Saratoga Investment Corp 7.50% Annual Report 2024

FY2024 Annual Report · Saratoga Investment Corp 7.50%
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SAVANNAH RESOURCES PLC 
Company No 07307107 
 
ANNUAL REPORT AND FINANCIAL STATEMENTS   
 
FOR THE YEAR ENDED 31 DECEMBER 2024 
 
 

SAVANNAH RESOURCES Plc – ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
1
CONTENTS
Page 
BUSINESS REVIEW 
Company at a glance
2 
Chairman’s Statement
5 
Chief Executive’s Report
12 
ESG Report
17 
Strategic Report
36 
Barroso Lithium Project Overview
60 
GOVERNANCE 
Report of the Directors
78 
Remuneration Report
80 
Corporate Governance Statement
84 
Statement of Directors’ Responsibilities
87 
FINANCIAL STATEMENTS 
Report of the Independent Auditors 
88 
Consolidated Statement of Comprehensive Income 
96 
Consolidated Statement of Financial Position 
97 
Company Statement of Financial Position 
98 
Consolidated Statement of Changes in Equity 
99 
Company Statement of Changes in Equity 
100 
Consolidated Statement of Cash Flows 
101 
Company Statement of Cash Flows
102 
Notes to the Consolidated Financial Statements
103 
GLOSSARY
131 
COMPANY INFORMATION
IBC 

COMPANY AT A GLANCE
Company overview and evolution 
Savannah Resources is a natural resources development 
company. Its primary listing is in the UK, on the AIM 
Market of the London Stock Exchange and the 
Company’s shares are also traded in Germany on the 
Berlin, Frankfurt, Munich and Stuttgart Börses and in the 
US on the OTC Pink Market. The Company is committed 
to developing and maintaining a culture of integrity, 
social responsibility, environmental awareness and 
protection, and good governance in the conduct of its 
business. 
Current focus – the Barroso Lithium Project 
Since its creation and listing in 2010, the Company has 
owned, progressed and divested several projects in 
diﬀering commodities and geographies and is now 
wholly focused on the Barroso Lithium Project in 
Portugal (the ‘Project’, the ‘BLP’). This Project, with ﬁrst 
production targeted for 2027, has the potential to 
become a signiﬁcant component of Europe’s new lithium 
battery value chain. 
This new value chain is being championed by the 
European Commission as an integral part of the bloc’s 
energy transition strategy as it looks to become less 
dependent on external sources of raw materials and 
technology and create an economy with net‐zero 
production of greenhouse gas emissions as part of its 
eﬀorts to tackle climate change. Through the EU’s 2023 
Critical Raw Materials Act, legislators have set a target 
of at least 10% of Europe’s demand for critical raw 
materials, such as lithium, to be sourced from domestic 
supply from 2030. The Barroso Lithium Project is 
uniquely positioned to safely and responsibly produce 
enough lithium raw material for at least 0.5 million 
vehicle battery packs per year (3.0m plug‐in electric 
vehicles were sold in Europe in 2024).  
Project history and work to date 
Lithium, feldspar and quartz mineralisation were 
identiﬁed in the Project area during the 1980s and a 
30‐year Mining Lease was granted over the Project in 
2006 to a previous owner (C‐100 Mining Lease, 
extendable by a further 20 years from 2036). Savannah 
acquired an initial 75% stake in 2017 which it increased 
to a 100% stake in 2019. To complement the C‐100 
Mining Lease, Savannah also secured an option to 
acquire the adjacent three block Mining Lease 
Application area (now the C‐190 Mining Lease). This 
option was exercised in 2019 and the transaction can be 
completed by Savannah making a formal request to 
transfer the C‐190 Mining Lease to a company with the 
Group (and becoming liable for the acquisition cost), this 
will increase the Project’s footprint by around 50% to 
8.36km2. Across the two Mining Leases, Savannah has 
completed over 40,000m of drilling to date as part of an 
extensive evaluation programme on the Project, which 
has also included two Scoping Studies (2018 and 2023). 
Through Savannah’s evaluation work, the Barroso 
Lithium Project now contains the largest spodumene 
lithium resource in Europe with a current JORC 2012 
compliant Resource of 28Mt at 1.05% Li2O (725kt of 
lithium carbonate equivalent). 
The fact that Savannah’s Project bears spodumene 
mineralisation is important as this lithium‐bearing 
mineral has underpinned the development of the 
lithium industry in Australia into the largest lithium raw 
material production centre in the world. Hence, safe and 
responsible mining and processing of spodumene, are 
well‐established industrial practices. Savannah has 
applied this industry knowledge to its own development 
plans for the Barroso Lithium Project so that its impact 
on the natural environmental and local communities is 
minimised and all relevant Portuguese and European 
regulations are met or exceeded. 
Milestones achieved to date 
After an exhaustive three‐year process, which included 
two extended periods of public consultation, the 
Portuguese environmental regulator awarded the 
Project a positive environmental impact declaration 
(‘DIA’) with conditions in May 2023. The approved 
design for the Project features numerous measures to 
minimise its impact. Examples of these include, an 
innovative water system combining onsite collection 
with signiﬁcant recycling which allows the Project to be 
self‐sustaining for its water needs, a dry‐stack tailings 
storage facility which negates the need for a traditional 
‘wet’ tailings dam, the comprehensive rehabilitation of 
all impacted land and water courses, and a new road 
which will keep Project‐related traﬃc out of local villages 
and towns. 
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SAVANNAH RESOURCES Plc – ANNUAL REPORT AND FINANCIAL STATEMENTS 2024

COMPANY AT A GLANCE
Importantly, the June 2023 Scoping Study which was 
based on this approved design showed the Project’s 
economic capacity to absorb the costs associated with 
this minimal impact approach. Based on expected 
average annual production of just under 200,000t of 
spodumene concentrate (26ktpa lithium carbonate 
equivalent), the Project was forecast to generate an 
average annual EBITDA of USD205m and annual net free 
cash ﬂow of USD124m. Overall, a post‐tax Net Present 
Value (‘NPV’) of USD953m was generated alongside an 
Internal Rate of Return (‘IRR’) of 77% and a payback 
period of just 1.3 years.  
Supported by the Project’s key environmental approval 
and the robust economics of the 2023 Scoping Study, 
Savannah initiated a Strategic Partnering Process in late 
2023 and received signiﬁcant commercial interest from 
a range of groups from both within and outside of the 
lithium industry. The initial outcome from the process 
saw established lithium industry player, AMG Critical 
Materials N.V. (‘AMG’), invest GBP16m into Savannah 
and become its largest shareholder with a 15.8% stake 
in June 2024. This investment was coupled with a heads 
of terms agreement for 5 year offtake for 45ktpa of 
spodumene concentrate (representing ~25% of planned 
production) from the Project at market prices. Savannah 
and AMG can increase this offtake to 90ktpa over 
10 years (representing ~50% of production) if AMG can 
assist Savannah in securing an acceptable ‘full ﬁnancing 
solution’ for the Project. A signiﬁcant step forward was 
made in this potential ﬁnancing process, when Euler 
Hermes AG, the export credit agency acting for the 
German Government, conﬁrmed the Project’s eligibility 
for a guarantee on a loan up to USD270 million in 
December 2024. 
Savannah’s latest milestone has been the classiﬁcation 
of the Barroso Lithium Project as a ‘Strategic Project’ by 
the European Commission (‘EC’) under the Critical Raw 
Materials Act in March 2025. The EC has selected the 
Project, alongside 46 others, as they contribute to the 
EU's secure supply of strategic raw materials, adhere to 
environmental, social and governance criteria and, are 
technically feasible and demonstrate clear cross‐border 
beneﬁts for the EU. As a result, Strategic Projects should 
beneﬁt from coordinated support by the Commission, 
Member States and ﬁnancial institutions to become 
operational. 
Current work and development timetable 
Savannah is currently working on the Project’s Deﬁnitive 
Feasibility Study (‘DFS’) and the conﬁrmation phase of 
the environmental licencing process. It expects to 
complete these two tasks by the end of 2025. Once 
achieved, these major milestones for the Project would 
be followed by a Final investment Decision, securing of 
a development ﬁnancing package and further strategic 
partnerships. Subject to ﬁnancing, construction is 
expected to start in 2026 with commissioning and ﬁrst 
production targeted for 2027, to coincide with the 
forecast of tightening conditions in the lithium market 
and higher prices. 
Sharing the beneﬁts of the Project with all stakeholders 
Alongside the signiﬁcant returns the Project could 
generate for Savannah’s shareholders, it could also 
contribute over USD900m in taxes and royalties to be 
shared between the local authority and Portuguese 
Government. However, this is only one of a host of 
socio‐economic beneﬁts that the Project can generate 
for its stakeholders in the future. Savannah has been 
actively engaged with local stakeholders since it ﬁrst 
became involved with the Project in 2017 and has been 
supporting local organisations, working with local 
businesses and employing local people throughout that 
period. Once in production, the Project’s socio‐economic 
impact will be signiﬁcantly scaled up. This will include 
the creation of c.350 direct jobs and around 2,000 
indirect and induced jobs in the wider economy. In 
addition, key infrastructure including a new road 
connecting directly with the highway network will be 
shared with the local population, and far greater 
ﬁnancial resources will be committed to supporting 
community initiatives, education and training. 
Savannah’s Key Pillars 
Corporate 
•
Experienced: 15 years as a listed mineral exploration 
& development company, Board features 5 
experienced international Non‐Executive Directors 
(‘NEDs’) supporting 3 C‐suite executives who cover key 
work areas, and growing technical and support teams 
featuring seasoned professionals 
•
Focused: Pure play lithium development company 
•
Strong Governance/Low risk: UK registered Plc, 
regulated by UK law and London Stock Exchange 
compliance & controls; Operating in Portugal, an EU 
member state 
SAVANNAH RESOURCES Plc – ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
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Project 
•
Critical: Recognised by the European Commission as 
a secure, responsibly managed, domestic supply of 
a ‘Critical’ and ‘Strategic’ material for Europe’s 
energy transition 
•
Achievable: A well advanced project with 
conventional 
mining, 
processing 
& 
lithium 
mineralogy and a modest CAPEX 
•
Expandable: Already Europe’s largest spodumene 
lithium resource, but open to further extensions  
•
Valuable: Value recognised by industry partner 
(AMG), but full value still to be reﬂected in share 
price 
•
Financeable: Modest CAPEX, high IRR. Eligible for up 
to USD270m loan guarantee from German 
Government 
•
Investable: Great project, experienced team, EU 
location, positive lithium market outlook, upside 
 
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SAVANNAH RESOURCES Plc – ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
COMPANY AT A GLANCE
Further information available at www.savannahresources.com.

CHAIRMAN’S STATEMENT
SAVANNAH RESOURCES Plc – ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
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Signiﬁcant progress made against a challenging backdrop 
It is a pleasure to be delivering my ﬁrst annual statement 
to shareholders as Chair of your Company.  
Savannah made some very important progress with its 
wholly owned Barroso Lithium Project in Portugal during 
2024 despite it being another challenging period for the 
lithium sector and marked by ongoing global geopolitical 
uncertainty. Savannah ﬁnished the year strongly with 
our team back in the ﬁeld preparing for our next major 
drilling campaign. This followed other signiﬁcant 
achievements including, our clear and comprehensive 
response to Operation Inﬂuencer, the creation of our 
ﬁrst strategic partnership with AMG accompanied by a 
direct investment of GBP16m in the Company, signiﬁcant 
growth in the Company’s Portuguese shareholder base, 
the receipt of ﬁrm backing for the Project from the 
country’s government and parliament, and a doubling in 
the Company’s share price.
Given the backdrop of wider events, this progress was 
both hard won and very signiﬁcant. With so much ‘noise’ 
in the media, global politics and capital markets at 
present, I think it is more important than ever to focus 
on the facts when trying to interpret underlying trends 
and key themes. In Savannah’s universe, that includes 
looking at battery demand as demonstrated by EV sales 
and growth in battery energy storage systems (‘BESS’), 
the trend in lithium prices and relevant activities inside 
and outside of the lithium sector. Across these three 
indicators I see reason for optimism as we move further 
into 2025. This optimism has been further fuelled in 
recent weeks with the Barroso Lithium Project being 
selected among the ﬁrst group of European projects to 
be classiﬁed by the European Commission as ‘Strategic 
Projects’ in March 2025. This classiﬁcation greatly 
validates our Project and should result in coordinated 
support from the Commission, Member States and 
ﬁnancial institutions to become operational.  
Drilling at the Barroso Lithium Project during the Phase 2 DFS programme 
 
Source: Company

CHAIRMAN’S STATEMENT
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SAVANNAH RESOURCES Plc – ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
Returning to market fundamentals, such as battery 
demand, and contrary to many reports in the 
mainstream press, EV sales were strong last year. The 
Chinese market continued to dominate, recording 1m+ 
sales per month for the ﬁrst time and seeing 40% year 
on year growth to 11m vehicles. Growth was also seen 
in North America (+9% to 1.8m EVs) and the Rest of the 
World (+27% to 1.3m EVs) and although European sales 
declined by 3% to 3m units, largely due to a weakening 
German market, growth was seen in many countries, 
including the UK and Portugal. Overall, EV sales grew by 
25% to 17.1m worldwide last year and have started 2025 
strongly too (source: Rho Motion). Rho Motion is 
forecasting sales of 20m units in 2025 (+18%) with 
growth in all major markets, including Europe. 
Growth in battery grid storage capacity in 2024 was even 
more impressive than EVs, surpassing early expectations 
for the year with over 200GWh of capacity installed 
worldwide, a 53% increase year‐on‐year (source: Rho 
Motion). As with EVs, China also dominates the BESS 
sector, seeing a 66% increase in its grid scale battery 
storage capacity and accounting for 59% of the world’s 
overall capacity. However, Europe saw the fastest rate of 
growth at 110% with North America matching China at 
66% year‐on‐year. While other battery technologies exist 
in this rapidly growing sector, it is still dominated (87% 
of total energy storage installations) by Lithium iron 
phosphate (‘LFP’) batteries. Hence, despite the 
persistently challenging economic environment, we have 
clear evidence of strong demand growth in the two key 
applications for batteries, lithium’s key demand segment 
of the future. 
Despite this reasonable short‐term demand, lithium 
commodity prices continued to decline following the 
c.80% fall recorded in 2023. Lithium chemical prices fell 
by over 30% and spodumene was down around 14% vs. 
year end 2023 levels (based on S&P Global Platts data). 
Importantly, in the case of spodumene concentrate, the 
2024 year end price of USD830/t is still well above our 
Project’s breakeven average price of USD650/t (for 6% 
Li2O spodumene concentrate based on the 2023 Scoping 
Study). As a pre‐production company, Savannah is 
largely insulated from current prices. However, as recent 
ﬁnancial results from current producers and those 
commissioning projects have shown, current price levels 
for spodumene and lithium chemicals are uneconomic 
for many and therefore unsustainable given the growth 
in output required to meet forecast future demand. 
During 2024, the lithium producers frequently 
responded to the sustained price pressure by cutting 
production to stimulate price recovery. While this 
initially had some positive impact during Q1 and Q2, the 
trend was reversed in Q3 before a subsequent minor 
rally began on the back of more production shutdowns 
and a slight improvement in sentiment. Pleasingly, this 
upward trend has continued into early 2025. Having 
been through a number of lithium cycles myself already 
with my previous companies, Orocobre and Allkem, I’m 
conﬁdent that pricing will improve over time to a level 
at which all participants along the battery value chain 
can thrive again and this view continues to tie in with 
the market consensus. Demand is still forecast to grow 
signiﬁcantly over the next decade with prices rising 
alongside it as market conditions tighten and move into 
deﬁcit from 2028 onwards (source: Canaccord Genuity). 
All of which suits Savannah as we continue to target ﬁrst 
production from the Barroso Lithium Project in 2027. 
While current pricing trends are yet to demonstrate a 
ﬁrm recovery in demand, I believe other activities in and 
around the market continue to ﬂag lithium’s ongoing 
signiﬁcance and strategic importance for the future. For 
example, the sector did see some notable M&A activity 
during the year, indicating that the industry itself 
continues to mature and see opportunity in the current 
low‐price environment. This began last January with the 
completion of the merger of, Allkem with Livent to 
create a new lithium major, Arcadium Lithium 
(‘Arcadium’). Arcadium subsequently received a 
USD6.7bn proposed takeover from Rio Tinto in October, 
which represented a 90% premium to Arcadium’s 
market value at the time. That deal completed in March 
2025, making Rio Tinto one of the largest producers in 
the sector. In addition, in August, Pilbara Minerals 
proposed an all ‐share acquisition of Brazilian developer, 
Latin Resources, for USD369m, a 57% premium to Latin’s 
share price at the time in a deal which completed in 
February 2025. 
There was also greater engagement in the sector from 
key governments. In Europe, the Critical Raw Materials 
Act came into eﬀect, and as I ﬂagged earlier, we were 
delighted when the Barroso Lithium Project was 
classiﬁed by the European Commission as a ‘Strategic 
Project’ in March 2025. We now look forward to 
engaging with the authorities to leverage this support as 
well as additional potential opportunities that may stem 
from other relevant new policies which the European 
Commission is enacting. All in all, this should create a 

CHAIRMAN’S STATEMENT
SAVANNAH RESOURCES Plc – ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
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stronger and more supportive development framework 
for the minerals industry and battery value chain in the 
region. We also enjoyed critical support from the 
Portuguese Government during the year which showed 
the value it places on our Project by granting the 
temporary land access order in December which we 
needed to continue our ﬁeldwork on land at the Project 
which the Company does not own. 
In the USA, many companies beneﬁtted from funding 
through the Inﬂation Reduction Act. Following the return 
of President Trump to oﬃce that source of government 
funding is now in question. However, the ongoing 
signiﬁcance of critical minerals to the US, has been made 
abundantly clear in other ways by the new President, 
including through his interest in making Greenland a US 
territory and in receiving access to Ukraine’s critical 
mineral wealth in exchange for ongoing support and 
brokering of a peace deal with Russia. China too 
continues to push hard at all points in the battery value 
chain both domestically and internationally, to maintain 
and grow its already dominant position. 
Hence, I believe, many of the elements for a supportive 
background to our continued progress are appearing or 
are already in place. My sector experience tells me that 
the path ahead will likely have further bumps and turns, 
but that we will be able to complete our journey and 
reach our target of becoming a major European lithium 
producer. 
Drilling at the Barroso Lithium Project and Savannah’s geologists examining drillcore samples 
 
Source: Company 
Savannah’s key successes in 2024 
The Company made some very important progress during 2024 both at the Project and corporately, which continues 
to contribute to the de‐risking of Project and the optimisation of the Company as an investment opportunity. Our 
key achievements at the Project during the year are summarised below.

