Savannah Resources Ord Shs SAVNF

Savannah's Update on Strategic Partnering Process

[ScandiumPower]

Savannah Resources Plc, the developer of the Barroso Lithium Project (the ‘Project’) in Portugal, Europe’s largest spodumene lithium deposit, is pleased to provide an update on the ‘Strategic Partnering Process’ (the ‘Process’) it is running to identify partners for the Project, and the evaluation the Company is conducting into additional sources of public finance for the Project.
Savannah's Process to identify strategic partners has now progressed to phase two, broadly within the expected timeframe. Interest was confirmed from a number of relevant tier one groups located along the lithium battery value chain, or looking to enter it. As planned, Savannah is now moving forward with a shortlist of potential partners, who are expected to conduct further due diligence on both the Project and Savannah in the weeks ahead. This will include engagement with Savannah’s management team and the Company’s advisers in the Process, Barclays and Barrenjoey.

Further updates will be provided as appropriate.
In parallel with the Process, Savannah continues to research and analyse sources of public funding which may be available to the Company as it seeks to progress the Project. This includes various Portuguese government funding solutions and some European Union funding opportunities, which are either applicable to certain aspects of the Project or the Project as a whole, given its focus on a ‘Strategic’ and ‘Critical’ raw material.

Savannah's Chief Executive Officer, Emanuel Proena said, "My thanks go to all those groups who entered our Strategic Partnership Process in November last year. We now look forward to engaging with those on the resulting shortlist who have shown significant interest in working with Savannah in varying ways, to ensure that our Project is developed to its full potential.
“While the Process remains the main focus of our efforts to commercialise the Project, our cash position allows us to prudently progress the key workstreams of the Definitive Feasibility Study and the compliance phase (‘RECAPE’) of the environmental licencing process.

“At the same time, the passing of the Critical Raw Material Act by the European Parliament last year has generated renewed focus on the development of domestic European critical raw material projects, such as ours. As a result, additional sources of public funding have become available. Savannah is rightly assessing all of these so that we maximise the financing options available to the Company as it moves towards production.”

https://www.savannahresources.com/investors/rns-feed/