TIDMSAV

RNS Number : 5256M

Savannah Resources PLC

22 September 2021

22 September 2021

Savannah Resources Plc

Interim Results

Savannah Resources plc (the "Company" or "Savannah"), the European lithium development company, is pleased to announce its interim financial results for the six months ended 30 June 2021.

First half and recent highlights include:

Corporate

-- Cash balance: Stood at GBP9.7m as at 30 June (31 December 2020: GBP2.0m) after the oversubscribed placing completed in April 2021, raising gross proceeds of GBP10.3m

-- Net loss from continuing operations: Reported at GBP1.4m (2020: GBP1.1m). The total attributable loss reduced to GBP1.2m (2020: GBP6.0m) as there was no repeat of the non-cash write-down (GBP5.5m) associated with the Oman project divestment

-- Corporate Environmental and Social Management System ("ESMS"): Initiated our Corporate ESMS which is being aligned with internationally recognised ESG standards

-- Recruitment: To support the Company's continued growth, key new staff with a range of skills have been added to our project and corporate teams in Portugal and the UK respectively

   --      COVID-19: Mitigation measures continued with staff and stakeholder wellbeing a priority 

Mina do Barroso, Portugal

Technical:

-- Environmental Impact Assessment ("EIA"): The Portuguese environmental regulator extended the public consultation phase of the review from 2 June 2021 to 16 July 2021. We understand the regulator is now reviewing the submissions received and we expect to receive news on the EIA review process in the final quarter of 2021

-- Lab and Field work: Lab-based process design work continued in Australia throughout the period. We expect to be able to return to meaningful fieldwork before the end of the year following the lifting of COVID-related restrictions

-- Definitive Feasibility Study ("DFS"): The DFS is now expected to be completed in 2022 following ongoing COVID-restrictions on fieldwork and the definition of EIA requirements from the ongoing EIA process

Commercial:

-- Offtake and Investment: Encouraging discussions were ongoing with multiple, well credentialed commercial counterparties during the period and are continuing into the 2H 2021. Useful precedents have been set by the significant number of offtake, investment and M&A transactions in the lithium sector in the year to date

-- EV sales: EV-volumes.com reported global 1H 2021 EV sales of 2.65m units (+168% vs. 1H 2020) including 1m vehicles sold in Europe. Full year sales forecast at 6.4m units (2020: 3.2m units)

-- Lithium prices: 1H 2021 lithium chemical prices in China rose on average by 80% vs. year-end 2020 and spodumene prices doubled to around US$800/t (source: S&P Global Platts). On 14 September 2021, Pilbara Minerals achieved a price of over US$2,200/t for 5.5% spodumene concentrate at its second online auction

-- Partnerships: Savannah became a founding member of the Portuguese Association for the Battery Cluster, created to maximise Portugal's potential across the battery value chain and promoting the country as a future leader in European lithium production

Public and Government Relations:

-- Local stakeholder engagement: Savannah continued to engage and inform the local community about the Project through multiple channels; support was also maintained for local ventures and services

-- Wider stakeholder engagement: As travel restrictions eased, interaction with civil society, business and academic leaders, and journalists was stepped up. We expect to increase our market and stakeholder engagement activities in the remainder of the year

-- Post-COVID Government funding: Savannah is currently assessing the possibility of applying for funding from the Portuguese Government following approval of the country's EUR16.6bn Recovery & Resilience facility funding by the European Commission

Mutamba Minerals Sands Project, Mozambique

-- Fieldwork and studies: Continued during the period dominated by landowner identification and communication programmes, collecting a bulk sample for metallurgical test work by Rio Tinto, and initiating baseline studies for the EIA on each licence

-- Business review: A comprehensive review of the project's technical parameters and its future corporate positioning has been undertaken since last October. We remain on track to inform shareholders of the outcome of this review by year end.

CHAIRMAN'S STATEMENT

Savannah has continued to establish its position in the new European lithium value chain effectively, despite the ongoing challenges posed by the COVID pandemic during the first half of 2021. Forecasts of a significant lithium shortage by the middle of this decade and associated higher prices have been in the market for some years but it is still remarkable how rapidly this market has tightened, and prices have risen since late last year. Growing EV uptake is underpinning lithium's recovery with global first half sales, as reported by EV-volumes.com, reaching 2.65m units (+168% vs. 1H20), including over 1m vehicles sold in Europe and 1.15m in China. Lithium chemical prices in China rose on average by 80% in the first half while spodumene prices in Australia doubled to around US$800/t (source: S&P Global Platts). Savannah was able to utilise this step change in the market to complete an oversubscribed placing to new and existing shareholders to provide greater working capital for the exciting period that lies ahead. We were also able to broaden our commercial negotiations with multiple parties all keen to secure exposure to Mina do Barroso's lithium.

With EV sales expected to accelerate during the second half of the year to reach 6.4m units, almost double 2020's annual sales, and scant lithium inventory available, prices have continued to rise in the second half of the year. Lithium chemical prices in China are now up on average 170% versus. December 2020, and the price of Australian spodumene concentrate as reported by Pilbara Minerals at its second online auction on 14 September is more than 460% higher at over US$2,200/t. Shareholders will remember that our 2018 Scoping Study on Mina do Barroso assumed an average sales price for spodumene of US$685/t, so from an economic perspective, the future of Mina do Barroso looks ever brighter. Our focus therefore remains on turning that potential into reality and developing the project in a responsible manner which minimises its impact and shares economic and other benefits with local communities.

With the COVID-restrictions now easing, we look forward to getting back in the field to resume gathering the data we need to complete the Definitive Feasibility Study ("DFS"). To this end, we have added to our in-country technical team. We are also aware that the technical robustness of the project is only one factor in our future success, and that we must work equally hard to ensure sufficient support for the project among the key stakeholder groups. Hence, we have added capacity to our governmental and public relations efforts in Portugal and expanded our investor relations and media team in the UK. I take this opportunity to welcome our new staff members and advisers to the Savannah family and we look forward to announcing more appointments as we continue to grow the business and move towards construction and production in Portugal.

