TIDMSAV
RNS Number : 5397A
Savannah Resources PLC
26 September 2022
26 September 2022
Savannah Resources Plc
(AIM: SAV, FWB: SAV and SWB: SAV) ('Savannah', or the
'Company')
Interim Results for Six Months Ended 30 June 2022
Savannah Resources, the European lithium development company, is
pleased to announce its interim results for the six months ended 30
June 2022.
First half and recent highlights include:
Corporate:
-- Cash balance of GBP9.4m at 30 June (31 December 2021:
GBP13.0m); Savannah recorded a first half net loss from continuing
operations of GBP1.3m (30 June 2021: GBP1.9m)
-- Dale Ferguson appointed as Interim Chief Executive Officer in
July after David Archer stepped down; The search for a permanent
CEO replacement has been initiated
-- Mary Jo Jacobi appointed as an Independent Non-Executive
Director & Manohar Shenoy appointed as a Non-Executive
Director; Expecting to appoint an experienced Portuguese candidate
as a Non-Executive Director to the Board
Barroso Lithium Project (the 'Project'):
Technical:
-- Agreed with the Portuguese environmental regulator ('APA') to
progress its review of the Environmental Impact Assessment ('EIA')
on the Project via the time-controlled and more interactive
'Article 16' process
-- A number of constructive meetings have already been held with
APA; Savannah and its consultants are revising elements of the
Project's design for resubmission of the EIA
-- EIA resubmission deadline set at 17 March 2023; Savannah
expects to make its resubmission during Q1 2023, APA will then have
up to 50 business days to issue its Declaration of Environmental
Impact ('DIA') decision
-- Design of process flowsheet finalised, based on standard
plant and environmentally friendly reagent regime
-- Decarbonisation Study initiated, with initial results expected shortly
-- Definitive Feasibility Study ('DFS') to be completed once the
Project's final design has been agreed through the 2(nd) phase of
the environmental licencing process ('RECAPE') and necessary
fieldwork undertaken. DFS expected to take around 12 months from
restart of fieldwork
Stakeholder Engagement:
-- Relationships with a number of key stakeholders refreshed
after initiation of the Article 16 process and team changes within
Savannah
-- Opened an additional information centre in the local area,
recruited new staff from the local population, continued to give
preference to local suppliers of goods and services, and provided
support to local groups and events
-- Commissioned social performance consultancy, Community
Insights Group (CIG), to support with stakeholder engagement
planning. Results from the first phase of CIG's work expected in Q4
2022
Commercial:
-- EV & lithium market backdrop remains encouraging. H1 2022
global EV sales of 4.3m (+63% vs. 1H 2021), annual sales expected
to be over 10m (6.75m 2021). Growth in demand for EVs has
maintained pressure on lithium supplies; lithium prices up over
100% in H1 2022
-- War in Ukraine has also placed great emphasis on Europe's
need to rapidly increase its autonomy and strategic independence in
renewable energy provision and critical mineral production
-- Levels of interest in offtake from the Project have increased
as lithium market continues to tighten; Savannah remains in
discussions with several groups
-- Despite Article 16 extension to the Project's timetable, its
development remains well aligned with the construction schedules of
the two proposed refineries in Portugal and other European
plants
Outlook/Next steps:
-- Cash balance (GBP9.4m) should be sufficient to see the
Company through the Article 16 process and into the DFS/RECAPE
completion phase of the Project's development
-- Future newsflow to provide updates on:
o The Article 16 process, resubmission of revised EIA and APA's
DIA decision
o Decarbonisation study and strategy
o Staff appointments
o Community engagement activities
o Commercial discussions
CHAIRMAN'S STATEMENT FOR THE SIX MONTHSED 30 JUNE 2022
The first half of 2022 was another busy period for Savannah and
there have been some further significant developments within the
Company since I gave my AGM statement in June. Of most note has
been the agreement with the Portuguese environmental regulator,
Agência Portuguesa do Ambiente ('APA') to progress their review of
our Environmental Impact Assessment ('EIA') on the Barroso Lithium
Project (the 'Project') via the so-called 'Article 16' process. An
update on this process is provided below but as we stated in our 6
July announcement, after the extended previous phases of the review
process, which included very limited opportunity to interact with
the regulator, this phase is strictly time-controlled and we
welcome the opportunity it brings to engage regularly in-person
with APA. We hope it will result in a final design which is to
APA's satisfaction so we can move forward with the Project.
In another significant change, David Archer stood down as
Savannah's Chief Executive with immediate effect in early July
after almost nine years in the role. We thank David again for his
long period of leadership and his ongoing support as a shareholder.
Pleasingly, Dale Ferguson, our Technical Director and the Board
representative of Savannah's second largest shareholder, Slipstream
Resources, agreed to step up to the CEO role on an interim basis.
Dale is ideally placed to lead the Company over the important
coming months as we look to complete our re-submission to APA under
the Article 16 process and increase our engagement with all key
stakeholders in the Project. The search for a permanent replacement
for David Archer as CEO is well-underway and we expect to make an
appointment in due course. We also have a search underway to
identify an experienced Portuguese candidate to join the Board as a
Non-Executive Director.
During the period, we also welcomed Mary-Jo Jacobi to the Board
as an Independent Non-Executive Director and Manohar Shenoy as
Non-Executive Director. Their appointments coincided with the
retirement from the Board of Maqbool Sultan (Non-Executive
director) and Murtadha Sultan, who served as an alternate director
for Imad Sultan, and I take this opportunity again to thank both
Maqbool and Murtadha for their valuable contributions to Savannah
over the last six years.
We have also recruited new members of staff in Portugal to
expand our technical and communications teams. Growing the
in-country team further will be critical to Savannah in the years
ahead and our efforts to bolster the team will continue.
Immediately following his appointment, Dale and I travelled to
Portugal to meet with a number of key stakeholders in person and to
provide support and guidance to our in-country team as we head into
this critical period for the Company. Savannah has an excellent and
experienced team, and we are focused on empowering them to lead in
the critical relationships we must maintain and grow to achieve our
goals of becoming a lithium raw material producer in Portugal,
benefiting the communities we work alongside, and generating
shareholder value.
We remain in regular contact with a number of potential
offtakers and are keeping them informed of the impact of the
Article 16 process on the Project's timeline. We are also
progressing our decarbonisation study so that we can decide how to
achieve our objective of minimising the carbon footprint of the
Project.
