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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Savannah Resources Plc | LSE:SAV | London | Ordinary Share | GB00B647W791 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 3.30 | 3.20 | 3.40 | 3.30 | 3.30 | 3.30 | 1,426,523 | 08:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Gold Ores | 0 | -2.86M | -0.0016 | -20.63 | 60.33M |
From Apr 2019 to Apr 2024
TIDMSAV
RNS Number : 7059N
Savannah Resources PLC
26 September 2019
26 September 2019
Savannah Resources Plc
Interim Results
Savannah Resources plc (AIM: SAV, FWB: SAV and SWB: SAV) ('Savannah' or the 'Company'), the AIM quoted resource development company, is pleased to announce its interim financial results for the six months ended 30 June 2019.
Highlights:
-- Portugal:
o 100% ownership of the Mina do Barroso lithium project ('Mina do Barroso' or the 'Project') achieved through the acquisition of the outstanding 25% stake in June 2019 in an all share deal
o Option over the Aldeia Mining Lease application blocks exercised, increasing the Project's footprint by over 50%
o Mineral Resource at the Mina do Barroso increased by a further 37% to 27Mt with the additional Exploration Target increased by 25% to 11-19Mt, underpinning the Project's status as the most significant conventional lithium deposit in Western Europe
o Suitability of Mina do Barroso's feldspar, quartz and a bulk tail product for use in a range of glass and ceramic applications confirmed by test work. Marketing studies imply higher co-product prices could be achieved than were assumed in 2018 Scoping Study
o Commercial interest in the Project growing with discussions advanced with diverse groups of finance providers and potential strategic / offtake partners
o Multiple workstreams associated with the Definitive Feasibility Study ("DFS") and the Environmental Impact Assessment ("EIA") progressed during the period
o EIA to be submitted for approval in Q4 2019
o Fully funded DFS to be completed in Q2 2020 to allow inclusion of additional deposits discovered and expanded metallurgical test work programme
-- Mozambique:
o Mining Leases 9735C and 9229C on the Mutamba heavy mineral sands project conditionally awarded (subject to fulfilment of customary requirements) in September 2019 with the Mining Lease application for block 9228C in the final stage of approval
-- Oman:
o Public Authority of Mining confirmed its intention to award the Mining Leases applied for on the Mahab 4 and Maqail South high-grade copper projects
o Strategic review of Oman projects continuing
-- Corporate:
o CSR programmes have continued as planned in Portugal and Mozambique
o Investments in intangible assets and exploration reached GBP2.68m vs. GBP2.49m in H1 2018, reflecting the continuing pace of the project appraisal work on the Mina do Barroso project
o Cash position at 30 June GBP3.1m, proforma cash position at 16 September GBP6.8m following the share placement and letters of intent for subscriptions totalling GBP5m in September 2019
To view the press release with the illustrative charts, please use the following link: http://www.rns-pdf.londonstockexchange.com/rns/7059N_1-2019-9-25.pdf
CHAIRMAN'S STATEMENT
Your company has made significant progress during 2019 in developing its lithium project at Mina do Barroso and has the technical and, following the recent fundraise, financial capacity to finalise the DFS and EIA, which are necessary preconditions to the commencement of mining. Additionally, the Mutamba Joint Venture was awarded two mining licences over the Mutamba heavy mineral sands project (subject to the fulfilment of customary conditions) with a third mining licence understood to be in the final stages of approval, and the Omani Public Authority of Mining has recently confirmed its intention to award the Mining Leases applied for on the Mahab 4 and Maqail South high-grade copper projects.
The multiple external pressures currently being exerted on some of world's major economies and global capital markets has meant that the first nine months of 2019 has been a challenging time for industrial commodity players, particularly for those like Savannah in the development phase. While macro trends are beyond the Company's control, Savannah considers its best means of managing risk is to remain well capitalised and to deliver on its stated goal of focusing on its exposure to the positive market dynamics forecast for lithium through the Mina do Barroso project. Market dynamics for mineral sands are also currently positive and we continue to regard Mutamba as a significantly valuable asset for your company. Hence, our priorities remain to finance, construct and operate the Mina do Barroso lithium project, progress the Pre-Feasibility Study on the Mutamba mineral sands project and complete our strategic review on our Oman copper projects.
Mina do Barroso, Portugal
In our 2018 annual report published in May, I confirmed that Mina do Barroso is now our flagship project. This premier ranking has been driven by the combination of the evaluation success we have enjoyed at the Project to date, the potential for further expansion of the Mineral Resource and the mine life, and the increasing need for sustainable sources of lithium supply to feed the rapidly growing market for lithium ion batteries, particularly in Europe.
Bearing these factors in mind, the acquisitions of the outstanding 25% stake in Mina do Barroso and the adjacent Aldeia Mining Lease Application Blocks represented major milestones. These acquisitions have given Savannah and its shareholders greater exposure to Western Europe's most significant spodumene lithium project and provided management with much enhanced optionality for future transactions and financing related to the Project.
In parallel with these transactions, good progress was also made on the completion of the EIA and the associated DFS for the Project, and these remain the critical deliverables in addition to milestones such as licencing and financing. Headline developments during the period and into Q3 2019 included a further 37% increase in the Project's Mineral Resource to 27Mt incorporating maiden Mineral Resource Estimates for the Pinheiro deposit and the first target drilled on Aldeia Block A; production of battery grade spodumene concentrate from two of the three potential metallurgical processing routes being evaluated; and confirmation of the suitability of both separate and combined quartz and feldspar products from the Project for commercial applications in the glass and ceramics industries.
However, as explained in the recent placing announcement, there remains more work to do to complete the DFS. This has been brought about by the discovery and subsequent delineation of new orebodies which has meant that drilling campaigns have been extended, mine designs have needed to be reworked and pit sequencing plans revised. Our metallurgical test work programme has also been expanded. This is not only to include samples from the newly discovered deposits but also to comprehensively evaluate all ore types which will be treated at the project in the light of the processing challenges reported by the first wave of new spodumene producers in Australia over the past year. Savannah regards a rigorous approach to the DFS as vital to the future success of the Project.