CHAIRMAN’S STATEMENT
Progress towards the major DFS and environmental 
licence milestones 
These two milestones are the next key deliverables on 
the Project, and the Board and I are supporting the team 
to push hard to achieve these goals. Completion of the 
ﬁrst phase of the drilling required for these studies in 
May 2024 represented a good start, particularly with the 
programme delivering the highest lithium intercepts 
recorded to date at the Project from the Pinheiro deposit 
and showing again the potential extensions to other 
orebodies. Even though we have already outlined 
Europe’s largest spodumene resource, this Project 
clearly has much more to oﬀer in terms of 
resource potential. 
The data from our current drilling programme is critical 
for a number of aspects of the DFS, including resource 
modelling and pit design, and for the environmental 
licence for its various hydrology‐related studies. 
However, there is much work that goes into the DFS 
aside from the drilling, such as infrastructure planning 
and design, and the team also advanced these key 
themes during the year in partnership with our highly 
experienced consultants. The environmental team also 
continued to gather the all‐important background data 
required 
for 
the 
RECAPE 
submission 
to 
the 
environmental regulator. Combined with the key design 
features which will come from the DFS, this baseline 
data will conﬁrm Savannah’s ability to construct and 
operate the Project in line with all the conditions set as 
part of the positive DIA award in 2023. 
Savannah expects to complete the DFS and submission 
of the environmental licence by the end of 2025. 
Further expansion of the team 
With Project work ramping up during the year, Savannah 
responded by adding staﬀ in key areas. This not only 
included those critical to the technical work, such as 
geologists and ﬁeld assistants (with some hires coming 
from the existing local population), but also in 
Community Relations and in Communications. Our 
Project is able to attract good quality staﬀ and the fact 
that the vast majority are Portuguese underlines the 
interest and support the Project enjoys domestically. 
Furthermore, a considerable number are now living full 
time in the Project area while others are spending 
signiﬁcant time there, utilising the additional staﬀ 
accommodation we have added recently. Overall, the 
team in Portugal approximately doubled during the year 
to over 25. 
Deepening our integration with local stakeholders 
During the year our community relations and 
communications teams organised a comprehensive 
programme of meetings, events, initiatives and media 
publications 
which 
signiﬁcantly 
boosted 
our 
engagement 
with 
local 
stakeholders. 
Equally 
importantly, however, is the greater interaction and 
organic relationship building which has come through 
increasing the size of our team living and working locally. 
I will leave you to read more about stakeholder 
engagement activities in subsequent sections of the 
Report, but I’m pleased to conﬁrm that we are seeing 
positive results from this greater, more proactive, 
engagement. This may not always be apparent to those 
viewing from afar and simply seeing headlines about the 
Project, but at the local level there are now many more 
people willing to engage with us, speak in favour of the 
Project or show their support in other ways. At the same 
time, the impact of those vehemently opposed to the 
Project is being diluted as the discussion and 
presentation of this critical raw material project in the 
media becomes more balanced. It is clear to us, while 
understandable concerns among local communities 
about the future impact of the Project remain, 
stakeholders are wanting and valuing accurate 
information being made available, not misinformation. 
In this way they can make informed decisions about the 
Project and make plans about what it will mean for 
them. I believe that an increasing number share our view 
that the Project represents a signiﬁcant opportunity for 
the local population and the region and we welcome 
ongoing dialogue, feedback and engagement. 
Land acquisition and access 
Savannah continued with its land acquisition programme 
during the year and completed a further 9 transactions 
during 2024. This took the total number of properties 
owned by Savannah to 106 by year end with a further 
13 under promissory notes with EUR2.1m paid to local 
community members for land to date. Acquisitions have 
continued into 2025 with new transactions already 
completed. However, to keep Project workstreams such 
as the DFS on track, Savannah undertook the legal 
process which grants it temporary access to land it does 
not currently own on the Project's concession area. After 
some delay caused by the change in Government during 
the year, the new Government demonstrated its support 
for the Project by granting the temporary land access 
order in December 2024, allowing Savannah to start 
immediate preparation for ﬁeldwork in the areas 
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SAVANNAH RESOURCES Plc – ANNUAL REPORT AND FINANCIAL STATEMENTS 2024

CHAIRMAN’S STATEMENT
SAVANNAH RESOURCES Plc – ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
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concerned. With an eye on the Project’s future 
development, the Company subsequently initiated the 
process for compulsory acquisition of relevant land 
which it does not own at the Project but Savannah 
continues to also oﬀer relevant landowners the 
opportunity to sell or lease land to the Company based 
on its previously proposed frameworks and rates. 
Award of the C‐190 Mining Lease 
In December 2024, the ‘C‐190’ Mining Lease application 
over the 3 block ‘Aldeia’ area was awarded to its current 
owners, the Portuguese company Aldeia & Irmão, S.A.. The 
new Mining Lease, which is adjacent to the C‐100 Lease 
has an initial duration of 25 years and can be extended 
twice, initially by a further 15 years and then by a further 
10 years. With 3.5Mt of resource already outlined on Block 
A of the Lease area and following some exciting 
exploration results recently reported from Block B, this was 
an important development for the Project and reaﬃrms 
that mining is seen by the government as a priority land 
use in this area due to its signiﬁcant mineral wealth. 
Our major achievements on a corporate front included: 
Our strategic partnership with AMG 
We now have AMG Critical Materials N.V (‘AMG’) 
onboard as our ﬁrst strategic partner, largest shareholder 
and proposed ﬁrst offtaker. This was the initial outcome 
from the Strategic Partnering Process we ran during 
2023‐24. The GBP16m equity investment by this 
established lithium group last June, which was made at 
a signiﬁcant premium to the share price at the time, gave 
us a greater ﬁnancial reserve with which to push on as 
quickly as we can with the current work programme. 
Meanwhile 
the 
connection 
into 
Germany, 
as 
demonstrated in December when the Project’s eligibility 
for a German Government loan guarantee of up to 
USD270m was announced, further shows the scale of the 
long ‐term value of this relationship. I am sure many 
more beneﬁts of this European‐focused partnership will 
present themselves as we proceed together, and we are 
looking forward particularly to collaborating on the study 
for potential joint construction of a spodumene‐to‐
lithium carbonate reﬁnery in Portugal or Spain. 
Growth of our Portuguese shareholder base 
Savannah has also greatly beneﬁtted from the signiﬁcant 
support it has received from our new Portuguese 
investors. Portuguese individuals and institutions, 
including retail investors from the Boticas region as well 
as some of the country’s most prominent entrepreneurs 
and businesses such as Mario Ferreira and Grupo 
Lusiaves, now own close to 20% of the Company. This 
follows consistent buying in the market over the last year 
and the size of the shareholding clearly demonstrates 
the growing in‐country interest and support for the 
Project and Savannah. This interest is not only as a 
simple investment opportunity, but also because many 
Portuguese people want to support the development of 
a new national industry based on Portugal’s substantial 
natural resources, its existing infrastructure and 
high‐quality workforce.  
Reconﬁguring the Board for project development 
Savannah’s Board has seen signiﬁcant change over 
recent years and my thanks go again to my predecessor 
in the Chair, Matthew King and to former Non‐Executive 
Directors James Leahy and Mary Jo Jacobi who all 
stepped down in June 2024. I’m sure I speak for all in 
saying that their direction and counsel over many years 
as the Company ﬁrst developed and then streamlined its 
portfolio of projects is greatly appreciated.  
Following Emanuel Proença’s appointment to the Board 
in April and my own appointment as Chair and Diogo de 
Silveira’s appointment as Deputy Chairman in June, we 
welcomed Mike Connor to the Board in August 2024 as 
the representative of AMG. Mike, who joined our Board 
as a Non‐Executive Director, is Chief Corporate 
Development Oﬃcer at AMG and a member of its 
Management Board. Mike has been involved in building 
AMG’s own lithium business and played a signiﬁcant role 
in creating the strategic partnership with Savannah. 
Hence, he is well placed to act as the link between our 
companies and to provide insight to Savannah based on 
AMG’s deep lithium sector knowledge. 
With Mike’s appointment and the other changes made 
last year, I believe Savannah now has the skills and 
experience necessary on its Board to successfully direct 
the development of this Project. While every project is 
diﬀerent, the development of mining projects typically 
follows well established processes in relation to their 
ﬁnancing and technical development. We have Board 
members, including myself, who have been intimately 
involved in such projects in a variety of commodities, 
including lithium. However, and of equal importance to 
the successful development of a project, is the ability to 
operate in the jurisdiction concerned. Knowledge of 
local business practices and relationships with key 

CHAIRMAN’S STATEMENT
stakeholders is essential. Hence, with two Portuguese 
Directors in senior positions at the Company, we believe 
we have the local expertise to successfully steer the 
Project through to production. 
Gaining greater political support 
In addition to the European Commission and German 
Government support highlighted above, we have also 
enjoyed valuable support from the Portuguese 
Government and parliament. Clear government support 
was shown by the award of the temporary land access 
order in December, and again in February 2025, via the 
‘Reasoned Resolution’ from the Minister for the 
Environment and Energy which led to the immediate 
lifting of the suspension on our ﬁeldwork activities. 
Furthermore, in September, following a debate in the 
Portuguese Parliament about domestic lithium 
development, only 6% of MPs voted to try to restrict our 
Project. Cross party support in Portugal for economic 
development, including the creation of the battery value 
chain in Portugal remains strong. 
The UK Government also remains an advocate of the 
Project, and we were delighted to win the 2024 Overseas 
Direct Investment Award from the UK‐Portugal Business 
Alliance. We were also very pleased to welcome HM 
Ambassador Lisa Bandari at site, as well as the Australian 
Ambassador to Portugal, Indra McCormick, and 
representatives from the German Embassy.  
Savannah’s key challenges during the year 
As I said above, our achievements in the year were hard 
won and for completeness and transparency it is 
important to highlight some of the issues which our 
team have faced and eﬀectively dealt with during 
the year.  
Project opposition and misinformation 
I have already spoken about the noise around the 
Project from those who are vehemently opposed to it 
being increasingly countered by a growing number in our 
local communities who support the Project and those 
just wishing to understand the facts and not wishing to 
be labelled with the extreme views and behaviour of 
others. However, as we advance the Project, I have no 
doubt that those which remain against its development 
will continue to distribute more misinformation and seek 
ways and means to hinder progress. Shareholders 
should be assured that we are equally committed in our 
resolve to maintain progress, to work safely, respectfully 
and within the law, to listen and respond to genuine 
concerns from stakeholders, to continue the distribution 
of accurate information about the Project, and to keep 
engaging regularly with all of the Project’s local 
stakeholders. We are also ﬁrmly committed to upholding 
our legal rights to conduct this important work and to 
seek redress from those involved if we are impacted by 
wrongdoing or misinformation.  
Change of national government 
The ﬁrst half of 2024 was also marked by a change of 
government in Portugal with the centre‐right Democratic 
Alliance (AD), led by Luís Montenegro, forming a minority 
centre‐right government and replacing the previous 
majority government of the Socialist Party (PS). Following 
this, Savannah was eﬀective in developing relationships 
with the new incumbents within the new government 
and other public entities. 
However, the change of government did lead to a delay 
of more than half a year in the development of the 
Project due to the time taken to receive approval for the 
temporary land access order we required to proceed 
with our ﬁeldwork on land situated on the Project's 
concession area, which the Company does not own. As 
a result, it was necessary to push back delivery of the 
DFS and conﬁrmation of the environmental licence into 
the second half of 2025 and ﬁrst production from 2026 
to 2027. However, as I have highlighted, the Project will 
still be coming online at a time of much more favourable 
market conditions and higher prices. 
Operation Inﬂuencer 
The Operation Inﬂuencer investigation which the 
Portuguese Public Prosecutor initiated in November 
2023 obviously impacted the Company’s brand and 
share price at the time and into early 2024. However, 
Savannah responded quickly, comprehensively and 
professionally with a full independent legal review and 
legal opinions on its business, the ﬁndings of which were 
released on 30 January 2024. 
The independent legal review found no evidence which 
would give rise to liability of the Company. It also found 
no evidence of improper oﬀers, improper payments, or 
other forms of wrongdoing by the Company regarding 
the suspicions set out in the Investigation. 
The separate legal opinions also conﬁrmed that, based 
on the ﬁndings of the independent legal review, but also 
on the functioning of the Portuguese permitting process, 
past legal experience, and constitutional protections, 
under no realistic circumstance would the Project's 
10
SAVANNAH RESOURCES Plc – ANNUAL REPORT AND FINANCIAL STATEMENTS 2024

CHAIRMAN’S STATEMENT
execution and its expected future cash ﬂows be at risk 
from the Investigation's ﬁndings. The conclusions of the 
independent legal review and the legal opinions 
demonstrated Savannah's solid legal position in relation 
to the alleged facts and circumstances contained in 
Operation Inﬂuencer. Though the investigation 
continues and no guidance on future steps or outcome 
can be given at this stage, Savannah had no further 
signiﬁcant contact with the investigating authorities 
during the year and has been able to continue with all 
its work unencumbered. 
Financial Overview 
From an opening cash position of GBP9.7m, Savannah 
recorded its highest ever cash balance of GBP22.0m in 
June 2024 following the GBP16m equity investment 
from AMG. With the ﬁrst phase of DFS‐related drilling 
completed by May, Savannah was keen to maintain this 
momentum and utilise its replenished cash reserves in 
support of the second phase of the planned programme. 
However, the delay caused by the completion of the 
temporary land access process, meant the second phase 
of drilling was delayed and spending in the second half 
of the year was less than expected, though staﬀ costs 
did rise as forecasted due to the larger team and key 
workstreams not related to ﬁeldwork continuing. Overall 
ongoing investment in the Portuguese asset base 
reached GBP4.6m (2023: GBP2.3m). As a result, the 
Company ﬁnished the year with GBP17.7m of funds in 
bank, which is now being committed to the completion 
of the DFS and conﬁrmation of the environmental 
licence later this year. 
In terms of the broader ﬁnancial performance, Savannah 
recorded a loss from continuing operations of GBP4.4m 
(2023: GBP3.5m). Administration costs for 2024 amounted 
to GBP4.3m (2023: GBP3.5m), representing a 23% 
increase, and is driven by investments in building a strong 
team for the development of the Project. Foreign exchange 
losses rose from GBP0.1m to GBP0.4m as a result of the 
strengthening of the GBP against the EUR and AUD, in 
which the group held cash balances which matched the 
planned expenditure. On the other hand, by the careful 
cash management the Group reported Finance Income of 
GBP0.3m (2023: GBP0.1m). Discontinued Operations 
Income of GBP0.2m (2023: loss GBP0.2m) is primarily 
driven by the reduction of the tax provision (Note 19). 
Outlook 
In my previous reports to shareholders I have said that 
Savannah is in its strongest ever position with the Project 
and I continue to believe that is the case. 
Lithium is established as a metal critical to future global 
economic growth and tackling the impacts of climate 
change. We have an excellent Project and a capable 
team. Corporate activity remains high with one of the 
largest M&A transactions in the whole mining sector 
seen in lithium during the year. Europe has committed 
to developing a domestic critical raw materials industry, 
our Project has been among the ﬁrst to be classiﬁed as 
a Strategic Project, and the Portuguese Government has 
demonstrated its support on multiple occasions. 
Savannah has cash in the bank to allow the continuation 
of our value adding work on the Project and we have a 
supportive, highly credible ﬁrst strategic partner. We also 
retain 100% of the Project and at least 50% of the future 
lithium offtake. Hence, we have the signiﬁcant leverage 
with which to strike other partnerships and secure 
further ﬁnance.  
Given that backdrop, we should look to the future with 
great conﬁdence and seize the opportunity to progress 
our Project as quickly as we can towards production 
while continuing to build meaningful ties with local 
stakeholders. In that way, we will be ready to take 
advantage of the more favourable conditions and higher 
prices, which will return to the market in the future.  
We must also communicate our story as widely as we 
can to increase awareness of Savannah as an attractive 
investment opportunity in the battery metals and energy 
transition sectors. We were pleased with the 100%+ 
improvement in the Company’s share price during the 
year, but much greater value remains to be crystallised 
in our market value. 
2025 is set to be another very important year in the 
development of Savannah and the Barroso Lithium 
Project. The team and I look forward to reporting on our 
progress as we move forward. My thanks go to our 
shareholders, staﬀ, and stakeholders for their ongoing 
support and to our dedicated team for their continuing 
hard work. 
 
Rick Anthon 
Chairman 
Date: 9 April 2025 
SAVANNAH RESOURCES Plc – ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
11
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Business Review

12
SAVANNAH RESOURCES Plc – ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
I am delighted to have this opportunity to provide an 
update for shareholders on what was my ﬁrst full year 
in the CEO role at Savannah. We took a number of very 
important steps towards development of the Barroso 
Lithium Project during 2024, which will make 2025 a 
pivotal and exciting year for the Company. 
In my ﬁrst CEO’s report to shareholders last year, I listed 
some key observations which I had made about our 
business during my early months in the role. I also 
identiﬁed the key areas (project development and 
delivery, team building, growing our mandate for the 
Project’s development, and changing the perception of 
Savannah) which I would be focusing on to make the 
Barroso Lithium Project a reality and to deliver greater 
value to shareholders. I provide an update on the 
progress made in those key areas below. 
1.    Project development & delivery 
Project delivery is fundamental to everything we do and 
it remains the top priority for me and the team. 
Development of the Project and eventual supply of 
responsibly sourced lithium raw material into the 
European 
market 
represents 
Savannah’s 
best 
opportunity 
to 
generate 
maximum 
value 
for 
shareholders. Fulﬁlling this goal would also mean that 
Savannah makes a meaningful contribution to economic 
growth locally, nationally and potentially in a number of 
other countries as well while playing its part in society’s 
eﬀorts to tackle climate change and decrease 
geopolitical and geoeconomic tensions. 
Our near‐term goals are delivery of the DFS and the 
RECAPE submission for the Project by the end of 2025. 
Achieving those targets will keep us on track to start 
construction of the Project in 2026 and to reach the 
greatest milestone to date for the Project and the 
Company, ﬁrst production, in 2027. Our job is to make 
every eﬀort to reach that point and hence we need to 
control and manage as many of the inputs and variables 
in the multiple processes involved in achieving that goal 
as we can. 
To this end, we successfully managed and executed a 
number of elements during the year. This included, 
securing additional ﬁnancing and our ﬁrst strategic 
partnership, building out our team, completing the ﬁrst 
phase of drilling and other important ﬁeldwork, 
advancing DFS design work and environmental studies 
away from the ﬁeld, strengthening our ties with the local 
community and frequently engaging with key 
Portuguese State entities and government stakeholders. 
We also continued with our land acquisition programme, 
adding more plots during the year and passing the 
100‐plot milestone. 
Knowing that we would not be able to acquire all the 
land plots we need to complete the DFS‐related 
ﬁeldwork, we also applied for a temporary land access 
order from the government to gain permission to work 
on ground we do not own. This application was made 
well in advance of access being required. Unfortunately, 
the change of government in Portugal during the year 
(the application had been made to the previous 
government) meant that the granting of the order took 
much longer than expected, which impacted our 
timeline. Most importantly though, the order was 
eventually granted in December 2024 and we moved 
straight into the ﬁeld. Drilling commenced in 
January 2025 and as at 31 March 2025, 57 holes have 
been drilled for a total of 6,204m. 
Any slippage from the timetable is a frustration for all, 
and though the cause was a matter which we could not 
control, we have taken learnings from the experience, 
which we are already applying. 
The most obvious of these is on future land 
management. We have stated many times that our 
preference is to reach amicable agreements with owners 
on sales or access rights to land on the Mining Lease. We 
have been pursuing this policy since 2021 and have 
purchased over 100 plots to date and injected EUR2.1m 
into the local community as a result. Savannah will 
continue to oﬀer landowners the opportunity to sell or 
lease land. However, we have chosen to also initiate the 
process for compulsory purchase of relevant land at the 
Project, in advance of it being required, in order to 
maintain the Project’s development schedule. This is a 
very commonly used legal process in relation to 
infrastructure projects in Portugal and has been used 
previously in the region surrounding our Project for 
hydroelectric dams and roads. It also oﬀers a practical 
solution for completing purchases in a variety of 
situations, e.g. for plots with inheritance issues, 
undeﬁned ownership, or very small dimensions. Though 
not our chosen approach, it is the appropriate time to 
utilise this legal process. 
Overall, our goal is to continue to increase the level of 
control we have in all aspects of the Project’s 
development schedule. No doubt there will be other 
CHIEF EXECUTIVE’S REPORT

SAVANNAH RESOURCES Plc – ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
13
Financial Statements
Governance
Business Review
unexpected situations as we move forward with the 
Project, but we are ﬁrmly focused on clearing as many 
obstacles from the path as we can so that the technical 
team and our consultants can progress eﬃciently with 
their work. We can then demonstrate this Project’s 
economic, environmental and social credentials to the 
required level of accuracy to secure the licencing, 
ﬁnance and commercial support we need to make this 
Project a great success. 
2.    Team building 
As a function of the Project’s ongoing progress towards 
key milestones and future development, the team in 
Portugal has increased by 109% since the start of 2024 
with the Company’s total staﬀ, including those in 
Australia and the UK now standing at approximately 40, 
excluding Non‐Executive Board Directors. 82% of our 
staﬀ are Portuguese nationals and our demographic is 
approximately 70:30 male to female, which is 
signiﬁcantly more balanced than the current industry 
standard (source: McKinsey). We continue to promote 
employment of local community members wherever 
possible and are delighted that more chose to join the 
team during the year. 
With the Project and Company maturing, not only have 
we made excellent hires to our technical team in support 
of the ongoing appraisal work, but also in functions such 
as Community Relations, Communications and HR. The 
extra capacity in these areas is proving critical as we 
increase our engagement with stakeholders and the 
wider population and look to introduce more formal 
business processes into the Company. Based on the 
number of inquiries and applications we continue to 
receive, interest in working for Savannah is growing and 
we look forward to further expanding our team in 2025 
and beyond. 
CHIEF EXECUTIVE’S REPORT
CEO Emanuel Proença and other members of the Savannah team in the Boticas Information Centre  
 
Source: Company 

14
SAVANNAH RESOURCES Plc – ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
In parallel with our team building, we are also increasing 
and improving Savannah’s footprint in the local area so 
that our colleagues, old and new, have suitable places to 
live and work. In recent months we have completed the 
comprehensive refurbishment of the former core shed to 
create our ‘Geology Centre’, which now features 
substantial oﬃce space for our technical team alongside 
the warehouse area for logging core and cutting and 
preparing samples. The Centre has also become an 
excellent space for hosting our regular community events 
to which we are now regularly attracting more than 100 
people. We are also in the ﬁnal stages of ﬁtting out a new 
30‐person oﬃce in the town of Boticas, close to our 
Information Centre. This will provide working space for the 
Environmental, Community Relations, Communication, 
Technical, and Administration teams, as well as for 
additional employees as they come onboard. In terms of 
accommodation, we have taken on and refurbished 
additional houses in the local area, so that colleagues can 
live there permanently or stay for extended periods. As of 
today, we have 16 colleagues permanently living in the 
local area, the majority of which were existing local 
residents, with a further 7 living there during the week. A 
corporate oﬃce in Lisbon has also been opened. 
Once in operation, the Project is expected to employ 
approximately 300 people directly, so there is clearly 
much work for us still to do in terms of securing more 
work and living space for our growing team and 
contractors. In addition to strengthening bonds within 
our own team, the great beneﬁt we have seen from 
having more of our staﬀ living and staying locally has 
been the extra opportunities it provides to build ties 
with the local community. We are simply more ‘present’ 
and that has proved to be of great value and will be even 
more so in the future. 
3.    Getting support to achieve the achievable 
In last year’s report I talked about the Project being 
‘achievable’ for Savannah based on its scale, 
conventional 
mineralogy 
and 
modest 
capital 
requirements, and making sure that we ‘achieve the 
achievable’. Part of making that happen is partnerships 
and ﬁnance and a major success of 2024 was the 
completion of our ﬁrst strategic partnership. 
With its combined experience in open pit spodumene 
mining in Brazil (another lithium producing Portuguese 
speaking country!) and lithium chemical production in 
Germany, AMG is an ideal partner for Savannah. Its 
investment of GBP16m last June at a signiﬁcant premium 
to the prevailing share price, and becoming our biggest 
shareholder in the process, was an early demonstration of 
AMG’s positive view on Savannah and the value it places 
on spodumene offtake from a reliable, European source. 
This is further underlined by its willingness to take a 
leading role in helping us to secure a full ﬁnancing solution 
for the Project. Already this has led to a strong 
endorsement for the Project from the German 
Government and associated entities through the form of 
a potential USD270m loan guarantee. We are very excited 
to pursue these ﬁnancing opportunities with AMG, as well 
as the joint study we are planning on a potential reﬁnery. 
This ﬁrst deal also leaves us still owning 100% of the 
Project and at least 50% of the future offtake. Hence, we 
have signiﬁcant leverage available to attract other 
partners and associated ﬁnance. We will continue to 
engage with other potential partners during the 
remainder of the year as we move towards the next 
milestones and then project ﬁnancing and start of 
construction in 2026. 
We will also progress discussions with potential partners 
for our by‐products (feldspar‐quartz and potentially mica) 
during the year. On both fronts it will be exciting to see 
the additional commercial interest the Project generates. 
4.    Leveraging our mandate 
I believe our mandate to develop the Project increased 
signiﬁcantly during 2024 and into early 2025 with more 
stakeholders stepping forward to give us their backing.  
Successive Portuguese Governments have now 
demonstrated their support for the Project through 
critical approvals on environmental licencing and land 
access. It was particularly pleasing to read in the 
Reasoned Resolution submitted to the Mirandela court 
by the Minister for Environment and Energy in response 
to a claim made by three local landowners in February 
2025 that the government, “…believe that any 
postponement of the execution of the administrative act 
(the temporary land access order) being challenged in 
court is …seriously detrimental to the public interest, and 
that its full eﬀectiveness should be maintained”. This 
Resolution not only allowed us to immediately restart 
our work on land concerned, it also clearly reconﬁrmed 
the Portuguese State's view on the value of the Project 
to Portugal and the strength with which it will act to 
support its ongoing development. We also had the 
wider Portuguese Parliament voting strongly in favour 
of lithium development last September. 
CHIEF EXECUTIVE’S REPORT