Meanwhile, the situation in the lithium market remains highly
encouraging for new raw material producers like Savannah. Website
EV-Volumes.com reported that H1 2022 global sales reached 4.3
million units, or 63% higher than H1 2021 with sales in Europe up
9% vs. H1 2021 despite the significant current pressure on the
economy. Global sales included over 956,000 units being sold in
June 2022 which was a new all-time monthly high (+55% vs. June
2021). The global market share for plug-ins in H1 2022 reached
11.2% of all new cars sold vs. 6.3% in H1 2021. As of July
EV-volumes.com is forecasting global annual sales of 10.6 million
units vs. 2021 sales of 6.75 million (+57%). This EV market trend
has maintained pressure on the current lithium-ion battery value
chain and resulted in the spot prices for the three major lithium
raw materials, spodumene concentrate, lithium carbonate and lithium
hydroxide rising by over 100% during the first six months of the
year. For reference, the spodumene spot price rose from US$2,800/t
(FOB Australia) at the end of December 2021 to US$6,450/t at the
end of June and, following a brief dip in mid- July to US$6,000/t,
is currently at US$6,550/t (source: S&P Global Market
Insight).
At the same time, the war in Ukraine, now tragically over six
months in duration, is also placing great emphasis on the need to
accelerate the energy transition away from fossil fuels. This is
particularly true for Europe which must expedite and expand its
plans for more renewable power provision to both deal with the
immediate energy crisis and deliver on its long-term net zero
climate goal. This means not only rapidly creating far greater
renewable energy capacity but also providing the associated storage
mechanisms, including batteries. In turn this requires the
responsible mass production of the raw materials required, such as
lithium. Furthermore, Europe can no longer rely on energy and raw
material production from external, often high-risk countries, such
as Russia. The European Commission is determined to develop the
region's autonomy and strategic independence when it comes to
renewable energy provision and in the critical minerals and
materials that can make the transition possible. Hence, Savannah,
and all its lithium and battery metal production peer group, will
have a vitally important role to play in the future of European
society.
However, as everyone in Savannah appreciates, while the lithium
from our Project and others like it has an important role to play
for society at large, its extraction does have an impact on the
immediate area concerned. Achieving social acceptance is one of the
greatest challenges faced by the mining industry around the world.
The onus is on all of us to find the best balance we can so that
the maximum beneficial outcomes can be achieved with the smallest
impact. We willingly acknowledge that there will always be a range
of views concerning these impacts and we welcome constructive
dialogue on them with our stakeholders.
Overall we see the Article 16 process and our renewed
conversations with stakeholders as an opportunity to optimise the
Project's design and our proposed community programmes. The team
and our experienced consultants are now working hard to complete
the required tasks, which we believe we can do in the time
available. Furthermore, our robust cash position, GBP9.4m as at 30
June, gives us sufficient capital to complete this phase and, if
the approval is given by APA, move into the next phase with
confidence.
Barroso Lithium Project, Portugal
Environmental Licencing process
In July 2022 Savannah agreed to APA's proposal that the EIA
evaluation process, the major step in obtaining the Environmental
licence required for the Project, should continue under Article 16
of Decree-Law No. 151-B/2013, amended and republished by the
Decree-law 152-B/2017 of 11 December ('Article 16'), which
regulates Environmental Impact Assessments in Portugal. After the
extended period of time taken during previous phases of the EIA
review process (the EIA was initially submitted in June 2020), we
were encouraged by this option under the relevant legislation as it
has both a fixed time period, including a maximum 50 business day
review period for a final 'Declaration of Environmental Impact'
('DIA') decision by APA, and provides the proponent with greater
opportunity to engage directly with APA than in previous phases. To
this end, we have already held a number of useful and productive
meetings with APA, and, in collaboration with our expert
consultants, we are developing revised plans for aspects of the
Project which APA have identified as requiring further
consideration. These include certain physical aspects such as
infrastructure, management of local water resources, landscape
impacts and ecological systems, and socio-economic considerations
including, the impact of the Project on other local businesses. We
are also looking to deepen the links between the Project and the
local communities and the municipality.
As we announced on 21 September, it has also been confirmed in
our ongoing discussions with APA that the 'six months' period
defined in the Article 16 legislation allowed for a proponent to
resubmit any relevant parts of its EIA documents, in fact refers to
180 business days and not six calendar months. As a result,
Savannah will have up to 17 March 2023 to submit its revised plans
to the regulator, with APA's 50 business day review to follow
thereafter. Based on our ongoing discussions with APA and our
consultants to date, we expect to make our submission in Q1
2023.
While I understand the extension caused to the overall Project
timetable by the Article 16 phase will be a frustration to many
shareholders, it is imperative that we revise elements of the
Project's design to give ourselves the best chance of receiving a
positive decision from APA. This period should also give us an
opportunity to consult with other stakeholders about the revised
Project design, how we will minimise its impact on the local
environment and society, and the associated socio-economic benefits
the Project can bring.
Stakeholder Engagement
In our continuing efforts to secure social acceptance for the
Project, senior management and the team in Portugal have engaged
extensively with all key stakeholders in the year to date. Most
significantly, the move into the Article 16 phase on the EIA and
team changes within Savannah have given us an opportunity to start
a new chapter in our conversations with a number of key
stakeholders. Hence, we are in the process of establishing and
building new relationships, as well as strengthening those which
have been formed over the years Savannah have been present in
Portugal. We hope our efforts will form the basis for meaningful
progress and future mutual benefit.
During the year to date we also have made significant efforts to
maintain our interaction with the local communities. These efforts
have included increasing the number of information centres in the
area, recruiting new staff from the local population to man our
centres and to represent Savannah in the community, continuing to
give preference to local suppliers of goods and services, and
providing support to local groups and events.
As part of our work in creating a Project specific Environmental
and Social Management System, we have commissioned the highly
experienced social performance consultancy, Community Insights
Group (CIG), to support the Project in its stakeholder engagement
planning. CIG has extensive experience in mining and energy
projects around the world, including in Portugal. CIG's staff have
already visited the Project and have been gathering background
information from Savannah's staff and other sources. During the
remainder of the year they will be undertaking an extensive survey
amongst the local community to build a detailed profile of local
attitudes towards the Project and to better understand the
relationship that members of the local community expect to have
with the Project, and what actions they would like Savannah to
undertake. Results from the first phase of CIG's work are expected
in the final quarter of the year.
