TIDMSAV
RNS Number : 6337V
Savannah Resources PLC
05 December 2023
5 December 2023
Savannah Resources Plc
(AIM: SAV, FWB: SAV and SWB: SAV) ('Savannah', or the
'Company')
Update on Fieldwork and Other Activities
Savannah Resources Plc, the developer of the Barroso Lithium
Project (the 'Project') in Portugal, Europe's largest spodumene
lithium deposit, is pleased to provide an update on a number of
workstreams as it continues to advance the Project.
Definitive Feasibility Study ('DFS'):
Drilling:
-- The Company is on track with the first phase of its 2023/24
drilling programme, despite an extended period of bad weather. As
of 30 November, Savannah has completed 24 (1,533 m) of the planned
60 holes (3,235m).
-- Infill drilling for future JORC Resource ('Resource')
upgrades has been completed at the NOA orebody with the rigs now
working at Reservatorio.
-- In total 4 rigs are working across the Project on Resource,
hydrogeological, metallurgical and geotechnical related drilling
campaigns.
-- Assay results from the Resource related drilling will be
reported in due course with Savannah expecting to start publishing
updated Resource estimations on a deposit by deposit basis from Q1
2024.
Design Work & Metallurgy:
-- Design work: Savannah's team and its consultants are
advancing work on final designs for the Project's working areas,
processing plant and infrastructure. Various minor optimisations
are being made at the Project to implement the latest learnings
from the Australia lithium industry.
-- Metallurgy: Samples from the drilling campaign will be used
by consultants, Minsol, to further refine plant operating
parameters, such as reagent ratios and processing temperatures.
Schedule:
-- Savannah still expects to complete the DFS in 2H 2024.
Environmental Licencing:
-- Hydrogeology: In parallel with the related drilling, Knight
Piésold and the Savannah team have surveyed all known freshwater
springs to build an accurate model of the area's hydrogeology.
-- Flora & Fauna: The first in a series of seasonal studies
of local flora has been carried out to map the local biotope and to
identify invasive plant species.
-- Social Impact Assessment: Community Insights Group has now
completed approximately 400 interviews with local people as part of
the Social Impact Assessment and is now analysing the data.
-- Archaeology: A team of archaeologists is monitoring all
drilling work to ensure no existing archaeological heritage is
affected and any new archaeological finds can be identified.
-- Schedule : Savannah still expects to complete the studies,
works and adaptations required to confirm compliance with all
elements of the DIA in 2H 2024.
Other workstreams:
-- Powerline connection : E-REDES, the main operator of the
national electricity distribution network, has now confirmed the
required connection specifications, and Savannah will initiate a
tender for this work.
-- Operation Influencer : Savannah has had no further engagement
with the Portuguese public prosecutor following the searches
conducted on 7 November. We have affirmed publicly our availability
to cooperate fully with authorities if required (see 7 November
RNS). The Company is continuing with all its business activities
unencumbered and will make further announcements regarding the
investigation in due course.
-- Stakeholder engagement : Savannah is increasing its direct
contact with local stakeholders through formal and informal
interactions. A number of meetings have been held with the local
authority and other key local stakeholders to engage regarding
Savannah's activities, including the fieldwork programme.
-- Strategic Partnering Process : Savannah, together with its
financial advisers, has been preparing for the next phase of the
process. Further updates will be provided in due course, as
appropriate.
-- Shareholder event: An in-person (UK) and online presentation
to shareholders is planned for the New Year. Further details of the
event will be provided in due course.
Savannah's Chief Executive Officer, Emanuel Proença said , "As
we move towards the end of the year, Savannah continues to push
hard on multiple fronts to advance our Project towards development
as well as engage with stakeholders and identify strategic
partners.
"Savannah's technical team and our consultants, composed of
highly skilled and experienced professionals out of Portugal and
Western Australia, are extremely busy advancing the multiple
workstreams on the Project. With four rigs now on site, our
commitment to completing the important tasks of the drilling
programme for the DFS and the environmental licencing should be
clear to all. We remain on track to complete both the DFS and the
work necessary to confirm compliance with all elements of the DIA
in the second half of 2024.
"I have been in Boticas multiple times in recent weeks and have
had the opportunity to engage directly with the local authority and
other key local stakeholder groups. I have been clarifying
Savannah's approach to all our activities, including the ongoing
fieldwork programme and have taken onboard learnings that will
support our role as a partner to the region as we move to
development and production.
"Away from the Project, we are also moving ahead as planned with
the strategic partnering process, which we initiated last month
with Barclays and Barrenjoey. While the Company has faced some
unexpected challenges recently, we are taking proactive steps to
address them and continue to make solid progress on all fronts. We
look forward to providing further updates on all our activities
over the coming months."
Figure 1: Drilling at the NOA deposit during the current
campaign
Source: Company
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**
Follow @SavannahRes on X (Formerly known as Twitter)
Follow Savannah Resources on LinkedIn
For further information please visit www.savannahresources .com
or contact:
Savannah Resources PLC Tel: +44 20 7117 2489
Emanuel Proença, CEO
SP Angel Corporate Finance LLP (Nominated Advisor Tel: +44 20 3470 0470
& Joint Broker)
David Hignell/ Charlie Bouverat (Corporate Finance)
Grant Barker/Abigail Wayne (Sales & Broking)
SCP Resource Finance (Joint Broker) Tel: +44 204 548 1765
Filipe Martins/Chris Tonkin
Camarco (Financial PR) Tel: +44 20 3757 4980
Gordon Poole/ Emily Hall / Fergus Young
LPM (Portugal Media Relations) Tel: +351 218 508 110
Herminio Santos/ Jorge Coelho
About Savannah
Savannah Resources is a mineral resource development company and
the sole owner of the Barroso Lithium Project in northern Portugal,
the largest grade spodumene lithium resource outlined to date in
Europe.
Through the Barroso Lithium Project (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 rapidly developing lithium battery value chain. After the
Environmental Licence was granted in May 2023 and the Scoping Study
confirmed the economic potential of the Project in June 2023,
production is now targeted and on track to begin in 2026. At that
stage, Savannah will start producing enough lithium for
approximately half a million vehicle battery packs per year, equal
to a significant portion of the European Commission's Critical Raw
Material Act goal of a minimum 10% of European endogenous lithium
production set for 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 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
UPDUPGMGPUPWGRC
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