In Mozambique, we remain active on the ground as we continue to progress the key tasks as the joint venture with Rio Tinto moves the project forward towards development. We have been also voluntarily playing our part in the in-country COVID vaccination programme and have maintained our strong links with our stakeholder communities and key administrators.

Overarching our work on each project is the progress we are making in formalising, expanding and equalising our Corporate Social Responsibility ("CSR") and Environmental, Social & Governance ("ESG") activities through our Corporate Environmental and Social Management System ("ESMS") which we announced in May. Savannah has always made a firm commitment to CSR but by formalising our efforts across the Company we will be best placed not only to deliver effective CSR programmes for our project stakeholders but also effectively measure our performance and therefore meet and surpass the expectations of investors and lenders who are increasingly focusing on these parameters.

Mina do Barroso, Portugal

At Mina do Barroso during the first half of the year, we continued to move ever closer to the next three major project milestones: the Environmental Impact Assessment ("EIA"), an offtake agreement, and the DFS. COVID restrictions aside, the Board and I acknowledge that reaching these milestones is taking longer than we had first envisaged. However, Mina do Barroso and its significant lithium production represents a wholly new endeavour for Portugal, the European Union, and Savannah. Hence, it is vital that the project is executed in a way that demonstrates that this new industry is one that can be conducted responsibly, and which brings far-reaching benefits. There can be no doubt that the recent price movements in lithium which I have already highlighted, give a clear indication of how important it is for Europe to begin to develop its domestic supply of such critical raw materials if it is to meet its own long term energy transition and climate change goals.

Regarding the EIA, as we flagged in the 2020 Annual Report, Agência Portuguesa do Ambiente ("APA"), the Portuguese environmental regulator, revised the closing date for the public consultation phase of the review programme from 2 June 2021 to 16 July 2021. We welcomed the opportunity for all interested parties to register their views on the project and will respond to APA as quickly and comprehensively as we can if it requests any further information from us. We understand APA is now reviewing the submissions received and we expect to receive news on the EIA review process in the final quarter of 2021. Should we receive a 'Declaration of the Environmental Impact' this milestone won't represent the conclusion of the environmental licencing process as approval of detailed final designs is subsequently required, but it will demonstrate the Regulator's satisfaction with the project's operating parameters and Savannah's innovative plans to eliminate, mitigate and manage any environmental and social impacts, and to utilise the project to create meaningful long-term benefits for stakeholders throughout Portugal and beyond.

As we have highlighted previously, conducting the outstanding fieldwork required for the DFS has been severely impacted by COVID-related restrictions in the past 18 months. Pleasingly, as restrictions lift and contractor availability improves, we expect to be able to return to meaningful field work before the end of the year. We have also talked previously about the need for APA to state its preferences on several features of the project on which it required Savannah to present it with options in our EIA submission. Until these decisions are made as part of the EIA approval process, Savannah won't be able to fully finalise the project design and encapsulate that in the DFS. A brighter point for the DFS's progression has been the lab-based process design work in Australia which has been continuing with little disruption throughout the period. Overall, however, after much effort internally to revise and rework the DFS schedule, shareholders should expect its conclusion next year and not by the end of 2021 as previously guided. Alongside the DFS we have also begun to engage with Portugal's leading power companies around the provision of wholly renewable energy to the project and some leading manufacturers of mobile mining plant and equipment regarding the potential to supply electrically powered units to the project in the future.

While referring to fieldwork, I am also pleased to report that our programme of land acquisition across the C-100 Mining Lease area which covers the project has progressed well since the turn of the year and will be continuing alongside our other project commitments for the remainder of 2021 and beyond. We have been delighted to be able to strike mutually beneficial agreements with a number of local landowners which will allow Savannah to own, manage and remediate these areas responsibly during the project's life, before returning them to the community once the project has ceased operating.

On a commercial front, buoyed by the much stronger lithium price environment, encouraging discussions are ongoing around offtake and associated investment with multiple, well credentialed counterparties. This includes with Galp Energia, SGPS, S.A. ("Galp") and other European and non-European industrial groups. A significant number of offtake, investment and M&A transactions have been completed in the lithium sector during the year to date which set useful precedents for Savannah in its own commercial discussions. We hope to bring more news on the project's future commercial arrangements later in the year.

Away from the project itself, we continue to consolidate our position in Portugal's commercial and political spheres as we receive growing recognition for the critical position Savannah will play as the main supplier of raw material to the country's much anticipated new lithium industry. In June we announced that we had become a founding member of the new Portuguese Association for the Battery Cluster which brings together a large group of industrial, academic and government bodies to work together to develop a new lithium-ion battery industry in Portugal under the co-ordination of the International Nanotechnology Laboratory.

Portugal has also been the first country to have its post-COVID Recovery and Resilience facility funding plan approved by the European Commission with EUR2.2bn of the EUR16.6bn package already received. With nearly EUR1bn of this package earmarked for business innovation and green agendas, Savannah is currently assessing the possibility of applying for funding from this facility to put towards the project's capital expenditure.

With travel restrictions now easing, David Archer, our CEO, has been spending an extended period of time on the ground in Portugal in recent weeks working closely with our in-country team and our public and governmental relationship advisers. This has resulted in a series of meetings with key government officials, leaders from the business and academic communities, potential commercial partners and journalists from national and international publications. We expect to increase our marketing and stakeholder engagement activities still further in the remainder of the year.

We continue to believe that our proposals for the development and operation of Mina do Barroso combined with our proposals around sharing the project's economic and social benefits with stakeholders represent a modern and responsible approach to managing the production of a raw material essential to the transition to cleaner energy provision and reduced transport-related greenhouse gas emissions. The Portuguese Government has stated its desire to create a new lithium industry in the country based on its enviable resources of the mineral and the European Commission, through its 2020 Action Plan on Critical Raw Materials, has set forward its target of securing access to reliable sources of raw materials to support Europe's Green Deal and to maintain Europe's leadership in technologies of the future. Savannah would be delighted to be part of making these targets into a reality.

Mineral Sands Project, Mozambique

As I outlined in my statement in the 2020 Annual Results in June, there are three elements to Savannah's work on the Mutamba Minerals sands project in Mozambique; licence-related studies and fieldwork; our engagement programmes; and the business and project review.

