AGM Statement

Savannah Resources PLC

21 May 2026

 

21 May 2026

Savannah Resources Plc

(AIM: SAV) ('Savannah', or the 'Company')

Chairman's AGM Statement

Savannah Resources Plc, the developer of the Barroso Lithium Project in Portugal (the 'Project'), a 'Strategic Project' under the European Critical Raw Materials Act and Europe's largest spodumene lithium deposit hosts its Annual General Meeting ('AGM') today at 11:00 BST at the offices of the Company's Joint Broker, Canaccord Genuity Limited, 88 Wood Street, London, EC2V 7QR.

Ahead of the AGM, the Company is providing the Chairman's Statement below.

Chairman's AGM Statement

I look forward to welcoming shareholders to our AGM later today which follows another important and significant year for the Company. The progress we have made takes us ever closer to our goal of becoming a substantial lithium raw material producer in Europe and making our contribution to the region's energy transition by developing this new long term industry in Portugal.

This progress has been well supported by you, our shareholders, but also by the local community, Portuguese State, European Commission and a much revitalised lithium market, with prices strongly incentivising the development of new sources of supply.

I refer shareholders to our recent Annual Report for a comprehensive review of Savannah's performance in 2025, but since the turn of the year, the most significant milestone has been the award and subsequent signing of an investment contract with the Portuguese Trade & Investment Agency ('AICEP') for a non-reimbursable Portuguese State grant for up to €110 million. This represents a sizeable contribution towards the Project's future construction funding and a clear endorsement of Barroso's national and European significance.

Operationally, the Company has continued to advance the Definitive Feasibility Study ('DFS'), with completion expected in July 2026. Savannah has also progressed work on the Project's road and power infrastructure and the environmental licence compliance process ('RECAPE'), where it expects to make its submission to the regulator during Q4 2026. Meanwhile, the recent granting of a second temporary land access order allows geotechnical fieldwork to proceed, which will feed into the Project's detailed engineering designs, which are critical for financing and subsequent construction.

On financing and additional commercial relationships, good progress continues to be made on both fronts with the Project's strategic significance and its robust economics combined with the buoyant lithium market attracting a strong pool of potential lenders and additional commercial partners.

Stakeholder engagement has also increased significantly thanks to the efforts of our team in Portugal. Public meetings have been held across the Project area and Memorandums of Understanding have been signed with multiple key local stakeholder groups. This is creating a framework for practical, mutually beneficial cooperation between the Company and local communities, which we will look to further strengthen as we move forward.

Underpinning our own efforts is the lithium market's resurgence, which began in the second half of 2025 and has continued apace in 2026. Spodumene prices are currently reported in a range of approximately US$2,800-2,900/t, around 375% above the lows seen in June last year. While lithium pricing will remain volatile as the market continues to grow and stabilise, the current pricing environment is highly supportive for new project development. Few companies globally are in such a strong position to deliver into this market as Savannah. Importantly, the structural drivers behind the market remain firmly in place. EV and battery storage demand continue to grow, while security of supply and the localisation of critical raw material supply chains remain major policy priorities in western economies. The Barroso Lithium Project is therefore well placed as Europe seeks to reduce reliance on imported lithium raw materials and develop a more resilient domestic battery value chain as the world grows its incentive for accelerating battery deployment and mass-scale decarbonisation.

The remainder of 2026 is expected to be another active and important period for Savannah. Our priorities include completing the DFS in July, progressing the geotechnical fieldwork now enabled by the second temporary land access order, advancing Front End Engineering & Design ('FEED') work, completing the RECAPE submission, and continuing to develop the Project's financing and commercial arrangements. Looking further ahead, Savannah remains focused on preparing for construction in 2027 and maintaining the target of first production in 2028, subject to securing the necessary financing, commercial partnerships, licences and construction delivery.

On behalf of the Board, I would like to thank our shareholders for their ongoing support and our team, advisers, contractors and stakeholders everywhere for their continued commitment.

With thanks,

Rick Anthon

Chair, Savannah Resources Plc

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]
Canaccord Genuity Limited (Joint Broker) James Asensio / Rory Blundell / Charlie Hammond (Corporate Broking) Ben Knott (Sales)	Tel: [phone]
Portugal Media Relations António Neves Costa (Communications Manager)	Tel: [phone]

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 and 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 London Stock Exchange's Alternative Investment Market (AIM) and trades under the ticker "SAV".

 

END