Project Timetable Update
Summary by AI BETAClose X
23 March 2026
Savannah Resources Plc
(AIM: SAV) ('Savannah', or the 'Company')
Project Timetable Update
DFS and RECAPE on track for summer 2026 completion, 2028 production target reiterated
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 is pleased to provide an update on the Project's development schedule which includes the target of completing the Project's Definitive Feasibility Study ('DFS') and environmental licence compliance process ('RECAPE') in July 2026 and reiterates the goal of first production in 2028.
Highlights:
· July 2026 completion targeted: The DFS and RECAPE submission are expected to be completed in July 2026 (previous guidance by end of H1 2026).
· Good progress being made: As previously reported, good progress has been made to date with the DFS and RECAPE workstreams. Currently the team is focused on completing a number of tasks including the closure of metallurgical test work. The final noise modelling for the RECAPE has also been started. To maintain momentum against the current positive lithium market backdrop, the DFS and RECAPE will now be completed without further data collection from fieldwork.
· 2028 Production guidance reiterated: Based on the new schedule for the RECAPE and DFS, Savannah expects to receive the Project's final environmental licence in Q3 2026 and reach FID before year end. As previously guided, commissioning and first production is still expected in 2028, subject to securing the necessary financing, additional commercial partners and licences required, and completing the Project's construction in the interim period.
· Completion of outstanding fieldwork and use of data: Savannah remains engaged with the Government ministry and agencies involved in the temporary land access process and still expects this approval in the near term. Once received, the planned fieldwork programme will be undertaken and completed as quickly as possible. The supplementary data generated will be incorporated as required into subsequent engineering studies, final designs and financing agreements.
· FEED tendering: With the DFS work in hand, Savannah is also currently undertaking the tendering exercise for the subsequent Front-End Engineering Design ('FEED') work and is engaged with a number of high quality engineering firms on this front. Savannah expects to select a firm in the coming weeks.
Emanuel Proença, Chief Executive Officer of Savannah commented, "With the outlook for the lithium market highly supportive of the Project's future development and having sufficient capital ringfenced for the purpose, we are determined to move forward and complete the DFS and RECAPE work this summer.
"We have concluded that with all the comprehensive technical work we have completed to date, we can produce the RECAPE and DFS to the required standards without the additional geotechnical and resource data we were expecting to generate from the outstanding fieldwork, which will be included into future engineering studies. This is good news for all stakeholders, and it comes after detailed discussions and validation from our technical consultants and project finance advisers.
"Our course ahead is clear and the team and I look forward to achieving the many milestones which lie ahead for Savannah. We are confident that, by reaching these key milestones and progressing through the important steps along the way, we will continue to create significant value for the Company as well as many benefits for the local region."
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:
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Savannah Resources PLC Emanuel Proença, CEO |
Tel: +44 20 7117 2489
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SP Angel Corporate Finance LLP (Nominated Advisor & Broker) David Hignell/ Charlie Bouverat (Corporate Finance) Grant Barker/Abigail Wayne (Sales & Broking)
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Tel: +44 20 3470 0470
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Canaccord Genuity Limited (Joint Broker) James Asensio / Charlie Hammond (Corporate Broking) Ben Knott (Sales) |
Tel: +44 20 7523 8000
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Portugal Media Relations Savannah Resources: Antonio Neves Costa, Communications Manager |
Tel: +351 962 678 912 |
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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, 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 AIM Market of the London Stock Exchange and trades under the ticker "SAV".
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