Savannah Resources Regulatory News (SAV)

9 February 2024

Savannah Resources Plc

(AIM: SAV, FWB: SAV and SWB: SAV) ('Savannah', or the 'Company')

Update on Lawsuit involving APA and the Portuguese Ministry of Environment and Climate

Savannah Resources Plc, the developer of the Barroso Lithium Project (the 'Project') in Portugal, Europe's largest spodumene lithium deposit, provides an update following yesterday's announcement relating to the lawsuit brought by the Parish of Covas do Barroso against the Portuguese Environmental Agency ('APA') and the Ministry of Environment and Climate Action as defendants (the "Lawsuit").

In response to the Public Ministry's opinion, APA has published a statement on its website (Declaração de Impacte Ambiental (DIA) da Mina do Barroso - esclarecimento da APA | Agência Portuguesa do Ambiente (apambiente.pt)) which confirms the "procedure was carried out in accordance with the legal terms of the respective legal regime". An English translation of APA's statement is reproduced in full below.

English Translation of the APA Statement

"Considering the content of today's news, which notes the opinion of the Public Ministry on the Environmental Impact Statement (DIA) issued for the preliminary study of the Mina do Barroso, and despite the fact that this Agency is still analyzing it, it is pertinent to point out, from the outset, that the environmental impact assessment (EIA) procedure was carried out in accordance with the legal terms of the respective legal regime.

In this context, it should be remembered that a multidisciplinary Evaluation Committee was appointed which, although coordinated by the APA as the competent EIA authority, included 8 other entities and various specialists with competence and vast experience in the technical matters now referred to by the Public Ministry.

These entities include public administration bodies such as the Institute for Nature Conservation and Forests, the Directorate-General for Cultural Heritage, the Northern Regional Coordination and Development Commission, the National Energy and Geology Laboratory and the Directorate-General for Energy and Geology, as well as higher education entities and research centers such as the Faculty of Engineering of the University of Porto and the Higher Institute of Agronomy / Center for Applied Ecology Prof. Baeta Neves.

The issues now referred to by the Public Ministry, such as the impacts on water resources, ecological systems, cultural heritage and the landscape, were thoroughly analyzed and weighed up by the Evaluation Commission, as is clear from the opinions it issued and which were the basis for the favorable conditional EIS issued by this Agency.

It should be remembered that both the opinions of the Evaluation Committee and the EIS are available to read on this Agency's EIA Information System, namely via the following links:

Opinion of the Evaluation Committee - Link

Opinion of the Evaluation Committee - Link

DIA - Link

Lastly, it should be noted that the opinion of the Public Ministry is merely an opinion on the possible merits of the case, i.e. it has no binding effect on the judge who will pass sentence in the case, and it is understood that the procedural documents presented, as a whole, make it possible to refute any of the alleged illegalities invoked and uphold the validity of the contested DIA.

Without prejudice, the Agency is currently analyzing this opinion and, in due course, will decide whether it is justified, in due procedural terms, to submit a response to it."

Savannah will make further announcements regarding the Lawsuit as appropriate.

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").

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About Savannah

Savannah Resources is a mineral resource development company and the sole owner of the Barroso Lithium Project in northern Portugal, the largest battery grade spodumene lithium resource outlined to date in Europe.

Through the Barroso Lithium Project (the 'Project'), Savannah will help Portugal to play an important role in providing a long-term, locally sourced, lithium raw material supply for Europe's rapidly developing lithium battery value chain. After the Environmental Licence was granted in May 2023 and the Scoping Study confirmed the economic potential of the Project in June 2023, production is now targeted and on track to begin in 2026. At that stage, Savannah will start producing enough lithium for approximately half a million vehicle battery packs per year, equal to a significant portion of the European Commission's Critical Raw Material Act goal of a minimum 10% of European endogenous lithium production set for 2030. Savannah is focused on the responsible development and operation of the Barroso Lithium Project so that its impact on the environment is minimised and the socio-economic benefits that it can bring to all its stakeholders are maximised.

The Company is listed and regulated on the London Stock Exchange's Alternative Investment Market (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".