Savannah Resources PLC

Latest Results (02.02.2026):

Savannah Resources PLC — interim results for the six months ended 30 June 2025 (Q2 2025): the company reports continued progress on the Barroso Lithium Project alongside a reduced operating loss and an active funding push. Key operational milestones include completion of the resource-focused Phase 2 drilling and a material JORC resource upgrade, while financials show lower operating losses but higher exploration spend and a cash position strengthened by a July 2025 equity raise.

Headline financials

Loss from continuing operations for H1 2025 was £1.486m (down 21% from £1.892m in H1 2024). Basic loss per share was 0.07p. Cash at 30 June 2025 was £9.53m (30 June 2024: £21.56m); after a July 2025 placing of £4.78m gross, cash rose to £13.3m.

Exploration spend and assets

Exploration cash spend rose to £3.2m (H1 2024: £2.3m). Intangible assets increased 19% year-to-date to £25.76m reflecting ongoing project development. Total assets were £42.22m and shareholders’ equity £38.41m at 30 June 2025.

JORC resource upgrade

Following Phase 2 drilling, Savannah announced a new JORC (2012) resource of 39.1Mt at 1.05% Li2O (0.5% cut-off) — a ~40% increase in tonnage vs May 2024 — with 68% in Measured + Indicated categories. A complementary Exploration Target was updated to 35–62Mt at 0.9–1.2% Li2O.

DFS progress and timetable change

Phase 2 resource drilling (12,463m) and multiple DFS workstreams advanced, but completion of remaining geotechnical drilling awaits a second temporary land easement now expected Q4 2025. As a result, DFS and final environmental licence are expected in H1 2026 and first production is now targeted for 2028 (moved from late 2027).

Permitting, political and EU support

The Project was classified as a ‘Strategic Project’ under the EU Critical Raw Materials Act. Portuguese government support has been evident (including a Reasoned Resolution to lift a brief fieldwork suspension), and AICEP’s CPAI will now actively support the Project’s implementation.

Funding, strategic partner and financing progress

July 2025 equity raise of £4.78m (136.6m shares at 3.5p) attracted existing and new investors; AMG Critical Materials (major shareholder and proposed offtaker) remains a strategic partner and invested c.£700k in the placing. Savannah is engaged with Euler Hermes / KfW regarding a potential German government-backed guarantee (up to US$270m in principle) and appointed Cutfield Freeman as project finance adviser. The company notes further funding will likely be needed beyond the near-term to reach FID and construction.

Market context

Savannah highlights a tightening lithium market and improving spodumene prices (c. US$800/t reported in summer 2025, up >30% from mid‑June lows), reinforcing the strategic value of European supply but with customary caution around price sustainability.

Corporate, staffing and legal

Senior hires include CFO Henrique Freire and other commercial/finance roles as the business prepares for financing and construction. The Company reports ongoing legal/administrative matters (including the Operation Influencer probe and local land disputes) but states these have not materially impacted the mining lease, DIA or project work to date.

Going concern and risks

Directors state a material uncertainty exists regarding future funding beyond the period to September 2026 — while they are confident funding can be secured (equity, partner finance, guarantees, grants), no binding financing is yet in place and inability to raise funds could materially affect continuity.