Commercial Discussions
Project 'stakeholders' also include our future commercial
partners. As we have highlighted previously, the level of interest
in offtake from the Project has increased in line with the rising
price of lithium. This reflects the growing appreciation shown by
lithium consumers and new market entrants alike that the current
tight supply conditions in the lithium sector are likely to
continue over the long term and that, more generally, insufficient
raw material supply poses a significant threat to their own
business plans. The growing level of commercial interest in the
Project also reflects the increasing number of merchant lithium
refineries now being planned in Europe, and the arrival of the
major metal trading houses in the battery metal markets. Our
preference remains to do business with groups committed to
developing the lithium value chain in Portugal and Europe.
Against this background, we remain in discussions with several
groups, and have kept these parties informed about the move into
the Article 16 phase on the EIA, and the impact on the Project's
timeline. As we highlighted in July, with our new expectation of
first production in 2026 we remain well aligned with the
development schedules of the two proposed refineries in Portugal
and other chemical plants elsewhere in Europe. In terms of formally
finalising offtake agreements, Savannah and our potential
counterparties are unlikely to take this step until we have clarity
on the Project's licencing status next year. However, we will be
continuing discussions in preparation for that time, focused on
deal structures which will help to de-risk the Project's future
construction and financing.
Decarbonisation study
During the period we also initiated and advanced a
decarbonisation study, following the commitment the Company made in
November 2021 to move towards net zero Scope 1 and 2 emissions once
the Project is in operation, and also to reduce the Scope 3
emissions as much as possible. ECOPROGRESSO, part of the Quadrante
Group, have been leading this study and working in collaboration
with the global technology leader, ABB. We expect to receive the
study's initial findings shortly, which can then be further
investigated in the next phase. We also expect to attract more
partners to work on this critical element of the overall Project,
which underlies Savannah's commitment to minimising the carbon
footprint associated with Europe's domestic lithium value battery
chain, such as vehicle OEMs.
Definitive Feasibility Study
As we have highlighted previously, it will only be possible to
complete the Definitive Feasibility Study ('DFS') once both the
Project's final design has been agreed through the environmental
licencing process, and necessary fieldwork has been undertaken.
Hence, we will progress the DFS in parallel with the second and
final ('Relatório de Conformidade Ambiental do Projeto de Execução,
'RECAPE') design phase of the environmental licencing process once
a positive DIA is received. We expect the DFS to take around 12
months to complete from the point when fieldwork is restarted.
Importantly, during 2022 we have been successful in
significantly advancing a key input into the DFS, namely the
metallurgical process that will be used to produce the spodumene
lithium concentrate and quartz-feldspar products at the Project. As
we announced in February, we have been able to design a circuit
which will produce a high quality spodumene concentrate through the
use of industry standard equipment and processes and an
environmentally friendly reagent regime. The initial lab scale
tests returned spodumene recovery rates in the high 70% range,
while the more advanced locked cycle tests completed in June showed
recoveries as high as 81% with the potential for lower reagent
consumption rates than first expected. Further opportunities have
also been identified to potentially increase recovery still
further, and these will be investigated along with completion of
pilot plant test work, once fieldwork is underway again and
sufficient ore samples are available from the planned infill drill
programme.
In the meantime, we have been regularly reviewing our estimates
of future capital and operating costs on the Project based on
updated inputs from potential suppliers, consultants and other
market sources. These exercises do imply a level of cost inflation
in line with that being reported by other development companies in
the mining sector.
Legal Proceedings
As shareholders will be aware, two sets of proceedings have been
initiated in the Portuguese courts during 2022 in relation to the
Project. The first, which was filed in February (RNS 4 February
2022) was brought by the Parish of Covas do Barroso as plaintiff in
the Mirandela Fiscal and Administrative Court in Portugal against
the Republic of Portugal and the Ministry of Economy as defendants.
In this case, which the Company's legal counsel advise is without
foundation, Savannah's wholly owned subsidiary, Savannah Lithium
Unipessoal Lda, has been joined as the counter-interested party
(not a defendant). The litigation seeks to nullify certain
administrative actions taken by the defendants in June 2016
including the addition of lithium to and the expansion in the area
of the C-100 Mining Lease. To date the Ministry of Economy has
presented its contestation to the lawsuit, to which the Parish of
Covas do Barroso has replied. The next step, therefore, is for the
Court to decide whether or not there is a case to answer. If it
decides that the claim is baseless, the case will not proceed. If
it does decide there is a case to answer, a date for a hearing will
be set. Savannah's counsel advises that a decision on whether a
hearing is required can be expected early in 2023.
The second case (RNS 25 July 2022) is a civil claim lodged at
the Vila Real District court by the Management Commission of the
Covas do Barroso Baldios (the 'Baldios Commission') against certain
private landowners in respect of some land packages at the Project
which they sold to Savannah. The Baldios Commission claims that the
landowners have registered some of their properties in excess and
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 this
claim. 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. To the best of Savannah's
knowledge, the purchased properties correspond with the
declarations made by the private landowners to the official
registration of cadastral information office and Savannah has
purchased exactly what is registered with the Land Registry Office.
The court is in the process of notifying all defendants of this
claim, including Savannah, and requesting submission of responses.
Savannah expects to be asked to submit its defence, which is being
prepared, by the end of October. We have been advised that this
case could take over one year to conclude.
Savannah will make further announcements regarding the
litigation as appropriate, but the Company is keen to reiterate
that the C-100 Mining Lease is fully granted, has a term of 30
years to 2036 and remains in good standing. Neither set of legal
proceedings is impacting on activities at the Project or the
current Article 16 phase of the environmental impact assessment
process.
Mozambique
Following the cancellation of its unincorporated joint venture
with Rio Tinto on the Mutamba mineral sands project last year
(announced 1 December 2021), Savannah remains in the process of
divesting its only residual Mozambiquan assets (Matilda Minerals
Lda and Mining Concession 9735C). Discussions are ongoing and we
remain confident that a suitable deal structure can be agreed with
an acquirer to fully complete Savannah's exit from the Mozambique
mineral sands sector.