Despite ongoing COVID-related restrictions and cases amongst our own staff, work on the ground has continued (with appropriate safety protocols) as we seek to ensure compliance with the requirements set by the Mining Licences the consortium was awarded in late 2019 and early 2020. Identification and communication with relevant landowners to secure land use and utilisation agreements (DUATs) has been the major work programme, but the team has also been able to produce a bulk sample of material for a metallurgical test work programme being run by Rio Tinto overseas and is underway with baseline studies for the EIA work on each of the licences.

Regarding the business review we initiated last autumn, we continue to work very closely on this with our consultant, Bruce Griffin of Farview Solutions, and Rio Tinto. Since that time, we have carried out a comprehensive review of the project's technical parameters and its future corporate positioning. As a result, we believe that we have identified a suitable course of action and remain on track to inform shareholders of the outcome before the end of the year.

Corporate Social Responsibility

Our Corporate ESMS is being aligned with internationally recognised ESG standards, namely the requirements of the International Finance Corporation's Performance Standards on Environmental and Social Sustainability, as well as the World Bank Group's Environmental Health & Safety, Mining and General Guidelines. As a UK listed entity, the policy will also reflect the principles and provisions of the Quoted Companies Alliance's Corporate Governance Code. Savannah's operating subsidiaries will be responsible for ESG management and performance at their respective projects, through the development and implementation of project-specific ESMSs, aligned with the Corporate ESMS, and in compliance with all applicable ESG-related laws, regulations and permits of the host country.

In Portugal during the first half of the year, we were delighted to be able to re-open our local Information Centre in May, staffed by a new recruit from the Boticas area, after its closure due to COVID-related restrictions. The Information Centre is currently displaying a 3D model of the proposed project, so that residents can get a better understanding of the project's layout and the steps being taken to minimise its impact on the local environment. While the EIA review process is ongoing (there were two public sessions held in May hosted by APA), Savannah continues to engage with the local community keeping residents informed about APA's review process, the Benefit Sharing and the Good Neighbour Plans that have been proposed, and by making further donations of locally purchased provisions to the area's firefighting team. We have also maintained our multi-channel communication through newsletters, content in local publications and radio announcements. I have already touched on our engagement with national level media and we will continue this engagement in the remainder of the year as interest builds in Portugal's lithium battery chain, while maintaining our locally focused communication efforts as well as sponsorship of local rally car and mountain biking teams.

In Mozambique, the Company made COVID-19 vaccinations available to all staff and their adult family members, and also purchased and donated 200 double vaccines to the Ministry of Health in Inhambane Province to help protect vulnerable individuals. We were also delighted to provide support to the Provincial Environment Day which helped to raise awareness of Environmental issues in the Province and we remain committed to, and supportive of, other community interventions in Jangamo and Inharrime districts

Financial Summary

Savannah recorded a first half net loss from continuing operations of GBP1.4m (2020: GBP1.1m) with much of the GBP0.3m increase the result of a move from an exchange rate gain in 1H 2020 to an exchange rate loss in 1H 2021. However, without the one-off write-down (GBP5.5m) associated with the Oman project divestment, which was recorded in last year's accounts, the total attributable loss reduced significantly to GBP1.2m (2020: GBP6.0m).

Of greater interest to shareholders will be the Group's cash balance which stood at GBP9.7m on 30 June (2020: GBP2.0m, 31 December 2020) after the oversubscribed placing, raising GBP10.3m gross proceeds in April. This stronger cash position, along with a GBP0.6m increase in Intangible Assets to GBP17.8m resulted in a 42% increase in Savannah's Net Assets to GBP29.1m (2020: GBP20.5m).

Outlook

The Board and I are very grateful for the ongoing interest and commitment shown towards the Company by its shareholders. With the capital now in reserves, Savannah is well placed to press ahead with its work programmes at Mina do Barroso and its engagement with all stakeholders and relevant commercial groups. We also have sufficient capital available to meet our ongoing commitments in Mozambique. As ever, our dedicated staff will undertake this work and I thank them for their efforts to date and for their efforts in the future.

The lithium market is proving to be an exciting and rapidly developing sector with Europe set to be a major part of the world's new lithium battery industry. Savannah is determined to take its place in this market and we look forward to reporting on developments relating to the three project milestones I have outlined above from 4Q 2021 onwards. We also look forward to updating the market on Mutamba, so that the project's stakeholders and our shareholders are clear on its future direction and that of Savannah.

Matthew King

Chairman

Date: 21 September 2021

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE SIX MONTHSED 30 JUNE 2021

 
                                                       Unaudited     Unaudited        Audited 
                                                      Six months    Six months     Year ended 
                                             Notes    to 30 June    to 30 June    31 December 
                                                            2021          2020           2020 
                                                             GBP           GBP            GBP 
 
 CONTINUING OPERATIONS 
 Revenue                                                       -             -              - 
 Other Income                                                  -             -         26,099 
 Administrative Expenses                             (1,443,120)   (1,080,385)    (2,988,663) 
 OPERATING LOSS                                      (1,443,120)   (1,080,385)    (2,962,564) 
 Finance Income                                           12,711        21,789         38,747 
 Finance Costs                                           (3,671)         (448)          (765) 
----------------------------------------  --------  ------------  ------------  ------------- 
 LOSS FROM CONTINUING OPERATIONS 
  BEFORE AND AFTER TAX                               (1,434,080)   (1,059,044)    (2,924,582) 
 LOSS ON DISCONTINUED OPERATIONS 
  BEFORE AND AFTER TAX                                         -   (5,469,581)    (5,401,176) 
 LOSS BEFORE AND AFTER TAX ATTRIBUTABLE 
  TO EQUITY OWNERS OF THE PARENT                     (1,434,080)   (6,528,625)    (8,325,758) 
----------------------------------------  --------  ------------  ------------  ------------- 
 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                                     100,060      (13,210)        320,151 
 Items that will or may be reclassified 
  to Profit or Loss: 
 Exchange Gains / (Losses) arising 
  on translation of foreign operations                   131,362       589,230      (163,284) 
----------------------------------------  --------  ------------  ------------  ------------- 
 OTHER COMPREHENSIVE INCOME FOR 
  THE PERIOD                                             231,422       576,020        156,867 
----------------------------------------  --------  ------------  ------------  ------------- 
 TOTAL COMPREHENSIVE INCOME FOR 
  THE PERIOD ATTRIBUTABLE TO EQUITY 
  OWNERS OF THE PARENT                               (1,202,658)   (5,952,605)    (8,168,891) 
----------------------------------------  --------  ------------  ------------  ------------- 
 Loss per share attributable to 
  Equity Owners of the parent expressed 
  in pence per share: 
 Basic and Diluted 
 From Operations                              3           (0.09)        (0.50)         (0.62) 
 From Continued Operations                    3           (0.09)        (0.08)         (0.22) 
 From Discontinued Operations                 3                -        (0.42)         (0.40) 
----------------------------------------  --------  ------------  ------------  ------------- 
 

