Interim Results for Six Months Ended 30 June 2023

Savannah Resources PLC

29 September 2023

 

29 September 2023

Savannah Resources Plc

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

Interim Results for Six Months Ended 30 June 2023

Savannah Resources, the European lithium development company, is pleased to announce its interim results for the six months ended 30 June 2023.

First half and recent highlights include:

Corporate:

·    Experienced Portuguese and international business leader, Emanuel Proença appointed as Chief Executive Officer ('CEO') in September with Interim CEO, Dale Ferguson, returning to his previous role of Technical Director

·    Experienced mining executive, Bruce Griffin appointed as an Independent Non-Executive Director in September

·    Experienced energy sector and strategy executive, Mohamed Sulaiman appointed as a Non-Executive Director in September, replacing the retiring Imad Sultan as the Board representative of Savannah's largest shareholder, Al Marjan Ltd

·    Technical team expanded in line with increasing workload

·    £6.5 million (gross) fundraise completed at market price in July

·    The sad passing of former Non-Executive Director, Manohar Pundalik Shenoy

Barroso Lithium Project (the 'Project'):

Technical:

·    The Portuguese environmental regulator ('APA') gave its endorsement ('DIA') to the Project in May. This was the successful culmination of the Article 16 phase of the overall environmental impact assessment ('EIA') process which Savannah agreed to enter in July 2022

·    Following the DIA, work to complete the environmental licencing process ('RECAPE' phase) and Definitive Feasibility Study ('DFS') is underway with key contractors either appointed or to be appointed shortly. We expect to complete the environmental licencing process and DFS in H2 2024

·    A new Scoping Study was published in June 2023 incorporating the DIA approved Mine Plan and Project design. Based on average production of 191,000tpa of spodumene concentrate, the Study returned post-tax free cash flow of US$1.7 billion, net present value at an 8% discount rate of US$953m (41p/share), internal rate of return of 77%, and payback period of just 1.3 years

·    The initial phase of the decarbonisation study showed electric mining equipment provides the best opportunity to reduce the Project's Scope 1 emissions and that a number of viable options exist to secure 100% renewable energy supply to reduce the Project's Scope 2 emissions to zero. More detailed analysis of these and other initiatives will be explored over the next 12 months

Stakeholder Engagement:

·    The EIA submission was accompanied by a 'Social Issues Scoping Report', incorporating the views of local people about the Project and Savannah, the proposed frameworks for the Benefit Sharing Plan and Good Neighbour Plan, and the financial proposals to acquire access to land required for the Project from two relevant Baldios Community groups

·    To assist local stakeholders' understanding, Savannah held a number of community meetings, produced two Community Information Sheets, 17 Fact Sheets and a new corporate video in parallel with the EIA submission

·    Community Insights Group has begun work on two elements of the RECAPE which relate to the Project's interaction with local communities and stakeholders

Commercial:

·    Following the DIA and Scoping Study there has been additional interest in the Project and potential partnership collaborations with Savannah from groups across the lithium value chain

·    The Company is currently working through an orderly process to shortlist potential strategic partners for the Project, focusing on groups willing to assist with the Project's financing and which could bring complementary skills or additional opportunities to Savannah

Next steps/future news flow:

·    Cash balance of £11.4m (July 2023) and expanding team provides capacity to move the Project towards a final investment decision

·    Environmental licencing and DFS related work to continue (with regular updates provided) and be completed in H2 2024

·    Continuation of orderly process to identify a shortlist of potential strategic partners

·    Continue to secure the land or access to the land needed for the Project, which we hope to do via negotiation and agreement with relevant parties

·    Wider stakeholder engagement programme to continue, focused on reaching mutually beneficial resolution on tailoring the Project's Benefit Sharing Plan to meet the area's specific needs

·    Continue efforts to have more of the Project's value reflected in the Company's share price through achievement of milestones and ongoing investor marketing

CHAIRMAN'S STATEMENT FOR THE SIX MONTHS ENDED 30 JUNE 2023

The first half of 2023 was one of the busiest and most successful periods during Savannah's ownership of the Barroso Lithium Project in Portugal (the "Project"). The milestones are already well known to shareholders, namely the endorsement of the Project ('DIA') by Portugal's environmental regulator in May, followed swiftly by the new Scoping Study in June, which highlighted the Project's near US$1 billion value. These milestones then paved the way for Savannah to complete a successful fundraise at market price in July, which has given us the cash balance needed to accelerate the work required to take the Project towards a final investment decision.

The work completed in the period also gives us the platform to move forward on other fronts. We can identify those strategic partners who are committed to building a long-term relationship with Savannah and supporting us with financing the Project. It provides a catalyst to increase our engagement with stakeholders as we look to make firm commitments on benefit sharing and give clear guidance on the Project's development. Finally, it has given us long-term confidence to build out our team to make this Project and its value a reality.

However, before speaking of those who have joined Savannah and the Company's exciting future it is important to remember those who are no longer with us. It was with deep sadness that we learnt of the passing of Mr. Manohar Pundalik Shenoy, Non-Executive Director of the Company earlier in September. Manohar was a dedicated member of the Savannah Board who commanded great respect for his business acumen and human decency. We will miss his valued contributions, particularly as Chairman of our Audit and Risk Committee and extend our deepest sympathies again to his family and friends.

Turning to Savannah's future, I would like to take this opportunity to welcome again our new CEO, Emanuel Proença and Non-Executive Directors, Bruce Griffin and Mohamed Sulaiman, who all joined earlier in September and provide new key skills and experience for developing the Project into a strategic part of Europe's energy transition. I also express again my great appreciation to Dale Ferguson, who led us so successfully through the last 15 months as Interim CEO. He now assumes his former role as Savannah's Technical Director and will lead the current work programmes we have underway on the Project's environmental licencing and Definitive Feasibility Study ('DFS'). He will also retain his seat on Savannah's Board as an Executive Director.

Emanuel brings us a wealth of Portuguese and international business experience gained across a range of industries and disciplines. He joins Savannah from his role as CEO of the industrial businesses of Prio, one of Portugal's 20 largest companies and the country's largest green fuels and biodiesel producer, and its second largest provider of electricity for mobility and a network of charging points. The subsidiaries under Emanuel's leadership experienced rapid growth with revenues and profitability more than tripling in 7 years, resulting in over €1.5 billion in revenue and accounting for approximately 80% of the group's profitability in 2022. Thus, Emanuel is well placed to lead the Company through significant change and growth as it delivers the Project into production for the benefit of its stakeholders.