Financials
During the period Savannah has importantly maintained a robust
cash position of GBP9.4m (31 December 2021: GBP13.0m) following the
oversubscribed placing in April 2021, which raised gross proceeds
of GBP10.3m, and the US$9.5m received from Rio Tinto on termination
of the unincorporated Joint Venture on the Mutamba project last
December. In terms of the broader financial performance Savannah
recorded a first half net loss from continuing operations of
GBP1.3m (30 June 2021: GBP1.9m) with a GBP0.6m exchange rate gain
(30 June 2021: - GBP0.1m) offsetting a 10% increase in
administrative expenses (primarily professional fees supporting the
Project's development).
Outlook
In the months ahead Savannah's top priorities are to revise the
Barroso Lithium Project's EIA to align with APA's requests under
the Article 16 protocol so that a positive DIA decision is received
and to build strong and meaningful relationships with key
stakeholders so social acceptance of the Project is achieved.
Assuming a positive outcome means we must also continue to
prepare for the future by deepening our ties with the local areas,
advancing commercial discussions and our decarbonisation strategy,
building our in-country team and brand, and marketing Savannah to
investors as a means for them of securing responsibly managed
exposure to lithium prices and Europe's lithium-ion battery value
chain. We must also be ready to take the chance to grow the
Company's asset portfolio when relevant opportunities are
identified.
By continuing to maintain a close control of costs going
forward, Savannah's cash reserve (GBP9.4m) should be sufficiently
comfortable to see the Company through the Article 16 process and
into the DFS/RECAPE phase of the Project's development. Securing
subsequent finance at that point, whether it be from an offtake
partner, strategic investor, capital markets, or alternative
sources, when the Project is significantly de-risked from a
licencing perspective should be readily achievable.
We look forward to providing shareholders with updates regarding
the Article 16 process as appropriate in the coming weeks.
Additionally, we plan to provide the market with updates on the
decarbonisation strategy, commercial discussions, staff
appointments, and community engagement activities.
I take this opportunity to thank our staff for their persistent
efforts to drive forward the Barroso Lithium Project, and our
shareholders for their continuing support while we do this.
Matthew King
Chairman
Date: 23 September 2022
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE SIX
MONTHSED 30 JUNE 2022
Unaudited Unaudited Audited
Six months Six months Year ended
Notes to 30 June to 30 June 31 December
2022 2021* 2021
GBP GBP GBP
CONTINUING OPERATIONS
Revenue - - -
Other Income - - -
Administrative Expenses (1,932,032) (1,750,161) (3,305,649)
Foreign exchange gain/(loss) 628,980 (120,501) (213,088)
OPERATING LOSS (1,303,052) (1,870,662) (3,518,737)
Finance Income 341 355 671
Finance Costs - (114) (139)
---------------------------------------- -------- ------------ ------------ -------------
LOSS FROM CONTINUING OPERATIONS
BEFORE AND AFTER TAX (1,302,711) (1,870,421) (3,518,205)
(LOSS)/GAIN ON DISCONTINUED
OPERATIONS BEFORE AND AFTER TAX (50,838) 436,341 2,371
LOSS BEFORE AND AFTER TAX ATTRIBUTABLE
TO EQUITY OWNERS OF THE PARENT (1,353,549) (1,434,080) (3,515,834)
---------------------------------------- -------- ------------ ------------ -------------
OTHER COMPREHENSIVE INCOME
Items that will not be reclassified
to Profit or Loss:
Net change in Fair Value through
Other Comprehensive Income of
Equity Investments (13,844) 100,060 82,006
Items that will or may be reclassified
to Profit or Loss:
Exchange Gains arising on translation
of foreign operations 397,464 131,362 154,815
---------------------------------------- -------- ------------ ------------ -------------
OTHER COMPREHENSIVE INCOME FOR
THE PERIOD 383,620 231,422 236,821
---------------------------------------- -------- ------------ ------------ -------------
TOTAL COMPREHENSIVE INCOME FOR
THE PERIOD ATTRIBUTABLE TO EQUITY
OWNERS OF THE PARENT (969,929) (1,202,658) (3,279,013)
---------------------------------------- -------- ------------ ------------ -------------
Loss/(Gain) per share attributable
to Equity Owners of the parent
expressed in pence per share:
Basic and Diluted
From Operations 3 (0.08) (0.09) (0.22)
From Continued Operations 3 (0.08) (0.12) (0.22)
From Discontinued Operations 3 (0.00) 0.03 0.00
---------------------------------------- -------- ------------ ------------ -------------
* The disclosures as at 30 June 2021 have been re-presented so
that the operations that are discontinued at 30 June 2022 are
classified as discontinued.
The notes form part of this Interim Financial Report.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE
2022
Unaudited Unaudited Audited
Notes 30 June 30 June 31 December
2022 2021 2021
GBP GBP GBP
ASSETS
NON-CURRENT ASSETS
Intangible Assets 4 15,235,815 17,836,604 14,137,817
Right-of-Use Assets 18,052 12,256 5,390
Property, Plant and Equipment 5 1,366,935 1,064,198 676,536
Other Non-Current Assets 7 74,863 70,803 69,542
Bank Deposits 7 - 687,467 -
---------------------------------- -------- ------------- ------------- -------------
TOTAL NON-CURRENT ASSETS 16,695,665 19,671,328 14,889,285
CURRENT ASSETS
Equity instruments at FVTOCI 17,731 66,002 31,575
Trade and Other Receivables 6 1,035,356 423,513 962,058
Other Current Assets 7 18,211 16,137 19,300
Cash and Cash Equivalents 9,433,689 9,659,326 13,002,084
TOTAL CURRENT ASSETS 10,504,987 10,164,978 14,015,017
---------------------------------- -------- ------------- ------------- -------------
TOTAL ASSETS 27,200,652 29,836,306 28,904,302
---------------------------------- -------- ------------- ------------- -------------
EQUITY AND LIABILITIES
SHAREHOLDERS' EQUITY
Share Capital 9 16,889,598 16,889,598 16,889,598
Share Premium 41,693,178 41,695,948 41,693,178
Merger Reserve 6,683,000 6,683,000 6,683,000
Foreign Currency Reserve 358,738 (62,179) (38,726)
Warrant Reserve - 12,157 -
Share Based Payment Reserve 425,019 152,335 305,095
FVTOCI Reserve (35,281) (14,120) (21,437)
Retained Earnings (39,606,088) (36,214,631) (38,284,665)
TOTAL EQUITY ATTRIBUTABLE
TO EQUITY HOLDERS OF THE PARENT 26,408,164 29,142,108 27,226,043
LIABILITIES
NON-CURRENT LIABILITIES
Lease Liabilities 11,051 - -
---------------------------------- -------- ------------- ------------- -------------
TOTAL NON-CURRENT LIABILITIES 11,051
---------------------------------- -------- ------------- ------------- -------------
CURRENT LIABILITIES
Lease Liabilities 5,214 6,477 1,132
Trade and Other Payables 8 776,223 687,721 1,677,127
TOTAL CURRENT LIABILITIES 781,437 694,198 1,678,259
TOTAL LIABILITIES 792,488 694,198 1,678,259
---------------------------------- -------- ------------- ------------- -------------
TOTAL EQUITY AND LIABILITIES 27,200,652 29,836,306 28,904,302
---------------------------------- -------- ------------- ------------- -------------
The Interim Financial Report was approved by the Board of
Directors on 23 September 2022 and was signed on its behalf by:
........................................................
