Savannah Resources

Savannah Resources (LSE: SAV) is the sole owner of the Barroso Lithium Project in northern Portugal, the largest battery grade spodumene lithium resource in Europe, currently estimated at 28Mt at 1.05% Li₂O. The Project’s 30-year Mining Lease area remains highly prospective for further resource definition with all five of the currently defined orebodies on the Project remaining open along strike and down dip. An additional Exploration Target of 11-19Mt at 1.0-1.2% Li₂O is estimated on just three of the orebodies and there are numerous other lithium mineralised pegmatites already identified at the Project. 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 rapidly developing lithium battery value chain. After the Project received a positive environmental impact statement from Portugal’s environmental agency in May 2023 and the Scoping Study confirmed the economic potential of the Project in June 2023 (Post-tax NPV of US$953m at an 8% discount rate, post-tax IRR of 77% and post-tax payback of 1.3years), production is now targeted and on track to begin in 2026. At that stage, Savannah will produce around 200,000tpa of spodumene concentrate, containing enough lithium for approximately half a million vehicle battery packs per year. This will allow the Company to make a significant contribution towards the European Commission’s 2023 Critical Raw Material Act goal of supplying a minimum 10% of Europe’s lithium demand from domestic sources 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 London Stock Exchange’s Alternative Investment Market (AIM).