Technical work update and first capex purchase

Savannah Resources PLC

18 May 2026

 

18 May 2026

Savannah Resources Plc

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

Technical work update and first capital equipment purchased

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 various technical work programmes and the first capital equipment purchase for the Project.

Technical work update:

·    Definitive Feasibility Study ('DFS'): Savannah's team and its external consultants continue to make good progress with all elements of the DFS. Final review of some elements has started, and all remaining work will be completed to the required standards over the coming weeks. Previous guidance is reconfirmed with completion expected in July.

·    Geotechnical study: Following the award of the second temporary land access last week (see 6 May 2026 RNS), Savannah is close to completing the associated formalities, including communicating with all relevant landowners, and has begun work preparing the ground for the planned fieldwork. Field teams are already working on Savannah owned land plots, performing the annual pre-fire season vegetation clearing ahead of preparing the geotechnical campaign.

·    Front-End Engineering Design ('FEED') study: The tendering process for the engineering contractor to undertake the FEED study for key long lead item equipment is well advanced. Savannah expects to select a provider from the strong short list in the coming weeks. Once selected, the chosen group is expected to begin this critical piece of work in June.

·    Environmental licence compliance study ('RECAPE'):

o  Following recent engagement with the Laboratório Nacional Engenharia Civil ('LNEC'), the Portuguese governmental body responsible for advising the environmental regulator ('APA') on water related Infrastructure, Savannah will bring forward planned detailed engineering work on the Project's water infrastructure to further enhance its RECAPE submission. This work was originally scheduled to take place prior to construction.

o  Contractor selection: Savannah has moved quickly and appointed Portuguese Engineering company, COBA, to undertake the work. COBA brings decades of domestic and international experience in water related infrastructure engineering work and mining. COBA will begin the work later this month.

o  Timeline implications: Factoring in this additional engineering work, Savannah now expects to complete its RECAPE submission for the environmental licencing process during Q4 2026. Based on the date of submission and the 50 working day review period available to APA under the relevant legislation, its decision would then be due in or before late February 2027. Savannah will act to manage the impact of this schedule extension on other workstreams as required, including the Project's financing process, maintaining the target of first production in 2028.

·    First capital equipment purchase: Savannah was pleased to recently mark the milestone of the first piece of equipment purchased as part of the Project's overall initial capital expenditure ('CAPEX'). A transformer has been purchased to form an integral part of the new electrical infrastructure at the Project.

Emanuel Proenca, Chief Executive Officer of Savannah commented, "The team are making good progress with the multiple technical workstreams which are currently underway on the Project and I can reconfirm expected completion of the DFS in July and our 2028 target for first production. The extension to the timeline for the environmental licencing process is a prudent risk mitigation step that will help to ensure that our RECAPE submission will be of top quality, and the Project's environmental licence will be finalised. Furthermore, this additional work, along with the geotechnical work we are undertaking, will also help to advance the Project's detailed engineering ahead of construction.

"On a different front, we were very pleased to pass another milestone on the Project with our first capital equipment purchase. While relatively small, this avoids potential delays on an item that frequently suffers long delivery times worldwide. It also marks the beginning of the 'build' phase and reiterates our commitment to delivering the Project. Further purchases and deposits for long lead items will be made at the appropriate times as we move towards construction next year.

"With much going on, including the upcoming geotechnical field work, I look forward to keeping all stakeholders and shareholders updated with Savannah's ongoing progress."

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.

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".

 

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