His arrival adds new energy and a fresh approach to our corporate culture and business practices as we look to press forward with the Project. As Savannah's first Portuguese CEO, located in Lisbon, Emanuel can give Savannah the constant, high level, presence in Portugal, which it has not fully enjoyed to date. He will be prioritising our engagement with all Portuguese stakeholders including national and local government and local communities. The Board and I all look forward to working with him.

Mr Proença's appointment as CEO will initially be in a non-Board capacity but the Company envisages that he will formally join Savannah's Board during H1 2024. In the interim, we have made two appointments to the Board as we look to add individuals to our leadership team with the specific knowledge and experience needed by a Company developing its first major natural resource project. Over the next 2-3 years Savannah will be required to significantly increase its interaction with all stakeholders including governments, service providers, customers and communities, as well as effectively assessing and executing financing and partnership options. Hence, we must have the experience and capacity in our team to allow us to do this successfully.

As part of this scale up we welcomed Bruce Griffin as an additional, independent Non-Executive Director. Bruce may be familiar to some shareholders from the period he spent advising Savannah during its strategic review of its Mutamba mineral sands project in 2021, which resulted in a successful transaction with Rio Tinto. Bruce has over 20 years of mining sector experience which crucially includes recent mining project construction. As the Executive Chairman of Sheffield Resources Limited, Bruce is playing a key role in commissioning the 10Mtpa Thunderbird minerals sands project in Australia, which the Company has recently constructed with its 50/50 JV partner YGH Australia Investment Pty Ltd (Yansteel).

Al Marjan Ltd ("Al Marjan"), Savannah's largest shareholder, also chose to change its representative on the Board. We give our thanks to Imad Sultan who is stepping down from the Board after seven years of valuable service and contribution. We wish him well with his many other business interests. Going forward, Al Marjan will be represented by Mohamed Sulaiman, Head of Strategy at the Omani conglomerate business, Towell Group and the former lead for Strategy and Performance at OQ, the Omani energy company. As with Bruce's mining experience, Mohamed's experience in strategy leadership, including in the energy sector, and his familiarity with directorship roles from the Boards of other public and private companies will be invaluable to Savannah and we look forward to his contribution.

Importantly we are not just adding strength to our executive and Board teams. We are actively recruiting for roles to ensure delivery of the Project and have recently recruited a project management expert, an Environmental Officer, and a new group of geologists and technicians. This includes three new members of staff from the local community, to be part of the team for the new field programmes we are about to start as part of efforts to conclude both the Environmental Licencing process and the DFS. It is an exciting and defining time at Savannah, and I look forward to us continuing with our current recruitment drive as we move to deliver the Project for our shareholders, stakeholders and Portugal's economic benefit.

As Savannah delivered on its stated goals in the first half of the year, we were pleased to see the share price responding positively, increasing by over 115% from the start of the year to reach its recent peak of 4.95p on 6 June 2023. However, we all recognise that the share price started from a low base following the additional uncertainty placed on the Project by the Article 16 process between July 2022 and the end of May 2023. As I have highlighted before, the Board believes the current share price remains wholly unreflective of the underlying project value (e.g., NPV/share of 41p/share) and we continue to flag this anomaly to investors whenever possible. Equally, our share price and that of many of our direct peers has not been helped by the significant correction experienced in lithium prices during the year to date and the wider macroeconomic issues impacting capital markets recently.

Lithium raw material prices, including for spodumene concentrate, all fell by over 40% during the first half of the year but this must be seen in the context of the 1,200% to 2,000% increases seen in prices in the two years up to November 2022. We must be prepared to expect such volatility in a small volume commodity and speciality chemical market like lithium. On prices it is important to note that, despite the correction, the current price of US$2,750/t for spodumene remains nearly twice the average price we used in our Scoping Study.

The recent downtrend was likely driven by the temporary slowdown in EV sales in the first quarter of the year, cooling buying sentiment along the lithium battery supply chain. This was predominantly the result of COVID lockdowns, New Year celebrations and the removal of vehicle purchasing incentives in China, the world's largest EV market, during January and February. Pleasingly, sales have subsequently improved with EVvolumes.com reporting that over 6 million plug-in vehicles were sold globally in the first half of the year, representing a 39% increase on the first half of 2022. Encouragingly, that website is forecasting annual sales of 14 million plug-in vehicles for the full year (+33% vs. 2022), implying an increase in sales of 33% for 2H 2023 over the first half.

While stock markets often tend to respond badly, and quickly, to falling commodity prices, groups within the commodity sector in question usually continue to take a much more pragmatic view, seeing strategic value in assets based on a longer-term perspective. This is true in the lithium sector, and is reflected in the amount of commercial interest we continue to receive about the Project. Following the progress which we have made recently, I believe that many in the lithium sector, and many keen to enter it, see significant strategic value in a partnership with Savannah. Our job is now to identify from the many groups who have approached us, a shortlist which are really committed to helping make the Barroso Lithium Project a reality.

Furthermore, with Sibanye-Stillwater's integrated spodumene and lithium hydroxide Keliber project now in construction in Finland and following the publication of the European Commission's Critical Raw Material Act ('CRMA') in March, lithium raw material production in Europe should be seen as a very likely reality in coming years. Among a number of positive initiatives, the CRMA calls for at least 10% of Europe's future demand for critical materials, including lithium, to be met from domestic supply sources such as the Barroso Lithium Project.

To sum up, given the progress we have made in the first half of the year, the personnel we have added and the robust cash position we have, the Company can move forward to deliver its plans with real confidence.

You will find further brief summaries of the major work streams and topics below.

Barroso Lithium Project, Portugal

Environmental Licencing process

On 31 May Savannah announced the Portuguese environmental regulator ('APA') had issued a positive Environmental Impact Statement, the DIA, on the Project. This was the successful culmination of the Article 16 phase of the overall Environmental Impact Assessment ('EIA') process which Savannah agreed to enter in July 2022.

Achieving the DIA award is the most challenging part of the overall environmental licencing process. We can now say that the regulator has agreed to the design of the Project and that Savannah and APA have mutually agreed a set of accompanying conditions for the Project's construction and operation. For the remaining 'RECAPE' phase (the Environmental Compliance Report of the Execution Project), we are required to produce a final design which complies with the DIA and its associated conditions.