SAVANNAH RESOURCES Plc – ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
15
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Governance
Business Review
CHIEF EXECUTIVE’S REPORT
This national government support was decisively 
complemented in March 2025 by the European 
Commission’s classiﬁcation of the Project as a ‘Strategic 
Project’ under the Critical Raw Materials Act, which 
came in force during 2024. This validation is a massive 
boost to our mandate to develop the Project, and the 
classiﬁcation should also result in practical assistance 
from the Commission and its agencies in getting the 
Project into production. Engaging with the key actors 
and leveraging this opportunity will now be an 
important task during the remainder of 2025. 
Away from government, and alongside AMG making a 
signiﬁcant investment and becoming our largest 
shareholder, we saw rapid growth in our Portuguese 
shareholder base which now represents close to 20% of 
our register. Notably, our Portuguese shareholders range 
from members of our local communities through to an 
institution, a prominent entrepreneur and a major 
Portuguese business. Earlier this year we also saw the 
formation of the ‘Future of Barroso Association’ by a 
group of local people. They represent those in the 
community who wish to engage with the Project to 
ensure that the opportunities it generates are 
maximised for local people. Savannah looks forward to 
engaging more with this group going forward, as part of 
its wider stakeholder engagement activities. 
While wider agendas across these stakeholder groups 
may vary, they, like all our other existing shareholders, 
share a desire to see this Project move forward. Together, 
they make for a very strong support base for the Project 
and provide great conﬁdence to us. We will be sure to 
highlight and utilise this mandate as we push forward. 
5.    Changing the perception of Savannah 
I said last year that I thought this was the biggest challenge 
that Savannah faced. I think it still is, but that does not 
mean that we haven’t made some very signiﬁcant 
improvements to Savannah’s brand over the last year. 
Throughout this report you will read about the great 
work that our Community Relations and wider team 
have done at a local level to build trust and deepen ties 
with our local communities. This has yielded results, as 
demonstrated by local people applying jobs with us and 
the attendance we see at our community events. Much 
work remains to be done, and we understand that many 
identiﬁed concerns still need to be addressed. We are 
committed to doing this and remain ﬁrm in our view that 
with regular engagement, provision of accurate 
information, eﬀective community‐related policies, and 
by listening more than talking, we will continue to build 
understanding and acceptance. This will also further 
reduce the impact of the small group which wishes to 
stop the Project’s development.
Welcoming local stakeholders to our Information Centre in Boticas 
 
Source: Company

16
SAVANNAH RESOURCES Plc – ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
CHIEF EXECUTIVE’S REPORT
In the media, thanks to the hard work of our expanded 
Communications team, we have seen improvement in 
the balance of coverage the Project receives both within 
Portugal and elsewhere. Importantly, we have been able 
to secure more media coverage ‘on our terms’, i.e. not 
just where we are being asked to respond to some 
misinformation or allegation voiced by those against the 
Project. We are also speaking more regularly on the 
investment attributes of the Project having received 
more interest from business journalists. The Project is 
perhaps too frequently ‘big news’ in Portugal and given 
its signiﬁcance to Europe’s energy transition it also 
attracts good interest elsewhere across print, radio, TV 
and online. During 2025, we will continue to try to 
translate this widespread interest into coverage on the 
Project’s many positive attributes including its strong 
investment case. 
Away from the press, we marketed the Company 
extensively last year to industry participants through the 
strategic partnering process and at conferences, and to 
investors via online presentations, roadshows, podcasts 
and investor events. Already in 2025, we have marketed 
in the UK, Portugal, Australia and at multiple industry 
and investor events. More is planned for the remainder 
of the year as we look to raise awareness of Savannah 
in key markets and with key stakeholders. 
To conclude, the team and I have a very clear job to do, 
which is to deliver the Project. Our top priority short 
term goals being completion of the DFS and 
conﬁrmation of the environmental licence. Alongside 
that we will continue to strategically build out our team, 
engage with the European Commission following the 
‘Strategic Project’ classiﬁcation, re‐engage with potential 
commercial partners and strengthen our position in the 
local community as a respectful, responsible and 
supportive organisation. 
While the challenges ahead are many, the opportunities 
are even greater and the team and I am looking forward 
to pushing ahead as quickly as we can and reporting our 
progress as we go. Exciting times lie ahead for Savannah 
and my thanks go to our shareholders and stakeholders 
for their ongoing support. 
 
Emanuel Proença 
Chief Executive Oﬃcer 
Date: 9 April 2025 

SAVANNAH RESOURCES Plc – ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
17
Financial Statements
Governance
Business Review
Savannah continued to develop its ESG commitments 
during the year, in line with its development of the 
Barroso Lithium Project. This was demonstrated by the 
establishment of a sustainability board committee and 
further increasing staﬃng in areas such as environmental 
management, community relations and communications. 
We remain determined to demonstrate that a natural 
resource company, like Savannah, can ﬁt with the 
conservative perception of an ESG compliant company. 
We believe we can achieve this through the role we will 
play in the energy transition and the highly responsible 
and transparent way we conduct our business and deliver 
on our goals which include dedicated environmental 
stewardship, and sustained stakeholder engagement and 
beneﬁt sharing.
Savannah continued to play an active role in local community events during 2024 
 
Source: Company
ESG REPORT
Environmental 
The 
Company’s 
principal 
environmental 
focus 
throughout the year was the ‘Environmental Compliance 
Report of the Project Execution’ or ‘RECAPE’ phase of 
the Project’s environmental licencing process. Following 
submission of the Project’s Environmental Impact 
Assessment and subsequent receipt of the positive 
Declaration of Environmental Impact (‘DIA’) from the 
regulator in 2023, a positive outcome from the RECAPE 
phase, will conﬁrm compliance with the DIA and allow 
the Company to complete the environmental licencing 
for the Project. Savannah can then begin construction 
(subject to a positive Final Investment Decision and 
project ﬁnancing being obtained). 
The RECAPE submission needs to demonstrate 
compliance with the conditions imposed by the DIA, 
thus allowing veriﬁcation that the assumptions and 
expectations associated with the Project’s DIA approval 
are met. In practical terms, the RECAPE instruction 
requires the updating of several environmental criteria 
and for this reason it was necessary to develop several 
studies using ﬁeld activities, such as: 
•
Biodiversity study – minimising the Project's impact 
on local Biodiversity (ﬂora and fauna), is a 
commitment achieved through a combination of 
close monitoring and specialised advice. For this 
reason, the speciﬁc monitoring programme which 
was begun in 2023 was continued to update existing 
data and to generate new data to help better 
manage the Project’s future operational practices. 
•
Noise study – to optimise the existing Noise 
Management Plan, several exercises were carried 
out, including noise simulations. The identiﬁcation 
of the Company's commitments is necessary so that 
legal requirements are met and the Project’s noise 
is minimised. 

ISO 14001: 2015 – Environmental Management 
Systems 
In addition to the RECAPE work, the Company started 
the implementation and certiﬁcation process for the 
International Organisation of Standardisation’s (‘ISO’) 
14001 standard, an internationally recognised standard 
for environmental management systems (‘EMS’). ISO 
14001 provides a framework for organisations to design 
and implement an EMS and continually improve their 
environmental performance. By adhering to this 
standard, organisations, such as Savannah can 
consolidate its ESG strategy and ensure it is taking 
proactive measures to minimise their environmental 
footprint, comply with relevant legal requirements, and 
achieve its environmental objectives.
The framework encompasses various aspects, from 
resource usage and waste management to monitoring 
environmental performance and involving stakeholders 
in environmental commitments. Alongside, Savannah’s 
speciﬁc commitments to the environment and relevant 
legislation in relation to the Barroso Lithium Project, 
achievement of the ISO 14001 standard will signal our 
broader commitment not only to regulatory compliance 
and ongoing environmental improvement but should 
also foster greater stakeholder trust as the Company 
looks to secure additional commercial partners and 
project ﬁnancing. 
During the year, Savannah began work on the 
Environmental Management Manual required for the 
Standard and the other EMS documents required. 
•
Vibration study – any disturbance caused by blasting 
will be minimised through the application of best 
practices and constant monitoring, to keep 
vibrations below the limits established by legislation. 
The continuous study of this environmental 
parameter is essential for a good understanding of 
the potential impact on the entire area surrounding 
the Project, so that the Company can respond 
quickly and eﬀectively in any situation. 
•
Archaeology/Heritage 
Study 
– 
although 
archaeological and cultural research was conducted 
during the EIA, ongoing monitoring is required with 
more targeted and systematic surveys carried out 
over the past year. 
•
Water study – as with other environmental 
parameters, although the baseline reference 
situation was exhaustively characterised during the 
EIA, continuous monitoring is also required in 
support of the RECAPE submission.
18
SAVANNAH RESOURCES Plc – ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
Water sampling & rehabilitation of previous drilling locations underway at the Barroso Lithium Project 
 
Source: Company
ESG REPORT

SAVANNAH RESOURCES Plc – ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
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Governance
Business Review
Together these will describe the organisation, the means 
and methodologies adopted to ensure eﬀective 
management of the EMS and to continuously improve 
our global environmental performance to contribute to 
the economic pillar of sustainability. In turn this will allow 
Savannah to have the capacity and means for other 
sustainability initiatives, in all aspects of its operation. 
This 
systematic 
approach 
to 
environmental 
management will provide senior management with 
information to create options to contribute to 
sustainable development through: 
•
Protection of the environment, through the 
prevention or mitigation of adverse environmental 
impacts 
•
Mitigating the potential adverse eﬀects of 
environmental conditions on the organisation 
•
Supporting the organisation in fulﬁlling compliance 
obligations 
•
Improving environmental performance 
•
The control or inﬂuence of the way in which the 
organisation's products and services are designed, 
manufactured, distributed, consumed and given 
ﬁnal destination, using a life cycle perspective that 
can prevent environmental impacts from being 
unintentionally transferred to other stages of the 
process life cycle 
•
Obtaining ﬁnancial and operational beneﬁts that 
may 
result 
from 
the 
implementation 
of 
environmentally sound alternatives that strengthen 
the organisation's position in the market 
•
Communicating environmental information to 
relevant stakeholders 
Essentially, it can be said that by implementing ISO 
14001, the company can increase opportunities to 
prevent or mitigate adverse environmental impacts and 
increase beneﬁcial environmental impacts, in particular 
those that have strategic and competitive implications. 
The Company expects to complete the certiﬁcation 
process later in 2025.
     
     •     Constant monitoring of local air quality 
during the operating phase and real‐time 
reporting of data to stakeholders. 
    •     Dust suppression through regular dowsing 
of site roads from water trucks and use of 
‘fog cannons’ at plant delivery point. 
    •     Future air quality to beneﬁt from targeted 
reductions to Scope 1 & 2 emissions to net 
zero and additional reductions to Scope 3 
emissions. 
                                                                                                                  •     Comprehensive action plan prepared to 
deal with any air pollution incidents. 
     
    •     Rehabilitation 
and 
revegetation 
of 
impacted areas on the Project beginning 
during operating phase using native species 
of plants. 
    •     Location of new areas that can be used in 
the future as oﬀsetting areas.  
    •     Ongoing monitoring of key land and aquatic 
fauna in the area, including the Iberian 
Wolf.  
•
Baseline monitoring of local air 
quality completed. 
•
Annual monitoring of local air 
quality, during exploitation works 
on the NOA pit. 
Air quality 
management
•
Baseline monitoring of local ﬂora 
and fauna completed plus two 
seasonal ﬂora and fauna surveys 
completed for the RECAPE phase of 
the 
environmental 
licencing 
process. 
•
Survey of local land use completed. 
•
Annual monitoring for the Iberian 
Wolf completed.
Biodiversity
                                        Previous & Recent activities/ 
Consideration               commitments                                                Future activities/commitments
Summary of Environmental protection measures and commitments made at the Barroso Lithium Project:
ESG REPORT

20
SAVANNAH RESOURCES Plc – ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
 
 
     
     
 
•
Decarbonisation studies to be continued. 
Next steps to include: 
o
More detailed analysis of the options 
available for 100% renewable energy 
provision as part of the Deﬁnitive 
Feasibility Study on the Project. A 
number of viable options are available 
to secure 100% renewable energy 
supply to the Project including regional 
solar and wind generation, on market 
purchase, via direct Power Purchase 
Agreements, or a combination of 
these. 
o
Studies with a number of mining 
equipment OEMs to determine a 
site‐speciﬁc solution for a transition to 
a battery ‐operated mining ﬂeet and 
associated charging infrastructure. 
•
Execution of study ﬁndings to deliver on the 
deﬁned emissions targets through ﬁnal 
project design, ongoing optimisation during 
production.  
•
3rd party Scope 1‐3 emissions 
assessment completed in 2019. 
Scope 1 & 2 emissions inventory 
estimate revised and restated in 
2022 (see below). 
•
Commitment to move towards net 
zero Scope 1&2 emissions during 
operating 
phase 
and 
target 
additional Scope 3 reductions 
announced in 2021. 
•
Decarbonisation strategy initiated 
in March 2022 with study led by 
the Portuguese environmental 
consultant, ECOPROGRESSO. First 
phase 
of 
study 
concluded 
(announced in Feb 2023): 
o
Conﬁrmation 
that 
battery 
powered 
electric 
mining 
equipment will provide the 
most eﬀective and ﬂexible 
means to reduce Scope 1 
emissions at the Project to 
zero. 
Scope 
1 
emissions 
represent 68% of the Scope 1 
and 2 total.  
o
The estimate of Scope 2 
baseline 
emissions 
was 
reduced by 54% from the 
original 2019 forecast, based 
on 
the 
potential 
for 
a 
reduction in the estimated 
power requirement of the 
Project's plant and a 41% 
reduction in the emissions 
associated with Portugal's grid 
power between 2019 and 
2021. 
o
In 2024, staﬀ attended a 
conference event organised by 
a leading mine ﬂeet OEM to 
explore its current and future 
work with hybrid and fully 
electric 
equipment 
and 
supporting infrastructure. 
Carbon abatement
                                        Previous & Recent activities/ 
Consideration               commitments                                                Future activities/commitments
ESG REPORT

SAVANNAH RESOURCES Plc – ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
21
Financial Statements
Governance
Business Review
                                        Previous & Recent activities/ 
Consideration               commitments                                                Future activities/commitments 
     
     
 
     
     
 
     
     
 
     
     
 
•
Continue with rehabilitation of previous 
exploration sites. 
•
Progressive 
and 
comprehensive 
rehabilitation during and after operating 
phase using native species to revegetate 
impacted areas.
•
Ongoing rehabilitation of areas 
impacted by previous exploration 
activities (drill pads and access 
routes). 
•
Annual monitoring of the small 
exploitation works on the NOA 
deposit.
Land rehabilitation
•
Execute project design and plans at the 
relevant time with commitment to operate 
at or below the night time legal noise limits 
during both day and night (with the 
exception of blasting).  
•
Constant monitoring of noise levels during 
operating phase and real‐time reporting of 
data to stakeholders and the environmental 
regulator. 
•
Noise levels may be further reduced by the 
introduction of zero‐emission mining ﬂeet 
and other equipment.
•
Baseline noise studies completed. 
•
Annual monitoring of the small 
exploitation works on the NOA 
deposit. 
•
Processing plant location selected 
to reduce light and noise impact on 
local communities. 
•
Time limited; regulated blasting 
schedule included in project plan. 
•
No mining activities to take place at 
night.
Noise & light 
abatement
•
Execute access road plan, avoiding Project 
traﬃc passing through local villages and 
towns. 
•
Evaluate use of low/zero emission road 
trucks as part of decarbonisation strategy.
•
Inclusion of new access roads in the 
Project design to mitigate impact 
on local communities and minimise 
use of existing local roads. 
•
Truck movements during the 
operating phase restricted to 
weekdays only and set times during 
the day.
Transport 
management
•
Reﬁne and ﬁnalise Project design through 
the environmental licencing and DFS 
processes. 
•
Execute ﬁnal Project design.
•
Visual impact proactively considered 
in Project design (e.g., processing 
plant location, road layout). 
Visual impact 
abatement
ESG REPORT

22
SAVANNAH RESOURCES Plc – ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
     
     
 
     
     •
Reﬁne and ﬁnalise Project design through 
the environmental licencing and DFS 
processes. 
•
Execute ﬁnal Project design. 
•
Constant monitoring of local water quantity 
and 
quality 
both 
upstream 
and 
downstream of the Project area during and 
post operating phase and real‐time 
reporting of data to stakeholder. 
•
Comprehensive action plan prepared to 
deal with any potential pollution incidents. 
•
Continued baseline monitoring of 
local water courses, including 
surface and underground chemical 
analysis. 
•
3rd party estimate of annual water 
requirement for operating phase 
completed. 
•
Project to be self‐suﬃcient for 
water usage through on‐site water 
harvesting, 
and 
storage, 
wastewater recycling and recovery 
of water from concentrate and 
waste products. 
•
Lithium recovery process based on 
use of REACH registered chemicals 
with low environmental toxicity; 
will operate at near neutral pH. 
•
Hydrogeological study, including 
drilling, initiated as part of the 
RECAPE 
phase 
of 
the 
environmental licencing process. 
•
Water quantity monitoring on the 
Covas river both upstream and 
downstream of the Project area. 
Water 
management
Waste 
management
•
Waste to be minimised through sale 
of feldspar‐quartz product. 
•
Processing plant waste (tailings) to 
be 
dried 
and 
stacked 
on 
impermeable membrane to avoid 
risks associated with wet storage in 
traditional tailings dam. 
•
Waste rock stored in temporary 
storage facilities to be used to ﬁll 
closed pits as part of rehabilitation 
programme. 
•
Beginning in the operating phase, 
permanent waste storage areas to 
be 
contoured 
into 
existing 
topography 
and 
progressively 
re‐vegetated. 
•
Reﬁne and ﬁnalise the Project design 
through the environmental licencing and 
DFS processes. 
•
Execute ﬁnal Project design. 
•
Comprehensive action plan prepared to 
deal with any potential pollution incidents. 
                                        Previous & Recent activities/ 
Consideration               commitments                                                Future activities/commitments
ESG REPORT

SAVANNAH RESOURCES Plc – ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
23
Financial Statements
Governance
Business Review
                                        Previous & Recent activities/ 
Consideration               commitments                                                Future activities/commitments 
     
     
 
     
     
 
•
Vibration levels to be well below legal limits 
during operating phase. 
•
Constant monitoring of vibrations during 
operating phase and real‐time reporting of 
data to stakeholders. 
•
Comprehensive action plan prepared in 
case the vibrations results exceed what was 
expected.
•
Monitoring of vibration, during 
blasting works at the NOA pit.
Vibrations 
management
•
Complete the ISO 14001 certiﬁcation 
process in 2025.
In 2024, the Company started the 
implementation 
and 
certiﬁcation 
process 
for 
the 
International 
Organisation of Standardisation’s (‘ISO’) 
14001 standard, an internationally 
recognised standard for environmental 
management systems (‘EMS’). 
Certiﬁcation/ 
Standardisation  
Social 
Local Community Engagement 
Savannah continued to place signiﬁcant emphasis on 
building a transparent and collaborative relationship with 
the local community throughout 2024. Guided by the 
ﬁndings from a survey involving 334 community members 
conducted by Community Insights Group (‘CIG’) in 2023, 
the company deepened its understanding of local 
concerns, particularly regarding the Project’s potential 
impact on water resources, air and soil quality, and the 
landscape. The survey also revealed the community’s 
interest in sustainable, positive impacts and their desire 
for clearer communication regarding progress with the 
Project and outcomes. 
In response, Savannah has implemented measures to 
strengthen community engagement. The cornerstone of 
this eﬀort has been the Stakeholder Engagement 
Framework, which outlines principles, strategies, and 
practices to guide interactions with stakeholders. 
Complementing this is the Stakeholder Engagement Tool, 
a resource designed to map stakeholders and facilitate 
eﬀective communication. A broader Stakeholder 
Engagement Plan will further structure Savannah’s 
sustained dialogue with the community.
ESG REPORT