This additional but very necessary work means that delivery of the DFS is now expected to occur in Q2 2020 against our previous target of early 2019 when we successfully raised GBP12.5m cash in mid-2018. These funds were designed to fund the Company's operations through early 2019, however, with spending discipline, actual expenditures were some 17% less than the use of funds forecast despite the four extra months covered, the one-off costs associated with the acquisition of the remaining 25% of Mina do Barroso and the costs of acquiring and evaluating the Aldeia tenements.
It is worth highlighting what we have achieved:
Mineral Resources:
-- Over 18,500m of diamond and RC drilling completed since June 2018 (total on project since 2017 - 30,870m): +150% total metres drilled since June 2018
-- Resources increased: +93% to 27Mt containing 286kt Li(2) O (707kt LCE) -- Orebodies increased: from 3 to 5 -- Average grade maintained above 1%: 1.06% Li(2) O -- Low iron content confirmed: 0.8% average -- Measured & Indicated Resources increased: +114% to 15Mt (55% of total resource) -- Maiden co-product resource declared: 14.4Mt at Grandao -- Lithium Exploration Target increased: +c. 50% (mid-point) to 11-19Mt at 1.0-1.2% Li(2) O
Pit scheduling:
-- Pit sequencing analysed and confirmed: Pinheiro, Grandao, Reservatorio, NOA, Aldeia (27Mt total resource at present vs. 14.4Mt in the Scoping Study model)
-- Mining rate increase: Expected 15% increase to 1.5Mtpa - helped by the Mineral Resource increase
-- Life of Mine: Dependent on final reserve estimate, but the initial life of mine should be greater than 11-year Scoping study model having regard to the Mineral Resource increases
Metallurgical Testing:
-- Lithium: Large quantity of representative material tested: 3.8 tonnes -- Targeted recovery rate achieved: 80% -- Battery grade concentrate produced: -- Test work allowing selection of optimum flowsheet: -- Co-products: Test work confirms suitability for commercial apps:
Processing Plant:
-- Alternative process plant sites on C-100 area studied: Site selected -- Access road route alternatives identified and reviewed: Route selected
-- Total capex estimate should be maintained: USD$109m excluding contingencies from the scoping study
Commercial:
-- Lithium counterparty engagement: in contact with dozens of groups and as advised to the market these include OEMs, large European industrial groups, battery cell manufacturers and lithium refinery groups
-- Multiple term-sheets and MoUs under negotiation:
-- Co-products: Engagement with major ceramics groups: with higher prices and product quality confirmed
-- EU funding: applications made -- Engagement and ongoing discussions with banks and debt providers:
With the lengthened DFS period and the expanded scope of the work required extra funding was required. We raised GBP5.0m cash to ensure that the enlarged study programme is funded to completion. We continue to closely monitor costs and expenses.
Coincidental to our challenges with the DFS and those of other lithium project developers and new producers, the sector has also been impacted by a decline in the underlying prices of the various lithium raw materials (spodumene, lithium hydroxide, lithium carbonate). As one would expect, these declines have fed through into reduced equity market valuations for lithium companies, but we firmly believe we will see a reversal of the recent lithium price downturn, which is driven by a modest build-up of raw material inventories as a result of delays to lithium conversion plant expansions in Asia, and a reduction in electric vehicle subsidies in the Chinese market. We take comfort from the fact that significant growth in electric vehicles sales continued in H1 2019 (+42% vs. H1 2018) and that medium and long term sales forecasts remain compelling for lithium and lithium battery demand with sales of around 10m vehicles expected in 2025 and around 28m in 2030, equating to approximately one-third of all light vehicles currently sold.
Market commentators such as Roskill continue to forecast that these growth projections for electric vehicles and lithium battery demand will challenge lithium suppliers, leading to a growing market deficit in refined lithium during the 2020s and a recovery in prices from next year. Assuming these forecasts prove to be correct, our target of starting production at Mina do Barroso in H2 2021 could see the Project coming on-line at an ideal time to benefit from this improving market backdrop.
Based on the growing commercial interest we have seen in Mina do Barroso this year, it is clear that downstream lithium participants remain concerned about raw material supply in the medium to longer term, despite the current build-up of inventory. As a result, we have been able to advance our discussions with a number of potential offtake partners ranging from established lithium processors to large scale end users such as Auto industry OEMs, as well as new market participants.
Political interest in the Project has also increased as appreciation has grown for the strategic role that Mina do Barroso could play in anchoring a new lithium industry in Europe, and Portugal in particular. Our team is regularly engaged with the Portuguese administration up to and including Ministerial level, and we have also strengthened our relationships with various EU agencies regarding funding and other forms of support for the Project.
Plans around the financing package for the Project have also been advanced. Work to date on the capital cost continues to indicate that the estimate from the Scoping Study of US$109m (excluding contingency) to US$124.6m (including contingency) remains a realistic range and management believes that this quantum of capital can be secured through a combination of project finance debt, EU/Government funding, offtake-related/partner financing and royalty financing. Hence the Group is confident that further finance for the Project will not be required from existing shareholders and the equity capital markets. Discussions with project finance banks, private equity groups, Government/EU agencies, potential offtake partners, royalty providers, commodity traders and other strategic investors have all been progressed and are continuing.
With the revised DFS timetable now in place and fully funded, we expect to produce regular news flow from the Project as we conclude on the major inputs to the study, complete the EIA and progress our discussions around offtake and financing.
Mineral Sands Projects, Mozambique
In September 2019 a significant milestone was reached on the Mutamba mineral sands project with the Minister of Mineral Resources and Energy in Mozambique awarded two of the three Mining Leases applied for in 2018. With two Leases approved and the outstanding 9228C Lease application reported to be in the final stage of award, we believe the status of this world class mineral sands project, which we are evaluating in partnership with Rio Tinto, has been significantly advanced.
