SAVP.L Share News (SAVP)

(Sharecast News) - Savannah Resources told investors on Friday that the first half of its trading year had been "a pivotal period" with the acceleration of its work programmes at the Mina do Barroso lithium project taking centre stage.The AIM-quoted resource development company saw losses narrow 21.5% to £1.2m in the six months ended 30 June, principally due to the continued high tempo of mine development activities at its Portuguese lithium project.Losses per share were cut from 0.31p to 0.18p.Net assets rocketed 69% year-on-year to £15.68m.Savannah strengthened its cash position throughout the half as a result of its £2.1m equity raise, and the £12.5m equity raise that followed in July. The firm's current cash position at period end was £11.4m.Savannah's chairman Matthew King, said: "2018 to-date has been a pivotal period for Savannah with the acceleration of our work programmes at the Mina do Barroso lithium Project, culminating in a highly positive scoping study on the asset and a 500%+ increase in its resource base.""The momentum created by this rapid and successful appraisal programme allowed us to complete a record £12.5m equity financing in July raised principally from existing shareholders and new institutional investors. This will provide funding for the work necessary to reach a mine development decision on the MdB Project, and to progress our projects in Mozambique and Oman."As of 0910 BST, Savannah shares were up 4.58% to 8p.