources.com%2Finvestors%2Fcorporate-documents%2F&data=05%7C02%7CAsa.Bridle%40savannahresources.com%7C4bb7ac4bf9854e75ed1208de9a368716%7C1736187a84684835896f1682c89c4616%7C0%7C0%7C639117756150177937%7CUnknown%7CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiIsIkFOIjoiTWFpbCIsIldUIjoyfQ%3D%3D%7C0%7C%7C%7C&sdata=IPTSXAq0bTfo59DBKHXuKYFiaKEmVIX3vwskcwJYMrA%3D&reserved=0)
. For shareholders who have elected to opt out of receiving electronic
communications, the 2025 Annual Report and Notice of the 2026 AGM will be
posted to them.
CHAIRMAN'S STATEMENT
Strong fundamentals and global politics drive lithium's resurgence in 2025
After a slow first half, 2025 saw a resurgence in the lithium market from
mid-year onwards. Market conditions tightened significantly as robust growth
in electric vehicle ("EV") sales and ongoing rapid expansion in battery energy
storage systems ("BESS") coincided with further curtailment of supply.
Ownership and the future availability of critical raw materials supply also
became a highly emotive issue, which took centre stage in global geopolitics.
Setting aside the noise created by the extreme geopolitical posturing we have
seen, the underlying fundamentals of lithium demand remain favourable to
Savannah's strategy and future plans. These issues include the strengthening
response among western countries to China's continuing dominance of many raw
material and technology supply chains, the importance of energy independence
in national and regional economic growth and security, and the need to limit
the impact of climate change. It is clear that the western world and Europe in
particular is now aware that sustainable, long term supplies of certain raw
materials such as lithium are indeed, "critical".
Against this supportive backdrop, Savannah continued to advance the Barroso
Lithium Project from the position of strength created in 2024, maintaining
momentum across multiple workstreams as external recognition of the strategic
importance of the Project to Europe continued to grow. These trends have
continued into 2026 as has Savannah's progress. By the end of the year, having
completed the Project's Definitive Feasibility Study ("DFS") and environmental
licencing process, Savannah expects to be drawing together the financing
pieces required to start construction of the Project in 2027.
Before giving my thoughts on the past year, I wanted to take this opportunity
to reiterate the Company's thanks to Dale Ferguson, who stepped down from the
board in October after 12 years of dedicated service. His commitment to
Savannah and the key milestones he was integral in achieving have put the
Company in the strong position which it enjoys today. Taking his place on the
Board we welcomed Mr. Paulo Pinto as a Non-Executive Director and
representative of the Company's substantial Portuguese shareholders, Grupo
Lusiaves SGPS, S.A and Pluris Investments, S.A. Paulo brings significant
experience in the Portuguese financial sector to the Company, which will prove
useful as we continue our push to firmly establish the Company and the Project
in the national psyche.
Hard facts, strong growth
H1 2025 was dominated by a continuation of the sluggish market conditions
experienced in 2024 leading to a four year low in lithium prices in June. In
contrast H2 saw a defining change in the overriding market dynamic, vastly
improving sentiment accompanied by rapidly rising prices.
Despite a media narrative that at times questioned the pace of
electrification, EV sales saw further strong growth throughout the year,
complemented by significant ongoing expansion in BESS.
Benchmark Mineral Intelligence reported global passenger car and light-duty EV
sales of 20.7 million units in 2025, up 20% year-on-year. While China remained
by far the largest market with sales of 12.9 million units (+17% year on
year), importantly for Savannah, Europe was a notable growth contributor,
maintaining its position as the world's second largest market with sales of
4.3 million units, up 33% year-on-year.
BESS growth was also significant. Around 315 GWh (1GW would power c.0.8
million homes for a year) were installed during the year (source: Benchmark
Mineral Intelligence), representing nearly 50% year-on-year growth, with
grid-scale projects the primary driver of the increase. The same source
indicates additions of more than 450GWh are expected in 2026, highlighting the
continued scale-up of battery stationary storage.
Both the EV and BESS statistics speak to the overall growth in electricity
consumption globally and the recent spike in fossil fuel prices, the result of
the conflict in Iran, has again highlighted the urgency with which society
needs to accelerate the energy transition based on greater electrification. To
this point, the International Energy agency is projecting global electricity
demand to grow by 3.6% per year through 2030 - faster than GDP - and at least
2.5 times faster than overall energy demand. Renewables are expected to
account for around half of global generation by 2030. Grids are under
pressure, and storage is scaling quickly to keep systems stable. This isn't
incremental or cyclical change, it is structural on a worldwide scale and
lithium has a huge role to play.
With demand growth remaining strong, focus fell on the lithium supply industry
to respond in the second half of the year. In August 2025, CATL announced the
suspension of production at its large scale Jianxiawo lithium mine in China
following expiry of the mine's permit. Alongside the previous curtailment of
supply from several Australian operations, this news quickly led to the
perception of a tightening market. Lithium prices began to rise and this trend
gathered further pace as the expected restart at Jianxiawo did not transpire
and the Chinese authorities moved to suspend more domestic production and
cancel additional non-operating leases.
