7 February 2025
Savannah Resources
Plc
(AIM: SAV)
('Savannah', or the 'Company')
Precautionary Measure filed
in court against Portuguese Ministry for the
Environment
Savannah Resources Plc has been
informed that a 'precautionary measure' (the 'Measure') has been
filed at the Administrative and Fiscal Court of Mirandela by three
local landowners, against the Portuguese Ministry for the
Environment & Energy (the 'Ministry'). The Measure relates to
the temporary land easement order (the 'Order') which was approved
by the Portuguese state in December 2024. The Order 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 and environmental licencing, which
Savannah has been using to progress work for the last two months,
with no significant obstacle.
Under Portuguese law, as the Order
has been contested in a court, its authority is automatically
suspended with no judicial evaluation of the merits of the Measure,
awaiting a judgement by the court. As a result, Savannah is
required to temporarily stop its work on the relevant land at the
Project. Savannah has complied immediately with this requirement,
ensuring that all working areas and equipment are secure and made
safe. Savannah is free to continue with fieldwork on land that it
owns or has alternative rights to access.
This action by the opposition group,
that is now smaller but still active, was an expected manoeuvre
aimed at stalling the Project. The Company's legal advisers have
reviewed the documents, and are of the opinion that the Measure is
without merit. While awaiting the Ministry's response to the
Measure, as a counter-interested party in this matter, Savannah
will also prepare a contestation, which it will submit to the
court. The Company will treat this latest action like other
previous legal claims which are considered baseless, and expects to
return to work on the lands concerned shortly.
Savannah will make further
announcements relating to this matter as appropriate.
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:
Savannah Resources PLC
Emanuel Proença, CEO
|
Tel: +44 20 7117 2489
|
SP
Angel Corporate Finance LLP (Nominated Advisor &
Broker)
David Hignell/ Charlie Bouverat
(Corporate Finance)
Grant Barker/Abigail Wayne (Sales
& Broking)
|
Tel: +44 20 3470 0470
|
Camarco (UK Financial PR)
Gordon Poole/ Emily Hall / Nuthara
Bandara
|
Tel: +44 20 3757 4980
|
Portugal Media Relations
Savannah Resources: Antonio
Neves Costa, Communications Manager
|
Tel: +351 962 678 912
|
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 being
supported in its development goals by its strategic partner and
largest shareholder, AMG Critical Materials N.V., the global
critical materials business.
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".