The notes form part of this Interim Financial Report.

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 30 JUNE 2021

 
                                                      Unaudited      Unaudited        Audited 
                                           Notes        30 June        30 June    31 December 
                                                           2021           2020           2020 
                                                            GBP            GBP            GBP 
 ASSETS 
 NON-CURRENT ASSETS 
 Intangible Assets                          4        17,836,604     16,893,437     17,246,222 
 Right-of-Use Assets                                     12,256         31,237         21,709 
 Other Intangible Assets                                      -          8,920          6,682 
 Property, Plant and Equipment              5         1,064,198      1,259,197        973,528 
 Other Non-Current Assets                   7            70,803         83,648         73,530 
 Bank Deposits                              7           687,467        698,411        590,175 
--------------------------------------  --------  -------------  -------------  ------------- 
 TOTAL NON-CURRENT ASSETS                            19,671,328     18,974,850     18,911,846 
 CURRENT ASSETS 
 Investments                                             66,002         25,333        606,245 
 Trade and Other Receivables                6           423,513        173,688        194,301 
 Other Current Assets                       7            16,137         16,141         13,670 
 Cash and Cash Equivalents                            9,659,326      1,714,040      2,000,209 
 Assets in Disposal Groups Classified 
  as Held for Sale                                            -        437,007              - 
--------------------------------------  --------  -------------  -------------  ------------- 
 TOTAL CURRENT ASSETS                                10,164,978      2,366,209      2,814,425 
--------------------------------------  --------  -------------  -------------  ------------- 
 TOTAL ASSETS                                        29,836,306     21,341,059     21,726,271 
--------------------------------------  --------  -------------  -------------  ------------- 
 EQUITY AND LIABILITIES 
 SHAREHOLDERS' EQUITY 
 Share Capital                              9        16,889,598     12,989,598     14,309,910 
 Share Premium                                       41,695,948     33,538,187     34,474,884 
 Merger Reserve                                       6,683,000      6,683,000      6,683,000 
 Foreign Currency Reserve                              (62,179)        558,973      (193,541) 
 Warrant Reserve                                         12,157        942,802         12,157 
 Share Based Payment Reserve                            152,335        370,695        393,865 
 FVTOCI Reserve                                        (14,120)       (56,649)        276,712 
 Retained Earnings                                 (36,214,631)   (34,604,250)   (35,450,713) 
 TOTAL EQUITY ATTRIBUTABLE TO 
  EQUITY HOLDERS OF THE PARENT                       29,142,108     20,422,356     20,506,274 
 LIABILITIES 
 NON-CURRENT LIABILITIES 
 Lease Liabilities                                            -          6,728          1,130 
--------------------------------------  --------  -------------  -------------  ------------- 
 TOTAL NON-CURRENT LIABILITIES                                           6,728          1,130 
--------------------------------------  --------  -------------  -------------  ------------- 
 CURRENT LIABILITIES 
 Lease Liabilities                                        6,477         15,422         11,608 
 Trade and Other Payables                   8           687,721        793,409      1,207,259 
 Liabilities Directly Associated 
  with Assets in Disposal Groups 
  Classified as Held for Sale                                 -        103,144              - 
--------------------------------------  --------  -------------  -------------  ------------- 
 TOTAL CURRENT LIABILITIES                              694,198        911,975      1,218,867 
 TOTAL LIABILITIES                                      694,198        918,703      1,219,997 
--------------------------------------  --------  -------------  -------------  ------------- 
 TOTAL EQUITY AND LIABILITIES                        29,836,306     21,341,059     21,726,271 
--------------------------------------  --------  -------------  -------------  ------------- 
 

The Interim Financial Report was approved by the Board of Directors on 21 September 2021 and was signed on its behalf by:

........................................................