Completion of the Article 16 process and award of the DIA required a huge effort by all our team and our consultants. Approval of the design shows that we have successfully captured and responded to all of the feedback received from APA, the groups on its evaluation committee, and other key stakeholders during the Article 16 process. As a result, everyone can be assured that every effort has been taken by all involved in the process to minimise the Project's environmental and social impact while allowing the production of over 2.5 million tonnes of lithium-bearing concentrate which Europe so greatly needs for its energy transition.

We are now underway with the work for the RECAPE phase, which we expect to complete in the second half of 2024. The consultancy, Quadrante, a major contributor to our successful DIA, has been awarded the contract for the RECAPE work on the Project itself and we expect to award the contract for the separate RECAPE on the new bypass road shortly.

Scoping Study

The new Scoping Study published in June 2023, the first in five years, combined the DIA approved Mine Plan and Project design with a conservative average spodumene price of US$1,464/t (5.5% Li₂O grade) over the life of the Project versus the current spot price of US$2,750/t (6% Li₂O grade). I believe the post-tax free cash flow of US$1.7 billion, net present value at an 8% discount rate of US$953m, internal rate of return of 77%, and payback period of just 1.3 years, clearly demonstrate the outstanding economics of the Project. Furthermore, it is satisfying for Savannah that this level of value creation can be achieved while also: providing a tax and royalty income for Portugal of over US$900m; generating over 300 new jobs; investing over US$40m in infrastructure, which will either directly benefit local communities (e.g., the new bypass road) or further reduce the Project's impact for them; the €0.5m/year which we have committed to providing to a new foundation focused on funding community initiatives; and over US$100m in rehabilitation costs.

We now look forward to confirming the Project's potential in the Definitive Feasibility Study, which our team is currently working on and which we expect to complete in the second half of 2024. I hope this will give the market the greater level of confidence it appears to need to allow more of the underlying value of this Project (e.g., NPV/share of 41p) to be reflected in Savannah's share price.

Definitive Feasibility Study & Decarbonisation Study

While we did not receive APA's positive decision on the Project until the end of May, preparations were being made during the first half of the year for the potential restart of work relating to the DFS. It is pleasing that work is soon to get underway again with the restart of drilling on Savannah owned land at the Project after a near four-year break. This is the first of two phases of drilling, scheduled for around 6 months in total, focused on upgrading existing mineral resources, providing further samples for metallurgical test work and geotechnical drilling for the final open pit designs.

We were also pleased to announce recently that the DFS processing work package was awarded to a collaboration between the plant construction experts Sedgman Pty Ltd ('Sedgman') and the processing experts Minsol Engineering Pty Ltd ('Minsol'). Shareholders will be familiar with Minsol, which has already played a key role in the Project, producing the plant's final processing circuit design which combines conventional spodumene processing methodologies with near neutral pH conditions and environmentally friendly reagents suitable for use under Portuguese and European legislation. We look forward to building a strong relationship with Sedgman, which will also see us working with their sister company, the Spanish engineering group, DRAGADOS.

We look forward to awarding the contract for the DFS' infrastructure package soon, following completion of that tendering process over the summer.

In parallel with the DFS, Savannah will also be continuing with its decarbonisation study work. As announced in February, the initial study showed that battery powered electric mining equipment will provide the most effective and flexible means to reduce Scope 1 emissions at the Project to zero. It also concluded that a number of viable options are available to secure 100% renewable energy supply to the Project including regional solar and wind generation, on market purchase, direct Power Purchase Agreements, or a combination of these. Portugal's grid power already features a contribution from renewables of over 70%, but use of 100% renewable energy would reduce the Project's Scope 2 emissions to zero.

Over the next 12 months, Savannah and its consultants will conduct a more detailed analysis of these and other initiatives and Studies, with a number of mining equipment manufacturers to determine a site-specific solution for a future transition to a battery-operated mining fleet as and when appropriate equipment becomes available.

Savannah has also committed to reducing its Scope 3 emissions as much as possible and looks forward to working with its future suppliers, customers and haulage partners on that front.

Stakeholder Engagement

Management of the Project's social impact as well as effective sharing of its socio-economic benefits with stakeholders was a major theme within the overall environmental impact assessment process conducted by APA.

As a result, the 'Social Issues Scoping Report', written by Community Insights Group ('Community Insights') and incorporating the views of local people about the Project and Savannah, accompanied Savannah's revised EIA submission in March alongside Savannah's proposed frameworks for its Benefit Sharing Plan, its Good Neighbour Plan and its financial proposals to acquire access to land required for the Project from two relevant Baldios Community groups in the area (see Land acquisition and land access section below).

Stakeholder feedback collected by Community Insights during 2022 included requests for more information on the Project. Therefore, to accompany the EIA submission and public consultation period in the EIA process, Savannah held a number of community meetings, produced two Community Information Sheets, 17 Fact Sheets and a new corporate video (the documents and video can be found on Savannah's website and at our local Information Centres), all aimed at explaining the key aspects of the new Barroso Lithium Project.

Savannah remains firmly committed to ongoing stakeholder engagement and remains open for dialogue on any aspect of the Project which stakeholders would like to discuss. There are also some formal actions which Savannah has been requested to undertake in relation to the Project's stakeholders as part of the RECAPE process. Community Insights has been selected to provide support in responding to two elements within the RECAPE which relate to the Project's interaction with local communities and stakeholders. Work is now underway on these and is expected to take around 8 months to complete.

Commercial Discussions

As our shareholders will know, the Project contains the largest JORC (2012) Compliant spodumene resource in Europe making it hugely strategic in the continent's plans for a domestic lithium battery value chain. Savannah owns 100% of the Project with no offtake committed to date, giving it full leverage to the potential value that can be created by advancing the Project in this supportive environment.

While there has always been significant commercial interest in the Project, following the endorsement of the DIA and publication of the new positive Scoping Study, there has been additional interest received from groups across the lithium value chain. From the dozens of commercial inquiries which Savannah has received, the Company is currently working through an orderly process to shortlist potential strategic partners for the Project. Savannah is focusing on identifying groups which are willing to assist with the financing of the Project's construction and bring complementary skills or additional opportunities to a long-term partnership with Savannah. We expect to provide an update on this later in the year.

Land acquisition & access arrangements

To develop the Project, Savannah must either own or have agreed access rights to the land which is to be developed. Due to the distance of the Project from the communities in the area, there is no requirement to purchase any houses or other buildings from local people for the Project to progress. Nor is there a requirement for any resident to leave their home. All agreements and proposed agreements relate only to land.