As a result, the spodumene concentrate price was the best performing of the
major lithium products last year, rising by approximately 90% to around
USD1,600/t at year end. This also made it one of the best performing metals or
metal products of 2025. With a far more buoyant market now established,
spodumene concentrate prices have moved higher in 2026 to date, supported by
strong buying by China either side of the Lunar New Year holidays, and
Zimbabwe's suspension of exports in late February. Today's pricing with a
current range of c.USD2,080-2,340/t, represents a very compelling argument for
the future development of our Project. Furthermore, with analysts expecting
the market to tighten further in the late 2020s, Savannah's target of first
production in 2028, looks increasingly well timed in terms of the next lithium
demand and price cycle.
Savannah's Communities Team providing an update on the Project to local
stakeholders
Source: Company
Picking through the politics shows clear support for lithium
President Trump's actions around a mineral-based investment deal with Ukraine
and US ownership of Greenland for its strategic location and mineral wealth
often dominated the headlines during 2025 and early 2026. However, while less
dramatic, governments in Europe and the European Commission were also
demonstrating their own growing commitment to critical raw material supply
chains and the region's greater strategic autonomy. In March 2025, the
European Commission named its first group of domestic "Strategic Projects"
under the Critical Raw Materials Act which included Savannah's Barroso Lithium
Project. This was a clear demonstration of the Commission's support for the
Project and provides further recognition of the Project's role in Europe's
lithium battery supply chain plans. The European Commission is now building on
this foundation step, with further assistance for the industry including its
"RESourceEU Action Plan" which includes measures aimed at mobilising funding,
accelerating Strategic Projects and supporting more resilient supply chains,
including through demand aggregation and offtake facilitation mechanisms.
Domestically, the Portuguese State also made its support for the Project very
clear. In 2025, the State provided, and then robustly defending, a temporary
land access order which allowed the drilling programme to take place. Savannah
also received dedicated support from the Permanent Committee for Investor
Support (the "CPAI") at Portugal's Trade & Investment agency, AICEP, to
help streamline administrative processes between Project operators and the
relevant government departments and agencies.
In 2026 to date, the award of a non-reimbursable State Grant for up to
EUR110m, as part of a significant wider financing for domestic lithium battery
chain developments, has been the very significant highlight. Not only will
this make a substantial contribution to the Project's overall construction
financing but also provides a great endorsement of the Project for other
parties looking to participate in its financing.
The one low point in the year was the extended period spent waiting for the
second temporary land access we required to complete the phase 2 DFS
fieldwork. This impacted our development timetable. Pleasingly though, we now
have a revised plan which sees DFS completion and submission of the RECAPE
(the Environmental Licence compliance exercise) in July 2026 with first
production still targeted for 2028.
Savannah's Key successes in 2025
DFS and environmental licencing workstreams progressed
Savannah advanced multiple workstreams feeding into the DFS during the year.
This included a c.13,000m Phase 2 drilling programme which began in early
2025, with the resource-focused element completed in July 2025. This programme
returned consistently exciting results from multiple locations and led to a
39% increase in the Project's overall JORC resources. The Company also
reported ongoing progress across other aspects of the Project including, mine
scheduling, infrastructure design, water modelling, and cost studies alongside
continued complementary work supporting the upcoming RECAPE submission.
JORC Mineral Resource and Exploration Target growth
Following completion of the drilling programme, Savannah announced an upgraded
and expanded JORC (2012) compliant Mineral Resource of 39.1Mt at 1.05% Li₂O
in September. Representing an overall 39% increase in the Project's Resource,
the new estimate included a 41% increase in the higher confidence, Measured
and Indicated, Resources to nearly 27Mt. With all the JORC Resource bearing
orebodies remaining open to further definition and a number of additional
mineralised pegmatites identified on the Lease areas, we were also able to
announce a 200%+ increase in the Project's Exploration Targets to 35-62Mt at
0.9%-1.2% Li₂O. These updates represent an important step in not only being
able to declare the Project's maiden JORC Reserve estimate later this year,
which will underpin the DFS mine plan, but also in demonstrating the Project's
potential to deliver a 100Mt+ resource base over the longer term.
Aldeia Mining Lease acquisition milestones
In December 2025, after all the financial and legal steps in the transaction
had been completed, Savannah was able to announce that the vendor had
instructed the relevant authority to transfer the C-190 "Aldeia" Mining Lease
to Savannah's sole ownership. While we await formal transfer of the Lease, it
is great to know that we will be able to include Aldeia in our plans for the
Project as Block A of this three block licence currently bears the highest
grade orebody on the Project and is located close to the proposed processing
plant. Furthermore, all 3 blocks represent exciting exploration prospects for
further resource definition.
Local stakeholder initiatives
Savannah continued to make very significant and pleasing progress with its
stakeholder engagement efforts during the year. 2025 started with the
announcement of the formation of the "Future of Barroso Association" which
wants to work with the Project to maximise the benefits it brings for local
people. The year then went on to feature over 1,000 engagements with local
people, participation in local events, ongoing support for local initiatives,
refurbishment of local housing, and a Memorandum of Understanding ("MoU") with
local healthcare provider, Terra Quente Saúde Group, to develop a partnership
focused on greater provision of healthcare services in the Project area.
Carrying on this effort, 2026 has already featured a series of public meetings
and further MoUs with various local stakeholder groups, which provide strong
evidence of the true level of acceptance the Project is now receiving at the
local level.
Equity fundraising and financial strength to progress milestones
Savannah undertook two successful placings during the year, raising gross
funds of GBP14.6m. These placings which saw new and existing institutional and
retail investors participate alongside current significant shareholders,
including AMG, gave Savannah the cash reserves required to look beyond the
fully funded DFS and RECAPE and initiate workstreams associated with Project
Finance and detailed engineering.