Dale Ferguson
Chief Executive Officer
Company number: 07307107
The notes form part of this Interim Financial Report.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHSED
30 JUNE 2022
Share
Merger Foreign Based
Share Share Reserve Currency Warrant Payment FVTOCI Retained Total
Capital Premium GBP Reserve Reserve Reserve Reserve Earnings Equity
GBP GBP GBP GBP GBP GBP GBP GBP
At 1 January
2021 14,309,910 34,474,884 6,683,000 (193,541) 12,157 393,865 276,712 (35,450,713) 20,506,274
--------------- ----------- ----------- ---------- ---------- --------- ---------- ----------------- ------------- ------------
Loss for the
period - - - - - - - (1,434,080) (1,434,080)
Other
Comprehensive
Income - - - 131,362 - - (290,832) 390,892 231,422
--------------- ----------- ----------- ---------- ---------- --------- ---------- ----------------- ------------- ------------
Total
Comprehensive
Income for
the
period - - - 131,362 - - (290,832) (1,043,188) (1,202,658)
Issue of Share
Capital (net
of expenses) 2,579,688 7,221,064 - - - - - - 9,800,752
Lapse of
Options - - - - - (279,270) - 279,270 -
Share Based
Payment
charges - - - - - 37,740 - - 37,740
At 30 June
2021 16,889,598 41,695,948 6,683,000 (62,179) 12,157 152,335 (14,120) (36,214,631) 29,142,108
--------------- ----------- ----------- ---------- ---------- --------- ---------- ----------------- ------------- ------------
Loss for the
period - - - - - - - (2,081,754) (2,081,754)
Other
Comprehensive
Income - - - 23,453 - - 372,838 (390,892) 5,399
--------------- ----------- ----------- ---------- ---------- --------- ---------- ----------------- ------------- ------------
Total
Comprehensive
Income for
the
period - - - 23,453 - - 372,838 (2,472,646) (2,076,355)
Issue of Share
Capital (net
of expenses) - (2,770) - - - - - - (2,770)
Share Based
Payment
charges - - - - - 163,060 - - 163,060
Lapse of
Options - - - - - (10,300) - 10,300 -
Lapse of
Warrants - - - - (12,157) - - 12,157 -
Disposal of
FVTOCI
investments - - - - - - (380,155) 380,155 -
At 31 December
2021 16,889,598 41,693,178 6,683,000 (38,726) - 305,095 (21,437) (38,284,665) 27,226,043
--------------- ----------- ----------- ---------- ---------- --------- ---------- ----------------- ------------- ------------
Loss for the
period - - - - - - - (1,353,549) (1,353,549)
Other
Comprehensive
Income - - - 397,464 - - (13,844) - 383,620
--------------- ----------- ----------- ---------- ---------- --------- ---------- ----------------- ------------- ------------
Total
Comprehensive
Income for
the
period - - - 397,464 - - (13,844) (1,353,549) (969,929)
Issue of Share
Capital (net
of expenses) - - - - - - - -
Lapse of
Options - - - - - (32,126) - 32,126 -
Share Based
Payment
charges - - - - - 152,050 - - 152,050
--------------- ----------- ----------- ---------- ---------- --------- ---------- ----------------- ------------- ------------
At 30 June
2022 16,889,598 41,693,178 6,683,000 358,738 - 425,019 (35,281) (39,606,088) 26,408,164
--------------- ----------- ----------- ---------- ---------- --------- ---------- ----------------- ------------- ------------
The notes form part of this Interim Financial Report
CONSOLIDATED CASH FLOW STATEMENT FOR THE SIX MONTHSED 30 JUNE
2022
Notes Unaudited Unaudited Audited
Six months Six months Year ended
to June to June December
2022 2021 2021
GBP GBP GBP
Cash Flows used in Operating
Activities
Loss for the period (1,353,549) (1,434,080) (3,515,834)
Depreciation and Amortisation
charges 5 12,137 19,626 35,369
Impairment of Other Intangible
Assets - 5,948 5,948
Share Based Payments Reserve
charge 152,050 37,740 200,800
Shares issued in lieu of payments
to suppliers - -
Finance Income (12,697) (12,711) (671)
Finance Expense 3,557 3,671 139
Exchange (Gains) / Losses (628,090) 120,501 213,088
Loss on sale of discontinued
operations - - -
Gain on relinquishment of the
rights and obligations of discontinued
operations - - (627,078)
Cash Flow from Operating Activities
before changes in Working Capital (1,826,592) (1,259,305) (3,688,239)
(Increase) / Decrease in Trade
and Other Receivables (97,472) 29,212 (267,267)
(Decrease) / Increase in Trade
and Other Payables (765,133) (464,981) 451,801
----------------------------------------- -------- ------------- ------------- -------------
Net Cash used in Operating Activities (2,689,197) (1,695,074) (3,503,705)
----------------------------------------- -------- ------------- ------------- -------------
Cash flow used in Investing
Activities
Purchase of Intangible Exploration
Assets 4 (939,423) (685,970) (1,603,208)
Purchase of Right-of-Use assets - (798) (798)
Purchase of Tangible Fixed Assets 5 (665,952) (20,027) (633,090)
Proceeds from sale of Investments - 462,115 654,347
Interest received 12,697 12,711 671
Proceeds from relinquishment
of the rights and obligations
of discontinued operations 86,675 - 6,506,852
----------------------------------------- -------- ------------- ------------- -------------
Net Cash (used)/ received in
Investing Activities (1,506,003) (231,969) 4,924,774
----------------------------------------- -------- ------------- ------------- -------------
Cash Flow from/(used in) Financing
Activities
Proceeds from issues of Ordinary
Shares (net of expenses) - 9,704,501 9,797,982
Proceeds from exercise of share
options - - -
Principal paid on Lease Liabilities (2,275) (6,263) (11,607)
Interest paid (3,557) (3,671) (139)
----------------------------------------- -------- ------------- ------------- -------------
Net Cash (used)/received from
Financing Activities (5,832) 9,694,567 9,786,236
----------------------------------------- -------- ------------- ------------- -------------
Increase / (Decrease) in Cash
and Cash Equivalents (4,201,032) 7,767,524 11,207,305
Cash and Cash Equivalents at
beginning of period 13,002,083 2,000,209 2,000,209
Exchange Gains / (Losses) on
Cash and Cash Equivalents 632,638 (108,407) (205,430)
----------------------------------------- -------- ------------- ------------- -------------
Cash and Cash Equivalents at
end of period 9,433,689 9,659,326 13,002,084
----------------------------------------- -------- ------------- ------------- -------------
The notes form part of this Interim Financial Report.