The opportunity presented by Mutamba has also benefited from the improved market dynamics seen in the mineral sands market over the last 12 months. Market commentators such as TZMI have forecast for some time that prices for the key titanium minerals, rutile and ilmenite, as well as for the zircon contained in the sands would increase as existing inventories were consumed and not replaced at a sufficient rate in the face of demand growing in line with global GDP trends. Based on recent comments from existing mineral sands producers, these forecast market dynamics are now playing out. Consumption is expected to continue to grow in-line with the global economy and hence new sources of supply, such as Mutamba, should be required to meet the increased demand as existing operations become depleted and close.
Following formalisation of the leases, Savannah, as the project operator, will continue its preparations for the Pre-Feasibility Study on Mutamba. Completing that study would see our stake in the project rise from the current 20% to 35%.
Copper Projects, Oman
In our 2018 annual report we announced that we would be undertaking a strategic review of our assets in Oman given the delays we had experienced with licence approvals and the diminished status the projects had in our portfolio due to the superior opportunity presented by the Mina do Barroso lithium project.
While the strategic review is continuing, we were heartened by the advice received in August from the Public Authority for Mining in Oman ("PAM") that it intends to grant the mining licences over the Mahab 4 and Maqail South copper deposits which were applied for in 2016. Following the approvals received from a series of government authorities and a rigorous review of the applications by PAM, formal award should take place once licencing fees have been officially set under the new Mining Law which was introduced in March 2019. As with our Mozambique joint venture, we believe that award of these Licences will eliminate one of the main risks of our joint venture projects in Oman, helping us to reach a well-informed conclusion on the best option for our shareholders regarding the projects.
Corporate Social Responsibility (CSR)
Savannah remains fully committed to the CSR programmes which we presented in detail for the first time in our 2018 annual report.
In Portugal we have continued to engage with the communities living around the Project, with the level of interaction expected to increase as finalised information on the Project becomes available, especially from the EIA. A monthly newsletter is issued to local residents, who are also able to discuss the Project with our staff at the new Community Information Centre we opened in April of this year. Our latest community meeting held on 14 August was again well attended. We have also recently appointed a Head of Communication & Community Affairs to help with the full range of stakeholders.
In Mozambique, the new Jangamo Training Centre that Savannah and Rio Tinto created in partnership with the German NGO, GIZ, graduated its first group of 42 technicians. The Centre is tasked with helping to match labour demands with skills development in the Inhambane Province and offers training courses in electrical maintenance, carpentry, plumbing and construction. Savannah and Rio Tinto also worked with GIZ on the provision of approximately 7,000 coconut tree seedlings to the Government of Jangamo district and the Institute of Employment and Vocational Training.
Financial Summary
Savannah is reporting a loss for the period of GBP1.97m (30 June 2018: GBP1.17m) (31 December 2018: GBP3.07m), reflecting the rapid pace of our project developments, primarily around Mina do Barroso. Net assets have increased to GBP23.76m (30 June 2018: GBP14.59m) (31 December 2018: GBP25.42m) due to the increase in exploration activity during the period, predominantly associated with the lithium project in Portugal.
No funds were raised during the reporting period with cash at 30 June 2019 reported at GBP3.08m following the GBP14.6m raised in total during 2018. GBP3.76m was subsequently raised in September 2019 with additional intended commitments of GBP1.24m from Savannah's major shareholder Al Marjan Limited and another PDMR to ensure that ongoing commitments, including the completion of the DFS on the Mina do Barroso project following the extension to the study's timetable are well funded.
Outlook
We view the recent volatility in the lithium sector as symptomatic of the changes in its supply and demand dynamics over the short term. We believe that the outlook for lithium prices remains positive in the medium and long term with demand driven by ever tightening emissions legislation, the public's growing concern regarding climate change and the reducing cost of ownership of Electric Vehicles. The Mina do Barroso project gives Savannah great exposure to this burgeoning industry and we remain firmly focused on delivery of the DFS on the project in Q2 2020. The table above shows the global refined lithium market dynamics and spodumene price forecast.
Figure: Global Refined lithium market dynamics & spodumene price forecast
Following the mining licence awards in Mozambique, we will continue with our preparations for the recommencement of the Pre-Feasibility Study on Mutamba. We will also continue to evaluate the options available to us for value creation around our Oman projects. Given that developments are expected across the portfolio, future meaningful news flow should be generated on a regular basis.
Our efforts would not be possible without the financial support provided by our shareholders. On behalf of the Company I would like to extend my sincere thanks to all our shareholders for their ongoing support and welcome new investors who participated in the September 2019 placing. Particular thanks goes to the Al Marjan Group which remains the Company's largest shareholder, after its GBP1.2m commitment to the September financing. We were also very pleased to receive further investment from our existing institutional shareholders and to attract additional UK and European institutional investment. This has increased the proportion of our Company held by funds to around 17%. While the placing price of 2p must have been very disappointing to our retail investors in particular, the GBP5 million raised combined with our existing reserves gives us the cash necessary to complete the DFS and EIA studies on Mina do Barroso and maintain activities on our other projects.
I would also like to add my personal thanks to Savannah's management and staff for their continuing efforts to generate significant value in the Company by progressing our projects towards key milestones.
We look forward to delivering on the next commercial milestones in the coming months.