David 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 2021

 
                                                                                   Share 
                                               Merger     Foreign                  Based 
                       Share        Share     Reserve    Currency     Warrant    Payment             FVTOCI       Retained         Total 
                     Capital      Premium         GBP     Reserve     Reserve    Reserve            Reserve       Earnings        Equity 
                         GBP          GBP                     GBP         GBP        GBP                GBP            GBP           GBP 
 At 1 January 
  2020            12,974,598   33,511,787   6,683,000    (30,257)     975,679    410,121           (43,439)   (28,163,712)    26,317,777 
---------------  -----------  -----------  ----------  ----------  ----------  ---------  -----------------  -------------  ------------ 
 Loss for the 
  period                   -            -           -           -           -          -                  -    (6,528,625)   (6,528,625) 
 Other 
  Comprehensive 
  Income                   -            -           -     589,230           -          -           (13,210)              -       576,020 
---------------  -----------  -----------  ----------  ----------  ----------  ---------  -----------------  -------------  ------------ 
 Total 
  Comprehensive 
  Income for 
  the 
  period                   -            -           -     589,230           -          -           (13,210)    (6,528,625)   (5,952,605) 
 Exercised 
  Options             15,000       26,400           -           -           -   (16,650)                  -         16,650        41,400 
 Lapse of 
  Options                  -            -           -           -           -   (38,560)                  -         38,560             - 
 Lapse of 
  Warrants                 -            -           -           -    (32,877)          -                  -         32,877             - 
 Share Based 
  Payment 
  charges                  -            -           -           -           -     15,784                  -              -        15,784 
 At 30 June 
  2020            12,989,598   33,538,187   6,683,000     558,973     942,802    370,695           (56,649)   (34,604,250)    20,422,356 
---------------  -----------  -----------  ----------  ----------  ----------  ---------  -----------------  -------------  ------------ 
 Loss for the 
  period                   -            -           -           -           -          -                  -    (1,797,133)   (1,797,133) 
 Other 
  Comprehensive 
  Income                   -            -           -   (752,514)           -          -            333,361              -     (419,153) 
---------------  -----------  -----------  ----------  ----------  ----------  ---------  -----------------  -------------  ------------ 
 Total 
  Comprehensive 
  Income for 
  the 
  period                   -            -           -   (752,514)           -          -            333,361    (1,797,133)   (2,216,286) 
 Issue of Share 
  Capital (net 
  of expenses)     1,300,113      920,537           -           -           -          -                  -              -     2,220,650 
 Shares issued 
  in lieu             20,199       16,160           -           -           -          -                  -              -        36,359 
 Share Based 
  Payment 
  charges                  -            -           -           -           -     43,195                  -              -        43,195 
 Exercise of 
  options 
 Lapse of 
  Options                  -            -           -           -           -   (20,025)                  -         20,025             - 
 Lapse of 
  Warrants                 -            -           -           -   (930,645)          -                  -        930,645             - 
 At 31 December 
  2020            14,309,910   34,474,884   6,683,000   (193,541)      12,157    393,865            276,712   (35,450,713)    20,506,274 
---------------  -----------  -----------  ----------  ----------  ----------  ---------  -----------------  -------------  ------------ 
 
 
 Loss for the 
  period                   -            -           -          -        -           -           -    (1,434,080)   (1,434,080) 
 Other 
  Comprehensive 
  Income                   -            -           -    131,362        -           -   (290,832)        390,892       231,422 
---------------  -----------  -----------  ----------  ---------  -------  ----------  ----------  -------------  ------------ 
 Total 
  Comprehensive 
  Income for 
  the 
  period                   -            -           -    131,362        -           -   (290,832)    (1,043,188)   (1,202,658) 
 Issue of Share 
  Capital (net 
  of expenses)     2,579,688    7,221,064           -          -        -           -           -              -     9,800,752 
 Lapse of 
  Options                  -            -           -          -        -   (279,270)           -        279,270             - 
 Share Based 
  Payment 
  charges                  -            -           -          -        -      37,740           -              -        37,740 
 At 30 June 
  2021            16,889,598   41,695,948   6,683,000   (62,179)   12,157     152,335    (14,120)   (36,214,631)    29,142,108 
---------------  -----------  -----------  ----------  ---------  -------  ----------  ----------  -------------  ------------ 
 

The notes form part of this Interim Financial Report.

CONSOLIDATED CASH FLOW STATEMENT

FOR THE SIX MONTHSED 30 JUNE 2021

 
 
                                            Notes      Unaudited      Unaudited        Audited 
                                                      Six months     Six months     Year ended 
                                                         to June        to June       December 
                                                            2021           2020           2020 
                                                             GBP            GBP            GBP 
 Cash Flows used in Operating 
  Activities 
 Loss for the period                                 (1,434,080)    (6,528,625)    (8,325,758) 
 Depreciation and Amortisation 
  charges                                    5            19,626         23,904         44,663 
 Impairment of Assets classified 
  as Held for Sale                                             -      5,370,130              - 
 Impairment of Other Intangible 
  Assets                                                   5,948              -              - 
 Share Based Payments Reserve 
  charge                                                  37,740         15,784         58,979 
 Shares issued in lieu of payments 
  to suppliers                                                 -              -         36,359 
 Finance Income                                         (12,711)       (21,789)       (38,747) 
 Finance Expense                                           3,671            448            765 
 Exchange Losses / (Gains)                               120,501      (133,412)       (37,580) 
 Loss on sale of discontinued 
  operations                                                   -              -      5,373,633 
 Cash Flow from Operating Activities 
  before changes in Working Capital                  (1,259,305)    (1,273,560)    (2,887,686) 
 Decrease in Trade and Other 
  Receivables                                             29,212        119,010        176,312 
 (Decrease) / Increase in Trade 
  and Other Payables                                   (464,981)        149,116        443,541 
---------------------------------------  --------  -------------  -------------  ------------- 
 Net Cash used in Operating Activities               (1,695,074)    (1,005,434)    (2,267,833) 
---------------------------------------  --------  -------------  -------------  ------------- 
 Cash flow used in Investing 
  Activities 
 Purchase of Intangible Exploration 
  Assets                                               (685,970)      (912,101)    (1,577,532) 
 Purchase of Right-of-Use assets                           (798)              -              - 
 Purchase of Tangible Fixed Assets                      (20,027)          (680)        (2,721) 
 Purchase of Investments                                       -        (1,782)              - 
 Proceeds from sale of Investments                       462,115              -          3,272 
 Bank Deposits for Mining Licences                             -              -         57,319 
 Interest received                                        12,711         21,789         38,747 
 Proceeds from sale of discontinued 
  operations                                                   -              -         27,543 
---------------------------------------  --------  -------------  -------------  ------------- 
 Net Cash used in Investing Activities                 (231,969)      (892,774)    (1,453,372) 
---------------------------------------  --------  -------------  -------------  ------------- 
 Cash Flow from/(used in) Financing 
  Activities 
 Proceeds from issues of Ordinary 
  Shares (net of expenses)                             9,704,501         41,400      2,220,650 
 Proceeds from exercise of share 
  options                                                      -              -         41,400 
 Principal paid on Lease Liabilities                     (6,263)        (8,900)       (18,310) 
 Interest paid                                           (3,671)          (448)          (765) 
---------------------------------------  --------  -------------  -------------  ------------- 
 Net Cash from Financing Activities                    9,694,567         32,052      2,242,975 
---------------------------------------  --------  -------------  -------------  ------------- 
 Increase / (Decrease) in Cash 
  and Cash Equivalents                                 7,767,524    (1,866,156)    (1,478,230) 
 Cash and Cash Equivalents at 
  beginning of period                                  2,000,209      3,484,781      3,484,781 
 Exchange (Losses) / Gains on 
  Cash and Cash Equivalents                            (108,407)         95,415        (6,342) 
---------------------------------------  --------  -------------  -------------  ------------- 
 Cash and Cash Equivalents at 
  end of period                                        9,659,326      1,714,040      2,000,209 
---------------------------------------  --------  -------------  -------------  ------------- 
 

The notes form part of this Interim Financial Report.

