Restart of fieldwork at Project
21 February 2025
Savannah Resources Plc
(AIM: SAV) ('Savannah', or the 'Company')
Restart of fieldwork following Portuguese State response to Precautionary Measure
Savannah Resources Plc is pleased to announce that it can restart fieldwork and the current drilling campaign with immediate effect at the Barroso Lithium Project (the 'Project'). This follows the issuance of a 'Reasoned Resolution' (the 'Resolution') by the Portuguese State in response to the 'precautionary measure' (the 'Measure') entered at the Administrative and Fiscal Court of Mirandela by three local landowners (See RNS 7 February 2025). The Company will seek to make up the time lost during this unwanted two-week stoppage over the remainder of the programme.
The Measure relates to the temporary land easement order (the 'Order') which was approved by the Portuguese State in December 2024 and gives Savannah temporary access to land which it does not own at the Project, for the purposes of conducting the fieldwork required for Project's Definitive Feasibility Study ('DFS') and environmental licencing. 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.
The Resolution concludes, "…we believe that any postponement of the execution of the administrative act (the Order) being challenged in court is more costly and seriously detrimental to the public interest, and that its full effectiveness should be maintained."
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 as it works toward completing the Project's DFS and environmental licencing process in the second half of the year.
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 |
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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Camarco (UK Financial PR) Gordon Poole/ Emily Hall / Nuthara Bandara |
Tel: +44 20 3757 4980 |
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Portugal Media Relations Savannah Resources: Antonio Neves Costa, Communications Manager |
Tel: +351 962 678 912 |
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LPM Herminio Santos/ Jorge Coelho/ Margarida Pinheiro |
Tel: +351 218 508 110 |
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 largest battery grade spodumene lithium resource outlined to date in Europe.
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".
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