NOTES TO THE CONSOLIDATED INTERIM FINANCIAL REPORT FOR THE SIX
MONTHSED 30 JUNE 2022
1. BASIS OF PREPARATION
The financial information set out in this report is based on the
Consolidated Financial Statements of Savannah Resources Plc (the
'Company') and its subsidiary companies (together referred to as
the 'Group'). The Interim Financial Report of the Group for the six
months ended 30 June 2022, which is unaudited, was approved by the
Board on 23 September 2022. The financial information contained in
this interim report does not constitute statutory accounts as
defined by s434 of the Companies Act 2006. The statutory accounts
for the year ended 31 December 2021 have been filed with the
Registrar of Companies. The Auditors' Report on those accounts was
unqualified and did not contain a statement under section 498 (2)
or 498 (3) of the Companies Act 2006.
The financial information set out in this report has been
prepared in accordance with the accounting policies set out in the
Annual Report and Financial Statements of Savannah Resources Plc
for the year ended 31 December 2021. New standards and amendments
to IFRS effective as of 1 January 2022 have been reviewed by the
Group and there has been no material impact on the financial
information set out in this report as a result of these standards
and amendments.
The Group Interim Financial Report is presented in Pound
Sterling.
Going Concern
The Group had cash balance of GBP9.4m at 30 June 2022. The
Directors have reviewed the cash-flow projection for the Group and
concluded that it has sufficient finance in place to meet its
financial commitments for at least 12 months from the date of
approval of the Interim Financial Report.
In forming their view, the Directors have considered the impacts
of the conflict in Ukraine, COVID-19 related restrictions and
potential future delays on the work schedule. Whilst the potential
future impacts are unknown, the Board has considered the effect
that additional delays in the work schedule could have on the
Group's available cash resources. Considering the impact of the
conflict in Ukraine the Directors considered that it is likely to
accelerate the EU's move to renewable energy sources and away from
carbon fuels, assisting the ongoing transition to EVs and the
related need for lithium. Having factored in reasonably plausible
scenarios and reasonable mitigating actions (for example, the
ability to reduce its uncommitted future expenditure), the
Director's consider sufficient cash balance are maintained under
each scenario and that the Company will be able to meet its
obligations as they fall due.
Accordingly, the Directors have concluded that these
circumstances form a reasonable expectation that the Group has
adequate resources to continue in operational existence, for the
foreseeable future. For these reasons, the Directors continue to
adopt the going concern basis in preparing the Interim Financial
Report.
2. SEGMENTAL REPORTING
The Group complies with IFRS 8 Operating Segments, which
requires operating segments to be identified on the basis of
internal reports about components of the Group that are regularly
reviewed by the chief operating decision maker, which the Company
considers to be the Board of Directors. In the opinion of the
Directors, the operations of the Group are comprised of exploration
and development in Portugal, headquarter and corporate costs and
the Company's third party investments and the discontinued
operation in Mozambique.
Based on the Group's current stage of development there are no
external revenues associated to the segments detailed below. For
exploration and development in Portugal and the discontinued
operation in Mozambique the segments are calculated by the
summation of the balances in the legal entities which are readily
identifiable to each of the segmental activities. In the case of
the Investments, this is calculated by analysis of the specific
related investment instruments. Recharges between segments are at
cost (including transfer price charge) and included in each segment
below. Inter-company loans are eliminated to zero and not included
in each segment below.
Portugal HQ and Investments Elimination Total
Discontinued Lithium Corporate
Operation
Mozambique
Mineral Sands
*
GBP GBP GBP GBP GBP GBP
Period 30 June 2022
Revenue (1) - 1,065,095 471,016 - (1,536,111) -
Finance Costs - - - - - -
Interest Income - - 341 - - 341
Share Based
Payments - - (152,050) - - (152,050)
Loss for the
period (50,838) (932,463) (370,248) - - (1,353,549)
Total Assets 752,409 17,298,526 9,131,986 17,731 - 27,200,652
Total Non-Current
Assets 1,831 16,687,058 6,776 - - 16,695,665
Additions to
Non-Current
Assets - 1,516,978 - - - 1,516,978
Total Current
Assets 750,578 611,468 9,125,210 17,731 - 10,504,987
Total Liabilities (96,113) (315,723) (380,652) - - (792,488)
------------------- ---------------- ------------- -------------- ---------------- ---------------- ------------
* This is including costs related to the Company's Mozambican
subsidiary, Matilda Minerals Lda.