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL REPORT

FOR THE SIX MONTHSED 30 JUNE 2021

   1.    BASIS OF PREPARATION 

The financial information set out in this report is based on the Consolidated Financial Statements of Savannah Resources Plc (the 'Company') and its subsidiary companies (together referred to as the 'Group'). The Interim Financial Report of the Group for the six months ended 30 June 2021, which is unaudited, was approved by the Board on 21 September 2021. 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 2020 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 2020. New standards and amendments to IFRS effective as of 1 January 2021 have been reviewed by the Group and there has been no material impact on the financial information set out in this report as a result of these standards and amendments.

The Group Interim Financial Report is presented in Pound Sterling.

Going Concern

In common with many mineral exploration companies, the Company has raised equity finance to fund its activities. The Group had cash balance of GBP9.7m at 30 June 2021.

The Directors have reviewed the cash-flow projection for the Group and concluded that it has sufficient finance in place to meet its financial commitments for at least 12 months.

In forming their view, the directors have considered the impacts of COVID-19 related restrictions and potential future delays on the work schedule. Whilst the potential future impacts are unknown, the Board has considered the effect that additional delays in the work schedule could have on the Group's available cash resources. Having factored in reasonably plausible scenarios and reasonable mitigating actions (for example, the ability to reduce its uncommitted future expenditure), the director's consider sufficient cash balance are maintained under each scenario and that the Company will be able to meet its obligations as they fall due.

Accordingly, the Directors have concluded that these circumstances form a reasonable expectation that the Group has adequate resources to continue in operational existence, for the foreseeable future. For these reasons, the Directors continue to adopt the going concern basis in preparing the Annual Report and Accounts.

   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 Portugal, exploration and development in Mozambique, headquarter and corporate costs and the Company's third party investments and the discontinued operation in Oman.

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 Portugal, Mozambique and the discontinued operation in Oman 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 (including transfer price charge) and included in each segment below. Inter-company loans are eliminated to zero and not included in each segment below.

 
 
                        Mozambique     Portugal        HQ and     Investments     Elimination         Total 
                           Mineral      Lithium     Corporate 
                             Sands 
                               GBP          GBP           GBP             GBP             GBP           GBP 
  Period 30 June 2021 
 Revenue (1)                     -      539,496       385,655               -       (925,151)             - 
 Finance Costs             (3,557)        (114)             -               -               -       (3,671) 
 Interest Income            12,356            -           355               -               -        12,711 
 Share Based 
  Payments                       -            -      (37,740)               -               -      (37,740) 
 Impairment of 
  Assets                         -            -       (5,948)               -               -       (5,948) 
 Loss for the 
  period                 (209,550)    (589,510)     (635,020)               -               -   (1,434,080) 
 Total Assets            6,097,829   13,790,051     9,882,424          66,002               -    29,836,306 
 Total Non-Current 
  Assets                 5,975,203   13,689,348         6,777               -               -    19,671,328 
 Additions to 
  Non-Current 
  Assets                   255,871      468,602             -               -               -       724,473 
 Total Current 
  Assets                   122,626      100,703     9,875,647          66,002               -    10,164,978 
 Total Liabilities        (23,671)    (171,796)     (498,731)               -               -     (694,198) 
-------------------  -------------  -----------  ------------  --------------  --------------  ------------ 
 
 
 
                      Discontinued   Mozambique    Portugal      HQ and     Invest-ments   Elimination      Total 
                        Operation      Mineral      Lithium     corporate 
                       Oman Copper      Sands 
                               GBP          GBP          GBP          GBP            GBP           GBP           GBP 
 Period 31 December 
  2020 
 Revenue (1)                     -       30,198      691,100      582,304              -   (1,303,602)             - 
 Finance Costs                   -            -        (317)            -              -             -         (317) 
 Interest 
  Income                         -       16,475            -          483              -             -        16,958 
 Share based 
  payments                       -            -            -     (43,195)              -             -      (43,195) 
 Loss for 
  the year                  68,405    (198,827)    (748,551)    (918,160)              -             -   (1,797,133) 
 Total Assets                    -    5,403,090   13,917,231    1,799,705        606,245             -    21,726,271 
 Total Non-Current 
  Assets                         -    5,274,621   13,624,502       12,723              -             -    18,911,846 
 Additions 
  to Non-Current 
  Assets                         -       37,203      539,374            -              -             -       576,577 
 Total Current 
  Assets                         -      128,469      292,729    1,786,982        606,245             -     2,814,425 
 Total Liabilities               -     (65,977)    (260,023)    (893,997)              -             -   (1,219,997) 
-------------------  -------------  -----------  -----------  -----------  -------------  ------------  ------------ 
 
 
 
                  Discontinued     Mozambique     Portugal        HQ and    Invest-ments     Elimination         Total 
                     Operation        Mineral      Lithium     Corporate 
                   Oman Copper          Sands 
                           GBP            GBP          GBP           GBP             GBP             GBP           GBP 
  Period 30 June 2020 
 Revenue (1)                 -         27,409      419,730       344,515               -       (791,654)             - 
 Finance Costs               -              -        (448)             -               -               -         (448) 
 Interest 
  Income                     -         17,453            -         4,336               -               -        21,789 
 Share Based 
  Payments                   -              -            -      (15,784)               -               -      (15,784) 
 Impairment of 
  Assets           (5,370,130)              -            -             -               -               -   (5,370,130) 
 Loss for the 
  period           (5,469,581)      (197,750)    (470,576)     (390,718)               -               -   (6,528,625) 
 Total Assets          437,007      5,803,639   13,417,870     1,657,210          25,333               -    21,341,059 
 Total 
  Non-Current 
  Assets                     -      5,724,855   13,228,272        21,723               -               -    18,974,850 
 Additions to 
  Non-Current 
  Assets                79,122         49,139      555,937             -               -               -       684,198 
 Total Current 
  Assets               437,007         78,784      522,951     1,302,134          25,333               -     2,366,209 
 Total 
  Liabilities        (103,144)       (34,119)    (290,951)     (490,489)               -               -     (918,703) 
--------------  --------------  -------------  -----------  ------------  --------------  --------------  ------------ 
 