Matthew King
Chairman
Date: 25 September 2019
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHSED 30 JUNE 2019
Hot Features
Premium
Unaudited Unaudited Audited
Six months Six months Year ended
Notes to 30 June to 30 June 31 December
2019 2018 2018
GBP GBP GBP
CONTINUING OPERATIONS
Revenue - - -
Administrative expenses (1,998,696) (1,126,994) (3,258,458)
Impairment of intangible assets - (140,024) (140,024)
Gain on disposal of investments - 68,717 -
OPERATING LOSS (1,998,696) (1,198,301) (3,398,482)
Finance income 16,560 342 17,321
Finance costs - (3,841) -
LOSS BEFORE AND AFTER TAX ATTRIBUTABLE
TO EQUITY OWNERS OF THE PARENT (1,982,136) (1,201,800) (3,381,161)
---------------------------------------- -------- ------------ ------------ -------------
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 3,183 (58,665) (73,345)
Transfer to realised gain on
disposal of investments - (68,717) -
Items that will or may be reclassified
to profit or loss:
Exchange gains arising on translation
of foreign operations 12,012 159,009 384,248
---------------------------------------- -------- ------------ ------------ -------------
OTHER COMPREHENSIVE INCOME FOR
THE YEAR 15,195 31,627 310,903
---------------------------------------- -------- ------------ ------------ -------------
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR ATTRIBUTABLE TO EQUITY
OWNERS OF THE PARENT (1,966,941) (1,170,173) (3,070,258)
---------------------------------------- -------- ------------ ------------ -------------
Loss per share attributable to
equity owners of the parent expressed
in pence per share:
Basic and diluted
From operations 3 (0.22) (0.18) (0.44)
---------------------------------------- -------- ------------ ------------ -------------
The notes form part of this Interim Financial Report.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2019
Unaudited Unaudited Audited
Notes 30 June 30 June 31 December
2019 2018 2018
GBP GBP GBP
ASSETS
NON-CURRENT ASSETS
Intangible assets 4 20,100,187 12,816,851 17,413,168
Other intangible assets 7,303 - 342,881
Property, plant and equipment 5 1,406,974 1,195,292 1,437,068
Other receivables 6 - 270,876 -
Other non-current assets 7 242,323 215,681 253,188
---------------------------------- -------- ------------- ------------- -------------
TOTAL NON-CURRENT ASSETS 21,756,787 14,498,700 19,446,305
CURRENT ASSETS
Investments 9,648 32,168 18,007
Trade and other receivables 6 235,387 191,300 330,774
Other current assets 7 155,208 251,752 223,733
Cash and cash equivalents 3,078,296 786,764 7,715,435
---------------------------------- -------- ------------- ------------- -------------
TOTAL CURRENT ASSETS 3,478,539 1,261,984 8,287,949
---------------------------------- -------- ------------- ------------- -------------
TOTAL ASSETS 25,235,326 15,760,684 27,734,254
---------------------------------- -------- ------------- ------------- -------------
EQUITY AND LIABILITIES
SHAREHOLDERS' EQUITY
Share capital 9 10,474,598 7,016,155 8,814,518
Share premium 37,743,554 20,020,658 31,060,554
Foreign currency reserve 591,138 353,887 579,126
Warrant reserve 1,000,221 1,278,846 1,000,221
Share based payment reserve 391,516 600,416 508,051
Shares to be issued reserve - 30,000 -
FVTOCI Reserve (42,752) - (58,737)
Retained earnings (26,398,546) (14,713,554) (16,485,626)
TOTAL EQUITY ATTRIBUTABLE
TO EQUITY HOLDERS OF THE PARENT 23,759,729 14,586,408 25,418,107
LIABILITIES
NON-CURRENT LIABILITIES
Loans and borrowings 17,275 22,401 25,813
---------------------------------- -------- ------------- ------------- -------------
TOTAL NON-CURRENT LIABILITIES 17,275 22,401 25,813
---------------------------------- -------- ------------- ------------- -------------
CURRENT LIABILITIES
Loans and borrowings 16,518 6,630 16,895
Trade and other payables 8 1,441,804 1,145,245 2,273,439
---------------------------------- -------- ------------- ------------- -------------
TOTAL CURRENT LIABILITIES 1,458,322 1,151,875 2,290,334
TOTAL LIABILITIES 1,475,597 1,174,276 2,316,147
---------------------------------- -------- ------------- ------------- -------------
TOTAL EQUITY AND LIABILITIES 25,235,326 15,760,684 27,734,254
---------------------------------- -------- ------------- ------------- -------------
The interim financial report was approved by the Board of Directors on 25 September 2019 and was signed on its behalf by:
........................................................
D S Archer
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 2019
Share Shares
Foreign based to be
Share Share currency Warrant payment issued FVTOCI Retained Total
capital premium reserve reserve reserve reserve reserve earnings equity
GBP GBP GBP GBP GBP GBP GBP GBP GBP
At 1 January
2018 6,358,504 18,105,108 194,878 1,405,958 691,194 - - (13,612,758) 13,142,884
--------------- ------------ ------------- ---------- ---------- ------------ ----------- ----------------- -------------- --------------
Loss for the
period - - - - - - - (1,201,800) (1,201,800)
Other
comprehensive
income - - 159,009 - - - - (127,382) 31,627
--------------- ------------ ------------- ---------- ---------- ------------ ----------- ----------------- -------------- --------------
Total
comprehensive
income for
the
period - - 159,009 - - - - (1,329,182) (1,170,173)
Issue of share
capital (net
of expenses) 457,651 1,915,550 - - - - - - 2,373,201
Contingent
consideration - - - - 188,950 - - - 188,950
Contingent
consideration
shares issued 200,000 - - - (188,950) - - (11,050) -
Share based
payment
charges - - - - 21,546 - - - 21,546
Exercise of
options - - - - (95,797) - - 95,797 -
Lapse of
options - - - - (16,527) - - 16,527 -
Exercise of
warrants - - - (35,972) - - - 35,972 -
Lapse of
warrants - - - (91,140) - - - 91,140 -
Warrants
pending
exercise - - - - - 30,000 - - 30,000
--------------- ------------ ------------- ---------- ---------- ------------ ----------- ----------------- -------------- --------------
At 30 June
2018 7,016,155 20,020,658 353,887 1,278,846 600,416 30,000 - (14,713,554) 14,586,408
--------------- ------------ ------------- ---------- ---------- ------------ ----------- ----------------- -------------- --------------
Loss for the
period - - - - - - - (2,179,361) (2,179,361)
Other
comprehensive
income - - 225,239 - - - (58,737) 112,774 279,276