From an extensive mapping exercise, Savannah estimates that the total area of land that is required for the Project, spread across the Mining Lease, the proposed road, and ancillary areas is approximately 840 hectares (8.4km²) with private landowners holding around 24% of the total. The remainder is managed on behalf of the community by management groups ('Baldios'). The land is spread across four parishes.

Since 2021, Savannah has been operating a land acquisition programme. To date more than 40 private landowners have sold, or agreed to sell, their land to Savannah and Savannah has acquired, or is in the process of acquiring, over 90 hectares of land in the local area for which it has paid approximately €1.8m (including relevant taxes). Based on the attractive rates which Savannah is offering, prior to mine construction the Company expects to spend approximately €5m in total on acquisition of land identified to date, with the money going directly to local people. Further investment on private land will depend on matters including the progress of private property identification and the completion of agreements.

Savannah has also engaged with the local Baldios communities from Covas do Barroso and Dornelas, and presented financial proposals to access the Baldios lands. The Company has benchmarked its offer against other relevant land access agreement and transactions in Portugal and believes it to be a highly attractive figure. For its total financial proposal, Savannah has added to its land access fee, a royalty linked to the volume of spodumene concentrate production and compensation for drilling platforms. Savannah is also offering: direct payments to all the community members in the impacted parishes, compensation for anyone losing agricultural grants as a result of the Project, and financial support for the local firefighters. Overall, Savannah estimates it will pay approximately €10m for access to the community lands managed by the Baldios over the Project's life, with approximately €4m being paid directly to community members.

Savannah remains open to discussions with private landowners, Baldios representatives, and other stakeholders around its land acquisition programme and land access proposals. The Company's preferred option is to secure the land or access to the land it needs to develop the Project through direct negotiation and agreement.

The 30-year Mining Lease granted in 2006 safeguards Savannah's access to land that may be necessary for the development of the Barroso Lithium Project. This condition applies to both private land and land managed by the representatives of the Baldios. Despite the existing legal coverage, Savannah will always favour direct agreement with the owners of the lands and representatives of the Baldios. The Company will use the mechanisms provided in Portuguese law but only when it is not possible to reach an agreement.

As shareholders will know, Savannah is committed to responsible land management and will be comprehensively rehabilitating, relandscaping and revegetating impacted areas during the operating life of the Project (beginning in the second year of operation) and after it closes. At the end of the Project's life, the land will be returned to the community for its own use.

Legal Proceedings

The use of 'lawfare' is a common tool used by parties seeking to disrupt project developments, and there are three such cases relating to the Project, for which the Company has continued to provide updates when appropriate. Two of these cases relate to challenges by the Parish of Covas do Barroso to the Portuguese Government (including the environmental regulator, APA) and seek to nullify administrative acts relating to changes to the C-100 mining lease (which contains the BLP) and the grant of the DIA to the Project. In respect of the former case, Savannah has contested the claim and is awaiting news from the court, and in respect of the latter case, Savannah is preparing the contestation which it shall submit to the court by the end of October 2023. Importantly:

·      the lawsuits do not impact the Company's activities at the Project

·      the C-100 mining lease is fully granted, has a term of 30 years to 2036 and remains in good standing

·      the DIA remains in force

·      the advice from Savannah's lawyers is that the lawsuits are without foundation.

A third case relates to the Management Commission of the Covas do Barroso Baldios' challenge against certain private landowners and Savannah in respect of some land packages at the Project which were purchased by Savannah. The challenge relates to alleged minor land border disputes, and no date has been set by the court for a preliminary hearing.

Financials

Despite continuing prudent cost management contributing to a 28% reduction in administrative expenses to £1.4m during the period (30 June 2022: £1.9m), Savannah recorded an 18% increase in net losses from continuing operations to £1.5m (30 June 2022: £1.3m) due to a swing from a £0.6m exchange rate gain in first half 2022 to a £0.1m exchange rate loss in the current period. The Company finished the period with cash of £4.8m (30 June 2022: £9.4m) but pro-forma cash reserves were subsequently increased to £11.4m in July 2023 via the successful completion of a £6.5m equity fundraise.

July's fundraise, which was successfully completed at 4.67p/share, representing a discount of just 0.6% to the Company's closing share price the day prior to its launch, combined three elements, a subscription, a placing and, for the first time, an offer to private investors via the PrimaryBid platform. Seeking to raise in excess of £5.8m, £6.1m was raised via the subscription and placing with a number of existing shareholders taking part including Savannah's two largest shareholders Al Marjan (now 15.1%) and Slipstream Resources (now 8.1%) and members of the Board. Alongside investments from our existing institutional shareholders, two natural resource focused funds joining the register for the first time invested a total of £3.4m. With good demand via the PrimaryBid offer raising a further £0.4m at the same price, the gross total of £6.5m was achieved.

Outlook

The remainder of 2023 and 2024 is set to be another very busy and exciting period for Savannah as our growing team, under the new leadership of Emanuel Proença, look to take the Company towards a final investment decision on the Barroso Lithium Project. To get there we must complete the Project's licencing process and DFS, identify the strategic partners we wish to work with, and leverage our valuable Project and its spodumene concentrate to attract the finance we need for construction.

We will continue to secure the land or access to the land we need for the Project, which we hope to do via negotiation and agreement with relevant parties. This will be part of our wider stakeholder engagement programme through which we aim to reach mutually beneficial resolution on how our commitments to benefit sharing from the Project are tailored to the area's specific needs, and then delivered.

We will also continue our efforts to have more of the Project's value reflected in the Company's share price. Significant strides to de-risk the Project have been made in the first half of 2023 and more are expected to follow over the coming months. I remain hopeful that the backdrop to our strong investment case will also improve with global EV sales expected to accelerate in the second half of the year, which should in turn improve the recent negative trend in lithium prices. Progress should be made in the adoption of the European Commission's Critical Raw Materials Act, which is targeting 10% of European demand to be met by domestic supply by 2030, and hopefully wider sentiment in stock markets will also improve. I believe a broader pool of investors should see a compelling backdrop to complement Savannah's investment case. In the meantime, I would like to thank our old and new shareholders alike for their ongoing support and enthusiasm for the Company and its goal to become a major supplier of responsibly sourced lithium raw material for Europe.