Project Finance and commercial engagement
Savannah reported continued engagement with potential project finance
providers. This included due diligence activity by KfW IPEX-Bank in relation
to a possible German Government guarantee on a project finance facility,
linked to the proposed offtake with AMG. The Company also appointed Cutfield
Freeman & Co to act as its Project Finance adviser, to assist in
developing additional sources of project finance.
Team development and readiness for the next phase
Savannah continued to strengthen its capability for delivery, including senior
hires across finance, operations and HR as the Company prepares to advance
beyond the 'study' phase of the Project into increasingly execution-focused
planning and delivery.
Savannah's Key Challenges in 2025
H1 market conditions
In Q2 2025, with lithium prices at 4 year lows the Company found itself in a
challenging environment in which to attract investor interest. However, thanks
to the Company's prudent use of capital, its value adding work programme and
supportive shareholder base, who appreciate the long term positive outlook for
lithium, Savannah was able to maintain progress during the final period of the
long 'lithium winter'. This left us well placed to benefit from improving
market sentiment as the second half of the year continued.
Anti-project rhetoric and actions
The spreading of misinformation and initiation of groundless legal cases in
relation to the Project continued to be a challenge during 2025 and the use of
headline grabbing legal cases alongside the distribution of inaccurate
information on the Project, remained a persistent issue. We continue to take
proactive steps to counter this, introducing our own, accurate, narrative into
the local communities and the media, developing our own strong ties with a
wide range of stakeholders, and using the full force of the law. Furthermore,
we take comfort from the support shown by the Portuguese State regarding land
access issues in early 2025 and the extensive consecutive sequence of
Project-favourable decisions made in the Portuguese courts in response to the
various challenges made. Savannah will continue to work safely, respectfully
and within the law as it maintains progress. We are committed to listening and
responding to genuine stakeholder concerns and maximising the benefits the
Project can deliver to the local region.
Land access
It was frustrating to have to yet again extend the Project's development
timetable because the second temporary land easement process we needed to
complete the geotechnical drilling and field programme has taken longer than
expected to conclude. As a result, in order to keep the overall development
schedule on track, we announced in March 2026 that we would complete the DFS
without some outstanding geotechnical data. We continue to expect the
temporary land easement process to be completed in the near term and will
undertake the fieldwork once it is received. The data gathered will then be
fed into the relevant detail engineering studies and financing agreements as
required. In terms of impact on the Project's schedule, we now expect to make
the RECAPE submission and complete the DFS in July 2026. The remainder of 2026
will be spent undertaking Front-End Engineering Design ("FEED") and preparing
the Project's financing package. This would then allow construction to begin
in 2027 and for our first production target to remain in 2028.
Financial review
Savannah recorded a loss from continuing operations of GBP4.0m in 2025 (2024:
GBP4.4m), representing a decrease of 11%. Administrative costs for 2025
amounted to GBP4.4m (2024: GBP4.3m), representing a 4% increase. However, the
Group recognised a foreign exchange gain of GBP0.2m, compared to a foreign
exchange loss of GBP 0.4m in 2024.
Notably, the Company ended the period with funds in banks of GBP17.2m (2024:
GBP17.7m) with a further GBP5.0m in (long term) bank deposits (2024: GBPnil).
This strong cash position reflects both the GBP14.6m gross raised across the
two fundraises completed during the year, as well as ongoing spending on the
continued advancement of the Project towards development. This expenditure
resulted in intangible assets increasing by c.42% to GBP30.8m. The
establishment of an additional GBP5.0m in bank deposits reflects the bank
guarantees that Savannah has put in place to both complete the purchase of the
Aldeia Mining Lease (GBP2.6m) once the official transfer of ownership is
confirmed by the authorities (expected later in 2026) and the future purchase
of land under the expected compulsory purchase plan (GBP2.4m).
Outlook
Savannah's near-term priorities remain focused on advancing the Barroso
Lithium Project through its next major milestones. Based on the Company's
stated programme, these priorities include:
· Progressing remaining technical and study inputs to support
RECAPE submission for the environmental licence process and completion of the
DFS in July 2026;
· Maintaining active engagement with government and other
stakeholders to support timely execution of remaining fieldwork and related
activities;
· Continuing to develop the commercial and financing elements
required for the Project's next phase, including ongoing engagement with
potential project finance providers and offtake partners;
· Continuing local stakeholder initiatives designed to strengthen
long-term integration and shared value in the host region and;
· Continuing to market the Company among domestic and international
investment communities to raise greater awareness of Savannah and its highly
attractive investment case.
There is much to do, but the framework around the Project continues to grow
stronger all the time with improved lithium market conditions, greater State
and European support, and wider and deeper investor and stakeholder
engagement. From this position of strength, Savannah is well placed to push
forward with confidence and execute the Project's development. I would like to
thank our shareholders for their continued support, and to recognise the
commitment of our staff, contractors and stakeholders in Portugal and
elsewhere as we continue to progress the Company's strategy.
Rick Anthon
Chairman
Date: 15 April 2026
CHIEF EXECUTIVE'S REPORT
I am pleased to present this update covering a period of significant progress
for Savannah and the Barroso Lithium Project. In my 2024 report, I described
the coming year as pivotal for the Company and 2025 and the first quarter of
2026 have indeed proven to be decisive in strengthening the mandate we have to
develop the Project.