--------------- ------------ ------------- ---------- ---------- ------------ ----------- ----------------- -------------- --------------
Total
comprehensive
income for
the
period - - 225,239 - - - (58,737) (2,066,587) (1,900,085)
Issue of share
capital (net
of expenses) 1,598,363 11,052,054 - - - - - 12,650,417
Contingent
consideration - - - - 94,333 - - - 94,333
Contingent
consideration
shares issued 200,000 - - - (94,333) - - (105,667) -
Share based
payment
charges - - - - 17,034 - - - 17,034
Exercise of
options - - - - (106,724) - - 106,724 -
Lapse of
options - - - - (2,675) - - 2,675 -
Issue of
warrants - (12,158) - 12,158 - - - - -
Exercise of
warrants - - - (290,783) - - - 290,783 -
Warrants
pending
exercise - - - - - (30,000) - - (30,000)
At 31 December
2018 8,814,518 31,060,554 579,126 1,000,221 508,051 - (58,737) (16,485,626) 25,418,107
--------------- ------------ ------------- ---------- ---------- ------------ ----------- ----------------- -------------- --------------
Share Shares
Foreign based to be
Share Share currency Warrant payment issued FVTOCI Retained Total
capital premium reserve reserve reserve reserve reserve earnings equity
GBP GBP GBP GBP GBP GBP GBP GBP GBP
----------------- ------------ ----------- --------- ---------- ---------- ---------------- ----------------- ------------- ------------
At 31 December
2018 8,814,518 31,060,554 579,126 1,000,221 508,051 - (58,737) (16,485,626) 25,418,107
----------------- ------------ ----------- --------- ---------- ---------- ---------------- ----------------- ------------- ------------
Loss for the
period - - - - - - - (1,982,136) (1,982,136)
Other
comprehensive
income - - 12,012 - - - 15,985 (12,802) 15,195
----------------- ------------ ----------- --------- ---------- ---------- ---------------- ----------------- ------------- ------------
Total
comprehensive
income for the
period - - 12,012 - - - 15,985 (1,994,938) (1,966,941)
Consideration
for acquisition
of
non-controlling
interest 1,630,000 6,683,000 - - - - - (8,019,000) 294,000
Consideration
for settlement
deferred
consideration 30,080 - - - - - - (30,080) -
Lapse of options - - - - (131,098) - - 131,098 -
Share based
payment charges - - - - 14,563 - - - 14,563
At 30 June 2019 10,474,598 37,743,554 591,138 1,000,221 391,516 - (42,752) (26,398,546) 23,759,729
----------------- ------------ ----------- --------- ---------- ---------- ---------------- ----------------- ------------- ------------
The notes form part of this Interim Financial Report.
CONSOLIDATED CASH FLOW STATEMENT
FOR THE SIX MONTHSED 30 JUNE 2019
Notes Unaudited Unaudited Audited
Six months Six months Year ended
to June to June December
2019 2018 2018
GBP GBP GBP
Cash flows used in operating
activities
Loss for the period (1,982,136) (1,201,800) (3,381,161)
Depreciation and amortisation
charges 5 20,606 10,427 31,194
Impairment of assets classified
as held for sale - 140,024 140,024
Gain on disposal of investments - (68,717) -
Share based payments reserve
charge 14,563 21,546 38,580
Finance income (16,560) (342) (17,321)
Finance expense - 3,841 -
Exchange losses 65,929 (23,111) (54,076)
Cash flow from operating activities
before changes in working capital (1,897,598) (1,118,132) (3,242,761)
Decrease/(Increase) in trade
and other receivables 106,253 (32,286) (179,376)
(Decrease)/Increase in trade
and other payables (100,272) (51,903) 562,925
--------------------------------------- -------- ----------------------- ------------- -------------
Net cash used in operating activities (1,891,617) (1,202,321) (2,859,212)
--------------------------------------- -------- ----------------------- ------------- -------------
Cash flow used in investing
activities
Purchase of intangible exploration
assets (2,619,772) (2,487,352) (6,317,118)
Purchase of other intangible
assets (64,149) - (131,173)
Purchase of tangible fixed assets (13,510) (221,885) (328,768) Purchase of investments - - (695) Proceeds from sale of investments 596 104,283 104,461 Payments for guarantees for mining activity - (231,741) - Guarantees for acquisition of intangible exploration assets - - (202,180) Interest received 16,560 342 17,321 --------------------------------------- -------- ----------------------- ------------- ------------- Net cash used in investing activities (2,680,275) (2,836,353) (6,858,152) --------------------------------------- -------- ----------------------- ------------- ------------- Cash flow from / (used in) financing activities Proceeds from issues of ordinary shares (net of expenses) - 2,348,287 14,986,546 Proceeds from warrants pending exercise - 30,000 - Interest paid - (3,841) - --------------------------------------- -------- ----------------------- ------------- ------------- Net cash from financing activities - 2,374,446 14,986,546 --------------------------------------- -------- ----------------------- ------------- ------------- (Decrease)/Increase in cash and cash equivalents (4,571,892) (1,664,228) 5,269,182 Cash and cash equivalents at beginning of period 7,715,435 2,455,968 2,455,968 Exchange (losses)/gains on cash and cash equivalents (65,247) (4,976) (9,715) --------------------------------------- -------- ----------------------- ------------- ------------- Cash and cash equivalents at end of period 3,078,296 786,764 7,715,435 --------------------------------------- -------- ----------------------- ------------- -------------
The notes form part of this Interim Financial Report.
NOTES TO THE CONSOLIDATED INTERIM FINANCIAL REPORT
FOR THE SIX MONTHSED 30 JUNE 2019
1. BASIS OF PREPARATION
The financial information set out in this report is based on the consolidated financial statements of Savannah Resources Plc and its subsidiary companies (together referred to as the 'Group'). The interim financial report of the Group for the six months ended 30 June 2019, which is unaudited, was approved by the Board on 25 September 2019. 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 2018 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 2018. New standards and amendments to IFRS effective as of 1 January 2019 have been reviewed by the Group and there has been no material impact on the financial information set up on this report as a result of these standards and amendments.