Discontinued Portugal HQ and Investments Elimination Total
Operation Lithium Corporate
Mozambique
Mineral Sands
GBP GBP GBP GBP GBP GBP
Period 31 December 2021
Revenue (1) - 1,115,071 646,619 - (1,761,690) -
Finance Costs 3,557 (25) - - - 3,532
Interest Income (12,356) - 316 - - (12,040)
Share Based
Payments - - (163,060) - - (163,060)
Loss for the
period 211,921 (1,053,916) (1,239,759) - - (2,081,754)
Total Assets 676,357 15,487,686 12,708,684 31,575 - 28,904,302
Total Non-Current
Assets 1,483 14,881,026 6,776 - - 14,889,285
Additions to
Non-Current
Assets - 1,422,507 - - 1,422,507
Total Current
Assets 674,874 606,660 12,701,908 31,575 - 14,015,017
Total Liabilities (130,940) (299,648) (1,247,671) - - (1,678,259)
------------------ ---------------- -------------- -------------- ---------------- ---------------- ------------
Discontinued Portugal HQ and Investments Elimination Total
Operation Lithium Corporate
Mozambique
Mineral Sands
GBP GBP GBP GBP GBP GBP
Period 30 June 2021
Revenue (1) - 539,496 385,655 - (925,151) -
Finance Costs (3,557) (114) - - - (3,671)
Interest Income 12,356 - 355 - - 12,711
Share Based
Payments - - (37,740) - - (37,740)
Impairment of
Assets - - (5,948) - - (5,948)
Loss for the
period (209,550) (589,510) (635,020) - - (1,434,080)
Total Assets 6,097,829 13,790,051 9,882,424 66,002 - 29,836,306
Total Non-Current
Assets 5,975,203 13,689,348 6,777 - - 19,671,328
Additions to
Non-Current
Assets 255,871 468,602 - - - 724,473
Total Current
Assets 122,626 100,703 9,875,647 66,002 - 10,164,978
Total Liabilities (23,671) (171,796) (498,731) - - (694,198)
------------------- ---------------- ------------- -------------- ---------------- ---------------- ------------
(1) Revenues included in the Portugal Lithium segment include
GBP1,065,096 (31 December 2021: GBP1,654,567; 30 June 2021:
GBP539,496) related to intercompany recharges within this segment
and therefore eliminated in the Elimination column
3. EARNINGS PER SHARE
Basic earnings per share is calculated by dividing the earnings
attributable to the ordinary shareholders by the weighted average
number of ordinary shares outstanding during the period.
In accordance with IAS 33 as the Group is reporting a loss for
both this and the preceding period the share options are not
considered dilutive because the exercise of share options and
warrants would have the effect of reducing the loss per share.
Reconciliations are set out below:
Unaudited Unaudited Audited Year
Six months Six months ended 31
to 30 June to 30 June December
2022 2021 2021
Basic and Diluted Loss per
Share:
Losses attributable to Ordinary
Shareholders (GBP):
Total Loss for the period
(GBP) (1,353,549) (1,434,080) (3,515,834)
Total Loss for the period
from Continuing Operations
(GBP) (1,302,711) (1,870,421) (3,518,205)
Total (Loss)/Gain for the
period from Discontinued Operations
(GBP) (50,838) 436,341 2,371
Weighted average number of
shares (number) 1,688,959,820 1,518,176,396 1,609,019,120
Loss per share - total loss
for the period from Operations
(GBP) (0,00080) (0.00094) (0.00219)
Loss per share - total loss
for the period from Continuing
Operations (GBP) (0,00077) (0.00123) (0.00219)
(Loss)/Gain per share - total
(Loss)/Gain for the period
from Discontinued Operations
(GBP) (0,00003) 0,00029 0.00000
-------------------------------------- -------------- -------------- --------------
4. INTANGIBLE ASSETS
Exploration
and Evaluation
Assets
GBP
Cost
At 1 January 2021 17,246,222
Additions 687,447
Exchange differences (97,065)
------------------------------------- ----------------
At 30 June 2021 17,836,604
Additions 1,130,123
Disposal assets on relinquishment
of rights and obligations (4,702,323)
Exchange difference (126,587)
------------------------------------- ----------------
At 31 December 2021 14,137,817
------------------------------------- ----------------
Additions 840,532
Exchange differences 257,466
------------------------------------- ----------------
At 30 June 2022 15,235,815
------------------------------------- ----------------
Depreciation and Impairment
At 1 January 2021 -
At 30 June 2021 -
At 31 December 2021 -
At 30 June 2022 -
----------------------------- -----------
Net Book Value
At 30 June 2021 17,836,604
At 31 December 2021 14,137,817
------------------------------- -----------
At 30 June 2022 15,235,815
------------------------------- -----------
In December 2021 a Deed of Termination was signed with Rio Tinto
in relation to the Consortium Agreement signed in October 2016.
Under this Deed of Termination, the rights and obligations provided
to Savannah Group on Rio Tinto's licences under the Consortium
Agreement were relinquished, and agreed that no exploration or
development activities should be undertaken by any Savannah Group
entity. Therefore, all exploration and evaluation assets related to
the Mozambique licences were registered as disposed. All remaining
exploration and evaluation assets relate to the Barroso Lithium
Project.
5. PROPERTY, PLANT AND EQUIPMENT
Motor Office Plant
Vehicles Equipment and Machinery Land Total
GBP
Cost
At 1 January 2021 58,226 32,414 991,887 56,337 1,138,864
Additions - 20,027 - - 20,027
Exchange differences (2,591) 425 157,227 (2,506) 152,555
---------------------- ---------- ----------- --------------- ---------- ----------------
At 30 June 2021 55,635 52,866 1,149,114 53,831 1,311,446
---------------------- ---------- ----------- --------------- ---------- ----------------
Additions - 2,099 - 610,964 613,063
Disposal assets
on relinquishment
of rights and
obligations - (16,784) (1,182,880) - (1,199,664)
Exchange difference (1,234) (433) 33,766 (15,615) 16,484
---------------------- ---------- ----------- --------------- ---------- ----------------
At 31 December
2021 54,401 37,748 - 649,180 741,329
---------------------- ---------- ----------- --------------- ---------- ----------------
Additions - 8,068 - 657,884 665,952
Exchange differences 1,350 1,106 - 30,477 32,933
---------------------- ---------- ----------- --------------- ---------- ----------------
At 30 June 2022 55,751 46,922 - 1,337,541 1,440,214
---------------------- ---------- ----------- --------------- ---------- ----------------
Depreciation
At 1 January 2021 35,868 30,279 99,189 - 165,336
Charge for the period 6,127 4,211 57,456 - 67,794
Exchange differences (492) (1,113) 15,723 - 14,118
---------------------------- -------- --------- ---------- ----------
At 30 June 2021 41,503 33,377 172,368 - 247,248
---------------------------- -------- --------- ---------- ----------
Charge for the period 5,832 3,148 49,680 - 58,660
Disposal assets
on relinquishment
of rights and obligations - (18,645) (224,012) - (242,657)
Exchange difference (1,002) 580 1,964 - 1,542
---------------------------- -------- --------- ---------- ----------
At 31 December 2021 46,333 18,460 - - 64,793
---------------------------- -------- --------- ---------- ----------
Charge for the
period 5,767 971 - - 6,738
Exchange differences 1,276 472 - - 1,748
---------------------------- -------- --------- ---------- ----------
At 30 June 2022 53,376 19,903 - - 73,279
---------------------------- -------- --------- ---------- ----------
Net Book Value
At 30 June 2021 14,132 19,489 976,746 53,831 1,064,198
At 31 December
2021 8,068 19,288 - 649,180 676,536
----------------- ------- ------- -------- ---------- ----------
At 30 June 2022 2,375 27,019 - 1,337,541 1,366,935
----------------- ------- ------- -------- ---------- ----------
As consequence of the signature of the Deed of Termination with
Rio Tinto in relation to the Consortium Agreement signed in October
2016 all property, plant and equipment related to the Mozambique
licences were registered as disposed.