The Social Impact Assessment (‘SIA’), prepared in 
collaboration with CIG, remains a central pillar of 
Savannah’s future social strategy. CIG’s extensive social 
surveying work will present ﬁndings through this SIA. In 
Portugal, planning and commitments regarding society 
and local communities is a key part of a Project’s overall 
environmental licencing process. Hence, the SIA will be 
part of the RECAPE submission for the environmental 
licence later in the year. 
Savannah has also initiated several community‐focused 
programmes aimed at fostering trust and enhancing the 
community’s quality of life. The Livelihood Restoration 
Plan under development addresses potential impacts on 
livelihoods, while a Grievance Mechanism ensures a 
formal avenue for resolving community concerns. Plans 
for a Community Development Strategy and a Social 
Monitoring Programme aim to solidify Savannah’s 
long‐term commitment to the community. 
The Company has actively sought to build trust through 
frequent and transparent communication. Regular 
updates are provided via Savannah’s bimonthly 
community journal, social media channels, and local 
media engagements such as Savannah’s participation to 
a monthly local radio programme aimed at clarifying 
questions from the community. Community meetings, 
informal social gatherings, and guided visits to Project 
sites have provided platforms for direct interaction with 
stakeholders. Savannah also strengthened ties with local 
businesses through partnerships and support for local 
suppliers. 
Demonstrating its commitment to integration, Savannah 
has sponsored local initiatives such as ﬁrewood and 
electrical 
generator 
donations, 
sports 
team 
sponsorships, and support for traditional and religious 
events. Regular Savannah hosted events at the recently 
refurbished Geology Centre, including one gathering of 
over 150 attendees, have reinforced the Company’s 
dedication to fostering meaningful community 
connections.
24
SAVANNAH RESOURCES Plc – ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
Savannah hosted a series of community events at its Geology Centre during 2024 
 
Source: Company 
ESG REPORT

SAVANNAH RESOURCES Plc – ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
25
Financial Statements
Governance
Business Review
Despite these eﬀorts and the considerable progress achieved in 2024, a small but vocal group of opponents, 
including individuals in community representative roles, continues to challenge the Project. Savannah recognises 
this as an opportunity to reﬁne its engagement strategies, focusing on providing accurate information and 
addressing community concerns transparently. 
Savannah’s proactive approach and ongoing eﬀorts underscore its commitment to creating a lasting, positive 
relationship with the community, ensuring the Project beneﬁts both the region and its residents while contributing 
to broader sustainability goals. 
                                        Previous & Recent activities/ 
Consideration               commitments                                                Future activities 
     
     
Community 
Engagement
•
Operating two Project Information 
Centres in the local area which are 
open to the public. 
•
The Land acquisition programme 
continued 
with 
9 
properties 
acquired during the year taking the 
total to 106. 
•
Multiple community mapping and 
survey 
exercises 
undertaken 
including CIG’s survey of over 300 
community members in 2023 to 
deepen 
the 
Company’s 
understanding of local concerns 
regarding the Project’s potential 
impact on key environmental 
parameters. 
•
Hosted Easter community event 
with 45 participants (March 2024).  
•
Organised warehouse community 
social 
events 
with 
high 
participation in May 2024, July 
2024 and November 2024, with the 
latter two events attended by 120 
and 150 people respectively.  
•
community meetings held in local 
parishes, 
including 
Canedo, 
Dornelas, and Vilar, as well as ‘open 
house’ sessions at the Covas do 
Barroso Information Centre.  
•
Distributed information leaﬂets on 
land acquisition and information 
sheets on other aspects of the 
Project to the community.
•
More frequent parish‐based community 
meetings are planned as well as other 
public 
gatherings 
to 
strengthen 
engagement. 
•
Schedule additional clariﬁcation sessions 
on land acquisition, temporary land 
easement and compulsory purchase topics.
ESG REPORT
 
 

26
SAVANNAH RESOURCES Plc – ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
                                        Previous & Recent activities/ 
Consideration               commitments                                                Future activities 
     
     
 
     
     
 
 
     
     
Community 
Support
•
Delivered ﬁrewood donations to 
local families in Covas do Barroso.  
•
Donated an electrical generator to 
the Hunters’ Association.  
•
Delivered newborn baby gift 
baskets to Dornelas families.  
•
Sponsored local events including 
the yearly pilgrimage to Fátima and 
local sporting events. 
•
Led a large delegation of local 
people 
to 
meet 
community 
members living near to Somincor’s 
Neves Corvo mine in Southern 
Portugal to learn about the 
socio‐economic beneﬁts that the 
Project has brought to its local 
communities. 
•
Continue 
social 
sponsorships 
and 
community support initiatives.  
•
Expand local development eﬀorts through 
a Community Development Strategy, 
integrating local stakeholders, e.g. the 
Boticas Agro‐Rural Cooperative (Capolib). 
•
Continue to deepen relationships with local 
stakeholders through multiple channels. 
Parish & 
Community Group 
engagement
•
Coordinated with local parishes 
and municipalities for land access 
permissions (e.g., Dornelas, Covas, 
Vilar).  
•
Conducted meetings with local 
Baldios (community groups) and 
council representatives regarding 
Project updates. 
•
Hosted targeted discussions with 
local government representatives 
to maintain Project transparency 
and secure agreements for certain 
types of works to be carried out.  
•
Increase engagement with local authorities 
to 
address 
potential 
Project‐related 
concerns. 
Community 
engagement‐
related Staﬀ 
Training
•
Delivered 
communication 
and 
conﬂict management training to 
ﬁeld teams.  
•
Conducted internal confrontation 
training to empower staﬀ in 
handling community relations. 
•
Coordinated with GNR to manage 
potential 
community 
tensions 
related to ﬁeld operations.  
•
Expand practical training for staﬀ to ensure 
the safe execution of operational activities.  
•
Optimise protocols for community‐facing 
interactions and Project visits. 
•
Provide advanced stakeholder engagement 
training to staﬀ to improve outreach 
eﬀorts.  
ESG REPORT

SAVANNAH RESOURCES Plc – ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
27
Financial Statements
Governance
Business Review
                                        Previous & Recent activities/ 
Consideration               commitments                                                Future activities 
     
     
 
     
     
 
 
     
     
 
     
     
 
 
Local Business 
Engagement
•
Strengthened 
ties 
with 
local 
businesses and suppliers for all of 
our social events and community 
initiatives.  
•
Engaged local contractors for 
land‐related work and property 
negotiations.  
•
Explore further collaboration opportunities 
with local hospitality businesses.  
•
Continue supporting local businesses 
through contracts and partnerships. 
Other Stakeholder 
Engagement
•
Engaged 
in 
discussions 
with 
regional partners regarding the 
development of education and 
healthcare related initiatives that 
will directly beneﬁt staﬀ and the 
broader community. 
•
Purchased an electric community 
van, used to transport staﬀ and 
community members to and from 
Project related activities and 
initiatives.
•
Expand partnerships with key organisations 
(e.g., the Boticas Chamber of Commerce 
(Mais Boticas), Capolib, and the health & 
welfare charity, Santa Casa da Misericórdia) 
to enhance community beneﬁts.  
•
Establish collaborative monitoring systems 
with stakeholders.
Community 
engagement‐
related staﬀ 
developments
•
Recruited 
new 
Community 
Relations Manager and Community 
Relations Advisor to lead on 
community engagement activities. 
•
Continued to recruit support staﬀ 
from local communities.  
•
Relocation of staﬀ housing to Covas do 
Barroso for up to 7 staﬀ members, adding 
to the total number of staﬀ already living in 
the village. 
•
Increase 
staﬀ 
presence 
in 
local 
communities through daily interactions. 
Other Activities
•
Hosted a documentary ﬁlm crew 
for EU funded ‘EXCEED’ lithium 
mining research project. Presented 
on the Social Licence to Operate at 
EXCEED cluster events.  
•
Developed a sponsorship and 
donation policy, as well as a 
welcome policy for our information 
centres. 
•
Finalise and implement organisational 
policies for community relations.  
•
Collaborate with environmental teams for 
integrated infrastructure projects (e.g., 
bypass 
road, 
north 
access 
road, 
accommodation and housing plan). 
 
ESG REPORT

28
SAVANNAH RESOURCES Plc – ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
Government & other stakeholder engagement 
In the normal course of its business, Savannah maintained regular contact with relevant Portuguese ministries and 
government agencies throughout the year as well as meeting with several Portuguese MPs and representatives of 
the UK, US, Australian and German Governments among others. 
Savannah attended numerous meetings with community groups during 2024 to provide accurate information on 
the Project and the beneﬁts it can bring to the local area 
 
Source: Company 
ESG REPORT

Summary of government and other stakeholder interaction and commitments made in relation to the Barroso 
Lithium Project: 
                                        Previous & Recent activities/ 
Consideration               commitments                                                Future activities 
     
     
 
     
     
 
•
Increase engagement with local authorities 
to 
address 
potential 
Project‐related 
concerns. 
Engagement/Meetings 
held 
have 
included: 
•
Mayor of Boticas Municipality. 
•
Mayor 
of 
Ribera 
de 
Pena 
Municipality. 
•
Mayors of Dornelas and Covas do 
Barroso parishes.  
•
Hosted targeted discussions with 
local government representatives 
to maintain Project transparency 
and secure agreements for certain 
types of work to be carried out. 
Local Government 
Engagement
•
Continue and increase engagement with key 
national 
government 
ministers 
& 
departments, and local administrators. 
•
Maintain contact with British, US, Australian 
and other relevant Embassies in Portugal. 
•
Maintain contact with European Commission 
& relevant EU bodies (see Membership 
section in Governance box below).
Engagement/Meetings 
held 
have 
included: 
European Commission/European 
Parliament: 
•
EC Executive Vice President, Maroš 
Šefčovič 
•
Head of Unit DG Energy, Paula Abreu 
Marques 
•
Portuguese Perm. Representation in 
Brussels – Energy Attaché 
•
Former MEP Carlos Zorrinho (Pt) 
•
Former MEP Cláudia Monteiro de 
Aguiar (Pt) 
•
Former MEP Paulo Rangel (Pt) 
•
Former DG Grow Head of Unit, Peter 
Handley 
Portugal: 
•
His Excellency, The President of the 
Portuguese Republic 
•
Minister of Cohesion 
•
Minister of Economy 
•
Minister of Infrastructure 
•
Minister of the Presidency 
•
Deputy Minister for Territorial 
Cohesion of Portugal 
•
Secretary of State for the Economy 
National 
Government/ 
European Union 
engagement
SAVANNAH RESOURCES Plc – ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
29
Financial Statements
Governance
Business Review
ESG REPORT

                                        Previous & Recent activities/ 
Consideration               commitments                                                Future activities 
                                           •
Secretary of State for Energy 
•
Secretary of State for Environment 
•
Secretary of State for Infrastructure 
•
Chief of Staﬀ, Secretary of State for 
the Environment 
•
MPs from the PSD, CDS, IL and Chega 
parliamentary parties 
•
Portuguese Ambassador to UK 
•
Former Minister of Environment and 
Energy Transition 
•
Former Minister for Infrastructure 
•
Environmental regulator (APA) 
•
Infrastructures of Portugal (IP) 
•
Institute for Nature Conservation 
and Forests (ICNF) 
•
The Northern Portugal Regional 
Coordination and Development 
Commission (CCDR‐N) 
•
The Directorate‐General for Energy 
and Geology (DGEG) 
•
Portuguese Trade & Investment 
Agency (AICEP) 
Australia:  
•
Australian Ambassador to Portugal 
(visit to Boticas Information Centre) 
Germany: 
•
Head of Press and Economic Aﬀairs 
at the German Embassy in Lisbon 
(visit to Boticas Information Centre) 
UK: 
•
British Ambassador to Portugal 
(including 
visit 
to 
Boticas 
Information Centre) 
USA: 
•
US Deputy Secretary of State for 
Economic 
Growth, 
Energy 
& 
Environment US trade delegations at 
US Embassy, Portugal 
•
Oﬃce of Foreign Investment and 
National Security, U.S. Department 
of Energy 
30
SAVANNAH RESOURCES Plc – ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
ESG REPORT

                                        Previous & Recent activities/ 
Consideration               commitments                                                Future activities 
     
     
 
     
     
 
•
Maintain and increase engagement with 
local suppliers of goods and services.  
•
Maintain and increase engagement with 
suppliers of goods and services across 
Portugal. 
•
Became member of Mais Boticas 
(local Chamber of Commerce). 
•
Preference given to local suppliers 
of goods & services. 
Local business 
engagement
•
Maintain presence at relevant government 
and industry events in Portugal, UK and 
across Europe.  
•
Public relations campaigns across multiple 
media channels in Portugal and beyond to 
highlight the importance of domestic 
battery raw material supply in Europe and 
Savannah’s responsible approach to its own 
lithium operation.
•
Attendance at relevant government 
and trade events in Portugal and 
elsewhere in Europe. 
•
Public consultation phases of EIA 
completed (April‐July 2021, March‐
April 2023) including public ‘in‐
person’ meetings arranged by 
environmental regulator (2021). 
•
Met with the Food and Agriculture 
Organisation of the United Nations. 
•
Media: 
Conducted 
over 
50 
interviews 
and 
background 
brieﬁngs 
during 
2024 
with 
journalists from major Portuguese, 
UK, and international press, TV and 
radio to reach wider stakeholder 
groups and the general population 
and to improve the balance and 
accuracy in media coverage of the 
Project. Approximately 200 articles 
were published on Savannah 
during the year.
Other stakeholder 
engagement
SAVANNAH RESOURCES Plc – ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
31
Financial Statements
Governance
Business Review
ESG REPORT

Governance & other key metrics: 
The Board recognises the importance of sound corporate governance commensurate with the size and nature of 
the Company and the interests of its shareholders and adopts the provisions of the Quoted Companies Alliance 
Corporate Governance Code.  
Consideration               Recent activities                                            Future activities 
     
     •
Appointment of Directors to meet the 
needs identiﬁed by the Nomination and 
Remuneration Committee. 
•
Ongoing annual board performance review. 
•
Emanuel Proença was appointed as 
an Executive Director to the 
Company's Board of Directors with 
a commencement date of 15 April 
2024 following the successful 
completion 
of 
his 
6‐month 
probationary period. 
•
Appointment 
of 
two 
new 
Non‐Executive directors in 2024 
including Rick Anthon (Chair) and 
Mike Connor. Retirement from the 
Board of Matthew King, Mary Jo 
Jacobi and James Leahy. 
•
Rick Anthon is a seasoned Lithium 
industry 
professional, 
having 
worked full time in the Lithium 
sector for almost 10 years and 
brings 
signiﬁcant 
industry 
experience to the Board. 
•
Mike Connor brings highly relevant 
lithium sector knowledge to the 
Board, which he has gained while 
helping AMG (Company's new 
largest shareholder and strategic 
partner), build their own lithium 
business over recent years. 
•
Diogo da Silveira was appointed as 
the Deputy Chair eﬀective from 
25 June 2024 in a new role for the 
Company. Diogo da Silveira has 
been instrumental in engaging with 
Portuguese stakeholders since his 
appointment, 
acting 
as 
the 
Company's senior in country 
representative. 
•
The Company took the decision to 
postpone 
the 
annual 
board 
evaluation programme due to the 
aforementioned Board changes. 
Board Composition
32
SAVANNAH RESOURCES Plc – ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
ESG REPORT

Consideration               Recent activities                                            Future activities 
    
    
 
     
     •
Maintain 
current 
memberships 
and 
evaluate 
membership 
of 
additional 
initiatives which would support our eﬀorts 
to follow industry best practices and 
complement other ESG and corporate 
goals.
Lithium Industry: 
•
International Lithium Association 
•
British Standards Institute Technical 
Committee on Lithium Industry 
Standardisation (UK is a participant 
member of the International 
Standards Organisation’s Technical 
Committee on Lithium Industry 
Standardisation) 
European Union Associated initiatives: 
•
Business 
Investment 
Platform 
managed by EIT InnoEnergy 
•
European Battery Alliance 
•
EIT RawMaterials 
•
European Raw Materials Alliance 
European Mining Industry: 
•
European Association of Mining, 
Metal Ores & Industrial Minerals 
('Euromines’) 
Portuguese initiatives:  
•
Association for the Battery Cluster 
(founding member) 
•
Mineral Resources Cluster 
•
Business Council for Sustainable 
Development 
•
Mais 
Boticas 
(Chamber 
of 
Commerce in Boticas area) 
•
Forest Association of Trás‐os‐
Montes Forestry Association 
•
COTEC Portugal 
•
UK‐Portuguese 
Chamber 
of 
Commerce  
UK: 
•
London Stock Exchange 
•
Quoted Company Alliance
Membership of 
industry Trade 
bodies & 
Associations
•
Complete ISO 14001 certiﬁcation process in 
2025 
•
Adopt relevant international speciﬁc ESG 
standard and commence reporting to 
relevant standard 
•
The Sustainability Committee’s role is 
ensuring that Savannah adheres to relevant 
environmental regulations and champions 
the broader principles of social equity and 
environmental stewardship. 
•
Completion of ESG questionnaires 
for institutional investors 
•
Creation of Sustainability Committee 
ESG Reporting
SAVANNAH RESOURCES Plc – ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
33
Financial Statements
Governance
Business Review
ESG REPORT

Consideration               Recent activities                                            Future activities 
     
     
 
     
     
 
     
     
 
     
     
Policies and 
Procedures
•
Annual 
online 
training/ 
acknowledgement of Company’s 
Code of Conduct and Anti‐Bribery 
Code (Directors / Employees / 
Company Consultants). 
•
Revision of Company’s Limit of 
Authority matrix allowing quicker 
decisions and less bureaucracy 
whilst maintaining the relevant 
controls and team accountability for 
expenditure and budget controls. 
•
Update of Company’s Financial 
Reporting Procedure. 
•
Translation of key policies into 
Portuguese. 
•
Introduction of policies to reﬂect the 
Group’s growing maturity and transition to 
building and operating a mine. 
•
Introduce 
policies 
to 
reﬂect 
the 
requirements of potential customers or 
ﬁnanciers.
Risk Management
•
Reﬁnement of Group’s insurance 
coverage in conjunction with leading 
global brokers, Marsh. 
•
Nomad’s updates to the Board to 
keep the Directors abreast of 
governance developments. 
•
Enhancement 
of 
IT 
security 
protocols. 
•
Regular 
Risk 
Register 
process 
updates. 
•
Ongoing enhancement of IT security 
protocols. 
•
Risk review added as a Board agenda at 2 
Board Meetings per year. 
•
Ongoing review of Risk Register. 
•
Internal audit program targeting 3 entity 
reviews per year. 
Health & Safety
•
Continued 
to 
prioritise 
high 
standards of Health & Safety and 
updated the related policies. 
•
Zero Health & Safety incidents or 
loss time injuries reported in 2024 
(2023: 0). 
•
Maintain priority focus on Health & Safety 
and associated staﬀ training.
•
Add to the existing team across the range 
of disciplines required to develop the 
Project. 
•
Project 
expected 
to 
generate 
approximately 350 direct jobs during the 
operating phase, and around 2,000 indirect 
and induced jobs. 
•
Continue to seek opportunities to recruit 
from the local population and within 
Portugal. 
•
40 members of staﬀ as of March 
2025 with 70:30 male : female 
demographic 
with 
7% 
from 
minority ethnic groups; currently 
51% of project staﬀ are from the 
local community. 
Staﬀ
34
SAVANNAH RESOURCES Plc – ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
ESG REPORT

Operation Inﬂuencer 
As part of its comprehensive response to the Operation 
Inﬂuencer investigation which was launched by the 
Portuguese Public Prosecutor in November 2023, 
Savannah released the ﬁndings from an Independent 
Review and external Legal Opinions in January 2024. 
The Independent Review found no evidence which 
would give rise to liability of the Company in connection 
with any irregular ﬁnancial transactions by the Company. 
It also found no evidence of improper oﬀers or 
payments, or other forms of wrongdoing by the 
Company in regard to the questions raised in Operation 
Inﬂuencer associated with past relations with a potential 
partner, discussions of the bypass road, royalties, or in 
relation to interactions with national entities in the EIA 
process under Article 16. No material legal risk was 
identiﬁed related to the allegations outlined in the 
Investigation. 
The Legal Opinions conﬁrmed that, based on the 
ﬁndings of the Independent Review, but also on the 
functioning of the Portuguese permitting process, past 
legal experience, and constitutional protections, under 
no realistic circumstance would the Project's execution 
and its expected future cash ﬂows be at risk. 
Hence, Savannah believes that the conclusions of the 
Independent 
Review 
and 
the 
Legal 
Opinions 
demonstrate the Company’s solid legal position in 
relation to the allegations contained in Operation 
Inﬂuencer. While the investigation remains open, 
Savannah had no further meaningful contact with the 
investigating authorities during 2024 and was free to 
continue with all its business activities as normal. 
Savannah has and always will conduct its business in a 
fully lawful and transparent manner. 
 
