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.com
or contact:
Savannah Resources PLC
Emanuel Proença, CEO
|
Tel: +44 20 7117 2489
|
SP
Angel Corporate Finance LLP (Nominated Advisor & Joint
Broker)
David Hignell/ Charlie Bouverat
(Corporate Finance)
Grant Barker/Abigail Wayne (Sales
& Broking)
|
Tel: +44 20 3470 0470
|
SCP
Resource Finance (Joint Broker)
Filipe Martins/Chris
Tonkin
|
Tel: +44 204 548 1765
|
Camarco (Financial PR)
Gordon Poole/ Emily Hall / Nuthara
Bandara
|
Tel: +44 20 3757 4980
|
LPM
(Portugal Media Relations)
Herminio Santos/ Jorge Coelho /
Margarida Pinheiro
|
Tel: +351 218 508 110
|
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".