The additions in land reflect the land acquisition program that
Savannah has in place in Portugal to acquire the land required for
the future development of the Barroso Lithium project.
All remaining property, plant and equipment assets relates to
the Barroso Lithium Project.
6. TRADE AND OTHER RECEIVABLES
Unaudited Unaudited Audited
30 June 30 June 2021 31 December
2022 2021
GBP GBP GBP
Current
VAT recoverable 109,117 63,253 66,867
Other Receivables 926,239 360,260 895,191
---------- -------------- -------------
Total Current Trade
and Other Receivables 1,035,356 423,513 962,058
---------- -------------- -------------
7. OTHER CURRENT AND NON-CURRENT ASSETS
Unaudited Unaudited Audited
30 June 30 June 2021 31 December
2022 2021
GBP GBP GBP
Non-Current
Guarantees 66,257 62,674 61,284
Cash deposits - 687,467 -
Other 8,606 8,129 8,258
---------- -------------- -------------
Total Other Non-Current
Assets 74,863 758,270 69,542
---------- -------------- -------------
Current
Other 18,211 16,137 19,300
Total Other Current
Assets 18,211 16,137 19,300
------- ------- -------
8. TRADE AND OTHER PAYABLES
Unaudited Unaudited Audited
30 June 30 June 2021 31 December
2022 2021
GBP GBP GBP
Current
Trade Payables 276,820 398,923 866,053
Other Payables 54,646 100,315 79,236
Accruals 435,275 188,483 731,838
Taxes 9,482 - -
Total Current Trade
and Other Payables 776,223 687,721 1,677,127
---------- -------------- -------------
9. SHARE CAPITAL
Allotted, issued and fully paid
Six months to Six months to Six months to
30 June 2022 30 June 2021 31 December 2021
GBP0.01 GBP0.01 GBP0.01
ordinary ordinary ordinary
shares number shares number shares number
GBP GBP GBP
At beginning
of period 1,688,959,820 16,889,598 1,430,991,035 14,309,910 1,688,959,820 16,889,598
Issued during
the period:
Share placement - - 257,968,785 2,579,688 - -
At end of period 1,688,959,820 16,889,598 1,688,959,820 16,889,598 1,688,959,820 16,889,598
------------------ --------------- ----------- --------------- ----------- --------------- -----------
The par value of the Company's shares is GBP0.01.
10. GROUP CONTINGENT LIABILITIES
Details of contingent liabilities where the probability of
future payments is not considered remote are set out below, as well
as details of contingent liabilities, which although considered
remote, the Directors consider should be disclosed. The Directors
are of the opinion that provisions are not required in respect of
these matters, as at the reporting date it is not probable that a
future sacrifice of economic benefits will be required and the
amount is not capable of reliable measurement.
Consideration payable in relation to the acquisition of Mining
Lease Application for lithium, feldspar and quartz (Portugal
lithium project)
In June 2019 the Company exercised its option to acquire a
Mining Lease Application for lithium, feldspar and quartz from
private Portuguese company, Aldeia & Irmão, S.A.. The total
purchase price for the acquisition is EUR EUR3,250,000 ( GBP
GBP2,796,000), which will only become due once the Mining Lease
Application has been granted and the Mining Rights transferred to
an entity within the Group, at which point the agreed payment
schedule will consist of an initial EUR EUR55,000 ( GBP GBP47,000)
payment with the balance due in 71 equal monthly instalments. Upon
delivery of the request for transfer of the Mining Rights to an
entity within the Group, the Group shall provide with a bank
guarantee of EUR EUR3,195,000 ( GBP GBP2,749,000) that will be
reduced in accordance with the 71 monthly instalments. As at 30
June 2022 the mining lease has not been granted.
11. EVENTS AFTER THE REPORTING DATE
Mr David Archer stepped down as the Company's CEO on 5 July
2022. Mr Archer received his accrued salary up to that date, and no
further payments shall be made to him. Furthermore, the 20,000,000
share options issued to Mr Archer have lapsed and the accounting
entry shall be recorded in the Company's Annual Report and
Financial Statements for 2022.
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.
**S**
Follow @SavannahRes on Twitter
Follow Savannah Resources on LinkedIn
For further information please visit www.savannahresources.com
or contact:
Savannah Resources PLC Tel: +44 20 7117 2489
Dale Ferguson, CEO
SP Angel Corporate Finance LLP (Nominated Tel: +44 20 3470 0470
Advisor)
David Hignell/ Charlie Bouverat
finnCap Ltd (Joint Broker) Tel: +44 20 7220 0500
Christopher Raggett/ Tim Redfern
RBC Capital Markets (Joint Broker) Tel: +44 (0) 20 7653 4000
Farid Dadashev/ Jamil Miah
WH Ireland Limited (Joint Broker) Tel: +44 20 7220 1666
Ben Good/ Darshan Patel (Corporate Finance)
Aimee McCusker (Corporate Broking)
Camarco (Financial PR) Tel: +44 20 3757 4980
Gordon Poole/ Emily Hall
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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END
IR FFFLIAEIEFIF
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