SAVANNAH RESOURCES Plc – ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
35
Financial Statements
Governance
Business Review
ESG REPORT

Section 414A of the Companies Act 2006 (the ‘Act’) requires that the Group inform members as to how the Directors 
have performed their duty to promote the success of the Group, by way of a Strategic Report. 
Set out below are the applicable reporting requirements under the Act for the purposes of the Strategic Report, 
together with guidance to other applicable sections of the 2024 Annual Report, which are incorporated by reference 
into the Group’s Strategic Report. 
Principal Activities, Fair Review of the Business and Future Developments  
The following table provides summary reviews of the principal activities of the Group in the year, ﬁnancial results 
and potential future developments. The comments below build on the commentary provided in the Chairman’s 
Statement and Chief Executive’s Report: 
The Barroso Lithium Project, Portugal (100% Savannah) 
Activities undertaken 
•     Exploration and Evaluation: The ﬁrst phase of the DFS and environmental licence‐related drilling programme, 
which had begun in October 2023 was completed in May 2024 with 67 holes drilled for a total of 6,154m. 
The programme provided data for JORC Resource modelling, geotechnical, metallurgical and hydrogeological 
studies, which are required for the DFS and environmental licence. Highlights from the programme included; 
a new JORC Resource for the NOA orebody, in which 93% of the total 0.66Mt resource was classiﬁed in the 
Indicated Category (previously 67%); and the highest drill intercepts ever recorded at the Project, at the 
Pinheiro orebody, 76m at 1.85% Li2O from 24m in 24PNRRCO24 which included 39m at 2.21% Li2O from 38m 
and 1m at over 3.53% Li2O from 62m.  
       Commencement of the c.13,000m second phase of the drilling programme was delayed due to the need for 
a temporary land access order (the ‘Order’) to allow ﬁeldwork on land which is not currently owned by 
Savannah. The Order was received in December 2024, and preparation of multiple drill pads was started 
immediately. Drilling commenced in January 2025 and as at 31 March 2025, 57 holes have been drilled for 
a total of 6,204m.  
       While awaiting the Order, Savannah’s technical team conducted a surface exploration programme over a 
number of targets at the western end of the C‐100 Mining Lease and on Block B of the Aldeia Mining Lease. 
In total 110 samples were collected. On the C‐100 Lease, extensions to the known lithium mineralisation at 
Carvalha da Baccora and Altos dos Cortiços were conﬁrmed, increasing the potential of these areas with 
signiﬁcant lithium mineralisation from rock chip samples including 1.66% Li₂O, 1.5% Li₂O, 1.75% Li₂O and 
1.46% Li₂O from Carvalha da Bacora; and 3.01% Li₂O and 1.9% Li₂O from Alto dos Corticos. On Block B of the 
Aldeia Lease sampling highlighted multiple new lithium bearing pegmatites which are beyond Savannah's 
initial estimation including 2.11% Li₂O and 1.32% Li₂O (rock chips) and 6m @ 1.39% Li₂O from Trench 1, 14m 
@ 1.01% Li₂O from Trench 1b, and 4m @ 2.08% Li₂O and 4m @ 2.62% Li₂O from Trench 2 (channel samples). 
       Importantly, all of these results come from targets which have received little or no signiﬁcant exploration 
work to date and are separate to the Project's ﬁve existing orebodies, all of which themselves have known 
extensions which are still to be fully deﬁned. Hence, it is clear that Barroso Lithium Project remains highly 
prospective for further spodumene lithium resource delineation beyond the current 28Mt at 1.05% Li₂O 
JORC Resource. 
       The ﬁrst Light and Detection ('LIDAR') drone survey was also conducted over the Project and identiﬁed several 
historical tin mining areas hidden by dense vegetation. Savannah will follow up these targets as at Grandão 
and Pinheiro, zones of historical mining indicate a possible association between the spodumene and tin 
bearing pegmatites. Furthermore, as our experience on the C‐100 licence has shown, the full extent of the 
mineralisation is easily underestimated from outcrops alone. For example, at Grandão, outcropping pegmatite 
is found mainly at the top of the hill with no indications of subsurface continuity. Through subsequent drilling 
however, Grandão has now been delineated as the largest orebody at the Project. 
STRATEGIC REPORT
36
SAVANNAH RESOURCES Plc – ANNUAL REPORT AND FINANCIAL STATEMENTS 2024

Activities undertaken 
       While the focus will remain ﬁrmly on the many workstreams required for the DFS and the Project's startup, 
Savannah will continue to develop these, and other, additional exploration targets at the same time. This 
will ensure a pipeline of opportunities to increase the Project's existing resources and life of mine over time. 
•     To meet an ongoing condition of the existing mining lease, a small amount of mining was also undertaken 
during the year from the existing workings at the NOA deposit. 
•     Environmental Licencing Process: The Project is at an advanced stage in Portugal’s multi‐phased 
environmental licencing process. Since passing the major milestone in the environmental licencing approval 
process in May 2023, when Portugal’s environmental regulator gave a positive ‘Declaration of Environmental 
Impact’ (‘DIA’) to Savannah’s Project design, the team has been working towards the submission required 
for the next phase in the process, the Environmental Compliance Report of the Execution Project (‘RECAPE’). 
In this phase, Savannah is required to conﬁrm that the Project’s ﬁnal design, details of which will largely be 
drawn from the DFS and associated studies, meets the conditions attached to the May‐23 DIA approval.  
       Savannah expects to make its RECAPE submission to the regulator before the end of 2025. The regulator 
then has 50 working days to review the submission and publish its conclusion. If the submission is approved 
(‘DCAPE’), the Project’s ﬁnal environmental title can then be awarded. 
       The RECAPE instruction requires the updating of several environmental criteria and for this reason it was 
necessary to develop several studies to assess key environmental and social parameters including, 
biodiversity, hydrology and hydrogeology, noise, vibration and archaeology/heritage. During the year, 
Savannah conducted a range of desk and ﬁeld‐based activities to increase the already extensive pool of 
existing data on these parameters so that future operational practices ensure that impacts are mitigated and 
reduced and that all legal requirements are met as minimum standard. 
•     Other Licencing processes: Once the RECAPE submission has been approved and the resulting DCAPE 
declaration has been made, and the environmental licence received, Savannah will then be able to apply for 
the remainder of the licences required for the Project’s development and operation. These licences cover 
permissions for construction and use of services on site such as power. Permits will also be required for the 
proposed new road sections which are included in the revised Project design to further limit traﬃc impact 
on local communities. 
       During the period Savannah remained engaged with key stakeholders in these licencing processes including 
the government agencies, APA and DGEG, ministers and Secretaries of State.  
•     Deﬁnitive Feasibility Study: The DFS is a comprehensive technical and economic study of the proposed 
Project and will include among other elements; an updated JORC compliant Resource for the Project as well 
as its maiden JORC compliant Reserve estimate; ﬁnal designs for the site’s layout and associated 
infrastructure; schedules for mining, processing, storage of processed materials; commodity market studies; 
and capital and operating cost estimations and a cashﬂow model. 
       Details of the drilling and other ﬁeldwork undertaken in relation to the DFS are given in the Exploration and 
Evaluation section above. 
       Away from the ﬁeld, Savannah and its group of technical consultants, made progress on other aspects of 
the DFS including: 
       o       Site layout: The locations for the processing plant, pits, waste dumps, tailings and water storage 
facilities, roads and HV power infrastructure were ﬁnalised. 
       o       Mining: Pit and waste dump designs were completed pending ﬁnalisation of geotechnical assessment. 
Mine scheduling was also completed. 
SAVANNAH RESOURCES Plc – ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
37
Financial Statements
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Business Review
STRATEGIC REPORT

Activities undertaken
       o       Processing Plant: The process ﬂowsheet was ﬁnalised and feasibility design/3D model development 
was signiﬁcantly advanced. 
       o       Procurement: Budget quotations for all signiﬁcant mechanical equipment were requested and received, 
while quotations requests for electrical equipment, steel/pipe fabrication and installation contracts 
were prepared for subsequent tendering. 
       o       Tailings and Water Storage: The preliminary designs were completed for the Tailings Storage Facility, 
water reservoirs and environmental control dams. 
       o       Hydrogeology: The site investigation work including drilling of water bores and pump testing was 
completed and hydrogeological modelling was advanced. 
•     Infrastructure: The studies and design work for the Project's supporting infrastructure are now well advanced, 
with excellent progress made on several fronts including: 
       o       Site (Northern) access Road: Preliminary design work on the northern access road, which will directly 
link the Project to the new Boticas bypass road and ultimately the national highway network, has been 
completed and is under consultation with the relevant government agencies and stakeholders prior to 
geotechnical ﬁeld work for the ﬁnal design. 
       o       Bypass Road: The Environmental Impact Assessment and accompanying Preliminary Design report for 
the 16km bypass road will be submitted to Agência Portuguesa do Ambiente, the Portuguese 
Environmental Agency during April 2025. The bypass will join to the west with the national road R311 
to subsequently link to the Project's proposed northern access road, and to the east with the A24 
motorway that provides access to the Inner North Freeway, towards the main port facilities. 
       o       Internal haul roads: Preliminary design of the Project's internal haul roads is in progress. 
       o       HV Power: Preliminary design for the revised powerline layout and associated substation has been 
completed and the DFS level design and permitting commenced. 
•     Decarbonisation Study: In March 2022 Savannah announced the initiation of a Decarbonisation Strategy to 
support its goal of producing a net carbon zero lithium product from the Project. By setting this goal Savannah 
is helping to minimise the carbon footprint associated with the European lithium battery value chain, thus 
maximising the environmental beneﬁt these batteries can bring.  
       In the study work to date, two main sources of emissions from the Project have been identiﬁed, the mining 
ﬂeet (Scope 1 emissions) and the processing plant (Scope 2). Scope 1 emissions represent 68% of the Scope 
1 and 2 total. 
       During the year, Savannah continued to explore opportunities to transition the Project's initial mining ﬂeet 
which is expected to be diesel due to the lack of availability of correctly sized low/zero emission vehicles in 
2027, to technologies that will allow a signiﬁcant reduction in carbon emissions. Activities included attending 
a conference event organised by a leading mine ﬂeet OEM to explore its current and future work with hybrid 
and fully electric equipment and supporting infrastructure. 
       The processing plant will be powered through the Portuguese national electrical grid. In 2024, renewable 
energy sources accounted for 80.4% (45.6 GWh) of all electricity generated (source: APREN). Hence, 
Savannah’s goal of securing 100% renewable energy supply to the Project and reducing its Scope 2 emissions 
to zero, should be achievable via on market purchasing, direct Power Purchase Agreements, or a combination 
of these options. 
       In regard to Scope 3 emissions, Savannah has also begun to engage with transport and haulage contractors 
to research the options available now and in the future for low/zero emission transport of raw materials and 
ﬁnished products to and from site. 
38
SAVANNAH RESOURCES Plc – ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
STRATEGIC REPORT

Activities undertaken 
       During 2025, Savannah will continue with its studies into the decarbonisation of the Project in parallel with 
the ongoing DFS work. 
•     Government Engagement: As part of its overall stakeholder engagement activities, eﬃcient working 
relationships with key actors in government, including Ministers and Secretaries of State, and in relevant 
government agencies is important to Savannah as it progresses the Project. 
       Following the start of the Operation Inﬂuencer investigation in November 2023, there were additional 
engagement challenges created during 2024, with changes of counterparties in multiple key government 
roles. Most signiﬁcantly, this included the change in central government following the March 2024 General 
Election in which the centre‐right Democratic Alliance, led by Luís Montenegro formed a centre‐right minority 
government, replacing the previous majority government of the Socialist Party. Through this hiatus, Savannah 
was eﬀective in ﬁrst re‐establishing relationships with key members of the former government, local 
government and government agencies following Operation Inﬂuencer prior to the election, and then 
following the election, in developing relationships with the new incumbents within the new government 
and other government entities from April onwards. Furthermore, the ongoing political support for Portugal’s 
new lithium industry and the Project speciﬁcally, was demonstrated during the year. In September a 
parliamentary vote following the lodgement of an anti‐lithium development petition and debate, saw only 
14 out of 230 MPs (6%) vote to try to restrict Savannah’s Project. Then, in December, the Government 
published the temporary land access order, which has allowed Savannah to enter land it does not currently 
own at the Project to conduct ﬁeldwork vital to the completion of the DFS and environmental licencing 
process. 
       Looking ahead, Savannah will continue to strengthen its working relationships with all levels of government 
and the key government agencies. With local elections set to take place later in the year, and the current 
Boticas Municipality leader unable to stand again following two terms in oﬃce, the Company will look to 
build a strong and mutually beneﬁcial relationship with his successor. 
•     Community Engagement: Guided by the ﬁndings from a survey involving 334 community members 
conducted by Community Insights Group (‘CIG’) in 2023, the company deepened its understanding of local 
concerns, particularly regarding the Project’s potential impact on water resources, air and soil quality, and 
the landscape. The survey also revealed the community’s interest in sustainable, positive impacts and their 
desire for clearer communication regarding Project progress and outcomes. 
       Savannah has implemented measures to strengthen community engagement. The cornerstones of this eﬀort 
are the Stakeholder Engagement Framework, the Stakeholder Engagement Tool, the Stakeholder Engagement 
Plan and the Social Impact Assessment being prepared in collaboration with CIG. 
       Savannah has also initiated several community‐focused programmes including a Livelihood Restoration Plan, 
a Grievance Mechanism, Community Development Strategy and a Social Monitoring Programme. 
       Regular updates to community members have been provided via Savannah’s bimonthly community journal, 
social media channels, and local media engagements such as Savannah’s participation to a monthly local 
radio programme aimed at clarifying questions from the community. Community meetings, informal social 
gatherings, and guided visits to Project sites have provided platforms for direct interaction with stakeholders. 
Savannah also strengthened ties with local businesses through partnerships and support for local suppliers. 
       Savannah has sponsored local initiatives such as ﬁrewood and electrical generator donations, sports team 
sponsorships, and support for traditional and religious events. Regular Savannah hosted events at the recently 
refurbished Geology Centre, including one gathering of over 150 attendees, have reinforced the Company’s 
dedication to fostering meaningful community connections. 
SAVANNAH RESOURCES Plc – ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
39
Financial Statements
Governance
Business Review
STRATEGIC REPORT

40
SAVANNAH RESOURCES Plc – ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
STRATEGIC REPORT
Activities undertaken
•     Strategic Partnering Process/Commercial discussions: The ﬁrst phase of the ‘Strategic Partnering Process’ 
which was initiated in July 2023 was concluded in June 2024 with the announcement of established lithium 
industry player, AMG Advanced Critical Materials (‘AMG’) as Savannah’s ﬁrst strategic partner on the Project. 
With an equity investment of GBP16m at a price of 4.67p (representing a 35% premium to the 30‐day VWAP 
at the time), AMG became the Company's largest shareholder with a 15.77% stake. 
       The partnership also includes an offtake heads of terms agreement (the 'Offtake HoT') through which, once 
ﬁnal agreements are negotiated and signed, AMG can purchase 45ktpa of spodumene concentrate from the 
Project (approximately 25% of total) over 5 years based on prevailing market prices at the time. 
       This offtake can be increased to 90ktpa over 10 years if AMG helps Savannah to secure a ‘full ﬁnancing 
solution’ for the Project. The ﬁrst outcome of this ﬁnancing activity was announced in December 2024, with 
conﬁrmation from Euler Hermes AG, the export credit agency acting for the German Government, that due 
to the offtake with AMG feeding a critical raw material into the German economy, the Project is eligibility 
for a German Government backed guarantee on a loan up to USD270 million.  
       Savannah can also beneﬁt from AMG’s expertise in the sector and is deepening its relationship with its 
partner via the presence on the Company’s Board of Mike Connor, AMG’s Chief Corporate Development 
Oﬃcer and a Board member. An additional Co‐operation agreement between the parties will see the 
companies work together on a number of mutually beneﬁcial opportunities including a study for the 
construction of a Spodumene‐to‐Lithium Carbonate reﬁnery in Portugal or Spain.  
       Looking ahead, having retained 100% ownership of the Project and with at least 50% of the Project’s future 
spodumene concentrate unallocated, Savannah has signiﬁcant leverage with which to form further strategic 
partnerships. As Savannah moves through the current ‘study’ phase of the Project’s development and 
towards a Final Investment Decision, it expects to engage with further industry players. 
•     Ceramics by‐products: Savannah continues to engage with signiﬁcant potential customers/partners in the 
ceramics industry for the Project's feldspar‐quartz and mica by‐products. The Company is also executing an 
independent product characterisation and market study with a reputable Portuguese consultant. 
Fair review of business  
A review of the Group’s performance during the period and prospects is included in the Chairman’s Statement and 
the Chief Executive’s Report. 
Principal Risks and Uncertainties  
At Savannah Resources, eﬀective risk management is fundamental to achieving our strategic objectives and creating 
long‐term value for our stakeholders. Our approach to risk management is proactive, comprehensive, and aligned 
with our core values of safety, respect, integrity, excellence, and sustainability. 
Our approach  
The Board has identiﬁed various risk factors which taken individually or together may have a materially adverse 
eﬀect on the Group’s business. The principal risks and how they are managed are as follows: 
•
Attraction and Retention of Key People  
•
Commodity Price Risk 
•
Country Risk 
•
Cyber Risk 
•
Environmental Permitting Risk 

•
Future Funding Requirements 
•
Global and Regional External Shocks 
•
Licence & Title Risk 
•
Natural Resource Project Development & Construction Risk 
•
Social Licence Risk 
Risk management enhancements 
In 2024, we made incremental improvements to our risk management approach: 
•
Reﬁnement of the Company’s risk register 
•
Quarterly risk review meetings with Management  
Risk appetite 
The Company’s risk appetite is calibrated to balance our growth ambitions with prudent management practices 
across key areas of our business, including funding, governance, regulatory compliance, environment, community, 
and health and safety. 
Principal risks 
This risk table reﬂects the current status of the Company’s risk landscape. This aligns with the Company's focus on 
responsible development, environmental stewardship, and community engagement, as discussed throughout the 
annual report. 
The Board has identiﬁed various risk factors which taken individually or together may have a materially adverse 
eﬀect on the Group’s business. The principal risks and how they are managed are as follows in alphabetical order: 
SAVANNAH RESOURCES Plc – ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
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Financial Statements
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Business Review
STRATEGIC REPORT
Risk Category      Description                       Potential Impact             Key Mitigating Action                     Risk Trend 
    
    
    
     
 
Attraction and 
Retention of 
Key People 
Company Culture / 
Human Resources 
Planning ‐ Execution 
of Company Business 
Plans
•
Poor 
employee 
engagement results 
in moderate to 
high staﬀ turnover 
impacting 
the 
Company's ability 
to deliver the BLP 
and 
being 
respected in the 
Community. 
•
Company 
not 
having in place the 
relevant personnel 
to 
successfully 
execute transition 
from exploration 
to the operational/ 
revenue stage. 
•
Development 
of 
salary 
benchmarking across the 
Group. 
•
Embrace and re‐enforce the 
Company's culture (focus on 
teamwork, mutual respect 
and getting things done). 
•
Focus on skill gap analysis 
and develop plan. 
•
Implementation of (at least) 
annually succession planning 
for the Board plus the CEO 
and his direct reports. 
•
Ensuring 
appropriate 
remuneration policies are in 
place. 
 