Matthew King

Chairman

Date: 28 September 2023

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE SIX MONTHS ENDED 30 JUNE 2023

		Unaudited Six months to 30 June 2023	Unaudited Six months to 30 June 2022	Audited Year ended 31 December 2022
	Notes	£	£	£
CONTINUING OPERATIONS
Revenue		-	-	-
Other Income		-	-	-
Administrative Expenses		(1,383,467)	(1,932,032)	(3,531,894)
Foreign Exchange (Loss) / Gain		(148,008)	628,980	814,468
OPERATING LOSS		(1,531,475)	(1,303,052)	(2,717,426)
Finance Income		32,588	341	34,695
Finance Costs		-	-	(265)
LOSS FROM CONTINUING OPERATIONS BEFORE TAX		(1,498,887)	(1,302,711)	(2,682,996)
Tax Expense		-	-	-
LOSS FROM CONTINUING OPERATIONS AFTER TAX		(1,498,887)	(1,302,711)	(2,682,996)
LOSS ON DISCONTINUED OPERATIONS NET OF TAX		(48,060)	(50,838)	(176,396)
LOSS AFTER TAX ATTRIBUTABLE TO EQUITY OWNERS OF THE PARENT		(1,546,947)	(1,353,549)	(2,859,392)
OTHER COMPREHENSIVE INCOME
Items that will not be reclassified to Profit or Loss:
Net Change in Fair Value through Other Comprehensive Income of Equity Investments		(4,111)	(13,844)	(19,598)
Items that will or may be reclassified to Profit or Loss:
Exchange (Loss) / Gains arising on translation of foreign operations		(414,958)	397,464	665,656
OTHER COMPREHENSIVE INCOME FOR THE PERIOD		(419,069)	383,620	646,058
TOTAL COMPREHENSIVE LOSS FOR THE PERIOD ATTRIBUTABLE TO EQUITY OWNERS OF THE PARENT		(1,966,016)	(969,929)	(2,213,334)
Loss per Share attributable to Equity Owners of the parent expressed in pence per share:
Basic and Diluted
From Operations	3	(0.09)	(0.08)	(0.17)
From Continued Operations	3	(0.09)	(0.08)	(0.16)
From Discontinued Operations	3	(0.00)	(0.00)	(0.01)

The notes form part of this Interim Financial Report.

CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2023

		Unaudited 30 June	Unaudited 30 June	Audited 31 December
		2023	2022	2022
	Notes	£	£	£
ASSETS
NON-CURRENT ASSETS
Intangible Assets	4	16,660,692	15,235,815	16,459,599
Right-of-Use Assets		14,515	18,052	17,627
Property, Plant and Equipment	5	1,598,389	1,366,935	1,583,944
Other Receivables	6	434,350	-	454,651
Other Non-Current Assets	7	92,398	74,863	77,667
TOTAL NON-CURRENT ASSETS		18,800,344	16,695,665	18,593,488
CURRENT ASSETS
Equity Instruments at FVTOCI		7,866	17,731	11,977
Trade and Other Receivables	6	408,502	1,035,356	560,060
Other Current Assets	7	395	18,211	1,036
Cash and Cash Equivalents		4,839,155	9,433,689	7,202,334
TOTAL CURRENT ASSETS		5,255,918	10,504,987	7,775,407
TOTAL ASSETS		24,056,262	27,200,652	26,368,895
EQUITY AND LIABILITIES
SHAREHOLDERS' EQUITY
Share Capital	9	16,889,598	16,889,598	16,889,598
Share Premium		41,693,178	41,693,178	41,693,178
Merger Reserve		6,683,000	6,683,000	6,683,000
Foreign Currency Reserve		211,972	358,738	626,930
Share Based Payment Reserve		495,612	425,019	403,749
FVTOCI Reserve		(45,146)	(35,281)	(41,035)
Retained Earnings		(42,546,826)	(39,606,088)	(40,999,879)
TOTAL EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT		23,381,388	26,408,164	25,255,541
LIABILITIES
NON-CURRENT LIABILITIES
Lease Liabilities		9,306	11,051	12,263
TOTAL NON-CURRENT LIABILITIES		9,306	11,051	12,263
CURRENT LIABILITIES
Lease Liabilities		5,210	5,214	5,364
Trade and Other Payables	8	638,389	776,223	1,085,778
Other Current Liabilities		21,969	-	9,949
TOTAL CURRENT LIABILITIES		665,568	781,437	1,101,091
TOTAL LIABILITIES		674,874	792,488	1,113,354
TOTAL EQUITY AND LIABILITIES		24,056,262	27,200,652	26,368,895

The Interim Financial Report was approved by the Board of Directors on 28 September 2023 and was signed on its behalf by:

………………………………………………..

Dale Ferguson

Executive Director

Company number: 07307107

The notes form part of this Interim Financial Report.

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHS ENDED 30 JUNE 2023

At 1 January 2022	Share Capital £ 16,889,598	Share Premium £ 41,693,178	Merger Reserve £ 6,683,000	Foreign Currency Reserve £ (38,726)	Share Based Payment Reserve £ 305,095	FVTOCI Reserve £ (21,437)	Retained Earnings £ (38,284,665)	Total Equity £ 27,226,043
Loss for the period	-	-	-	-	-	-	(1,353,549)	(1,353,549)
Other Comprehensive Income	-	-	-	397,464	-	(13,844)	-	383,620
Total Comprehensive Income for the period	-	-	-	397,464	-	(13,844)	(1,353,549)	(969,929)
Share Based Payment charges	-	-	-	-	152,050	-	-	152,050
Lapse of Options	-	-	-	-	(32,126)	-	32,126	-
At 30 June 2022	16,889,598	41,693,178	6,683,000	358,738	425,019	(35,281)	(39,606,088)	26,408,164
Loss for the period	-	-	-	-	-	-	(1,505,843)	(1,505,843)
Other Comprehensive Income	-	-	-	268,192	-	(5,754)	-	262,438
Total Comprehensive Income for the period	-	-	-	268,192	-	(5,754)	(1,505,843)	(1,243,405)
Share Based Payment charges	-	-	-	-	90,782	-	-	90,782
Lapse of Options	-	-	-	-	(112,052)	-	112,052	-
At 31 December 2022	16,889,598	41,693,178	6,683,000	626,930	403,749	(41,035)	(40,999,879)	25,255,541
Loss for the period	-	-	-	-	-	-	(1,546,947)	(1,546,947)
Other Comprehensive Income	-	-	-	(414,958)	-	(4,111)	-	(419,069)
Total Comprehensive Income for the period	-	-	-	(414,958)	-	(4,111)	(1,546,947)	(1,966,016)
Share Based Payment charges	-	-	-	-	91,863	-	-	91,863
At 30 June 2023	16,889,598	41,693,178	6,683,000	211,972	495,612	(45,146)	(42,546,826)	23,381,388

The notes form part of this Interim Financial Report.