The central strategic objective remains unchanged: the delivery of the Barroso
Lithium Project which represents Savannah's greatest opportunity to generate
long-term value for shareholders, alongside significant benefits for the
Project's local area while contributing meaningfully to Europe's energy
transition and greater energy independence.
Project Development and Delivery
The successful construction and operation of Europe's largest spodumene
lithium deposit offers a unique opportunity to Savannah, which we intend to
take. To this end, many important steps were taken during 2025 and into 2026
across the technical, financial, ESG and commercial pillars required to move
the Project towards a FID.
On a technical front, the resource-focused phase of our drilling campaign was
completed during 2025, bringing total drilling since acquisition to more than
50,000 metres. This work culminated in the announcement in September 2025 of a
new JORC (2012) compliant Mineral Resource of 39.1 million tonnes at 1.05%
Li₂O, representing a c.40% increase in tonnage and a 41% increase in
contained lithium compared to the previous estimate. Alongside this, an
expanded Exploration Target highlighted substantial longer-term upside
potential across the licence areas. These results significantly strengthened
the Project's technical foundation ahead of the first JORC Reserve estimate to
be completed as part of the DFS.
Engineering design, mine scheduling, metallurgical optimisation,
infrastructure studies and capital and operating cost refinement also
progressed throughout the year with the RECAPE environmental compliance
confirmation process advancing in parallel. Although the sequencing of certain
field activities has been influenced by land access procedures, as discussed
further below, the majority of workstreams have continued on schedule.
The acquisition process for the adjacent Aldeia Mining Lease was also
completed during the period, with formal transfer by the authorities expected
to follow. This lease contains the highest-grade orebody within the wider
Project area and enhances its long-term value potential significantly.
Turning to financing, we completed two equity fundraisings during the year,
strengthening our balance sheet and increasing our cash reserves to over GBP22
million at year end. We also continued to progress discussions with project
finance providers, including engagement with KfW IPEX-Bank in relation to a
potential German Government-backed loan guarantee facility.
In January 2026, we formally signed an investment contract with AICEP securing
a non-reimbursable Portuguese State grant of up to EUR110 million in support
of the Project's development. Assuming Savannah meets the conditions and
timelines associated with the grant, the first 75% (EUR82.25 million) can be
committed to the Project's initial development expenditure with the remaining
25% (EUR27.42 million) linked to later performance milestones during the
operational phase. The grant represents a landmark milestone, not only as it
represents a very significant contribution towards the Project's development
capital, but also as it provides great political validation of the Project's
strategic importance within Portugal's emerging lithium battery value chain.
People make the progress
To achieve our goals, we need dedicated, capable individuals who have the
skills and teamwork ethic needed to transform Savannah into an operating
mining company. To this end, we strengthened our leadership structure during
the period. Henrique Freire was appointed Chief Financial Officer, bringing
listed company financial leadership and transactional experience. João Nunes
joined as Operations Readiness Manager, contributing nearly three decades of
operational and project leadership experience within Iberian mining. Egídio
Ribeiro, a former investment banker whose previous role was as Funding Manager
at the Portuguese lithium refinery venture, Aurora Lithium joined as Project
Finance Manager, and Manuela Salgado was appointed to lead Human Resources as
the Company scales up. Former CFO, Michael McGarty took up the new role of
Chief Corporate Officer.
Following the departure of Dale Ferguson, for whose long term input and
guidance we are all so grateful for, technical responsibilities were also
successfully restructured within the team. His responsibilities are now shared
among the team's experienced senior managers, in particular Boris Daza
(Development Manager, with 20 years of experience operating and building
lithium projects, mostly in Western Australia, with Fortescue and Mineral
Resources) and João Nunes (Operations Readiness Manager). They are supported
by John Morris Perreira (Exploration Manager), Brad Patrick (Definitive
Feasibility Study Manager) and Sónia Coelho (Environmental Manager).
This transition reflects the natural evolution of the Project from geological
expansion toward engineering delivery and operational planning. The team now
in place combines significant lithium sector expertise, operational capability
and financial discipline, positioning Savannah for the construction phase
ahead.
Local recognition underpins everything
At the local level, Savannah continued to strengthen its footprint during
2025. In March, we opened a new 30-person office in Boticas town, reinforcing
our long-term presence at the heart of the municipality. Additional
refurbished housing in Covas do Barroso village now accommodates team members
living locally, increasing our integration within the village communities.
Engagement with local stakeholders has broadened and matured. We have
maintained regular public meetings, participated in community events,
continued direct dialogue with local businesses and associations and
formalised relationships through Memoranda of Understanding with local
entities, including healthcare partners.
Our land acquisition programme has progressed steadily, with additional plots
secured through voluntary agreements. The expansion of our local team and
facilities reflects our commitment to ensuring that the benefits associated
with the Project are visible and shared within the region.
All in all, I believe these developments clearly demonstrate disciplined and
steady progress toward Savannah's recognition as a valuable corporate member
of local society. From that good things will come.
Managing land, managing the schedule
While momentum has been maintained across most workstreams, the Project
timetable has continued to be influenced by regulatory processes relating to
land access. Having completed all the technical and legal steps required to
receive a second temporary land access approval last year to complete
outstanding fieldwork on land which Savannah does not own, the process remains
ongoing. Savannah continues to be in close contact with the Government
ministry and agencies involved and still expects this approval in the near
term. However, with the outlook for the lithium market highly supportive of
the Project's future development and having sufficient capital ringfenced for
the purpose, we are determined to move forward and complete the DFS and RECAPE
work this summer.
