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
https://www.savannahresources.com/investors/rns-feed/rns-announcements/?rid=4417501