The Group interim financial report is presented in Pound Sterling.
Going Concern
The financial statements have been prepared on a going concern basis. On 16 September 2019, following the share placement amounting to GBP3.76m (before expenses) (Note 12), and the letters of intent received for additional GBP1.24m cash subscriptions from a Directors' related party (Al Marjan Ltd), from an alternate Director and from staff for when the Company is not in a closed period, the Group had a pro-forma cash balance of GBP6.8m. The Directors have reviewed the cashflow projection for the Group and consider that it has sufficient ability to meet its financial commitments for at least 12 months.
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 Oman, exploration and development in Mozambique, exploration and development in Portugal, headquarter and corporate costs and the Company's third party investments.
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 Oman, Mozambique and Portugal 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 and included in each segment below. Inter-company loans are eliminated to zero and not included in each segment below.
Oman Mozambique Portugal HQ and Invest-ments Elimination Total
Copper Mineral Lithium Corporate
Sands
GBP GBP GBP GBP GBP GBP GBP
Period 30 June 2019
Revenue - 28,271 - 1,301,678 - (1,329,949) -
Interest
income - 81 - 16,479 - - 16,560
Share based
payments - - - 14,563 - - 14,563
Loss for the
period 100,476 243,730 433,621 1,204,309 - - 1,982,136
Total assets 5,409,641 5,167,824 11,215,760 3,432,453 9,648 - 25,235,326
Total
non-current
assets 5,265,347 5,044,739 11,087,748 358,953 - - 21,756,787
Additions to
non-current
assets 248,187 116,567 1,956,928 (11,200) - - 2,310,482
Total
current
assets 144,294 123,085 128,012 3,073,500 9,648 - 3,478,539
Total
liabilities (86,497) (76,542) (317,467) (995,091) - - (1,475,597)
------------- ---------- ---------------------- ----------- ----------- -------------- ------------- ------------
Oman Mozambique Portugal Finland HQ and Invest-ments Elimination Total
Copper Mineral Lithium Lithium Corporate
Sands
GBP GBP GBP GBP GBP GBP GBP GBP
Period 31 December
2018
Revenue - - - - 964,073 (964,073) -
Interest
income - 157 - - 16,822 - - 16,979
Share based
payments - - - - 17,034 - - 17,034
Loss for
the period 125,655 397,865 461,595 8,289 1,117,240 68,717 - 2,179,361
Total assets 5,213,999 5,077,253 9,334,988 933 8,089,074 18,007 - 27,734,254
Total
non-current
assets 5,017,160 4,928,172 9,130,820 - 370,153 - - 19,446,305
Additions
to
non-current
assets 352,574 298,809 3,694,026 - 351,118 - - 4,696,527
Total
current
assets 196,839 149,081 204,168 933 7,718,921 18,007 - 8,287,949
Total
liabilities (116,311) (50,060) (933,627) (2,258) (1,213,891) - - (2,316,147)
------------- ---------- ------------ ---------- --------- ------------ -------------- ------------- ------------
Oman Mozambique Portugal Finland HQ and Invest-ments Elimination Total
Copper Mineral Lithium Lithium Corporate
Sands
GBP GBP GBP GBP GBP GBP GBP GBP
Period 30 June
2018
Revenue - - - - 434,235 - (434,235) -
Interest
income - - - - 342 - - 342
Finance
costs - (3,841) - - - - - (3,841)
Share based
payments - - - - 21,546 - - 21,546 (Loss) for the period (122,251) (249,791) (184,437) (144,196) (569,842) 68,717 - (1,201,800) Total assets 4,632,337 4,928,165 5,467,788 2,343 697,883 32,168 - 15,760,684 Total non-current assets 4,510,283 4,619,171 5,358,046 - 11,200 - - 14,498,700 Additions to non-current assets 201,272 206,447 2,518,844 - - - - 2,926,563 Total current assets 122,055 308,994 109,741 2,343 686,683 32,168 - 1,261,984 Total liabilities (100,964) (105,335) (734,360) (2,098) (231,519) - - (1,174,276) ------------- ---------- ------------ ---------- ---------- ----------- -------------- ------------- ------------ 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
Six months Six months Year ended
to 30 June to 30 June 31 December
2019 2018 2018
Basic loss per share:
Losses attributable to ordinary
shareholders (GBP):
Total loss for the period (GBP) (1,982,136) (1,201,800) (3,381,161)
Weighted average number of shares
(number) 892,457,852 667,935,800 766,442,525
Loss per share - total loss
for the period from continuing
operations (pence) 0.22 0.18 0.44
----------------------------------- ------------ ------------ -------------
4. INTANGIBLE ASSETS
Exploration
and evaluation
assets
GBP
Cost
At 1 January 2018 9,809,994
Additions 2,893,366
Exchange differences 113,491
---------------------------------- ----------------
At 30 June 2018 12,816,851
Additions 4,355,584
Transfer to Assets classified
as Held for Sale 137,128
Exchange difference 243,629
---------------------------------- ----------------
At 31 December 2018 17,553,192
---------------------------------- ----------------
Additions 2,374,015
Transfer from Other Intangible
Assets 333,353
Exchange differences (20,349)
---------------------------------- ----------------
At 30 June 2019 20,240,211
---------------------------------- ----------------
Depreciation and impairment
At 1 January 2018 -
At 30 June 2018 -
Impairment charged in the period 140,024
------------------------------------ -----------
At 31 December 2018 140,024
------------------------------------ -------------
At 30 June 2019 140,024
------------------------------------ -------------
Net Book Value
At 1 January 2018 9,809,994
At 30 June 2018 12,816,851
At 31 December 2018 17,413,168
------------------------------------ -------------
At 30 June 2019 20,100,187
------------------------------------ -------------
In February 2018 the first milestone relating to the acquisition of Slipstream PORT Pty Ltd was triggered and the company paid AUD $ 1,500,000 in cash and issued 20,000,000 ordinary shares in the Company. This consideration was accounted for as an asset acquisition increasing the value of the exploration and evaluation assets by GBP GBP2,122,018. In accordance with IFRS 2 the deferred consideration paid in shares is required to be accounted for as a share based payment. At 31 December 2018 after application of IFRS 2 an adjustment was registered decreasing the exploration and evaluation assets by GBP GBP1,091,050, the share premium by GBP GBP1,080,000 and the retain earnings by GBP GBP11,050. The 30 June 2018 figures in this report reflect these adjustments.