CONSOLIDATED CASH FLOW STATEMENT FOR THE SIX MONTHS ENDED 30 JUNE 2023

	Notes	Unaudited Six months to June 2023 £	Unaudited Six months to June 2022 £	Audited Year ended December 2022 £
Cash Flows used in Operating Activities
Loss for the period		(1,546,947)	(1,353,549)	(2,859,392)
Depreciation and Amortisation charges	5	5,472	12,137	23,456
Share Based Payments Reserve charge		91,863	152,050	242,832
Finance Income		(32,588)	(12,697)	(34,695)
Finance Expense		-	3,557	265
Exchange Losses / (Gains)		166,683	(628,090)	(858,679)
Cash Flow from Operating Activities before changes in Working Capital		(1,315,517)	(1,826,592)	(3,486,213)
Decrease / (Increase) in Trade and Other Receivables		137,471	(97,472)	(78,217)
Decrease in Trade and Other Payables		(396,205)	(765,133)	(538,972)
Net Cash used in Operating Activities		(1,574,251)	(2,689,197)	(4,103,402)
Cash flow used in Investing Activities
Purchase of Intangible Exploration Assets	4	(607,380)	(939,423)	(1,771,821)
Purchase of Tangible Fixed Assets	5	(63,940)	(665,952)	(852,127)
Interest received		32,589	12,697	28,438
Proceeds from Relinquishment of the Rights and Obligations of Discontinued Operations		-	86,675	89,981
Net Cash used in Investing Activities		(638,731)	(1,506,003)	(2,505,529)
Cash Flow used in Financing Activities
Principal paid on Lease Liabilities		(2,605)	(2,275)	(5,022)
Interest paid		-	(3,557)	(265)
Net Cash used in Financing Activities		(2,605)	(5,832)	(5,287)
Decrease in Cash and Cash Equivalents		(2,215,587)	(4,201,032)	(6,614,218)
Cash and Cash Equivalents at beginning of period		7,202,334	13,002,083	13,002,084
Exchange (Losses) / Gains on Cash and Cash Equivalents		(147,592)	632,638	814,468
Cash and Cash Equivalents at end of period		4,839,155	9,433,689	7,202,334

The notes form part of this Interim Financial Report.

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL REPORT FOR THE SIX MONTHS ENDED 30 JUNE 2023

1.    BASIS OF PREPARATION

The financial information set out in this report is based on the Consolidated Financial Statements of Savannah Resources Plc (the 'Company') and its subsidiary companies (together referred to as the 'Group'). The Interim Financial Report of the Group for the six months ended 30 June 2023, which is unaudited, was approved by the Board on 28 September 2023. The financial information contained in this interim report does not constitute statutory accounts as defined by s434 of the Companies Act 2006. The statutory accounts for the year ended 31 December 2022 have been filed with the Registrar of Companies. The Auditors' Report on those accounts was unqualified and did not contain a statement under section 498 (2) or 498 (3) of the Companies Act 2006.

The financial information set out in this report has been prepared in accordance with the accounting policies set out in the Annual Report and Financial Statements of Savannah Resources Plc for the year ended 31 December 2022. New standards and amendments to IFRS effective as of 1 January 2023 have been reviewed by the Group and there has been no material impact on the financial information set out in this report as a result of these standards and amendments.

The Group Interim Financial Report is presented in Pound Sterling.

Going Concern

In common with many mineral exploration companies, the Company has in the past raised equity to fund its exploration activities and to date has not earned any revenues from its exploration projects.

In July 2023 the Company raised £6.5m (before expenses), effectively at market price, providing a pro-forma cash balance of £11.4m. The Company confirmed that it would use this to focus on the completion of the DFS drilling programmes, the Mineral Resource Estimate upgrade, the RECAPE submission, the processing plant and infrastructure design, plus team expansion and community relations development. The Directors prepared cash flow forecasts for the period to December 2024. This indicates that additional funding will be required in 2024 in order to fund through Final Investment Decision and into Project construction. The Directors believe that following the granting of the DIA the Group's Barroso Lithium Project and the publication of the Company's new Scoping Study it is attractive to investors and are confident that funding for the Project's development would be obtained through options which may include equity, strategic partnership or offtake, in a lithium market with a bright outlook as the green energy revolution is driven by burgeoning EV demand and the increasing emergence of ESS (energy storage systems).

While the Company has been successful at raising equity finance in the past, and while the Directors are confident of raising additional funding should it be required, their ability to do this is not completely within their control and the lack of a binding agreement means there can be no certainty that the additional funding required by the Group and the Company will be secured within the necessary timescale. These conditions indicate the existence of a material uncertainty which may cast significant doubt about the Group and the Company's ability to continue as a Going Concern, and its ability to realise its assets and discharge its liabilities in the normal course of business. The Financial Statements do not include any adjustments that would result if the Group and Company were unable to continue as a going concern.

2.      SEGMENTAL REPORTING

The Group complies with IFRS 8 Operating Segments, which requires operating segments to be identified on the basis of internal reports about components of the Group that are regularly reviewed by the chief operating decision maker, which the Company considers to be the Board of Directors. In the opinion of the Directors, the operations of the Group are comprised of exploration and development in Portugal, headquarter and corporate costs and the discontinued operation in Mozambique.

Based on the Group's current stage of development there are no external revenues associated to the segments detailed below. For exploration and development in Portugal and the discontinued operation in Mozambique the segments are calculated by the summation of the balances in the legal entities which are readily identifiable to each of the segmental activities. Recharges between segments are at cost (including transfer price charge) and included in each segment below. Inter-company loans are eliminated to zero and not included in each segment below.