Fortunately, given all the comprehensive technical work we have completed to
date, we can take this action and still produce the RECAPE and DFS to the
required standards without the additional geotechnical and resource data we
were expecting to generate from the outstanding fieldwork. We will still
complete the fieldwork once land access is approved and the supplementary data
generated will be incorporated as required into subsequent engineering
studies, final designs and financing agreements.
It is important to highlight that throughout this process we have always felt
that the State has remained supportive of the Project. This is demonstrated
strongly by other actions taken such as the appointment of the Permanent
Committee for Investor Support at Portugal's Trade & Investment agency,
AICEP, to help us with our interactions with Government and the award of the
non-reimbursable grant for up to EUR110m in January, as well as the many other
positive engagements I have had with key actors across a number of ministries
and agencies.
Once the second temporary land access order is granted, from a land
perspective, focus will switch to the final part of our land strategy, namely
compulsory purchase and access. This will allow us to responsibly manage the
land ourselves, ensuring that the requirements of the environmental licence
are adhered to and that where safe and appropriate, land not required for the
development, but under our control is made available to local community
members.
Although timetable adjustments are never desirable, they have not altered the
fundamental viability or strategic importance of the Project. Rather, they
reflect the complexity inherent in delivering a major industrial development
within a highly regulated European jurisdiction.
In summary, upcoming key milestones in the Project's development include:
· DFS completion (July 2026)
· DCAPE award (Q3 2026)
· Project Finance completion (Q4 2026/Q1 2027)
· Additional spodumene offtake Heads of Terms (by end 2026)
· Final investment Decision (by end 2026/Q1 2027)
· Start of construction (2027)
· Commissioning (2028)
Getting it done
Our immediate objectives are focused and clearly defined. The completion of
the DFS and confirmation of the environmental licence through the RECAPE
process remain the central milestones. In parallel, we continue to advance the
structuring of a comprehensive project finance package and to engage with
potential additional commercial partners for offtake and strategic
collaboration.
As stated, the development plan continues to target first production in 2028
and I believe Savannah is well positioned to achieve this.
Support structures & leveraging our mandate
If 2024 was defined by the establishment of our commercial partnership with
AMG, 2025 and early 2026 have been marked by deepened institutional support.
The classification by the European Commission of the Barroso Lithium Project
as a Strategic Project under the European Critical Raw Materials Act
significantly strengthened our mandate at the European level.
This was followed by the launch of the European Commission's RESourceEU Action
Plan, which aims to accelerate and de-risk critical raw material projects
across the Union. Savannah has continued to engage actively with European
institutions and was honoured to participate in trade delegations to Japan
alongside senior Commission representatives in H2 2025.
At the national level, the award and formal signing of the Portuguese State
grant underscores the Project's alignment with Portugal's industrial policy.
The wider investment landscape in Portugal further reinforces this context.
More than EUR3 billion of industrial investment contracts have recently been
signed, including on major battery and battery active materials projects.
Companies such as CALB and Topsoe Battery Materials have selected Portugal
based on competitive energy prices, infrastructure access, regulatory
stability and proximity to European value chains. The Barroso Lithium Project
benefits from all these positives too.
Furthermore, our relationship with AMG continues constructively, while
additional commercial discussions remain ongoing and are becoming more
energised due to the rapid recovery in lithium prices.
In parallel with operational progress, we expanded our international investor
and industry engagement last year. In addition to roadshows and investor
events in the United Kingdom, Portugal and Spain, representatives of the
Company travelled to Brazil, Japan and Australia during 2025. In early 2026,
further visits have already been undertaken to South Africa and China. These
activities are designed to broaden awareness of Savannah among diverse
investor groups and potential commercial partners and to better position the
Company within the global critical raw materials ecosystem.
Overall, we have strong support from multiple angles and must use this to make
good on the opportunity.
Members of the Portuguese trade delegation to Japan (Emanuel Proença 4th from
right) with their hosts, October 2025.
Source: Company
Outlook
The year ahead is expected to be transformative. Completion of the DFS,
environmental licence confirmation, advancement of the project financing
package, continued commercial engagement and reaching a FID represent key
milestones.
The lithium market environment strengthened during late 2025 and early 2026,
with a notable recovery in spodumene prices and renewed sector investment.
While market volatility remains inherent in commodity cycles, improving market
sentiment has reinforced external interest in the Project.
The Barroso Lithium Project is now firmly positioned as a cornerstone of
Europe's emerging lithium value chain. Our responsibility is clear: to execute
with discipline, transparency and long-term focus. I look forward to reporting
further progress as we continue to advance this strategically important
Project.
My thanks go to our shareholders, partners, local stakeholders and our
dedicated team for their continued support.