(1) Revenues included in the Portugal Lithium segment include GBP539,496 (31 December 2020: GBP691,000; 30 June 2020: GBP419,730) related to intercompany recharges within this segment and therefore eliminated in the Elimination column

   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 Year 
                                         Six months      Six months        ended 31 
                                         to 30 June      to 30 June        December 
                                               2021            2020            2020 
 Basic and Diluted Loss per 
  Share: 
 Losses attributable to Ordinary 
  Shareholders (GBP): 
 Total Loss for the period 
  (GBP)                                 (1,434,080)     (6,528,625)     (8,325,758) 
 Total Loss for the period 
  from Continuing Operations 
  (GBP)                                 (1,434,080)     (1,059,044)     (2,924,582) 
 Total Loss for the period 
  from Discontinued Operations 
  (GBP)                                           -     (5,469,581)     (5,401,176) 
 Weighted average number of 
  shares (number)                     1,518,176,396   1,295,376,368   1,343,743,432 
 Loss per share - total loss 
  for the period from Operations 
  (GBP)                                   (0.00094)        (0.0050)        (0.0062) 
 Loss per share - total loss 
  for the period from Continuing 
  Operations (GBP)                        (0.00094)        (0.0008)        (0.0022) 
 Loss per share - total loss 
  for the period from Discontinued 
  Operations (GBP)                                -        (0.0042)        (0.0040) 
-----------------------------------  --------------  --------------  -------------- 
 
   4.            INTANGIBLE ASSETS 
 
                                         Exploration 
                                      and Evaluation 
                                              Assets 
                                                 GBP 
 Cost 
 At 1 January 2020                        21,208,400 
 Additions                                   734,616 
 Transfer from Other Intangible 
  Assets                                   (279,850) 
 Disposal assets on liquidation            (140,024) 
 Exchange differences                        740,425 
----------------------------------  ---------------- 
 At 30 June 2020                          22,263,567 
 Additions                                   774,178 
 Transfer to Assets classified 
  as Held for Sale                       (5,370,130) 
 Exchange difference                       (421,393) 
----------------------------------  ---------------- 
 At 31 December 2020                      17,246,222 
----------------------------------  ---------------- 
 Additions                                   687,447 
 Exchange differences                       (97,065) 
----------------------------------  ---------------- 
 At 30 June 2021                          17,836,604 
----------------------------------  ---------------- 
 
 
 Depreciation and Impairment 
 At 1 January 2020                     140,024 
 Reverse on disposal 
  of assets on liquidation           (140,024) 
 Impairment charge related 
  to assets transferred 
  to held for sale                   5,370,130 
 At 30 June 2020                     5,370,130 
 Transfer to Assets classified 
  as Held for Sale                 (5,370,130) 
 At 31 December 2020                         - 
 At 30 June 2021                             - 
-------------------------------   ------------ 
 
 Net Book Value 
 At 1 January 2020                  21,068,376 
 At 30 June 2020                    16,893,437 
 At 31 December 2020                17,246,222 
--------------------------------  ------------ 
 At 30 June 2021                    17,836,604 
--------------------------------  ------------ 
 
 

In 2018 the Group started the process of divesting its investment in Finkallio Oy, and at 31 December 2018 the Exploration and Evaluation Assets held by the Company were fully impaired. In 2019 the Group started the process to liquidate Finkallio Oy, which was completed on 4 May 2020.

In 2018 the Board announced that a strategic review was being conducted in respect of the Oman assets to identify the best outcome for Savannah and its shareholders. In 2020 the progress towards an agreement for sale was substantial with the disposal expected to be completed prior to the end of 2020, and therefore the assets and liabilities of the Omani operations were classified as Held for Sale at 30 June 2020 with the disposal completed in October 2020.

   5.         PROPERTY, PLANT AND EQUIPMENT 
 
                           Motor                        Plant and 
                          Vehicles   Office Equipment    Machinery    Land          Total 
                                                                                           GBP 
 Cost 
 At 1 January 2020          87,902             43,026    1,241,756    53,332         1,426,016 
 Additions                       -                680            -         -               680 
 Transfer to Assets 
  classified as 
  Held for Sale           (36,770)           (10,293)            -         -          (47,063) 
 Exchange differences       10,173              1,061     (69,084)     3,783          (54,067) 
----------------------  ----------  -----------------  -----------  --------  ---------------- 
 At 30 June 2020            61,305             34,474    1,172,672    57,115         1,325,566 
----------------------  ----------  -----------------  -----------  --------  ---------------- 
 Additions                   1,662                379            -         -             2,041 
 Exchange difference       (4,741)             (2439)    (180,785)     (778)         (188,743) 
----------------------  ----------  -----------------  -----------  --------  ---------------- 
 At 31 December 
  2020                      58,226             32,414      991,887    56,337         1,138,864 
----------------------  ----------  -----------------  -----------  --------  ---------------- 
 Additions                       -             20,027            -         -            20,027 
 Exchange differences      (2,591)                425      157,227   (2,506)           152,555 
----------------------  ----------  -----------------  -----------  --------  ---------------- 
 At 30 June 2021            55,635             52,866    1,149,114    53,831         1,311,446 
----------------------  ----------  -----------------  -----------  --------  ---------------- 
 