	Discontinued Operation Mozambique Mineral Sands 2	Portugal Lithium		HQ and Corporate		Elimination	Total
	£	£		£		£	£
Period 1 January 2023 to 30 June 2023
Revenue 1	-	429,358		321,171		(750,529)	-
Interest Income	-	-		32,588		-	32,588
Share Based Payments	-	-		(91,863)		-	(91,863)
Loss for the period	(48,060)	(571,419)		(927,468)		-	(1,546,947)
Total Assets	601,133	18,694,198		4,760,931		-	24,056,262
Total Non-Current Assets	434,350	18,365,994		-		-	18,800,344
Additions to Non-Current Assets	-	638,991		-		-	638,991
Total Current Assets	166,783	328,204		4,760,931		-	5,255,918
Total Liabilities	(46,971)	(237,496)		(390,407)		-	(674,874)

	Discontinued Operation Mozambique Mineral Sands2	Portugal Lithium		HQ and Corporate		Elimination	Total
	£	£		£		£	£
Period 1 July 2022 to 31 December 2022
Revenue 1	-	843,542		500,566		(1,344,108)	-
Finance Costs	-	(265)		-		-	(265)
Interest Income	-	-		34,354		-	34,354
Share Based Payments	-	-		(394,882)		-	(394,882)
Loss for the period	(125,558)	(729,413)		(650,872)		-	(1,505,843)
Total Assets	607,124	18,575,420		7,186,351		-	26,368,895
Total Non-Current Assets	456,490	18,130,222		6,776		-	18,593,488
Additions to Non-Current Assets	454,651	1,150,536		-		-	1,605,187
Total Current Assets	150,635	445,197		7,179,575		-	7,775,407
Total Liabilities	(111,567)	(326,564)		(675,223)		-	(1,113,354)

	Discontinued Operation Mozambique Mineral Sands2	Portugal Lithium		HQ and Corporate		Elimination	Total
	£	£		£		£	£
Period 1 January 2022 to 30 June 2022
Revenue 1	-	1,065,095		471,016		(1,536,111)	-
Finance Costs	-	-		-		-	-
Interest Income	-	-		341		-	341
Share Based Payments	-	-		(152,050)		-	(152,050)
Impairment of Assets	-	-		-		-	-
Loss for the period	(50,838)	(932,463)		(370,248)		-	(1,353,549)
Total Assets	752,409	17,298,526		9,149,717		-	27,200,652
Total Non-Current Assets	1,831	16,687,058		6,776		-	16,695,665
Additions to Non-Current Assets	-	1,516,978		-		-	1,516,978
Total Current Assets	750,578	611,468		9,142,941		-	10,504,987
Total Liabilities	(96,113)	(315,723)		(380,652)		-	(792,488)

¹ Revenues included in the Portugal Lithium segment include £429,358 (31 December 2022: £843,542; 30 June 2022: £1,065,096) related to intercompany recharges within this segment and therefore eliminated in the Elimination column.

² This is including costs related to the Company's Mozambican subsidiary, Matilda Minerals Lda.

3.            EARNINGS PER SHARE

            Basic earnings per share is calculated by dividing the earnings attributable to the ordinary shareholders by the weighted average number of ordinary shares outstanding during the period.

            In accordance with IAS 33 as the Group is reporting a loss for both this and the preceding period the share options are not considered dilutive because the exercise of share options and warrants would have the effect of reducing the loss per share.

Reconciliations are set out below:

	Unaudited Six months to 30 June 2023	Unaudited Six months to 30 June 2022	Audited Year ended 31 December 2022
Basic and Diluted Loss per Share:
Losses attributable to Ordinary Shareholders (£):
Total Loss for the period (£)	(1,546,947)	(1,353,549)	(2,859,392)
Total Loss for the period from Continuing Operations (£)	(1,498,887)	(1,302,711)	(2,682,996)
Total Loss for the period from Discontinued Operations (£)	(48,060)	(50,838)	(176,396)
Weighted average number of shares (number)	1,688,959,820	1,688,959,820	1,688,959,820
Loss per Share - Total Loss for the period from Operations (£)	(0.00092)	(0.00080)	(0.00169)
Loss per Share - Total Loss for the period from Continuing Operations (£)	(0.00089)	(0.00077)	(0.00159)
Loss per Share - Total Loss for the period from Discontinued Operations (£)	(0.00003)	(0.00003)	(0.00010)

4.            INTANGIBLE ASSETS

			Exploration and Evaluation Assets
			£
Cost
At 1 January 2022			14,137,817
Additions			840,532
Exchange differences			257,466
At 30 June 2022			15,235,815
Additions			890,791
Exchange difference			332,993
At 31 December 2022			16,459,599
Additions			557,175
Exchange differences			(356,082)
At 30 June 2023			16,660,692

Amortisation and Impairment
At 1 January 2022			-
At 30 June 2022			-
At 31 December 2022			-
At 30 June 2023			-
Net Book Value
At 30 June 2022			15,235,815
At 31 December 2022			16,459,599
At 30 June 2023			16,660,692

All Exploration and Evaluation Assets relate to the Barroso Lithium Project.

5.         PROPERTY, PLANT AND EQUIPMENT

	Motor Vehicles	Office Equipment	Land	Total
				£
Cost
At 1 January 2022	54,401	37,748	649,180	741,329
Additions	-	8,068	657,884	665,952
Exchange differences	1,350	1,106	30,477	32,933
At 30 June 2022	55,751	46,922	1,337,541	1,440,214
Additions	-	1,027	185,148	186,175
Exchange difference	1,604	1,259	37,127	39,990
At 31 December 2022	57,355	49,208	1,559,816	1,666,379
Additions	-	1,521	62,419	63,940
Exchange differences	(1,648)	(4,197)	(46,010)	(51,855)
At 30 June 2023	55,707	46,532	1,576,225	1,678,464

Depreciation
At 1 January 2022	46,333	18,460	-	64,793
Charge for the period	5,767	971	-	6,738
Exchange differences	1,276	472	-	1,748
At 30 June 2022	53,376	19,903	-	73,279
Charge for the period	2,425	4,473	-	6,898
Exchange difference	1,554	704	-	2,258
At 31 December 2022	57,355	25,080	-	82,435
Charge for the period	-	2,817	-	2,817
Exchange differences	(1,648)	(3,529)	-	(5,177)
At 30 June 2023	55,707	24,368	-	80,075

Net Book Value
At 30 June 2022	2,375	27,019	1,337,541	1,366,935
At 31 December 2022	-	24,128	1,559,816	1,583,944
At 30 June 2023	-	22,164	1,576,225	1,598,389

The additions in land reflect the land acquisition program that Savannah has in place in Portugal to acquire the land required for the future development of the Barroso Lithium project.

