TIDMSAV
RNS Number : 4137S
Savannah Resources PLC
06 November 2023
6 November 2023
Savannah Resources Plc
(AIM: SAV, FWB: SAV and SWB: SAV) ('Savannah', or the
'Company')
Strategic Partnering Process & Appointment of Advisers
Savannah Resources Plc, the developer of the Barroso Lithium
Project (the 'Project') in Portugal, Europe's largest spodumene
lithium deposit, is pleased to share positive progress on the
'Strategic Partnering Process' (the 'Process') it is running to
identify partners for the Project. The Company is also pleased to
announce the appointment of Barclays Bank PLC, acting through its
Investment Bank ('Barclays') and Barrenjoey Advisory Pty Limited
('Barrenjoey') as joint financial advisers to lead the Process.
Highlights:
-- Commercial interest in the Project and its spodumene lithium
offtake has been strong for a number of years and increased
significantly following the 'DIA' approval for the Project from
Portugal's environmental regulator and publication of a new Scoping
Study earlier this year
-- To quantify the commercial interest received in the Project,
the Company initiated an orderly Strategic Partnering Process in
July, in which interested parties were invited to submit proposals
outlining how they could assist Savannah with financing the
Project's development as part of a long term commercial
relationship with the Company
-- Due to the high number of positive responses received from a
wide range of groups, Savannah has now appointed Barclays and
Barrenjoey as joint financial advisers to lead on the next phase of
the Process. Barclays and Barrenjoey have significant experience in
managing transactions in the lithium sector and the wider metals
and mining industry
-- The Process is now focused on engaging with a short-list of
potential strategic partners both willing and able to assist with
the Project's future development and financing, and which also
bring complementary skills or additional opportunities to
Savannah
-- Further updates will be provided as appropriate
Savannah's Chief Executive Officer, Emanuel Proença said , "The
level of interest we have received in our Strategic Partnering
Process so far is extremely pleasing. This Process has resulted in
attractive draft proposals from players situated at a number of
different points along the lithium battery value chain, and from
groups looking to gain exposure to this critical new industry. The
level of interest in our Project reaffirms its quality and
strategic value for the European lithium battery value chain over
the long term.
"The next task is to carefully analyse and evaluate all the
proposals received and identify those parties who are not only
willing to support Savannah in securing the finance required to
construct the Project, but which can also offer additional benefits
to Savannah and all its stakeholders through a future partnership.
This could include bringing complementary skills which can be
applied to the Project or by providing additional business
opportunities to Savannah.
"With drilling back underway at the Project, the environmental
licencing and Definitive Feasibility Study progressing, and with
the Strategic Partnering Process moving forward in parallel, these
are busy and exciting times for Savannah. We look forward to
keeping shareholders and stakeholders up to date with developments
on all fronts over the coming months."
Further information:
About Barclays
Barclays was named Best Investment Bank in the UK in 2022 by
Euromoney, the 10th such award in the previous 11 years.
Internationally the bank has been involved in financings totalling
US$1.2 trillion as of 30 June 2023. With country, industry and
M&A specialist bankers located across the Americas, Europe,
Middle East, Africa, and Asia Pacific, Barclays' investment banking
team provides strategic advice, comprehensive solutions and risk
management services. Barclays' natural resources teams have advised
on a large number of significant transactions in a range of
commodities and geographies across the mining sector and involving
some of the industry's largest companies.
Barclays, which is authorised by the Prudential Regulation
Authority and regulated in the United Kingdom by the Financial
Conduct Authority and the Prudential Regulation Authority, is
acting exclusively for Savannah and no one else in connection with
the Process and will not be responsible to anyone other than
Savannah for providing the protections afforded to clients of
Barclays nor for providing advice in relation to the Process or any
other matter referred to in this Announcement.
https://www.cib.barclays/investment-banking.html
About Barrenjoey
Barrenjoey is a leading Australian financial services firm
uniquely predominantly staff owned and locally managed with global
reach through its strategic partnering with Barclays. Barrenjoey
employs over 350 people and has teams based in Sydney, Melbourne
and Perth covering corporate finance, equities, research and fixed
income. The firm supports a broad range of domestic and
international corporates, financial institutions, governments,
investment managers and asset managers. Barrenjoey's mining team
are located in Perth, West Australia, and have advised and been
lead manager on a number of significant transactions in the lithium
space. https://barrenjoey.com/
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 Twitter
Follow Savannah Resources on LinkedIn
For further information please visit www.savannahresources .com
or contact:
Savannah Resources PLC Tel: +44 (0) 20 7117 2489
Emanuel Proença, CEO
Barclays Bank PLC, acting through its Investment Tel: +44 (0) 20 7623 2323
Bank
(Joint Financial Adviser)
Philip Lindop/ Akshay Majithia/ Ben Morton
Barrenjoey Advisory Pty Limited (Joint Financial Tel: +61 2 9903 6000
Adviser)
Paul Early/ Scott Cook
SP Angel Corporate Finance LLP (Nominated Advisor Tel: +44 (0) 20 3470 0470
& Joint Broker)
David Hignell/ Charlie Bouverat (Corporate Finance)
Grant Barker/ Abigail Wayne (Sales & Broking)
SCP Resource Finance (Joint Broker) Tel: +44 (0) 204 548 1765
Filipe Martins/ Chris Tonkin
Camarco (Financial PR) Tel: +44 (0) 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 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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(END) Dow Jones Newswires
November 06, 2023 02:00 ET (07:00 GMT)
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