 
 Depreciation 
 At 1 January 2020         54,548     34,239         -   -     88,787 
 Charge for the 
  period                   14,081      3,276         -   -     17,357 
 Transfer to Assets 
  classified as Held 
  for Sale               (36,770)   (10,293)         -   -   (47,063) 
 Exchange differences       6,251      1,037         -   -      7,288 
----------------------  ---------  ---------  --------      --------- 
 At 30 June 2020           38,110     28,259         -   -     66,369 
----------------------  ---------  ---------  --------      --------- 
 Charge for the 
  period                      318      4,632    99,189   -    104,139 
 Exchange difference      (2,560)    (2,612)         -   -    (5,172) 
----------------------  ---------  ---------  --------      --------- 
 At 31 December 
  2020                     35,868     30,279    99,189   -    165,336 
----------------------  ---------  ---------  --------      --------- 
 Charge for the 
  period                    6,127      4,211    57,456   -     67,794 
 Exchange differences       (492)    (1,113)    15,723   -     14,118 
----------------------  ---------  ---------  --------      --------- 
 At 30 June 2021           41,503     33,377   172,368   -    247,248 
----------------------  ---------  ---------  --------      --------- 
 
 
 Net Book Value 
 At 30 June 2020    23,195    6,215   1,172,672   57,115   1,259,197 
 At 31 December 
  2020              22,358    2,135     892,698   56,337     973,528 
-----------------  -------  -------  ----------  -------  ---------- 
 At 30 June 2021    14,132   19,489     976,746   53,831   1,064,198 
-----------------  -------  -------  ----------  -------  ---------- 
 

Plant and Machinery depreciation amounting to GBP57,456 (31 December 2020: GBP99,189) is capitalised in Exploration and Evaluation assets (Note 4).

   6.         TRADE AND OTHER RECEIVABLES 
 
                                Unaudited       Unaudited        Audited 
                             30 June 2021    30 June 2020    31 December 
                                                                    2020 
                                      GBP             GBP            GBP 
 Current 
 VAT recoverable                   63,253         108,155         98,852 
 Other Receivables                360,260          65,533         95,449 
                           --------------  --------------  ------------- 
 Total Current Trade 
  and Other Receivables           423,513         173,688        194,301 
                           --------------  --------------  ------------- 
 
   7.         OTHER CURRENT AND NON-CURRENT ASSETS 
 
                                 Unaudited       Unaudited        Audited 
                              30 June 2021    30 June 2020    31 December 
                                                                     2020 
                                       GBP             GBP            GBP 
 Non-Current 
 Guarantees                         62,674          66,497         65,592 
 Cash deposits                     687,467         698,411        590,175 
 Other                               8,129          17,151          7,938 
                            --------------  --------------  ------------- 
 Total Other Non-Current 
  Assets                           758,270         782,059        663,705 
                            --------------  --------------  ------------- 
 
 
 Current 
 Other                   16,137   16,141   13,670 
 Total Other Current 
  Assets                 16,137   16,141   13,670 
                        -------  -------  ------- 
 
   8.           TRADE AND OTHER PAYABLES 
 
                               Unaudited       Unaudited        Audited 
                            30 June 2021    30 June 2020    31 December 
                                                                   2020 
                                     GBP             GBP            GBP 
 Current 
 Trade Payables                  398,923         438,300        357,247 
 Other Payables                  100,315         160,587        136,935 
 Accruals and Deferred 
  Income                         188,483         194,522        713,077 
 Total Current Trade 
  and Other Payables             687,721         793,409      1,207,259 
                          --------------  --------------  ------------- 
 
   9.         SHARE CAPITAL 

Allotted, issued and fully paid

 
                               Six months to                 Six months to                 Six months to 
                                30 June 2021                  30 June 2020                31 December 2020 
                           GBP0.01                       GBP0.01                       GBP0.01 
                           ordinary                      ordinary                      ordinary 
                         shares number                 shares number                 shares number 
                                                GBP                           GBP                           GBP 
 
 At beginning 
  of period              1,430,991,035   14,309,910    1,297,459,820   12,974,598    1,298,959,820   12,989,598 
 Issued during 
  the period: 
 Share placement           257,968,785    2,579,688                -            -      130,011,270    1,300,113 
 Exercise of 
  Share Options                      -            -        1,500,000       15,000                -            - 
 In lieu of cash 
  for professional 
  services                           -            -                -            -        2,019,945       20,199 
 Settlement deferred 
  consideration 
  Oman                               -            -                -            -                -            - 
---------------------  ---------------  -----------  ---------------  -----------  ---------------  ----------- 
 At end of period        1,688,959,820   16,889,598    1,298,959,820   12,989,598    1,430,991,035   14,309,910 
---------------------  ---------------  -----------  ---------------  -----------  ---------------  ----------- 
 

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 it is not probable that a future sacrifice of economic benefits will be required and the amount is not capable of reliable measurement.

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 GBP2,790,000), 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 GBP47,000) payment with the balance due in 71 equal monthly instalments. Upon delivery of the request for transfer of the Mining Rights to an entity within the Group, the Group shall provide with a bank guarantee of EUR EUR3,195,000 ( GBP GBP2,740,000) that will be reduced in accordance with the 71 monthly instalments. As at 30 June 2021 the mining lease has not been granted.

   11.      EVENTS AFTER THE REPORTING DATE 

There were no Events After the Reporting Date to report.

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").

**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 20 7117 2489 
 David Archer, CEO 
SP Angel Corporate Finance LLP (Nominated    Tel: +44 20 3470 0470 
 Advisor) 
 David Hignell / Charlie Bouverat 
finnCap Ltd (Joint Broker)                   Tel: +44 20 7220 0500 
 Christopher Raggett/ Tim Redfern 
WH Ireland Limited (Joint Broker)            Tel: +44 20 7220 1698 
 Jessica Cave/ Ben Good (Corporate Finance) 
 Adam Pollock/ Jasper Berry (Corporate 
 Broking) 
Camarco (Financial PR)                       Tel: +44 20 3757 4980 
 Nick Hennis / Gordon Poole 
 

About Savannah

Savannah is a diversified resources group (AIM: SAV) with two development stage projects, Mina do Barroso, a hardrock lithium project in Portugal which has the largest spodumene lithium resource in Europe, and 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".

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