↔

Risk Category      Description                       Potential Impact             Key Mitigating Action                     Risk Trend 
42
SAVANNAH RESOURCES Plc – ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
STRATEGIC REPORT
    
    
    
    
 
 
    
    
    
    
 
    
    
    
    
 
    
    
    
    
 
Country Risk
Country Risk
•
Sovereign 
and 
Political Risks. 
•
Company Project resides in 
Portugal (member of EU). 
•
Portugal operates within 
the framework of the EU. 
•
Company maintains working 
relationships at all levels 
with 
all 
stakeholders 
(government/ administrative 
bodies / local communities). 
•
Actively 
monitoring 
of 
relevant 
political 
and 
regulatory developments. 
↔
Cyber Risks
Addressing Social and 
Physical Barriers
•
Cyber 
Attacks 
&/or 
Failure 
 
of 
IT/Energy/ 
Infrastructure 
impacting 
the 
Company's ability 
to operate.
•
Management 
and 
the 
Company's third party IT 
security 
provider 
periodically 
review 
Company's IT systems and 
implement 
agreed 
recommendations 
↔
Environmental 
Permitting 
Risk
Portuguese 
Prosecutors/ 
Operation Inﬂuencer 
•
Possibility 
that 
Operation Inﬂuencer 
can 
aﬀect 
the 
Company's Share 
Price and ability 
to raise Project 
Finance owing to 
its link to the DIA.
•
External investigation and 
legal opinions completed.  
•
Communication 
to 
the 
markets on the solid legal 
standing.  
•
Future communications will 
commence 
when 
a 
development is reported 
(this could be several years). 
↓
Future 
Funding 
Requirements
Budget Management 
•
Company running 
out of money or 
suﬀering 
a 
liquidity crisis.
•
Maintaining 
a 
detailed 
Company 
cash 
ﬂow 
forecast.  
•
Regular presentations to the 
Board (variance to budget, 
cash projections reporting). 
•
Management planning on 
when the Company will 
need additional funding. 
↓

Risk Category      Description                       Potential Impact             Key Mitigating Action                     Risk Trend 
SAVANNAH RESOURCES Plc – ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
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Financial Statements
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STRATEGIC REPORT
    
    
    
    
 
    
    
    
    
 
 
    
    
    
    
 
 
 
    
    
    
    
 
Future 
Funding 
Requirements
Fundraising and the 
ability to raise funds
•
Availability 
and 
appropriateness of 
future sources of 
funds / Company 
running out of 
money to meet its 
ongoing 
day‐to‐
day 
operations 
and execution of 
BLP.
•
Identiﬁcation of appropriate 
funding solutions (including 
debt, equity, grants).
↔
Future 
Funding 
Requirements
Project Delays
•
Adverse impact on 
the 
Company’s 
cash 
availability 
and its ability to 
execute the Project 
(including 
delay 
 
to 
production 
impacting future 
cash 
inﬂows) 
which is caused by 
missing 
the 
 
Project timelines 
deliverables.
•
Regular review on Project 
timeline. 
•
Securing land access to 
enable Project execution. 
•
Planning for timely delivery 
of key DFS deliverables. 
↔
Global and 
Regional 
External 
Shocks
Pandemics / Energy 
Crisis / Inﬂation / 
Military Conﬂicts
•
Potential impact 
on 
worldwide 
economy 
and 
Group's ﬁnancial 
outlook.
•
Maintaining a minimum 
cash balance to mitigate 
against potential adverse 
impacts.  
•
Monitor global news events. 
↔
Licence & 
Title Risk
Winning and 
Retaining Legal 
Approvals to Operate 
(Local Level, Land)
•
Land 
Access 
Restrictions  delaying 
BLP progress (including 
Immediate 
Land 
Access 
Restrictions 
delaying 
BLP 
 
progress Compulsory 
acquisition  approval 
taking longer than 
expected 
by 
 
the 
Government 
North access road 
construction to be 
delayed).
•
Continuation of eﬀorts to 
reach amicable agreements 
with private landowners 
and Baldios.  
•
Award by Portuguese state 
of 
a 
temporary 
land 
easement order. 
↔

Risk Category      Description              Potential Impact                      Key Mitigating Action                     Risk Trend 
44
SAVANNAH RESOURCES Plc – ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
STRATEGIC REPORT
    
     
     
    
 
 
 
 
 
    
     
     
    
 
 
    
     
     
    
 
Risk Trend Key: 
↑ Increased risk, ↓ Decreased risk, ↔ Stable risk 
 
Natural 
Resource 
Project 
Development 
& 
Construction 
Risk
Conversion of 
Scoping Study 
assumptions 
into DFS
•
Any critical inputs of 
the 
scoping 
study 
(Capex, Opex, AMD, 
recoveries, etc.) being 
proven ﬂawed with 
DFS work, with eﬀects 
on 
competitiveness 
and executability of 
our Project.
•
Initial 
formal 
review 
conducted by the Technical 
Team to identify areas of 
review 
and 
develop 
appropriate actions.
↔
Social Licence 
Risk
Portuguese 
Relationships/ 
Community 
Licence to 
Operate
•
Poor Relationship with 
Local 
Community 
impacts 
Company 
social 
licence 
to 
operate and secondary 
permitting. 
•
Continuation of liaison with 
the Boticas, Covas, Valar, 
Canedo 
and 
Dornelas 
communities. 
•
Community 
Relations 
Manager 
appointed 
Development 
of 
relationships 
with 
local 
communities 
via 
the 
Stakeholder Management 
Plan.  
•
Further development of 
Company interaction with 
stakeholders 
and 
communication. 
↔
Social Licence 
Risk
Legal Claims 
against the 
Company 
•
Successful or pending 
litigation against the 
Company 
adversely 
impacting the validity 
of its licensing or land 
access rights or other 
impacts restricting the 
Company's operations 
and ability to do Project 
Finance or otherwise 
fundamentally derail 
the Project. Including 
any 
fundamental 
failings in governance 
or controls procedure 
that could lead to a 
lawsuit with something 
solid behind it.
•
Support from specialist legal 
advisers  
•
Policies and procedures in 
place to ensure compliance 
with applicable laws. 
↔

Case                    Case                     Plaintiﬀ            Defendants                     Counter         Status Update 
                            Summary                                                                                  Interested 
                                                                                                                               Parties  
SAVANNAH RESOURCES Plc – ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
45
Financial Statements
Governance
Business Review
STRATEGIC REPORT
‘Lawfare’ is a common tool used by parties seeking to disrupt Project developments, and the following legal cases 
are ongoing:
    
   
   
   
   
 
    
   
   
  
     
 
   
   
   
  
     
 
C‐100 Mining 
License 
Amendments 
(Commenced 
April 2023)
Claim aims to 
declare null the 
administrative 
acts regarding 
the Exploitation  
of “Mina do 
Barroso” 
Project, signed 
in 2016, 
invoking 
administrative 
irregularities 
performed by 
the Ministry of 
Economy.
Parish of 
Covas do 
Barroso.
Ministry 
of 
Environment (originally 
the Portuguese State 
and the Ministry of 
Economy)
Savannah
•
Once the pleadings 
have been submitted, 
the case is awaiting 
further proceedings, 
namely the scheduling 
of 
a 
hearing 
for 
discussion 
and 
judgement.  
•
Based on the opinion 
from our legal advisers 
this case is without 
merit. 
Covas 
Baldios Land 
Border 
Dispute 
(Commenced 
June 2022)
Claim aims to 
challenge the 
registration of 
certain areas 
and limits of 
certain parcels 
of 6 land 
properties in 
the C‐100 area
Baldios 
of 
Covas 
do 
Barroso
Savannah and 6 other 
private owners
N/A 
•
Once the pleadings 
have been submitted, 
the case is awaiting 
further proceedings, 
namely the scheduling 
of 
a 
hearing 
for 
discussion 
and 
judgement.  
•
Any adverse outcome 
can be resolved via  
the 
compulsory 
acquisition route.  
Administrativ
e Claim 
Against the 
favourable 
DIA 
(Commenced 
September 
2023)
Claim aims to 
declare null 
the 
administrative 
acts regarding 
the 
Declaration of 
Impact 
Assessment, 
issued by APA 
on 30 May 
2023
Parish 
of 
Covas 
do 
Barroso
Ministry 
of 
Environment and APA
Savannah 
•
All the Defendants, 
including 
Savannah 
Lithium 
Unipessoal, 
Lda., have already 
lodged their defences, 
and 
the 
case 
is 
awaiting 
further 
proceedings.  
•
Based on the opinion 
from our legal advisers 
this case is without 
merit. 

Case                    Case                     Plaintiﬀ            Defendants                     Counter       Status Update 
                            Summary                                                                                  Interested 
                                                                                                                               Parties  
46
SAVANNAH RESOURCES Plc – ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
STRATEGIC REPORT
Analysis of the Development and Performance of the Business  
This information is contained in the Chairman’s Statement, and the Chief Executive’s Report. 
Analysis of the Position of the Business 
This information is contained in the Chairman’s Statement, and the Chief Executive’s Report. 
Key Financial Performance Indicators and Milestones 
Our key performance indicators (‘KPIs’) help the Board and Executive Management assess performance against our 
strategic priorities and business plans. 
   
    
   
   
    
 
Administrative 
Claim against 
the Temporary 
Land 
Easement 
(Commenced 
in February 
2025)
Claim aims to 
declare null the 
administrative 
acts regarding 
the Temporary 
Land 
Easement, 
made oﬃcial 
by the 
Government 
on 6 December 
2024 
3 Private 
Landowners
Ministry for the 
Environment
Savannah, 
DGEG, 
Covas 
Parish, 
Baldios 
and the 
other 
private 
owners in 
the 
Temporary 
Easement 
Process
•
The suspension was 
lifted 15 days after it 
started, because the 
Minister of Environment 
issued a “Reasoned 
resolution”, 
which 
reversed the suspension 
(In the meantime, both 
Savannah 
and 
the 
Ministry of Environment 
lodged their opposition 
to the lawsuit). 
•
Based on the opinion 
from our legal advisers 
this case is without 
merit. 

SAVANNAH RESOURCES Plc – ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
47
Financial Statements
Governance
Business Review
STRATEGIC REPORT
Analysis Using Key Financial Performance Indicators and Milestones: 
 
    
    At the reporting date the Group’s available funds in bank was 
GBP17.7m (2023: GBP9.7m). The major source of cash 
funding during the year was the 2023 year‐end balance and 
the GBP16m gross equity investment made by AMG at 
4.67p/share in June as part of the Strategic Partnership 
between the two companies. 
    The Directors believe that the Group’s Barroso Lithium Project 
is attractive and are conﬁdent that funding will continue to 
be secured and that it is appropriate to prepare the Financial 
Statements on a going concern basis. See Going Concern 
section in Note 1 for further details.  
    
    The Company placed 342.6m new ordinary shares of 1p 
with AMG in June 2024 at a price of 4.67p (representing a 
35% premium to the 30‐day VWAP at the time) as part of 
its ﬁrst strategic partnership in relation to the Barroso 
Lithium Project. As a result, AMG became the Company’s 
largest shareholder with a 15.77% stake. 
    
    From an opening price of 2.1p, there was a modest 
improvement in the Savannah share price during trading in 
early January as the impact of the Operation Inﬂuencer 
hiatus, which had begun in early November 2023 appeared 
to reduce. This lessening impact was further underlined by 
Savannah’s comprehensive statement on the matter in late 
January following receipt of a full independent legal 
assessment which concluded that there was no evidence of 
wrongdoing by the Company. However, with little change in 
the underlying lithium price, which had seen a fall of over 
80% during 2023, Savannah’s share price began to fall back 
in parallel and reached a low for the year of 1.5p during 
trading on 19 February. 
                                                                                             From this point, the share price saw a rapid reversal as the 
Company released positive news ﬂow around drilling, its 
Strategic Partnering Process, and the arrival on the register 
of Portuguese investor, Mario Ferreira, as a signiﬁcant 
shareholder. The sector as a whole was also helped by the 
start of a partial recovery in lithium commodity prices. As a 
result, the share price rose by c.130% from the year’s low 
to reach 3.45p on 25 March. 
                                                                                             While the share price didn’t continue to parallel the ongoing 
recovery in lithium prices during the Spring, having broken 
back through the 3p level, Savannah’s share price was well 
supported during April, May and early June by the improved 
sentiment towards lithium combined with an increase in its 
own marketing activities, and traded in a tight range 
between 3.2‐3.55p from 22 March to 3 June. The ﬁrst half 
Cash balance available to 
continue with the activity 
of the Group.
Cash balance (for 
exploration, 
development and 
going concern 
purposes)
To 
continue 
with 
its 
operating activities as an 
active and growing mineral 
development group, the 
Group has raised funds 
from the market.
Subscription and 
placing of shares
The price reﬂects the value 
of 
the 
Group 
as 
determined by the free 
trading of its ordinary 
shares on public stock 
exchanges such as the 
Alternative 
Investment 
Market of the London 
Stock Exchange.
Share price
KPIs                                 Description                               Performance 

48
SAVANNAH RESOURCES Plc – ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
STRATEGIC REPORT
of June then saw the share price improve again, peaking at 
the year’s high of 5.0p during trading on 20 June following 
the announcement of Savannah’s strategic partnership with 
AMG and the GBP16m accompany placing at 4.67p/share. 
                                                                                             Despite, Savannah’s signiﬁcantly strengthened position 
following the start of the partnership, with the underlying 
lithium price recovery now reversing, the share price eased 
back and experienced some volatility during July (touching 
3.7p on 19 July). From a price of 4.0p on 1 August, the share 
price entered a tight trading range between 3.9‐4.1p for the 
next 4 months. With the underlying lithium price continuing 
to fall, going below the opening price in January by late 
summer, and news ﬂow from the Company relatively light 
as it waited for temporary land access to be awarded for the 
second phase of its DFS drilling, this relatively tight trading 
range represented a robust performance. 
                                                                                             Pleasingly, Savannah was able to break out of this range in 
early December with the award of the temporary land 
access order, and the return to the ﬁeld to prepare for the 
restart of drilling in January 2025. A modest recovery in the 
lithium price over the ﬁnal quarter also assisted and allowed 
Savannah to ﬁnish the year at 4.35p, representing a 107% 
rise during the year (vs. ‐9% in 2023). This made Savannah 
one of the best performing stocks in the lithium sector. 
    
    During 2024 the Company continued its investment in 
exploration activity, which was dominated by the ﬁrst phase 
of the DFS‐related drilling and other DFS and environmental 
licencing related ﬁeld activities and studies. The increase in 
E&E Assets, net of foreign exchange adjustments, was 18% 
year‐on‐year at GBP3.2m (2023: GBP2.2m). During the 
period there was no signiﬁcant Property, Plant and 
Equipment acquisitions. 
Investment in 
Exploration & 
Evaluation Assets 
(‘E&E Assets’) and 
Property, Plant and 
Equipment (‘PPE’)
As an active and expanding 
mine development group, 
the investment in E&E 
Assets and PPE Assets can 
show 
the 
volume 
of 
activity which is adding 
value.
KPIs                                 Description                               Performance 

SAVANNAH RESOURCES Plc – ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
49
Financial Statements
Governance
Business Review
STRATEGIC REPORT
Analysis Using Other Key Performance Indicators and Milestones: 
 
    
    In recent years there has been (and continues to be) an 
increase in the importance of the lithium‐ion battery market. 
This has signiﬁcantly positively impacted global lithium 
demand with projections showing further signiﬁcant 
increases over the coming decades. In 2016 the Group started 
its investment in lithium projects with the acquisition of 
exploration licences in Finland (subsequently relinquished). 
Following the acquisition of the Barroso lithium Project in the 
north of Portugal in 2017 (100% ownership achieved in 2019), 
the Group has the potential to become a signiﬁcant 
spodumene lithium producer in Europe. While the near‐term 
focus of the Company is on the development of the Barroso 
Lithium Project, one of Savannah’s longer‐term goals is to 
further develop its business in the Iberian Peninsula. To this 
end, it actively assesses potential lithium exploration targets 
in the area and expects to participate in the long‐awaited 
lithium exploration tender process in Portugal when it is 
launched by the Government. 
     
     The C‐100 Lease: A 30‐year Mining Lease was granted on the 
Project in 2006 to a previous owner. The licence can be 
extended for a further 20 years from 2036. To be allowed to 
execute its plan of developing a spodumene mine and 
concentrator operation on the Lease, Savannah is required to 
obtain a new Environmental Licence for the Project and 
associated licences covering areas such as construction and 
use of services on site (power, water, etc). 
    Aldeia Lease: In December 2024, the ‘Aldeia’ or ‘C‐190’ 
Mining Lease application was awarded over the 3 block 
‘Aldeia’ area to its current owner, the Portuguese company 
Aldeia & Irmão, S.A.. The new Mining Lease, which is adjacent 
to the C‐100 Lease has an initial duration of 25 years and can 
be extended twice, initially by a further 15 years and then by 
a further 10 years. 
                                                                                                 Environment Licence: In June 2020, the Group submitted a 
new Environmental Impact Assessment and Mine Plan to 
APA, the Portuguese environmental regulator, for the Barroso 
Lithium Project as part of the overall licencing process for the 
Project. That submission was made public in April 2021 and 
underwent a public consultation between April and July of 
that year. In July 2022, the Regulator recommended that the 
review process enter an additional phase of evaluation under 
Article 16 of the relevant EIA legislation during which 
Savannah could meet with the Regulator’s Evaluation 
Committee, receive feedback on its original design and be 
given 180 working days to revise and resubmit its EIA. 
Savannah agreed to this proposal and resubmitted its EIA on 
16 March 2023. As required under the legislation, the 
As 
an 
active 
mineral 
development 
group, 
Management is up to date 
on the changes in the 
market and looking for 
new 
opportunities 
to 
increase the potential of 
the Company. 
Project pipeline
As a mineral development 
company, the grant of 
mining 
leases 
as 
a 
precursor 
to 
commencement 
of 
production is a signiﬁcant 
milestone.
Mining Lease & 
Licencing 
Applications
KPIs                                 Description                               Performance 

50
SAVANNAH RESOURCES Plc – ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
STRATEGIC REPORT
regulator announced its decision on the resubmitted EIA 
within 50 working days of it being submitted. That decision 
was positive, with the Project EIA being approved by APA (DIA 
awarded) with conditions attached that must be met in the 
Project’s ﬁnal design and operating practices, which Savannah 
agreed to. 
     
     As of May 2024, the JORC resource estimates at the Barroso 
Lithium Project are:  
    •     Lithium: Measured Resources of 6.6Mt @ at 1.1% Li₂O; 
Indicated Resources of 12.1Mt @ at 1.0% Li₂O; and 
Inferred Resources of 9.3Mt @ at 1.1% Li₂O for a total of 
28.0Mt at 1.05% Li₂O containing 293,100t of Li₂O. The 
additional Exploration Target1 remained unchanged from 
2019 at 11.0‐19.0Mt at 1.0%‐1.2% Li₂O 
                                                                                                 •     The by‐products (Grandão deposit only) JORC resource 
remained unchanged from 2019: Measured resources of 
7.1Mt at 32.6% quartz and 42.8% feldspar, Indicated 
Resources of 6.3Mt at 34.6% quartz and 42.6% feldspar; 
and Inferred resources of 1.0Mt at 30.9% quartz and 
40.3% feldspar for a total Mineral Resource of 14.4Mt at 
33.4% quartz and 42.6% feldspar containing 4.79Mt of 
quartz and 6.11Mt of feldspar 
     
     Following the positive DIA decision from the environmental 
regulator in May 2023, the Company produced a new Scoping 
Study on the Barroso Lithium Project, based on the approved 
design, in June 2023. The Study returned a post‐tax NPV (8% 
discount rate) of USD953m, an IRR of 77% and a post‐tax 
payback period of 1.3years. 
                                                                                                 Savannah restarted DFS‐related ﬁeldwork in the second half 
of 2023, including a two‐phase drilling programme. The ﬁrst 
phase of drilling which took place between October 2023 
and May 2024, totalled 6,154m across 67 holes to gather 
data for resource, geotechnical, metallurgical and 
hydrogeological studies. Preparation for the second phase 
of the drilling programme began in December 2024 and as 
at 31 March 2025, 57 holes for 6,204m have been drilled. 
With work on other aspects of the DFS running in parallel 
to the ﬁeldwork, the Company expects to complete the DFS 
by the end of 2025. 
Mineral resources
As a mineral development 
company, the reporting of 
satisfactory 
mineral 
resource estimates is a key 
indicator of the potential 
of the Group and its 
projects.
Economic Studies
Satisfactory completion of 
economic studies is a key 
indicator of the viability of 
the 
Group’s 
mine 
development projects.
1 Cautionary Statement: The potential quantity and grade of the Additional Resource Targets is conceptual in nature, there has been insuﬃcient prospecting work to estimate 
a mineral resource and it is uncertain if further prospecting will result in deﬁning a mineral resource.
KPIs                                 Description                               Performance 

SAVANNAH RESOURCES Plc – ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
51
Financial Statements
Governance
Business Review
STRATEGIC REPORT
 
 
Industry 
trade 
bodies 
& 
associations 
A list of the relevant industry trade 
bodies and associations of which 
Savannah is pleased to be a 
member can be found in the 
Governance table in the ESG 
section and on the Company’s 
website.
For Savannah: 
•
Trade associations can oﬀer 
industry speciﬁc networking, 
training 
and 
education, 
technical advice, and support in 
interactions with governments, 
government 
departments, 
agencies, regulators, the media, 
and other stakeholders. 
For trade associations: 
•
Interacting 
with 
Savannah 
oﬀers a trade association 
another source of industry 
expertise; an opportunity to 
extend its network and reach, 
and an additional source of 
income and sponsorship.
During the year members of the 
Savannah team regularly interacted 
with representatives from relevant 
trade associations including at 
formal meetings, conferences and 
other events arranged by the 
associations.  
Shareholders/Investors 
A table of signiﬁcant shareholders 
can be found on the Report of the 
Directors section and on the 
Company’s website 
Key metrics are: 
•
Cash 
•
Investment in Exploration & 
Evaluation Assets 
•
Share price 
The Company has not issued 
additional investment instruments 
beyond shares and share options, 
such as corporate bonds, and 
therefore has no other class of 
investors
For Savannah: 
•
To maintain access to capital in 
support 
of 
achieving 
the 
Group’s 
stated 
business 
objectives. 
•
To receive feedback/ advice/ 
assistance on performance and 
execution of the Company’s 
business plan. 
For the Shareholder/Investor: 
•
To be kept informed on the 
Company’s 
performance, 
changes to strategy and other 
developments 
•
To assist ongoing investment 
decision making
The key means of engagement with 
shareholders include: 
•
The Annual General Meeting 
(in person). 
•
Investor roadshows (in person) 
•
Regular 
online 
investor 
meetings/presentations. 
•
Social media, including X 
(formerly called Twitter) and 
LinkedIn. 
•
Attending 
industry‐related 
conferences and events. 
•
Via interviews, podcasts and 
corporate videos produced in 
English and Portuguese. 
•
Via interviews and articles in 
the key trade, UK, Portuguese 
and international media. 
Section 172(1) Statement 
The following disclosure describes how the directors have had regard to the matters set out in section 172(1)(a) to 
(f) and forms the Directors’ Statement required under section 414CZA of the Companies Act 2006. 
The table below sets out our key stakeholder groups and how we engaged with them during the year:
                                                                                                                                      How did the Board and/or  
Stakeholder Group                                 Importance of engagement                 management engage

                                                                                                                                      How did the Board and/or 
Stakeholder Group                                 Importance of engagement                 management engage
52
SAVANNAH RESOURCES Plc – ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
STRATEGIC REPORT
 
Workforce 
The average number of monthly 
staﬀ employed by the Group during 
2024 was 27 (2023: 19) see Note 3 
for further details
For Savannah: 
•
The Company’s day to day 
running 
and 
long‐term 
development relies on the 
recruitment, retention and 
incentivisation of staﬀ, and 
provision 
of 
a 
safe 
and 
supportive 
working 
environment. 
For the employee:    
•
To 
ensure 
that 
individual 
responsibilities are understood 
and work is being carried out 
safely and eﬃciently and aligned 
to the Company’s objectives. 
•
To 
raise 
concerns 
and 
opportunities for improvements 
to the Company’s working 
practices and culture. 
•
To 
take 
advantage 
of 
opportunities 
through 
the 
Company 
for 
personal 
development, 
training 
and 
career progression.
The key means of engagement with 
staﬀ include: 
•
Regular internal calls, meetings 
and visits to Project sites by 
members of the Board and 
Executive Team. 
•
Remuneration 
framework 
including Long Term Incentive 
Plan (Share options) and Short 
Terms Incentive Plan (Annual 
Bonus). 
Community 
Savannah will be often working 
alongside communities at its 
Project sites. For example, it works 
alongside a number of small 
communities at the Barroso Lithium 
Project. The Company aims to act 
with integrity, transparency and 
honesty in its dealings with 
communities and wishes for its host 
communities to beneﬁt from its 
projects
For Savannah: 
•
To ensure that Health & Safety 
standards and other regulations 
relating to Savannah’s interaction 
with the general public and 
public services are being met.  
•
To ensure it secures and 
maintains social acceptance of its 
business activities among the 
communities it works alongside 
through eﬀective community 
engagement programmes. 
•
To ensure that indirect beneﬁts 
from 
its 
operations 
are 
maximised among the local 
community.  
•
To receive feedback/ advice/ 
assistance on the above topics.
Full 
details 
of 
the 
Group’s 
community‐related activities across 
its businesses can be found in the 
ESG Report. 

