Savannah Resources PLC

Latest Results (01.05.2026):

Savannah Resources PLC — Interim results for the six months ended 30 June 2025 (H1 2025, covering Q2 2025): the Group reported a reduced loss from continuing operations of £1.486m, ended the period with £9.53m cash (increased post-period to £13.3m after a July 2025 placing), invested more in exploration (£3.2m) and delivered a material operational upside with a new upgraded JORC Resource for the Barroso Lithium Project of 39.1Mt at 1.05% Li2O; DFS work progressed but geotechnical access delays push DFS completion into H1 2026 and first production to 2028.

Key financials

Loss from continuing operations: £1.486m (H1 2025), down ~21% vs H1 2024. Total loss after tax: £1.511m. Cash at 30 June 2025: £9.53m; post-period placing (July 2025) raised gross GBP 4.78m, increasing cash to ~£13.3m. Exploration cash spend rose to £3.2m (up 39% YoY). Intangible/exploration assets: £25.76m. Basic loss per share: 0.07p (H1 2025).

Resource upgrade & drilling

Phase 2 drilling completed the resource-focused programme (12,463m across 103 holes). Post-period (Sept 2025) JORC (2012) Resource upgraded to 39.1Mt at 1.05% Li2O (+40% tonnage vs May 2024) with ~68% Measured+Indicated. Exploration Target expanded to 35–62Mt at 0.9–1.2% Li2O ( >200% increase vs prior estimate).

DFS progress and timing

Multiple DFS workstreams advanced (metallurgy, scheduling, CAPEX, water/tailings, decarbonisation). Geotechnical drilling and final inputs await a second temporary land easement (expected Q4 2025). As a result Savannah now targets DFS completion in H1 2026 and first production in 2028 (moved from late 2027).

Regulatory & government support

Barroso Project classified as a ‘Strategic Project’ under the EU Critical Raw Materials Act. Portuguese Government issued a ‘Reasoned Resolution to allow fieldwork’ during an earlier easement dispute and AICEP’s Permanent Committee for Investor Support (CPAI) is now providing dedicated facilitation.

Funding, strategic partner & financing progress

July 2025 placing raised GBP 4.78m (136.6m shares at 3.5p); AMG Critical Materials (largest shareholder and offtaker partner) participated (~£700k). Savannah remains in discussions with Euler Hermes / KfW for potential German loan guarantee (up to US$270m in principle). CF&Co appointed as project finance adviser. Directors note additional funding will be required beyond Sept 2026 and recognise a material uncertainty on going concern despite strong engagement and partner interest.

Commercial / offtake position

AMG remains strategic partner and proposed offtaker; current heads of terms envisage up to 90ktpa for 10 years (from initial 45ktpa for 5 years) if full financing solution is achieved. Savannah retains 100% project ownership and at least 50% of future concentrate available for other partners.

Team, operational staffing & community

Key appointments in H1 2025: Henrique Freire (CFO), Egídio Ribeiro (Project Finance Manager), Mike Tamlin (Offtake Adviser), and strengthened HR. Site staffing increased to support drilling; continued community engagement and local land purchases (109 plots acquired by period end) to secure project access.

Legal matters & risks

Ongoing ‘Operation Influencer’ investigation but no contact with authorities since Q1 2024; several legal actions continue (land/access disputes) but management says they do not affect the Mining Lease or the 2023 DIA. Board highlights funding timing risk (material uncertainty) though expects to secure required financing.

Outlook

Savannah Resources PLC expects to complete the DFS and environmental licensing after geotechnical drilling (now targeted H1 2026), to advance project financing and offtakes, and to target first production in 2028 — positioning Barroso as a strategic European lithium supplier amid recovering lithium prices.