Emanuel Proença
Chief Executive Officer
Date: 15 April 2026
The Financial Statements below should be read in conjunction with the Notes
contained within the full Annual Report which is available online at the
Company's website at:
https://www.savannahresources.com/investors/corporate-documents/
(https://www.savannahresources.com/investors/corporate-documents/)
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER
2025
Notes 2025 2024
£ £
CONTINUING OPERATIONS
Revenue - -
Other Income - -
Administrative Expenses (4,413,039) (4,250,179)
Foreign Exchange Gain/(Loss) 231,552 (438,018)
OPERATING LOSS (4,181,487) (4,688,197)
Finance Income 230,050 265,451
Finance Costs (9,453) (2,855)
LOSS FROM CONTINUING OPERATIONS BEFORE TAX 4 (3,960,890) (4,425,601)
Tax expense - -
LOSS FROM CONTINUING OPERATIONS AFTER TAX (3,960,890) (4,425,601)
(LOSS)/GAIN ON DISCONTINUED OPERATIONS NET OF TAX 23 (101,597) 181,859
LOSS AFTER TAX ATTRIBUTABLE (4,062,487) (4,243,742)
TO EQUITY OWNERS OF THE PARENT
OTHER COMPREHENSIVE INCOME
Items that will not be reclassified to profit or loss:
Net change in Fair Value Through Other Comprehensive Income of Equity (383) (2,357)
Investments
Items that will or may be reclassified to profit or loss:
Exchange Gains/(Losses) arising on translation of foreign operations 1,150,767 (729,046)
OTHER COMPREHENSIVE INCOME FOR THE YEAR 1,150,384 (731,403)
TOTAL COMPREHENSIVE LOSS FOR THE YEAR
ATTRIBUTABLE TO EQUITY OWNERS OF THE PARENT (2,912,103) (4,975,145)
(Loss)/Gain per share attributable to equity owners of the parent expressed in
pence per share:
Basic and diluted
From Operations 7 (0.18) (0.21)
From Continued Operations 7 (0.17) (0.22)
From Discontinued Operations 7 (0.00) 0.01
The Notes form part of these Financial Statements
CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2025
Notes 2025 2024
£ £
ASSETS
NON-CURRENT ASSETS
Intangible Assets 8 30,740,159 21,621,293
Right-of-Use Assets 9 678,597 377,258
Property, Plant and Equipment 10 2,137,061 1,879,337
Other Receivables 12 465,920 513,407
Other Non-Current Assets 13 116,579 78,381
Bank Deposits 14 4,974,935 -
TOTAL NON-CURRENT ASSETS 39,113,251 24,469,676
CURRENT ASSETS
Investments at FVTOCI 178,446 4,331
Trade and Other Receivables 12 503,234 562,564
Bank Deposits 14 6,813 2,844,220
Cash and Cash Equivalents 14 17,170,029 14,847,386
TOTAL CURRENT ASSETS 17,858,522 18,258,501
TOTAL ASSETS 56,971,773 42,728,177
EQUITY AND LIABILITIES
SHAREHOLDERS' EQUITY
Share Capital 15 25,741,497 21,727,742
Share Premium 69,198,903 59,215,369
Merger Reserve 6,683,000 6,683,000
Foreign Currency Reserve 811,287 (339,480)
Share Based Payment Reserve 1,242,325 673,738
FVTOCI Reserve (49,064) (48,681)
Retained Earnings (52,717,753) (48,720,156)
TOTAL EQUITY ATTRIBUTABLE TO 50,910,195 39,191,532
EQUITY HOLDERS OF THE PARENT
LIABILITIES
NON-CURRENT LIABILITIES
Lease Liabilities 16 541,256 301,921
Non-Current Trade and Other Payables 17 140,662 133,587
Non-Current Provisions 19 2,190,543 -
TOTAL NON-CURRENT LIABILITIES 2,872,461 435,508
CURRENT LIABILITIES
Lease Liabilities 16 162,908 77,140
Trade and Other Payables 17 2,251,808 2,519,725
Income Tax (CGT) Provisions 19 501,747 504,272
Provisions 19 272,654
TOTAL CURRENT LIABILITIES 3,189,117 3,101,137
TOTAL LIABILITIES 6,061,578 3,536,645
TOTAL EQUITY AND LIABILITIES 56,971,773 42,728,177
The Financial Statements were approved and authorised for issue by the Board
of Directors on 15 April 2026 and were signed on its behalf by:
Emanuel Proença
Chief Executive Officer
Company number: 07307107
The Notes form part of these Financial Statements
COMPANY STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2025
Notes 2025 2024
£ £
ASSETS
NON-CURRENT ASSETS
Investments in Subsidiaries 11 386 601,420
Other Receivables 12 57,429,455 39,365,256
TOTAL NON-CURRENT ASSETS 57,429,841 39,966,676
CURRENT ASSETS
Equity instruments at FVTOCI 3,414 4,331
Trade and Other Receivables 12 143,926 226,478
Bank Deposits 14 6,813 2,844,220
Cash and Cash Equivalents 14 13,742,131 13,301,153
TOTAL CURRENT ASSETS 13,896,284 16,376,182
TOTAL ASSETS 71,326,125 56,342,858
EQUITY AND LIABILITIES
SHAREHOLDERS' EQUITY
Share Capital 15 25,741,497 21,727,742
Share Premium 69,198,903 59,215,369
Merger Reserve 6,683,000 6,683,000
Share Based Payment Reserve 1,242,325 673,738
FVTOCI Reserve (49,598) (48,681)
Retained Earnings (32,076,629) (33,125,624)
TOTAL EQUITY 70,739,498 55,125,544
LIABILITIES
CURRENT LIABILITIES
Trade and Other Payables 17 586,627 1,217,314
TOTAL LIABILITIES 586,627 1,217,314
TOTAL EQUITY AND LIABILITIES 71,326,125 56,342,858
The Company Total Comprehensive Income for the financial year was GBP984,105
(2024: Loss GBP3,714,891) (Note 6).
