Appointment of CEO to Board and PDMR Notification

Savannah Resources PLC

15 April 2024

 

15 April 2024

Savannah Resources Plc

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

Appointment of Chief Executive Officer to the Board of Directors and PDMR Notification

Savannah Resources Plc, the developer of the Barroso Lithium Project (the 'Project') in Portugal, Europe's largest spodumene lithium deposit, is pleased to announce that, following the successful completion of his 6-month probationary period, Mr Emanuel Proença has been appointed as an Executive Director to the Company's Board of Directors with a commencement date of 15 April 2024, and has elected to take his fixed 2023 bonus in shares in lieu of cash.

Matthew King, Savannah's Chairman said: "In his short time as our CEO, Emanuel has operated at an exceptional level, successfully guiding our company through a highly challenging period whilst building new credibility in international markets and, importantly, Savannah's local market, Portugal. He has made key strategic appointments at different levels of the Company that have immediately delivered value and overseen the continued operational progress at our Barroso Lithium Project. I have every confidence that, under his leadership, the Project will be carried out in compliance with the highest standards of technical quality. He will also ensure that the environmental impacts for the local communities are minimised and that they share in the benefits of the Project, which is one of the most strategically important near term European raw material assets, supporting, as it does, the EU's ambition to become less dependent on external sources of lithium. Together with the rest of the Board, I look forward to working even more closely with Emanuel as we advance the Project towards production."

Emanuel Proença, Savannah's new Executive Director said: "Step by step, Savannah is progressing solidly towards its goal of becoming the main producer of lithium minerals in Europe, while serving well the Barroso region and its people, our shareholders and our team, and a successful and speedier energy transition in Europe. I am humbled by the additional appointment. I am also conscious that a lot is yet to be done, but I am confident in the steps we are taking and proud of the growing team we have. Following my first six months with the Company, I am more committed than ever to delivering our Project."

Emanuel Dâmaso Rodrigues Brinquete Proença

Emanuel Proença is an experienced business executive and an expert in energy transition in mobility. He has a strong track record of managing transformation and generating growth within sectors including, including green fuels, electrification of mobility, hedging and logistics, industrial development in Portugal and digitalisation. He holds an MBA from INSEAD (Singapore, USA/Wharton, and France) and a Master's degree in industrial engineering and management from Instituto Superior Técnico (Portugal).

Mr Emanuel Proença (a Portuguese national residing in Portugal) aged 39, currently holds or has held the following directorships and partnerships in the last five years:

Current Directorships / Partnerships	Former Directorships / Partnerships within the last 5 years
Associação de Bioenergia Avançada (Aba)	Prio Supply, SA
The Square - Your Communication Office, Unip Lda	Prio Bio, SA
The Square - Your Communication Office, S.L.	Prio Gás Porto, SA
	M-EC02, SA
	Ncb2G - Um Novo Conceito de Biocombustivel de 2a Geração, Unip Lda
	Prio SGPS
	Prio Energy, SA
	Prio Bio, SA
	Prio Supply, SA
	Prio Gás Lisboa, SA
	SHARE MOTIVATION - lnvestimentos lmobiliários, Lda
	Prio E, SGPS
	Prio E Mobility Solutions, Lda
	Prio Movilidad SLU
	Fulltank, SA

Issue of Shares

Mr Proença was appointed following an extensive head-hunter search and left his prior role in the middle of the annual bonus cycle. He has elected to have his fixed amount 2023 bonus settled in the form of the Company's ordinary shares, rather than in cash.

·    The 2023 Bonus to be settled by the issue of 2,011,880 new ordinary shares of 1 pence each over the Company's Share Capital ("Ordinary Shares") and will be issued today (the "New Ordinary Shares").

Table 1 below is a summary of Mr Proença's shareholding in the Company from on market purchases made in 2023 for 725,000 shares and the additional grant of 2,011,880 ordinary shares for the 2023 Bonus by the Company. As a result, his total shareholding is 2,736,880, which is 0.15% of the Company's total issued share capital.

Table 1

Variable	No. of Ordinary Shares	% Shareholding Analysis (Before)	% Shareholding Analysis (After)
October 2023 (on market purchase)	525,000	0.03%	0.03%
November 2023 (on market purchase)	200,000	0.01%	0.01%
Previous Shareholding	725,000	0.04%	0.04%
2023 Bonus (in lieu of cash, April 2024)	2,011,880		0.11%
Total Shareholding	2,736,880		0.15%
Company's Total Issued Share Capital (Before New Shares Issued)	1,828,149,904
Company's Total Issued Share Capital (After New Shares Issued)	1,830,161,784

There is no further information to be disclosed pursuant to paragraph (g) of Schedule 2 of the AIM Rules.

Admission to trading on AIM

The New Ordinary Shares, when issued, be credited as fully paid and rank "pari passu" with the existing Ordinary Shares.

Application has been made to London Stock Exchange plc for the New Ordinary Shares to be admitted to trading on AIM ("Admission"). Admission is expected to take place at 8.00 a.m. on 18 April 2024.

Total Voting Rights

Following Admission, the total number of Ordinary Shares in issue will be 1,830,161,784 and the total number of voting rights will therefore be 1,830,161,784. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM:

1.	Details of the person discharging managerial responsibilities/person closely associated
a)	Name:	Emanuel Proença
2.	Reason for the notification
a)	Position/status:	CEO
b)	Initial notification/Amendment:	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer, or auction monitor
a)	Name:	Savannah Resources Plc
b)	LEI:	213800UCK16HW5KKGP60
4.	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted.
a)	Description of the financial instrument, type of instrument: Identification code:	Ordinary Shares of £0.01 each ISIN:GB00B647W791
b)	Nature of the transactions:	Issue of Ordinary Shares in lieu of cash
c)	Price(s) and volume(s):	Price(s) Volume(s) 3.7000 pence 2,011,880
d)	Aggregated information: Aggregated volume: Price:	Single transaction as in 4 c) above
e)	Date of the transactions:	15 April 2024
f)	Place of the transactions:	London Stock Exchange

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**

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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]
SCP Resource Finance (Joint Broker) Filipe Martins/Chris Tonkin	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 the sole owner of the Barroso Lithium Project in northern Portugal, the largest battery grade spodumene lithium resource outlined to date in Europe.

Through the Barroso Lithium Project (the 'Project'), Savannah will help Portugal to play an important role in providing a long-term, locally sourced, lithium raw material supply for Europe's rapidly developing lithium battery value chain. After the Environmental Licence was granted in May 2023 and the Scoping Study confirmed the economic potential of the Project in June 2023, production is now targeted and on track to begin in 2026. At that stage, Savannah will start producing enough lithium for approximately half a million vehicle battery packs per year, equal to a significant portion of the European Commission's Critical Raw Material Act goal of a minimum 10% of European endogenous lithium production set for 2030. Savannah is focused on the responsible development and operation of the Barroso Lithium Project so that its impact on the environment is minimised and the socio-economic benefits that it can bring to all its stakeholders are maximised.

The Company is listed and regulated on the London Stock Exchange's Alternative Investment Market (AIM) and the Company's ordinary shares are also available on the Quotation Board of the Frankfurt Stock Exchange (FWB) under the symbol FWB: SAV, and the Börse Stuttgart (SWB) under the ticker "SAV".

 

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