5. PROPERTY, PLANT AND EQUIPMENT
Motor Plant and
vehicles Office Equipment Machinery Land Total
GBP
Cost
At 1 January
2018 75,363 23,912 1,094,465 46,275 1,240,015
Additions - 7,853 590 - 8,443
Exchange difference 557 354 1,430 (170) 2,171
---------------------- -------------- ----------------- -------------- -------------- ----------------
At 30 June 2018 75,920 32,119 1,096,485 46,105 1,250,629
---------------------- -------------- ----------------- -------------- -------------- ----------------
Additions 72,419 (2,677) 163,589 9,361 242,692
Exchange difference 3,074 1,756 17,440 879 23,149
---------------------- -------------- ----------------- -------------- -------------- ----------------
At 31 December
2018 151,413 31,198 1,277,514 56,345 1,516,470
---------------------- -------------- ----------------- -------------- -------------- ----------------
Additions - 4,594 - - 4,594
Exchange differences (304) (126) (15,605) (199) (16,234)
---------------------- -------------- ----------------- -------------- -------------- ----------------
At 30 June 2019 151,109 35,666 1,261,909 56,146 1,504,830
---------------------- -------------- ----------------- -------------- -------------- ----------------
Depreciation
At 1 January 2018 31,644 12,287 - - 43,931
Charge for the
period 9,290 1,137 - - 10,427
Exchange difference 774 205 - - 979
---------------------- -------------- ----------------- -------------- -------------- ------------------
At 30 June 2018 41,708 13,629 - - 55,337
---------------------- -------------- ----------------- -------------- -------------- ------------------
Charge for the
period 12,062 8,705 - - 20,767
Exchange difference 1,445 1,853 - - 3,298
---------------------- -------------- ----------------- -------------- -------------- ------------------
At 31 December
2018 55,215 24,187 - - 79,402
---------------------- -------------- ----------------- -------------- -------------- ------------------
Charge for the
year 14,350 4,066 - - 18,416
Exchange differences 111 (73) - - 38
---------------------- -------------- ----------------- -------------- -------------- ------------------
At 30 June 2019 69,676 28,180 - - 97,856
---------------------- -------------- ----------------- -------------- -------------- ------------------
Net Book Value
At 30 June 2018 34,212 18,490 1,096,485 46,105 1,195,292
At 31 December
2018 96,198 7,011 1,277,514 56,345 1,437,068
---------------------- -------------- ----------------- -------------- -------------- ------------------
At 30 June 2019 81,433 7,486 1,261,909 56,146 1,406,974
---------------------- -------------- ----------------- -------------- -------------- ------------------
6. TRADE AND OTHER RECEIVABLES
Unaudited Unaudited Audited
30 June 2019 30 June 2018 31 December
2018
GBP GBP GBP
Non-Current
Other receivables
- VAT - 270,876 -
- 270,876 -
-------------- -------------- -------------
Current
VAT recoverable 142,601 96,880 133,728
Other receivables 92,786 94,420 197,046
--------- -------- --------
235,387 191,300 330,774
--------- -------- --------
7. OTHER CURRENT AND NON-CURRENT ASSETS
Unaudited Unaudited Audited
30 June 2019 30 June 2018 31 December
2018
GBP GBP GBP
Non-Current
Guarantees 213,847 202,237 213,645
Other 28,476 13,444 39,543
-------------- -------------- -------------
242,323 215,681 253,188
-------------- -------------- -------------
Current
Guarantees 134,321 251,752 202,180
Other 20,887 - 21,553
155,208 251,752 223,733
-------- -------- --------
8. TRADE AND OTHER PAYABLES
Unaudited Unaudited Audited
30 June 2019 30 June 2018 31 December
2018
GBP GBP GBP
Current
Trade payables 812,144 647,636 1,027,100
Other payables 98,158 30,403 82,571
Accruals and deferred
income 531,502 467,206 1,163,768
1,441,804 1,145,245 2,273,439
-------------- -------------- -------------
9. SHARE CAPITAL
Allotted, issued and fully paid
Six months to Six months to Six months to
30 June 2019 30 June 2018 31 December 2018
GBP0.01 GBP0.01 GBP0.01
ordinary ordinary ordinary
shares number shares shares
GBP number GBP number GBP
At beginning of
period 881,451,795 8,814,518 635,850,386 6,358,504 701,615,540 7,016,155
Issued during the
period:
Share placement - - 38,181,818 381,818 139,458,367 1,394,584
Exercise of share
options - - 4,708,336 47,083 8,271,776 82,718
Exercise of warrants - - 1,875,000 18,750 12,106,112 121,061
In lieu of cash
for acquisition
of assets - - 20,000,000 200,000 20,000,000 200,000
Issued as condition
of JV agreement - - 1,000,000 10,000 - -
In lieu of cash
for acquisition
of minority interest 163,000,000 1,630,000 - - - -
Settlement deferred
consideration Oman
(note 10) 3,008,025 30,080 - - - -
----------------------- --------------- ----------- ------------- ---------- -------------- ------------
At end of period 1,047,459,820 10,474,598 701,615,540 7,016,155 881,451,795 8,814,518
----------------------- --------------- ----------- ------------- ---------- -------------- ------------
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 they have not been triggered, it is not probable that a future sacrifice of economic benefits will be required or the amount is not capable of reliable measurement.