The Financial Statements were approved and authorised for issue by the Board
of Directors on 15 April 2026 and were signed on its behalf by:
Emanuel Proença
Chief Executive Officer
Company number: 07307107
The Notes form part of these Financial Statements
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER
2025
Merger Reserve Share Based Payment Reserve FVTOCI Reserve
Foreign Currency Reserve
Share Capital Share Premium Shares to be Issued Retained Earnings Total
Equity
£ £ £ £ £ £ £ £ £
At 1 January 2024 18,281,499 46,598,337 43,423 6,683,000 389,566 600,709 (46,324) (44,606,003) 27,944,207
Loss for the year - - - - - - - (4,243,742) (4,243,742)
Other Comprehensive Income - - - - (729,046) - (2,357) - (731,403)
Total Comprehensive Income for the year - - - - (729,046) - (2,357) (4,243,742) (4,975,145)
Issue of Share Capital (net of expenses) 3,426,124 12,562,712 - - - - - - 15,988,836
Shares issued in lieu 20,119 54,320 (74,439) - - - - - -
Share based payment charges - - 31,016 - - 202,618 - - 233,634
Lapse of options - - - - - (129,589) - 129,589 -
At 31 December 2024 21,727,742 59,215,369 - 6,683,000 (339,480) 673,738 (48,681) (48,720,156) 39,191,532
Loss for the year - - - - - - - (4,062,487) (4,062,487)
Other Comprehensive Income - - - - 1,150,767 - (383) - 1,150,384
Total Comprehensive Income for the year - - - - 1,150,767 - (383) (4,062,487) (2,912,103)
Issue of Share Capital (net of expenses) 4,013,755 9,983,534 - - - - - - 13,997,289
Shares based payment issued in lieu - - - - - 116,854 - - 116,854
Share based payment charges - - - - - 516,623 - - 516,623
Lapse of options - - - - - (64,890) - 64,890 -
At 31 December 2025 25,741,497 69,198,903 - 6,683,000 811,287 1,242,325 (49,064) (52,717,753) 50,910,195
The following describes the nature and purpose of each reserve within owners'
equity:
Reserve Description and purpose
Share Capital Amounts subscribed for share capital at nominal value
Share Premium Amounts subscribed for share capital in excess of nominal value less costs of
fundraising
Shares to be Issued Shares for which consideration has been received but which are not issued yet
Merger Reserve Amounts subscribed for share capital in excess of nominal value in respect of
the consideration paid in an acquisition arrangement, when the issuing company
takes its interest in another company from below 90% to 90% or above equity
holding
Foreign Currency Reserve Gains/losses arising on retranslating the net assets of group operations into
Pound Sterling
Share Based Payment Reserve Represents the accumulated balance of share based payment charges recognised
in respect of asset acquired and share options granted by Savannah Resources
Plc, less transfers to retained losses in respect of options exercised, lapsed
and forfeited
FVTOCI Reserve Cumulative changes in fair value of equity investments classified at fair
value through other comprehensive income (FVTOCI)
Retained Earnings Cumulative net gains and losses recognised in the Consolidated Statement of
Comprehensive Income and other transactions recognised directly in Retained
Earnings
The Notes form part of these Financial Statements
COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025
Share Capital Share Premium Shares to be Issued Merger Reserve Share Based Payment Reserve FVTOCI Reserve Retained Earnings Total
Equity
£ £ £ £ £ £ £ £
At 1 January 2024 18,281,499 46,598,337 43,423 6,683,000 600,709 (46,324) (29,540,322) 42,620,322
Profit for the year - - - - - - (3,714,891) (3,714,891)
Other Comprehensive Income - - - - - (2,357) - (2,357)
Total Comprehensive Income for the year - - - - - (2,357) (3,714,891) (3,717,248)
Issue of Share Capital (net of expenses) 3,426,124 12,562,712 - - - - - 15,988,836
Shares issued in lieu 20,119 54,320 (74,439) - - - - -
Share based payment charges - - 31,016 - 202,618 - - 233,634
Lapse of options - - - - (129,589) - 129,589 -
At 31 December 2024 21,727,742 59,215,369 - 6,683,000 673,738 (48,681) (33,125,624) 55,125,544
Profit for the year - - - - - - 984,105 984,105
Other Comprehensive Income - - - - - (917) - (917)
Total Comprehensive Income for the year - - - - - (917) 984,105 983,188
Issue of Share Capital (net of expenses) 4,013,755 9,983,534 - - - - - 13,997,289
Share based payment issued in lieu - - - - 116,854 - - 116,854
Share based payment charges - - - - 516,623 - - 516,623
Lapse of options - - - - (64,890) - 64,890 -
At 31 December 2025 25,741,497 69,198,903 - 6,683,000 1,242,325 (49,598) (32,076,629) 70,739,498
The following describes the nature and purpose of each reserve within owners'
equity:
Reserve Description and purpose
Share Capital Amounts subscribed for share capital at nominal value
Share Premium Amounts subscribed for share capital in excess of nominal value less costs of
fundraising
Shares to be Issued Shares for which consideration has been received but which are not issued yet
Merger Reserve Amounts subscribed for share capital in excess of nominal value in respect of
the consideration paid in an acquisition arrangement, when the issuing company
takes its interest in another company from below 90% to 90% or above equity
holding
Share Based Payment Reserve Represents the accumulated balance of share based payment charges recognised
in respect of asset acquired and share options granted by Savannah Resources
Plc, less transfers to retained losses in respect of options exercised, lapsed
