Savannah Resources PLC Statement on Portuguese Public Prosecutor Actions (6997S)

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RNS Number : 6997S

Savannah Resources PLC

07 November 2023

7 November 2023

Savannah Resources Plc

(AIM: SAV, FWB: SAV and SWB: SAV) ('Savannah', or the 'Company')

Statement Regarding Today's Actions by the Portuguese Public Prosecutor

Savannah Resources Plc notes the actions taken today in the country led by the Public Prosecutor's Office of the Central Investigation and Criminal Action Department (DCIAP). According to DCIAP these actions were taken to investigate facts related to:

   --    A project for a hydrogen energy production plant in Sines 
   --    The data centre construction project developed in the Sines Industrial and Logistics Zone 
   --    Lithium exploitation concessions 'in the Romano (Montalegre) and do Barroso (Boticas)' 

As part of these actions Savannah confirms that investigating officials attended certain business locations in Portugal today. Savannah cooperated fully with the investigating officials and the Company will continue to do so. Neither Savannah nor any of its directors or employees are targets of the investigation (termed as "arguidos" in Portuguese).

The Company confirms that its work at the Barroso Lithium Project is continuing unencumbered while DCIAP's investigation is ongoing. The Project's Mining Lease, issued in 2006, remains in good standing and Savannah has and always will conduct its business in a fully lawful and transparent manner.

Savannah will make further announcements relating to DCIAP's investigation 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                                  Tel: [phone] 
   Emanuel Proença, CEO 
  SP Angel Corporate Finance LLP (Nominated Advisor       Tel: [phone] 
   & Joint Broker) 
   David Hignell/ Charlie Bouverat (Corporate Finance) 
   Grant Barker/ Abigail Wayne (Sales & Broking) 
  SCP Resource Finance (Joint Broker)                     Tel: [phone] 
   Filipe Martins/ Chris Tonkin 
 
  Camarco (Financial PR)                                  Tel: [phone] 
   Gordon Poole/ Emily Hall / Fergus Young 
 
  LPM (Portugal Media Relations)                          Tel: [phone] 
   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 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

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November 07, 2023 12:37 ET (17:37 GMT)