Contingent consideration payable in relation to the acquisition of Gentor Resources Ltd (Oman copper project)
In June 2019 the Company entered into an agreement with Gentor Resources Inc to settle the deferred consideration that was related to the original acquisition of the Block 5 licence in April 2014 as part of the strategic review of the Oman portfolio. The deferred consideration of UDS $3,000,000 (payable 50% in cash / 50% in shares) relating to the share purchase agreement between the parties was cancelled in full return for the issue of USD $200,000 (GBP GBP158,000) worth of Ordinary Shares in the Company, which are subject to a six month orderly market agreement; and a cash payment of USD $100,000 (GBP GBP79,000).
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 GBP2,910,000), 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 GBP49,000) payment with the balance due in 71 equal monthly instalments.
11. SHARE OPTIONS AND WARRANTS
Share options and warrants to subscribe for Ordinary Shares in the Company are granted to certain employees, Directors and investors. Some of the options issued vest immediately and others over a vesting period and may include performance conditions. Options are forfeited if the employee leaves the Group before the options vest.
The Directors' interests in the share options and warrants of the Company are as follows:
At 30 June 2019
Quantity Quantity Exercised Options Exercise Date of First Final
at granted /Lapsed / Warrants price the grant date date
1 Jan 2019 during during at of exercise of exercise
the period the period 30 Jun
2019
Share Options
Dale Ferguson 2,000,000 - - 2,000,000 7.59p 01/03/17 01/03/17 28/02/21
Dale Ferguson - 3,000,000 - 3,000,000 10.0p 11/03/19 11/03/22 10/03/24
Matthew King 1,500,000 - - 1,500,000 2.76p 16/03/16 16/03/16 15/03/20
David Archer 7,000,000 - - 7,000,000 7.59p 01/03/17 01/03/17 28/02/21
Investor
Warrants
David Archer 2,857,143 --2,857,143 6.0p 14/07/17 14/07/17 14/07/20
At 31 December 2018
Quantity Quantity Exercised Options Exercise Date of First Final
at granted / Lapsed / Warrants price the grant date date
30 June during during at of exercise of exercise
2018 the period the period 31 Dec
2018
Share Options
Dale Ferguson 5,321,776 - (5,321,776) - 3.0p 21/07/13 20/07/14 20/07/18
Dale Ferguson 2,000,000 - - 2,000,000 7.59p 01/03/17 01/03/17 28/02/21
Matthew King 1,500,000 - - 1,500,000 2.76p 16/03/16 16/03/16 15/03/20
David Archer 7,000,000 - - 7,000,000 7.59p 01/03/17 01/03/17 28/02/21
Warrants
David Archer 11,111,112 -(11,111,112) - 3.0p 24/09/13 24/09/13 19/07/18
David Archer 2,857,143 - - 2,857,143 6.0p 14/07/17 14/07/17 14/07/20
At 30 June 2018
Quantity Quantity Exercised Options Exercise Date of First Final
at granted / Lapsed / Warrants price the grant date date
1 Jan 2018 during during at of exercise of exercise
the period the period 30 Jun
2018
Share Options
Dale Ferguson 5,321,776 - - 5,321,776 3.0p 21/07/13 20/07/14 20/07/18
Dale Ferguson 2,000,000 - - 2,000,000 7.59p 01/03/17 01/03/17 28/02/21
Matthew King 1,500,000 - - 1,500,000 2.76p 16/03/16 16/03/16 15/03/20
David Archer 7,000,000 - - 7,000,000 7.59p 01/03/17 01/03/17 28/02/21
Investor
Warrants
David Archer 11,111,112 --11,111,112 3.0p 24/09/13 24/09/13 19/07/18
David Archer 2,857,143 -- 2,857,143 6.0p 14/07/17 14/07/17 14/07/20 12. EVENTS AFTER THE REPORTING DATE
In September 2019 the Company approved a share placement of GBP3.76m (before expenses) through the issue of 161,400,000 ordinary shares at an issue price of 2 pence per share. Additionally, the Company received letters of intent for additional GBP1.24m cash subscriptions from a Directors' related party (Al Marjan Ltd), from an alternate Director and from staff for when the Company is not in a closed period.
Competent Person and Regulatory Information
The information in this announcement that relates to exploration results is based upon information compiled by Mr Dale Ferguson, Technical Director of Savannah Resources Limited. Mr Ferguson is a Member of the Australasian Institute of Mining and Metallurgy (AusIMM) and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the December 2012 edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" (JORC Code). Mr Ferguson consents to the inclusion in the report of the matters based upon the information in the form and context in which it appears.
The Information in this report that relates to Mineral Resources is based on information compiled by Mr Paul Payne, a Competent Person who is a Fellow of the Australasian Institute of Mining and Metallurgy. Mr Payne is a full-time employee of Payne Geological Services. Mr Payne has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Payne consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.
**ENDS**
For further information please visit www.savannahresources.com or contact:
David Archer Savannah Resources Tel: +44 20 7117
plc 2489
David Hignell / Charlie SP Angel Corporate Tel: +44 20 3470
Bouverat (Nominated Adviser) Finance LLP 0470
Christopher Raggett (Joint finnCap Ltd Tel: +44 20 7220
Broker) 0500
Grant Barker (Joint Broker) Whitman Howard Tel: +44 20 7659
1225
Melissa Hancock / Cosima St Brides Partners Tel: +44 20 7236
Akerman (Financial PR) Ltd 1177
About Savannah
Savannah is a diversified resources group (AIM: SAV) with a portfolio of energy metals projects - lithium in Portugal and copper in Oman - together with the world-class Mutamba Heavy Mineral Sands Project in Mozambique, which is being developed in a consortium with the global major Rio Tinto. The Board is committed to serving the interests of its shareholders and to delivering outcomes that will improve the lives of the communities we work with and our staff.
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".
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
IR SEWESIFUSEDU
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