and forfeited
FVTOCI Reserve Cumulative changes in fair value of equity investments classified at fair
value through other comprehensive income (FVTOCI)
Retained Earnings Cumulative net gains and losses recognised in the Consolidated Statement of
Comprehensive Income and other transactions recognised directly in Retained
Earnings
The Notes form part of these Financial Statements
CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2025
Notes 2025 2024
£ £
Cash flows used in operating activities
Loss for the year (4,062,487) (4,243,742)
Depreciation and amortisation charges 9, 10 197,930 48,483
Share based payment charge - Share Options 4, 22 516,623 202,618
Share based payment charge - Share Options/Shares issued in lieu of bonus 4, 15 116,854 31,016
Finance Income (230,050) (265,451)
Finance Costs 9,453 2,855
Increase/(Decrease) tax provision 19 31,953 (301,124)
Foreign Exchange (Gains) / Losses 4 (239,629) 443,675
Cash flow used in operating activities before changes in working capital (3,659,353) (4,081,670)
Decrease/(Increase) in Trade and Other receivables 1,442 (173,725)
(Decrease)/Increase in Trade and Other Payables (269,594) 676,547
Net cash used in operating activities (3,927,505) (3,578,848)
Cash flow used in investing activities
Purchase of Intangible Exploration Assets 8 (5,448,207) (3,989,253)
Purchase of Tangible Fixed Assets 10 (316,933) (213,564)
Purchase of Equity instruments at FVTOCI (174,499) -
Set up Bank Deposits (5,250,552) (2,844,220)
Receipt of Bank Deposits 3,099,769 -
Interest received 247,616 242,665
(7,842,806) (6,804,372)
Net cash used in investing activities
Cash flow from financing activities
Proceeds from issues of ordinary shares (net of expenses) 15 13,997,289 15,988,836
Principal paid on Lease Liabilities 16 (116,047) (29,989)
Interest paid on Lease Liabilities 16 (9,453) (2,855)
13,871,789 15,955,992
Net cash from financing activities
Increase in Cash and Cash Equivalents 2,101,478 5,572,772
Cash and Cash Equivalents at beginning of year 14 14,847,386 9,721,281
Exchange Losses on Cash and Cash Equivalents 221,165 (446,667)
Cash and Cash Equivalents at end of year 14 17,170,029 14,847,386
The Notes form part of these Financial Statements
COMPANY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2025
Notes 2025 2024
£ £
Cash flows used in operating activities
Profit/(Loss) for the year 984,105 (3,714,891)
Increase/(Decrease) impairment of Financial Assets 88,226 (27,826)
Share based payment reserve charge - Share Options 4, 22 516,623 202,618
Share based payment charge - Share Options/Shares issued in lieu of bonus 4, 15 116,854 31,016
Finance Income (216,179) (265,451)
Foreign Exchange (Gains)/Losses 4 (2,546,517) 2,084,777
Cash flow used in operating activities before changes in working capital (1,056,888) (1,689,757)
Increase in Trade and Other Receivables (614,395) (570,049)
(Decrease)/Increase in Trade and Other Payables (286,765) 295,162
Net cash used in operating activities (1,958,048) (1,964,644)
Cash flow used in investing activities
Investments in subsidiaries 11 - (267,680)
Loans to subsidiaries (15,480,418) (7,421,441)
Proceeds from repayment of loans to subsidiaries 612,546 1,398,823
Set up Bank Deposits - (2,844,220)
Receipt of Bank Deposits 14 2,824,153 -
Interest received 233,744 242,665
Net cash used in investing activities (11,809,975) (8,891,853)
Cash flow from financing activities
Proceeds from issues of ordinary shares (net of expenses) 15 13,997,289 15,988,836
Proceeds from subsidiaries - 380,482
Net cash from financing activities 13,997,289 16,369,318
Increase in Cash and Cash Equivalents 229,266 5,512,821
Cash and Cash Equivalents at beginning of year 14 13,301,153 8,226,519
Exchange Losses on Cash and Cash Equivalents 211,712 (438,187)
14 13,742,131 13,301,153
Cash and Cash Equivalents at end of year
The Notes form part of these Financial Statements
Savannah - Enabling Europe's energy transition.
Regulatory Information
This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law
by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is
disclosed in accordance with the Company's obligations under Article 17 of
MAR.
**ENDS**
Follow @SavannahRes on X (Formerly known as Twitter)
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 & Broker) Tel: +44 20 3470 0470
David Hignell/ Charlie Bouverat (Corporate Finance)
Grant Barker/ Abigail Wayne (Sales & Broking)
Canaccord Genuity Limited (Joint Broker) Tel: +44 20 7523 8000
James Asensio / Rory Blundell/ Charlie Hammond (Corporate Broking)
Ben Knott (Sales)
Portugal Media Relations
Savannah Resources: Antonio Neves Costa, Communications Manager Tel: +351 962 678 912
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
Project is the largest battery grade spodumene lithium resource outlined to
date in Europe, was classified as a 'Strategic Project' by the European
Commission under the Critical Raw Materials Act in March 2025 and was approved
for a Portuguese State development Grant of up to €110m in January 2026.
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 AIM Market of the London Stock
Exchange and trades under the ticker "SAV".
1 (#_ftnref1) Savannah must comply with certain conditions and Project
timelines in order to receive the Grant.
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. END FR UVUURNVUSAUR
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