All Property, Plant and Equipment Assets relate to the Barroso Lithium Project.

6.         TRADE AND OTHER RECEIVABLES

		Unaudited 30 June 2023	Unaudited 30 June 2022	Audited 31 December 2022
		£	£	£
Non-Current
Other Receivables		434,350	-	454,651
Total Non-Current Trade and Other Receivables		434,350	-	454,651

		Unaudited 30 June 2023	Unaudited 30 June 2022	Audited 31 December 2022
		£	£	£
Current
VAT Recoverable		125,078	109,117	155,205
Other Receivables		283,424	926,239	404,855
Total Current Trade and Other Receivables		408,502	1,035,356	560,060

7.         OTHER CURRENT AND NON-CURRENT ASSETS

		Unaudited 30 June 2023	Unaudited 30 June 2022	Audited 31 December 2022
		£	£	£
Non-Current
Guarantees		62,755	66,257	64,611
Other		29,643	8,606	13,056
Total Other Non-Current Assets		92,398	74,863	77,667

Current
Other		395	18,211	1,036
Total Other Current Assets		395	18,211	1,036

8.           TRADE AND OTHER PAYABLES

		Unaudited 30 June 2023	Unaudited 30 June 2022	Audited 31 December 2022
		£	£	£
Current
Trade Payables		392,612	276,820	618,805
Other Payables		16,385	54,646	56,745
Accruals		190,829	435,275	410,228
Taxes		38,563	9,482	-
Total Current Trade and Other Payables		638,389	776,223	1,085,778

9.         SHARE CAPITAL

	Six months to 30 June 2023		Six months to 30 June 2022		Six months to 31 December 2022
	£0.01 ordinary shares number	£	£0.01 ordinary shares number	£	£0.01 ordinary shares number	£
Allotted, issued and fully paid
At beginning of period	1,688,959,820	16,889,598	1,688,959,820	16,889,598	1,688,959,820	16,889,598
Issued during the period:
Share placement	-	-	-	-	-	-
At end of period	1,688,959,820	16,889,598	1,688,959,820	16,889,598	1,688,959,820	16,889,598

The par value of the Company's shares is £0.01.

10.      GROUP CONTINGENT LIABILITIES

Details of contingent liabilities where the probability of future payments is not considered remote are set out below, as well as details of contingent liabilities, which although considered remote, the Directors consider should be disclosed. The Directors are of the opinion that provisions are not required in respect of these matters, as at the reporting date it is not probable that a future sacrifice of economic benefits will be required and the amount is not capable of reliable measurement.

         Consideration payable in relation to the acquisition of Mining Lease Application for lithium, feldspar and quartz (Portugal lithium project)

         In June 2019 the Company exercised its option to acquire a Mining Lease Application for lithium, feldspar and quartz from private Portuguese company, Aldeia & Irmão, S.A.. The total purchase price for the acquisition is EUR €3,250,000 (~ GBP £2,794,000), which will only become due once the Mining Lease Application has been granted and the Mining Rights transferred to an entity within the Group, at which point the agreed payment schedule will consist of an initial EUR €55,000 (~ GBP £47,000) payment with the balance due in 71 equal monthly instalments. Upon delivery of the request for transfer of the Mining Rights to an entity within the Group, the Group shall provide with a bank guarantee of EUR €3,195,000 (~ GBP £2,747,000) that will be reduced in accordance with the 71 monthly instalments. As at 30 June 2023 the mining lease has not been granted.

         Contingent tax liability in relation to the relinquishment of the rights and obligations of discontinued operations in Mozambique

         In October 2016 the Savannah Group and Rio Tinto entered into a Consortium Agreement ('CA'), whereby both Savannah Group and Rio Tinto combined their respective projects in Mozambique to form an unincorporated consortium. On the 1 December 2021 Savannah signed a Deed of Termination relating to the CA. Under the Deed of Termination, a compensation amounting to $9.5m (£7.0m) cash was agreed (the "Transaction"). The advice received from the Company's tax advisers was clear that the Transaction was not in scope for tax under Mozambique law, and this continues to be the Company's and its advisers' view. However, the Mozambican Tax Authority has indicated that it considers that the Transaction is in scope for Mozambican tax. The Company is working with its tax and legal advisers on this matter, and notes that in the 2021 Audited Consolidated Financial a gain on relinquishment of the rights and obligations of discontinued operations in Mozambique of £627,078, was recorded.

11.      EVENTS AFTER THE REPORTING DATE

In July 2023 the Company approved a share placement and subscription of £6.5m (before expenses) through the issue of 139,190,084 ordinary shares at an issue price of 4.67 pence per share.

On 12 September 2023 the Company appointed two new Non-Executive Directors. Bruce Griffin joined as an Independent Non-Executive Director, and Mohamed Sulaiman joined as Non-Executive Director, replacing the retiring Imad Sultan (Non-Executive Director) as the Board representative of Savannah's largest shareholder, Al Marjan Ltd.  Mohamed Sulaiman has become the Chairman of the Board's Audit and Risk Committee and a member of the Nomination Committee, and Bruce Griffin has become a member of the Remuneration Committee.

On 18 September 2023 Emanuel Proença was appointed as the Company's new Chief Executive Officer.

It was with deep sadness that the Board of Savannah announced on 19 September 2023 the passing of Manohar Pundalik Shenoy, Non-Executive Director of the Company. He also was Chairman of the Board's Audit and Risk Committee and served on the Remuneration Committee.

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: [phone]
SP Angel Corporate Finance LLP (Nominated Advisor & Joint Broker) David Hignell/ Charlie Bouverat (Corporate Finance) Grant Barker/Abigail Wayne (Sales & Broking)	Tel: [phone]
RBC Capital Markets (Joint Broker) Farid Dadashev/ Jamil Miah	Tel: [phone]
Camarco (Financial PR) Gordon Poole/ Emily Hall / Fergus Young	Tel: [phone]
LPM (Portugal Media Relations) Herminio Santos/ Jorge Coelho	Tel: [phone]

About Savannah

Savannah Resources is a mineral resource development company and sole owner of the Barroso Lithium Project in northern Portugal.

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. Through the Barroso Lithium Project, Savannah can 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. Production is targeted to begin in 2026, producing enough lithium for approximately half a million vehicle battery packs per year.

The Company is listed and regulated on 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".

 

END