Response to Recent Portuguese Press Coverage
25 July 2022
Savannah Resources Plc
(AIM: SAV, FWB: SAV and SWB: SAV) ('Savannah', or the 'Company')
Response to Recent Portuguese Press Coverage
Savannah Resources plc, the European lithium development company, acknowledges the recent press coverage in Portugal relating to land acquisition, and a legal action initiated by the Covas do Barroso Baldios in respect of some land packages which Savannah has acquired from private landowners at the Barroso Lithium Project (the "Project").
The Baldios Management Commission (the "Baldios Commission") has lodged a civil claim against certain landowners, claiming that they have registered some of their properties in excess, that is, occupying property that is actually Baldios land (community owned and managed land).
As Savannah has acquired some of those properties, the Baldios Commission has included Savannah in those claims, requesting that the acquisition of such properties should be declared null and void.
To the best of Savannah's knowledge, the purchased properties correspond to what has been declared by the private landowners to the official registration of cadastral information office, BUPI - Balcão Único do Prédio and Savannah has purchased exactly what is registered with the Land Registry Office.
For reference, out of a total area of 593 hectares within the Project's concession, the areas that are being disputed by the Baldios Commission occupy approximately 8 hectares, or circa 1.4% of the total area of the Project.
Savannah has been asked to submit its defence to the proposed legal action before the end of September 2022 and will be working with its Portuguese counsel on this.
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 Dale Ferguson, CEO
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Tel: +44 20 7117 2489
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SP Angel Corporate Finance LLP (Nominated Advisor) David Hignell/ Charlie Bouverat
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Tel: +44 20 3470 0470
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finnCap Ltd (Joint Broker) Christopher Raggett/ Tim Redfern
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Tel: +44 20 7220 0500
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RBC Capital Markets (Joint Broker) Farid Dadashev/ Jamil Miah
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Tel: +44 (0) 20 7653 4000 |
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WH Ireland Limited (Joint Broker) Jessica Cave/ Ben Good/ Darshan Patel (Corporate Finance) Aimee McCusker (Corporate Broking)
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Tel: +44 20 7220 1666
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Camarco (Financial PR) Gordon Poole/ Emily Hall |
Tel: +44 20 3757 4980 |
About Savannah
Savannah is the owner of the Barroso Lithium Project, located close to key infrastructure in Northern Portugal which contains the most significant spodumene lithium resource in Western Europe. Following a positive Scoping Study which outlined a conventional operation producing 175,000t of spodumene concentrate per annum, Savannah is progressing the development and environmental licencing of the Barroso Lithium Project.
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".
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