Recommencement of Fieldwork
Summary by AI BETAClose X
29 June 2026
Savannah Resources Plc
(AIM: SAV) ('Savannah', or the 'Company')
Recommencement of Fieldwork
Restart of fieldwork following Portuguese State response to Precautionary Measure
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 announce that it can restart fieldwork with immediate effect at the Project. This follows the issuance of a 'Reasoned Resolution' (the 'Resolution') by the Portuguese State in response to the expected and anticipated 'precautionary measure' (the 'Measure') entered at the Administrative and Fiscal Court of Mirandela by the Covas do Barroso Baldios (as announced on 9 June 2026). The Company will now reinitiate the field programme and complete the work as planned.
The Measure relates to the temporary land easement order (the 'Order') which was approved by the Portuguese State in May 2026 and gives Savannah temporary access to land which it does not own at the Project, for the purposes of conducting the last phase of fieldwork prior to construction. As the State has responded to the Measure with a Reasoned Resolution, the suspension of the Order's effectiveness is removed immediately and fieldwork can resume on the land concerned.
In its response to the Measure, the State makes clear through the Resolution :
· the Project's national and European significance;
· the important role it can play locally with population retention and greater territorial cohesion through job creation and wider economic growth; and
· that Savannah completed the work under the first temporary land easement in 2025 in strict compliance with the guidelines and demonstrated willingness to clarify any concerns with affected landowners (see Additional Information section for further details).
Savannah is pleased that its previously stated expectation of being able to return to the field promptly has now been met.
The Company looks forward to providing shareholders with further updates regarding its progress with the fieldwork as well as with other Project-related workstreams, including the Definitive Feasibility Study.
Additional Information
Key commentary from the Portuguese State's Reasoned Resolution includes:
· On the Project's national and European importance
o "…the Barroso Mine Expansion Project does not constitute a mere private-sector business initiative but rather an instrument for the implementation of national and European public policy, with direct relevance to the European Union's strategic autonomy and to the binding objectives established under the European Critical Raw Materials Regulation. This confers upon the public interest underlying the challenged administrative act a dimension that transcends the purely national sphere."
o "In addition, investment in lithium extraction is intended to stimulate the national economy by promoting foreign investment and generating employment in the mining sector and throughout associated value chains. It may also foster the development of a domestic lithium refining and processing industry and attract, particularly to inland regions of the country, industries that depend on this raw material, thereby supporting the economic development of those regions."
o "Accordingly, the suspension of the effectiveness of the administrative act is liable to cause serious and difficult-to-remedy harm to the public interest, as it would compromise the execution of works that are essential to the continuation of the licensing process, delay the implementation of a project of recognized national and European strategic importance, and jeopardize the achievement of objectives related to the sustainable supply of critical raw materials and the energy transition."
· On the Project's importance to the local economy and region
o "…Furthermore, the project has a positive impact on local economic development, notably through the creation of jobs and the stimulation of related economic activities, thereby contributing to population retention and territorial cohesion in a region affected by depopulation trends. Consequently, the suspension of the works resulting from the suspension of the administrative act in question, and the potential non-implementation of the project, may have adverse effects on employment and the local economic fabric."
· In relation to Savannah's good conduct during the first temporary land easement (2025)
o "It should be noted that the works previously carried out under the former administrative easement within the scope of the same project were executed in strict compliance with the concession agreement, the work programme approved by the Directorate-General for Energy and Geology, and the Environmental Impact Statement (DIA), in accordance with the applicable legal framework. The concessionaire has, in all circumstances, demonstrated complete willingness to clarify any concerns raised by affected landowners, which attests to the rigour of its conduct and the absence of any significant damage attributable to the implementation of the easement."
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:
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Savannah Resources PLC Emanuel Proença, CEO
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Tel: +351 963 850 959
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SP Angel Corporate Finance LLP (Nominated Advisor & Joint 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 / Rory Blundell / Charlie Hammond (Corporate Broking) Ben Knott (Sales)
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Portugal Media Relations António Neves Costa (Communications Manager) |
Tel: +351 962 678 912 |
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 AIM Market of the London Stock Exchange and trades under the ticker "SAV".
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