                                                                                                                                      How did the Board and/or 
Stakeholder Group                                 Importance of engagement                 management engage
SAVANNAH RESOURCES Plc – ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
53
Financial Statements
Governance
Business Review
STRATEGIC REPORT
For Communities: 
•
To receive relevant information 
about site‐speciﬁc operations, 
Health & Safety matters and 
other guidance relating to 
Savannah’s interaction with the 
general public.  
•
Opportunity to receive up to 
date information on Savannah’s 
business activities, engagement 
programmes and initiatives 
relevant to communities. 
•
To register for and to take part 
in 
relevant 
community 
programmes. 
•
To provide feedback on relevant 
issues to Savannah. 
•
To 
learn 
about 
job 
opportunities at a Savannah 
Project 
or 
to 
receive 
training/coaching.  
Suppliers 
Savannah requires a wide range of 
goods and services to maintain its 
business activities and uses a wide 
range of domestic and overseas 
suppliers to meet its needs. When 
Savannah 
moves 
into 
the 
development and production phase 
at an operation, supplier numbers 
are expected to rise signiﬁcantly  
in‐line with the scale up and nature 
of the Project concerned.
For Savannah: 
•
To maintain good working 
relationships and credit terms 
with suppliers to ensure the 
timely 
and 
cost‐eﬀective. 
delivery of goods and services. 
•
To aid planning for future supply 
requirements and to identify 
suitable suppliers. 
For Suppliers: 
•
To 
maintain 
an 
eﬀective 
working relationship with its 
customer. 
•
To 
provide 
key 
product 
information and to cross‐sell 
other products. 
•
To help with planning for 
changing levels of demand from 
a customer. 
•
To identify future business 
opportunities with an existing 
customer.
Savannah’s 
engagement 
with 
current and potential service 
suppliers has been widespread 
during the year as it continues its 
development of the Barroso Lithium 
Project and prepares for its future 
construction 
and 
operation. 
Identifying 
and 
evaluating 
additional groups which may 
provide key contract services during 
the construction and/or production 
phases of the operation will be 
critical to the Project’s future 
success. Additionally, the Company 
is a member of the local chamber of 
commerce 
in 
Portugal 
(Mais 
Boticas) and where possible the use 
of local service providers will be 
prioritised.

54
SAVANNAH RESOURCES Plc – ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
STRATEGIC REPORT
                                                                                                                                      How did the Board and/or 
Stakeholder Group                                 Importance of engagement                 management engage
Customers 
As a pre‐production business, 
Savannah is yet to start generating 
revenue from sales of product to 
customers. However, the Company 
expects to supply products to a 
number of industrial customers 
over 
time, 
beginning 
with 
customers buying its lithium and 
by‐product concentrate products 
from the Barroso Lithium Project.
For Savannah: 
•
To 
identify 
and 
build 
relationships 
with 
future 
customers 
to 
ensure 
our 
projects 
become 
viable 
commercial businesses. 
•
To access capital for project 
development either directly 
from customers, or from other 
investors 
which 
view 
the 
establishment 
of 
customer 
relationships as a key de‐risking 
factor in an investment decision. 
For Customers: 
•
To build a working relationship 
with a well‐managed, long term 
raw material supplier. 
•
To secure a long‐term supply of 
product from a responsible 
producer in markets where the 
outlook is for increasing global 
competition for supply, such as 
lithium. 
The ﬁrst phase of Savannah’s 
‘Strategic Partnering Process’ was 
concluded in June 2024 with the 
announcement 
of 
established 
lithium industry player, AMG 
Advanced Critical Materials (‘AMG’) 
as Savannah’s ﬁrst strategic partner 
on the Project. With an equity 
investment of GBP16m, AMG 
became the Company's largest 
shareholder with a 15.77% stake. 
Amongst 
other 
aspects, 
the 
partnership includes an offtake 
heads of terms agreement through 
which, once ﬁnal agreements are 
negotiated and signed, AMG can 
purchase 45ktpa of spodumene 
concentrate from the Project 
(approximately 25% of total) for 
5 years based on prevailing market 
prices at the time. This offtake can 
be increased to 90ktpa for 10 years 
if AMG helps Savannah to secure a 
‘full ﬁnancing solution’ for the 
Project. Having retained 100% 
ownership of the Project and at 
least 50% of the Project’s future 
spodumene 
concentrate, 
the 
Company has signiﬁcant leverage 
with which to form further strategic 
partnerships in the future. 
In relation to its ceramics by‐
products, Savannah continued to 
engage with signiﬁcant potential 
customers/partners in the ceramics 
industry for the Project's feldspar‐
quartz by‐product during the year. 

SAVANNAH RESOURCES Plc – ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
55
Financial Statements
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STRATEGIC REPORT
                                                                                                                                      How did the Board and/or 
Stakeholder Group                                 Importance of engagement                 management engage
Lenders 
Savannah currently has no corporate 
bonds or project ﬁnance loans but 
may seek to secure project ﬁnance 
as part of the ﬁnancing mix for the 
development of its future projects, 
such as the Barroso Lithium Project
For Savannah: 
•
To 
identify 
and 
build 
relationships with future lenders 
to ensure suﬃcient ﬁnance can 
be secured to support project 
development. 
For Lenders: 
•
To secure a future lending 
agreement with a responsible 
raw material producer operating 
in the battery metals sector.  
A signiﬁcant step forward was made 
in the potential debt ﬁnancing 
process for the Project during 2024 
with Euler Hermes AG, the export 
credit agency acting for the German 
Government, 
conﬁrming 
the 
Project’s eligibility for a guarantee on 
a loan up to USD270 million. This 
guarantee is available due to the 
potential 
provision 
of 
lithium 
feedstock 
into 
Germany 
via 
Savannah’s HoT offtake agreement 
with AMG. 
In addition to interaction with the 
German state entities, management 
maintained a dialogue with other 
potential project lenders during the 
year. Discussions with these groups 
are expected to become more 
detailed once the DFS is completed 
as that study will be a key part of a 
lending bank’s evaluation of the 
Project.
Regulators/Government 
Depending on the jurisdiction, 
multiple departments and agencies 
of the European Commission, 
national, regional and/or local 
government may be involved in the 
licencing and monitoring of mining 
activities.
For Savannah: 
•
To build strong and supportive, 
working relationships with all 
relevant organs of government 
and to ensure that the Company 
receives and complies with the 
required licences and authorities 
to operate its projects.  
For governments: 
•
To ensure that the Company is 
meeting its responsibilities as 
per its licences. 
•
To maximise the economic and 
social beneﬁts which can be 
generated for an area, region or 
country 
from 
its 
mineral 
resources. 
•
To understand the needs of 
Savannah as an operating entity 
with 
respect 
to 
relevant 
legislation.
As outlined in the Chairman’s 
Statement, CEO’s Report and ESG 
section, Management had regular 
interaction during the year with the 
relevant government departments, 
agencies and associated personnel in 
Portugal and at the European 
Commission. Savannah views the 
establishment of active, two‐way, 
relationships 
with 
government 
stakeholders as critical to the 
successful development of its 
projects and in its decision‐making 
regarding the Company’s long‐term 
commitment to any jurisdiction.

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SAVANNAH RESOURCES Plc – ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
                                                                                                                                      How did the Board and/or 
Stakeholder Group                                 Importance of engagement                 management engage
Environment 
Savannah 
is 
committed 
to 
minimising 
the 
environmental 
impact of its operations through 
design, monitoring, mitigation and 
remediation 
For Savannah: 
•
Savannah places great emphasis 
on 
minimising 
the 
environmental impact of its 
operations and also realises the 
importance placed on good 
environmental management by 
all Project stakeholders including 
governments, 
communities, 
customers, investors and lenders 
•
Since 
passing 
the 
major 
milestone in the environmental 
licencing approval process in 
May 2023 (DIA), the team has 
been working towards the 
submission required for the next 
phase in the process, the 
Environmental 
Compliance 
Report of the Execution Project 
(‘RECAPE’). To ensure that it 
fulﬁls the requirements of this 
phase, Savannah has been 
interacting regularly with the 
Portuguese 
environmental 
regulator, for example in the 
design of studies required for 
the 
updating 
of 
several 
environmental criteria. 
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Principal decisions 
The Company deﬁnes principal decisions as those which are material to the Group and its key stakeholder groups 
detailed above. 
Information is presented below on a number of ‘principal decisions’ which the Board made during the course of 
2024. Principal decisions are not deﬁned in legislation but are considered material by the Board from the perspective 
of the Company, impacted stakeholder group, or both. In making the following principal decisions during the year 
the Board considered the outcome based on the relevant stakeholders as well as the need to maintain a reputation 
for high standards of business conduct and the need to act fairly between the members of the Group. 
Principal Decision 1: Strategic Partnership with AMG 
Commercial interest in the Project and its spodumene lithium offtake had been strong for a number of years and 
increased signiﬁcantly following the DIA approval and publication the Scoping Study in 2023. The Company initiated a 
Strategic Partnering Process which included the appointment of investment banks Barclays and Barrenjoey. This resulted 
in entering into a strategic partnership with AMG Critical Materials N.V. Group (‘AMG’), the Amsterdam‐listed, global 
critical materials business, an established spodumene concentrate producer and the ﬁrst major European lithium 
chemical producer. In June 2024 AMG invested GBP 16m in Savannah through an equity subscription to become the 
Company’s largest shareholder. The partnership also includes an offtake heads of terms agreement (the ‘Offtake HoT’) 
through which, once ﬁnal agreements are negotiated and signed, AMG can purchase 45ktpa of spodumene concentrate 
from the Project. In addition, AMG will take a lead role in the partnership in securing a ‘full project ﬁnancing solution’ 
for the Project’s development. If such ﬁnancing is successful, the Offtake HoT anticipates the increase and extension of 
the offtake arrangements to 90ktpa for 10 years. The Company and AMG also entered into a co‐operation agreement 
whereby the parties agreed to work together on a number of mutually beneﬁcial opportunities. 
In making the decision the Board considered: 
•
All stakeholders: Maintaining the Group as a going concern in the interest of all its stakeholders. The partnership 
with AMG brings with it the skillset of an established spodumene concentrate producer and the ﬁrst major European 
lithium chemical producer (AMG has a representative on the Company’s Board). 
•
Shareholders / Investors: The impact on existing shareholders of raising additional equity was considered with the 
Board weighing up the need to maintain the Group as a going concern and to be well‐place to progress Europe’s 
largest spodumene resource into production, against the resulting equity dilution. The GBP 16m investment by 
AMG was at a price of 4.67p per share, representing a 35% premium to the 30‐day VWAP. AMG is highly motivated 
to secure a ‘full project ﬁnancing solution’ for the Project’s development. 
•
Workforce and Suppliers: The Board also concluded that securing more working capital would help the Group to 
retain key staﬀ and suppliers who can help the Group achieve its business objectives. 
•
Customers: The Offtake HoT through which, once ﬁnal agreements are negotiated and signed, AMG can 
purchase 45ktpa of spodumene concentrate from the Project (approximately 25% of total) for 5 years based 
on prevailing market prices, thus becoming the Company’s ﬁrst customer. The partnership also leaves at least 
50% of the Project’s expected annual concentrate production available for sale to additional customers. 
Principal Decision 2: Chairman Succession and changes to the Board 
In June 2024, having completed the strategic partnership with AMG and with a cash position of over GBP21 million 
(the largest in the Company’s history) changes were made to the Board as it embarked on the next step, being 
bringing the Project into production. This included the appointment of the lithium industry executive, Mr Rick 
Anthon to the role of Non‐Executive Chair, and the promotion of existing director, Mr Diogo da Silveira, to Deputy 
Chair. Three Directors (previous Chair Mr Matthew King, Ms Mary Jo Jacobi, and Mr James Leahy) retired at that 
the same time. 
 
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SAVANNAH RESOURCES Plc – ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
Prior to that (in April 2024) the Company’s CEO, Mr Emanuel Proença had been appointed as a Director following 
the completion of his 6‐month probation period, and subsequently (August 2024), Mike Connor was appointed to 
the Board as AMG’s representative (in a Non‐Executive capacity). 
In making the decision the Board considered: 
•
Shareholders / Investors, Customers, Lenders, and Environment: Mr Rick Anthon adds signiﬁcant lithium and 
wider mining sector knowledge to the Company’s Board, having worked with Allkem (previously Orocobre) 
from its initial IPO as a small exploration company, Mr Anthon was Director of Corporate Development when 
the ASX‐listed lithium group underwent an AUD 16Bn merger with Livent in 2023 to form NYSE listed Arcadium 
Lithium, one of the world’s largest producers of ﬁnished Lithium chemicals (subsequently acquired by Rio Tinto). 
Mr da Silveira has been instrumental in engaging with Portuguese stakeholders since his appointment. Prior to 
his appointment to the Board, Mr Proença had successfully guided Savannah through a highly challenging period 
caused by the Operation Inﬂuencer investigation whilst building credibility in international markets and, 
importantly, in Savannah’s local market, Portugal and has continued to deliver signiﬁcant progress on 
commercial, organisational and Project development fronts. Mr Connor brings highly relevant lithium sector 
knowledge, which he has gained while helping AMG build their own lithium business over recent years. 
•
Workforce: Mr Proença has proven skills in managing a rapidly growing business, which are highly transferable 
and relevant to the Company. 
•
Community and Regulators / Government: Mr da Silveira and Mr Proença have strong records of maintaining 
a constructive rapport with local communities and other stakeholders. As the Company's ﬁrst Deputy Chair and 
ﬁrst Portuguese CEO, their appointments underline the Company’s commitment to Portugal and the Project, 
and bring additional focus and immediacy as the Company looks to develop its brand as an important, 
responsible and successful business in Portugal. 
Principal Decision 3: Land Access Requests to the Portuguese Government 
To obtain access to the areas required for the development of the Project, Savannah must either acquire, rent, or 
agree access terms with the relevant owner. If suitable agreements cannot be reached in a reasonable timeframe, 
the legal right is established under Portuguese law to use established legal processes for both temporary land access 
and outright compulsory purchase. Contrary to other structural projects that were developed in recent times in 
the region, such as dams and highways, Savannah chose not to pursue these rights outright, allowing as much time 
as possible for commercially negotiated acquisitions. During 2024 Savannah reached the milestone of having 
purchased 100 properties from private landowners and had spent GBP 1.8m (EUR 2.1m) on private land purchases. 
With respect to areas managed by community Baldios groups, long term lease proposals have been made to the 
two largest Baldios groups, which feature compelling ﬁnancial and non‐ﬁnancial compensation to the groups, their 
individual members, and the wider communities. In an eﬀort to keep Project workstreams on track, Savannah 
started the legal process which grants it temporary access to land not currently owned and started separate actions 
relating to a Declaration of Public Utility (‘DPU’) request to the Portuguese Government. This is the mechanism 
that grants public utility which is necessary for compulsory acquisitions for relevant areas of land (and which is 
always needed in a variety of situations, e.g. for plots with inheritance issues, undeﬁned ownership, or very small 
dimensions, etc.). Savannah provided a bank guarantee for approximately GBP 2.5m in support of this. This DPU, 
once approved, will allow the Company to compulsorily acquire the properties that it wasn’t able to do so already. 
In the meantime, all eﬀorts to obtain friendly agreements will continue. 
In making the decision the Board considered: 
•
All stakeholders: Having access to all the relevant land areas allows the ﬁeldwork to continue and the Project 
to advance through DFS to construction and production. 
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•
Community: Contrary to other structural projects that were developed in recent times in the region, such as 
dams and highways, Savannah chose not to pursue these rights until they had allowed as much time as possible 
for commercially negotiated acquisitions. A positive eﬀect of this was that many landowners were given the 
extra time they needed to get paperwork in place, become comfortable with the Project, appreciate the value 
oﬀered and ultimately, sell their land. The land access requested was limited to cover the Project’s initial years 
of production and primarily relates to the land on the eastern side of the Project area where Pinheiro, Grandão, 
the process plant and related infrastructure are located. Furthermore, the DPU process, through which purchase 
prices or access fees for land would be set by the Portuguese courts, all stakeholders would still be assured of 
an alternative and equally transparent and fair process as that proposed by Savannah. In the meantime, all 
eﬀorts to obtain friendly agreements continue on the same terms as land already purchased (the values paid 
for land already purchased are on average two times the values calculated by the independent surveyors in 
the DPU process). 
•
Government: The land access requests have required the ongoing support of the Portuguese government, 
which (in February 2025) took swift action to ensure that legal action instigated by three anti‐mine group 
landowners resulted in a minor delay to the ﬁeldwork. It also stated that “…we believe that any postponement 
of the execution of the administrative act (temporary land access) being challenged in court is more costly and 
seriously detrimental to the public interest, and that its full eﬀectiveness should be maintained.” 
•
Shareholders / Investors, Customers, Lenders: Due consideration was given to potential adverse impact on 
future ﬁnancing requirements of the Project. 
Approval of the Board 
This Strategic Report contains certain forward‐looking statements that are subject to the usual risk factors and 
uncertainties associated with mineral development businesses. While the Directors believe the expectation reﬂected 
herein to be reasonable in view of the information available up to the time of the Board’s approval of this Strategic 
Report, the actual outcome may be materially diﬀerent owing to factors either beyond the Group’s control or 
otherwise within the Group’s control but, for example, resulting from a change of strategy. Accordingly, no reliance 
may be placed on the forward‐looking statements. 
On behalf of the Board: 
Emanuel Proença 
Chief Executive Oﬃcer  
Date: 9 April 2025 
STRATEGIC REPORT

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SAVANNAH RESOURCES Plc – ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
Summary 
Savannah is the sole owner of the Barroso Lithium Project (the ‘Project’) in northern Portugal. The Project, which 
is located on two Mining Leases is the largest known spodumene lithium deposit in Europe. Savannah is currently 
completing the Project’s DFS and compliance phase of the environmental licence and expects to reach a Final 
Investment Decision point on the Project in early 2026. Based on economic studies completed to date and the key 
environmental licence approval, which was received in 2023, the Project is expected to produce approximately 
200ktpa of spodumene concentrate (26ktpa lithium carbonate equivalent), containing suﬃcient lithium for at least 
0.5 million EV battery packs per year, and 400ktpa of feldspar‐quartz by‐product for the local ceramics and glass 
industries. 
Based on the current timetable, Savannah expects the Project to enter production and assume its role as a key 
source of lithium raw material for Europe’s lithium battery chain in 2027. The Project has been designed so that its 
direct environmental impact is minimised and Savannah is also committed to sharing the socio‐economic beneﬁts 
of the Project with all its stakeholders. 
Through this responsible approach to the Project’s development and operation, Savannah is ensuring the maximum 
environmental and social beneﬁts of the lithium is captured for society from these lithium resources. 
In March 2025, the European Commission classiﬁed the Project as a ‘Strategic Project’ under the Critical Raw 
Materials Act. Through this classiﬁcation the European Commission has identiﬁed the Project as being able to make 
a major contribution to the EU's secure supply of strategic raw materials, while adhering to environmental, social 
and governance criteria, being technically feasible and able to demonstrate clear cross‐border beneﬁts for the EU. 
As a Strategic Project, the Barroso Lithium Project should beneﬁt from coordinated support by the Commission, 
Member States and ﬁnancial institutions to become operational. 
Overview and History of the Project 
Located less than 2 hours’ drive northeast of the city of Porto, the Barroso Lithium Project lies within the Barroso 
hills of northeast Portugal. The Project is situated on two Mining Leases, the 30‐year C‐100 Mining Lease (5.42km2), 
which was awarded to a previous owner in 2006 and can be extended by 20 years, and the adjacent, three block, 
25 year, C‐190 Mining Lease (2.94km2), which was awarded in December 2024 to its current owner, the Portuguese 
company Aldeia & Irmão, S.A. (‘Aldeia’), and which can be extended twice (for a further 15 years followed by an 
additional 10 years, see Note 19 for further details). 
Through Savannah’s successful exploration programme, the Barroso Lithium Project has been deﬁned as the most 
signiﬁcant source of spodumene lithium in Europe. Hardrock spodumene lithium deposits have been a major source 
of lithium raw material production globally for decades and has made Australia the world’s largest producer of 
lithium raw material. Hence, Savannah believes that the Barroso Lithium Project can become an important source 
of this ‘conventional’ lithium mineral for Europe’s burgeoning domestic lithium battery industry. 
Savannah Resources has operated the Project, which initially consisted of just the C‐100 Mining Lease, since May 
2017 when it ﬁrst acquired a 75% stake (with all the milestones relating to purchase completed by October 2018). 
The Company then became the sole owner of the Project in June 2019 when it acquired the residual 25% stake 
from the Project’s minority shareholders in an all‐share transaction. June 2019 also saw Savannah exercise the 
option it had taken in September 2018 to acquire the adjacent three block Mining Lease Application area (now the 
C‐190 Mining Lease) from Aldeia. If this transaction is completed, the addition of the C‐190 Mining Lease will 
increase the Project’s footprint owned by Savannah by over 50%. 
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Plan of the Barroso Lithium Project showing the location of drilling to date and the major orebodies: 
 
Source: Company 
Current Resources 
To date Savannah’s extensive exploration programme, which includes over 40,000m of drilling, has identiﬁed 
numerous spodumene lithium bearing deposits on the Project. From being a ‘pre‐resource’ project when acquired 
in 2017, JORC compliant Mineral Resources have now been estimated on ﬁve of these deposits (4 on the C‐100 
licence and 1 on C‐190 Block A) which, as of May 2024, totalled 28.0Mt at 1.05% Li2O (containing 293.1kt of Li2O or 
725kt of lithium carbonate equivalent), representing the largest spodumene lithium resource in Europe. 
All of the orebodies on the Project remain open to possible extensions through further exploration and an additional 
Exploration Target2 ranging from 11‐19Mt at 1.0‐1.2% Li2O has been estimated on just three of the ﬁve deposits as 
of June 2023. As a result, the Project currently has a combined Resource and Exploration Target2 of 39‐47Mt at 
1.0 to 1.2% Li2O as outlined across the following tables.  
 
