Savannah Resources Ord Shs SAVNF

Portuguese shareholding increases to c.12%

[VanadiumPower]

Savannah Resources Plc, the developer of the Barroso Lithium Project (the ‘Project’) in Portugal, Europe’s largest spodumene lithium deposit, is pleased to report that the shareholding in the Company owned by Portuguese investors is now approximately 12%. Savannah has received notification that Slipstream Resources (‘Slipstream’) has sold 75m shares to an existing significant Portuguese shareholder on 31 July 2024. Following this transaction, Slipstream remains a significant shareholder in Savannah with 73.3m Shares, representing 3.37% of the Company’s issued share capital with voting rights, and the total shareholding held by Portuguese investors has risen to approximately 12%. Emanuel Proena, Savannah’s Chief Executive Officer said, “We are delighted that the overall Portuguese shareholding in Savannah continues to grow and is now around 12%. I trust that Portuguese and non-Portuguese investors alike interpret this domestic buying as a further indicator of the desire shared by many Portuguese for the Project to enter production and play its part in building a new sector for Portugal’s economy, whilst also contributing to national and European efforts to execute the energy transition.” “The Project is now in an extremely strong position, supported by the c.£21m (c.€25m) of cash the Company reported in late June following the investment by our new strategic partner, AMG Critical Materials N.V.. We are grateful for the support provided by our strategic partner and our many other shareholders, and look forward to reporting on our continued progress.” Dale Ferguson, Savannah’s Technical Director and Founding Partner of Slipstream Resources said, “Slipstream is committed to remaining very closely involved in the Project going forward. This is reflected in the significant shareholding we have maintained following this transaction and I will be continuing in my role as Technical Director. However, as a natural resource incubator business, Slipstream periodically has additional calls on its capital. Hence, we have taken the decision to reduce our shareholding in Savannah at this time, confident that both the Company and the Project are in a very robust position financially.”

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