2 Cautionary Statement: The potential quantity and grade of the Additional Resource Targets is conceptual in nature, there has been insuﬃcient prospecting work to 
estimate a mineral resource and it is uncertain if further prospecting will result in deﬁning a mineral resource.
BARROSO LITHIUM PROJECT OVERVIEW

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SAVANNAH RESOURCES Plc – ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
The Barroso Lithium Project’s Lithium JORC Mineral Resource Estimate & Exploration Target3: 
 
JORC Mineral Resource Estimate (May 2024, 0.5% Li2O cut‐oﬀ) 
 
Resource                            Tonnes                                                                                                  Li2O  
Deposit
Category                                  (Mt)         Li2O grade (%)       Fe2O3 grade (%)           contained (t) 
Grandão
Measured                                  6.6                             1.1                              0.7                      71,600 
Indicated                                    6.4                             1.0                              0.8                      61,300 
Inferred                                      4.8                             1.0                              0.7                      48,900 
Sub‐total                                 17.7                           1.04                              0.7                    181,800 
Reservatório
Measured                                      –                                –                                 –                                – 
Indicated                                    3.5                           0.95                              0.8                      33,000 
Inferred                                      0.7                             0.9                              0.9                        6,500
 
Sub‐total                                    4.2                             0.9                              0.8                      39,500 
Pinheiro
Measured                                      –                                –                                 –                                – 
Indicated                                       –                                –                                 –                                – 
Inferred                                      2.0                             1.0                              0.7                      20,000 
Sub‐total                                    2.0                             1.0                              0.7                      20,000 
NOA
Measured                                      –                                –                                 –                                – 
Indicated                                    0.6                             1.0                              0.8                        6,300 
Inferred                                      0.1                             0.9                              0.4                            500 
Sub‐total                                    0.7                             1.0                              0.8                        6,800 
Aldeia
Measured                                      –                                –                                 –                                – 
Indicated                                    1.6                             1.3                              0.5                      21,300 
Inferred                                      1.8                             1.3                              0.4                      23,700 
Sub‐total                                    3.5                             1.3                              0.4                      45,000 
All Deposits
Measured                                  6.6                             1.1                              0.7                      71,600 
Indicated                                  12.1                             1.0                              0.7                    121,900 
Inferred                                      9.3                             1.1                              0.7                      99,600 
Grand Total                                28                           1.05                              0.7                    293,100 
Rounding discrepancies may occur 
Source: April 2025 Project & Resource update RNS 
BARROSO LITHIUM PROJECT OVERVIEW
 
3 Cautionary Statement: The potential quantity and grade of the Additional Resource Targets is conceptual in nature, there has been insuﬃcient prospecting work to 
estimate a mineral resource and it is uncertain if further prospecting will result in deﬁning a mineral resource.

BARROSO LITHIUM PROJECT OVERVIEW
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Exploration Target4 Summary (June 2023) 
  
                                                                                                                                  Tonnage Range (Mt) 
Deposit                                                                                                                             Low             High    Li2O grade (%) 
Reservatório                                                                                                                      5.0                7.0                  1.0‐1.2 
Grandão                                                                                                                              4.0                8.0                  1.0‐1.2 
Aldeia                                                                                                                                  2.0                4.0                  1.0‐1.3 
Total                                                                                                                                  11.0              19.0                 1.0‐1.2 
Rounding discrepancies may occur 
Source: June 2023 JORC Resource update RNS 
Resource upgrades 
As part of its current work for the Project’s Deﬁnitive Feasibility Study (‘DFS’, further details below), Savannah is in 
the process of upgrading the Project’s current Inferred JORC Resources to the higher, Indicated and Measured JORC 
categories so that they can be included in the Project’s maiden JORC Reserve estimate. This JORC Reserve will 
outline the ore tonnage which will initially underpin the operation’s production for more than a decade.  
To achieve this, Savannah has been conducting resource inﬁll drilling since October 2023 as part of its wider, two 
phase, DFS‐related drilling programme, which is also providing data for geotechnical, metallurgical and 
hydrogeological studies.  
The ﬁrst phase of the programme was completed in May 2024 (resource drilling was completed in February 2024) 
with 67 holes drilled for a total of 6,154m. Key outcomes from this ﬁrst phase included: 
1.
A new JORC estimate for the NOA orebody. Published in May 2024, the drill programme achieved its goal with 
93% of the total 0.66Mt Resource placed into the Indicated Category (previously 67%). The drilling also 
conﬁrmed that mineralisation continues to the northwest beyond the current resource envelope. 
2.
The highest grade drill intercepts every recorded at the Project. Drilling on the western limb of the Pinheiro 
orebody identiﬁed a new high ‐grade zone and returned 76m at 1.85% Li2O from 24m in 24PNRRCO24, included 
39m at 2.21% Li2O from 38m and 1m at over 3.53% Li2O from 62m. Overall, 12 sample intervals reported greater 
than 3% Li2O at Pinheiro. Drilling also conﬁrmed the western limb extending to the north. 
3.
Conﬁrmation of notable mineralisation continuing at depth at Reservatório and work close to the margin of 
the deposit at Grandão showed the mineralisation continuing to the north. 
BARROSO LITHIUM PROJECT OVERVIEW
 
4 Cautionary Statement: The potential quantity and grade of the Additional Resource Targets is conceptual in nature, there has been insuﬃcient prospecting work to 
estimate a mineral resource and it is uncertain if further prospecting will result in deﬁning a mineral resource.

BARROSO LITHIUM PROJECT OVERVIEW
While the highest lithium assays to date were reported at Pinheiro, all the Project’s major orebodies remain open 
to future expansion and the Lease areas feature numerous other occurrences of lithium mineralisation 
 
Source: Company 
As at 31 March 2025, Savannah is 57 holes (6,204m) into the 117 holes, c.13,000m, phase 2 of the programme, 
which will result in new resource estimates for the Grandão, Reservatório and Pinheiro orebodies as part of the 
ongoing DFS work. Assays and other key ﬁndings from this ongoing drilling programme will be released periodically 
during 2025. 
Further exploration upside 
While the current JORC Resource‐bearing orebodies will provide the operation with ore for well over a decade, 
other mineralised deposits represent an opportunity to build a long‐term pipeline of future resources, which could 
sustain the Project for decades to come.  
For example, surface exploration conducted on targets at the western end of the C‐100 Lease and on Block B of the 
C‐190 Lease, well away from the JORC Resource bearing orebodies, returned high grade assays from rock chip and 
channel sampling. These included rock chip samples at Carvalha da Bacora and Altos dos Cortiços (on the C‐100 
Lease) assaying up to 3.01% Li2O and conﬁrming extensions to previously identiﬁed mineralisation. While on Block B 
of the C‐190 Lease, rock chips returned up to 2.11% Li₂O and channel samples included 14m @ 1.01% Li₂O from 
Trench 1b, 6m @ 1.39% Li₂O from Trench 1, and 4m @ 2.08% Li₂O and 4m @ 2.62% Li₂O from Trench 2.
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BARROSO LITHIUM PROJECT OVERVIEW
Signiﬁcant lithium mineralisation has been identiﬁed at surface in numerous deposits away from the JORC Resource‐
bearing orebodies at the Project on the C‐100 and C‐190 Mining Leases 
 
Source: Company 
 
Source: Company 
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BARROSO LITHIUM PROJECT OVERVIEW
This is just a small fraction of the known targets which exist at the Project, and while there remains much follow up 
work to do to further assess these deposits, they act as a clear reminder of the Project’s high prospectivity for further 
spodumene lithium resource delineation in the future. Furthermore, as Savannah’s experience with the major orebodies 
on the C‐100 licence has shown, the full extent of the mineralisation is easily underestimated from outcrops alone.  
In addition, looking even further ahead the ﬁrst Light and Detection (‘LIDAR’) drone survey conducted over the 
Project, which conducted during 2024, identiﬁed several historical tin mining areas hidden by vegetation. This is 
signiﬁcant as at Grandão and Pinheiro, similar zones of historical mining indicate a possible association between 
the spodumene and tin bearing pegmatites. Hence, there are even more opportunities to build a pipeline of 
additional resources and targets for the Project’s long ‐term continuity. 
Not just a lithium project 
In addition to the production of spodumene lithium concentrate, the Barroso Lithium Project also has the potential 
to produce signiﬁcant volumes of feldspar and quartz which is in demand from the large ceramics and glass 
industries in Portugal and Spain. Sales of these ‘by‐products’ would have the dual beneﬁts of reducing the amount 
of processed material which must be stored on‐site and provide signiﬁcant additional revenue which could markedly 
improve the net production costs of the lithium concentrate. 
During 2019 the Group estimated its ﬁrst by‐product resource on the Project, based only on pegmatite material 
located inside the proposed Grandão pit (i.e., wholly within the existing lithium mineral resource model). Hence, 
this resource is expected to increase further once similar estimates are performed on the NOA, Reservatório, 
Pinheiro and Aldeia deposits. 
The Barroso Lithium Project’s By‐product JORC Mineral Resource Estimate: 
 
JORC Mineral Resource Estimate (September 2019, no lithium cut‐oﬀ grade applied) 
  
                                  Resource                   Tonnes                           Quartz                                           Feldspar
 
Deposit                    Category                        (Mt)         Grade (%)                     Mt              Grade (%)                        Mt 
Grandão                   Measured                         7.1                   32.6                  2.32                        42.8                     3.05 
                                  Indicated                          6.3                   34.6                  2.17                        42.6                     2.67 
                                  Inferred                            1.0                   30.9                  0.30                        40.3                     0.39 
                                   Sub‐total                        14.4                   33.4                  4.79                        42.6                     6.11 
Rounding discrepancies may occur 
Source: September 2019 JORC Resource update RNS 
Savannah also completed marketing and test work studies during 2019 to conﬁrm the by‐products’ suitability for 
various applications within the ceramic and glass industries and is currently executing an independent product 
characterisation and market study with a reputable Portuguese consultant. 
Development of the Project 
With control of the largest spodumene resource in Europe and the encouraging results in the initial Scoping Study 
completed on the Project in 2018 (see section Economic Studies on the Project for further details), Savannah is 
progressing the Project towards a Final Investment Decision point. While the Project is located on existing Mining 
Leases, Savannah’s plan to produce spodumene concentrate and mine on a larger scale than had been envisaged 
when the C‐100 Mining Lease was awarded in 2006, mean it is necessary for the Project to obtain a new 
Environmental Licence and have a new Mine Plan approved by the Portuguese authorities. Savannah must also 
justify the potential capital investment in the Project for itself and its future debt and equity investors with a robust 
business case. Hence, the Company is now completing the compliance phase of the environmental licencing process 
working to ﬁnalise a Deﬁnitive Feasibility Study.  
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BARROSO LITHIUM PROJECT OVERVIEW
Environmental Licencing 
The environmental licencing process in Portugal consists of several phases in which the ‘Declaration of Environmental 
Impact’ (‘DIA’) is the key award in the process. By achieving this milestone, a Project’s future design and operation 
as outlined in its Environmental Impact Assessment5 (‘EIA’) and associated documents, such as a Mine Plan in the 
case of a mining project, has received approval from Portugal’s environmental regulator, APA. In the subsequent 
‘Environmental Compliance Report of the Execution Project stage’ (‘RECAPE’), the Project’s proponent must show 
that any conditions attached to the DIA approval are met in the Project’s ﬁnal design. If this requirement is fulﬁlled, 
a Project’s detailed ﬁnal design receives a ‘DCAPE’ approval and at this point a project can be awarded its ﬁnal 
environmental title.  
Savannah ﬁrst submitted an EIA and Mine Plan for the Project to APA in June 2020. Following a two‐year initial 
review period of the EIA, which included a public consultation between April and July of 2021, APA recommended 
that the review process enter an additional phase of evaluation under Article 16 of the relevant EIA legislation. 
In contrast to the initial review process, Article 16 oﬀered both a ﬁxed timetable and the opportunity for Savannah 
to meet with the regulator’s Evaluation Committee and receive feedback. Savannah agreed to the Article 16 
extension and, after a series of productive meetings with members of APA’s Evaluation Committee and a period 
spent signiﬁcantly revising the Project’s design and its operational plan, resubmitted its EIA and associated Mine 
Plan in March 2023. Following a second public consultation period (March ‐ April 2023), the Barroso Lithium Project 
received a positive conditional DIA decision in May 2023. 
Since the DIA was awarded, work on the RECAPE phase of the process has been underway on several fronts 
including, water and hydrogeology, seasonal studies of ﬂora and fauna, noise and vibration, archaeology, and social 
impact. Other studies linked to the DFS, such as the Mine Plan, will also provide important inputs into the RECAPE 
submission. The Company expects to make its RECAPE submission by the end of 2025.  
Key elements of the Barroso Lithium Project during the operating phase as proposed in the 2023 revised EIA: 
 
Source: Company 
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Financial Statements
Governance
Business Review
 
5 An EIA study identiﬁes all the potential environmental and social impacts a project may have and details how the project’s proponents would monitor and minimise 
these impacts throughout all phases of the project’s life, including after its closure.

BARROSO LITHIUM PROJECT OVERVIEW
Key features of the DIA approved Project design and operational plan: 
 
Parameter                                 Details 
Footprint                                    •     Expanded C‐100 Mining Lease: 593 hectares (5.93km2). 
                                                    •     Area which will be sequentially impacted and rehabilitated on the expanded 
C‐100 Mining Lease: 271 hectares; less than half of the Lease’s total area. 
                                                    •     Agricultural land impacted on the C‐100: 14 hectares (2.4%) of the Lease area 
or 0.21% of the total 1,127km2 area which was categorised as a Globally 
Important Agricultural Heritage System (GIAHS) by the Food and Agriculture 
Organisation in 2018 (Mining Lease awarded in 2006). 
                                                    •     No population relocation required, no housing aﬀected. 
Operating times                           •     Drilling 7am‐8pm Mon‐Fri; Blasting up to 3 times/week between 12 noon‐3pm on 
weekdays only; Mining & on‐site trucking 7am‐11pm 7/7; Processing plant 24hr 7/7.  
External road transport           •     Road transport 7am‐8pm Mon‐Fri. 
                                                    •     External access to the Project is via a new 11.6km road which connects to the 
R311 and a new 17km Boticas bypass road to connect to A24; No project traﬃc 
will pass through local villages and towns. 
Mining areas                               •     Minimum distance to nearest house from edge of ﬁnal mine area (Grandão) 560m. 
                                                    •     Mining areas to be backﬁlled with inert waste rock, landscaped and re‐vegetated 
using native species beginning in the second year of operation.  
Processing Plant                       •     Engineered into hillside to be located below sight lines from local villages and 
to reduce noise pollution. 
                                                    •     Includes a water recycling and treatment system with all water treated and 85% 
recycled for reuse. 
                                                    •     Housed in an insulated building to further reduce noise. 
Tailings Storage Facility (TSF)    •     Tailings (waste from processing plant) is inert. 
                                                    •     Tailings will be stored separately from mining waste rock at a safe distance from 
the Covas River. 
                                                    •     TSF will be a highly stable ‘dry stack’ structure with waste dried before storing. 
The Project will not use a traditional ‘wet’ tailings dam. 
                                                        •     For additional environmental protection, the TSF will be built on a waterproof lining. 
                                                    •     The TSF will be revegetated progressively during the Project’s life. 
Water Sourcing                         •     No water extraction from the Covas River. 
                                                    •     Water sourced on‐site from the mining areas and other surface sources and 
recycled. 
                                                    •     Any water courses interrupted by mining will be restored once mining ﬁnishes. 
                                                    •     Water ﬂowing towards the Project will be diverted to reach the Covas River. 
Water Storage                           •     Water collected on the Project will be stored in small, purpose‐built storage 
facilities. 
                                                    •     Water storage facilities also act as sediment control structures to help with 
maintaining water quality. 
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SAVANNAH RESOURCES Plc – ANNUAL REPORT AND FINANCIAL STATEMENTS 2024

 
Parameter                                 Details 
Waste Rock Storage & Reuse   •     Waste rock (rock which is not ore) stored in temporary or permanent structures. 
                                                    •     Waste areas located to reduce impact & avoid water courses. 
                                                    •     Permanent waste rock formations will be contoured into the existing landscape 
and revegetated. 
Ecology                                       •     Not drawing water from the Covas River helps preserve the local aquatic 
ecosystem, including the river mussel. 
                                                    •     Removal of road bridges also reduces impact on aquatic ecosystem. 
                                                    •     Impact on oak groves and meadows further reduced in latest Project layout. 
                                                    •     No mining at night avoids impact on nocturnal wildlife, including the Iberian 
Wolf. 
                                                    •     Re‐vegetation to utilise native species and other suitable plants with good 
pollination characteristics. 
Noise & Vibrations                   •     Commitment to not exceeding a limit of 38 decibels (less than the noise of a 
refrigerator), at the nearest house during day and night time operation, except 
when blasting. 
                                                    •     Blasting will last 5‐10 seconds and measure up to 55 decibels at nearest house 
(loudest ‘Project noise’ but less than a washing machine). 
                                                    •     Ground vibration from blasting to be 60% below legal limit as measured at 
nearest house. 
Air Quality                                 •     Dust identiﬁed as the most signiﬁcant impact with no other notable airborne 
emissions. 
                                                    •     Dust to be suppressed by treating unpaved roads with water; fog cannons used 
when haul trucks dump their loads at the processing plant. 
                                                    •     Electric mining equipment and trucks to be used when available to remove 
vehicle CO2 emissions. 
Environmental Reporting        •     Multiple environmental indicators (air quality, noise levels, ground vibrations, 
and water levels and water quality) will be monitored, in real time, through a 
series of sensors distributed across the Project and surrounding area. 
                                                    •     The data collected will be publicly reported 24 hours a day, 365 days a year. 
                                                    •     Everyone will have access to information through a smartphone app; Savannah’s 
website; Information Centres and Public places in the local area. 
Social beneﬁts                          •     300+ direct jobs created. 
                                                    •     Preferential trade with local businesses & producers. 
                                                    •     Financial support and other resources for community initiatives. 
                                                    •     Environmental, historical, cultural and agricultural heritage projects supported; 
Social and educational support; Sharing of health & transport assets. 
BARROSO LITHIUM PROJECT OVERVIEW
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Financial Statements
Governance
Business Review

BARROSO LITHIUM PROJECT OVERVIEW
Other licences 
Once the environmental licence has been formally received, Savannah will then be able to apply for the remainder 
of the licences required for the Project’s development and operation. These licences cover permissions for 
construction and use of services on site such as power.  
Resource drilling during the 2023/24 programme: 
 
Source: Company 
Economic Studies on the Project 
2018 & 2023 Scoping Studies 
Savannah completed its ﬁrst Scoping Study on the Project in 2018, based on a ‘mineable resource’ of 14.4Mt, 
throughput of 1.3Mtpa and average annual production of 175ktpa of 6% spodumene concentrate over a life of 
mine of 11 years. This study returned a post‐tax NPV of USD241m and IRR of 48.6% based on an average spodumene 
concentrate price of USD685/t. 
In June 2023, Savannah produced a new Scoping Study based on the Project design which had received the DIA 
environmental approval the month before. The key operating and economic parameters of that design are outlined 
in the table below, which compared to the 2018 Study saw the mineable resource increase by 42% to 20.5Mt, 
throughput at the plant rise by 15% and the average annual tonnage of concentrate production rise by 9% to 
approximately 190ktpa. 
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SAVANNAH RESOURCES Plc – ANNUAL REPORT AND FINANCIAL STATEMENTS 2024

The Barroso Lithium Project 2023 Scoping Study Key Facts: 
 
Operating Parameters                                                      Assumptions 
Mineable resource
20.5Mt at 1.05% Li2O. All open pit. 
Initial life of mine
14 years 
Average Stripping ratio (waste: ore)
5.9:1 
Average annual processing rate
1.5Mtpa 
Processing route & recovery rate
Crush‐grind‐Dense Media Separation‐ﬂotation;73% recovery 
Average annual concentrate production & 
191ktpa, at minimum 5.5% Li2O 
speciﬁcation
 
Concentrate production as Lithium carbonate 
~26ktpa LCE; ~29.5ktpa LHE. Suﬃcient for ~0.5M 60kWh  
equivalent (‘LCE’)/Lithium Hydroxide 
car battery packs per annum 
Equivalent (‘LHE’) 
Average annual by‐product output
400ktpa of a bulk feldspar/quartz for use in the ceramics 
and other industries 
Employment
~350 staﬀ during the operating phase 
Initial capex (ex. contingency/inc. contingency)
USD235.9m/USD280.3m 
(Additional 19% contingency of USD44.4m, included  
in ﬁnancial model)  
Sustaining capital & closure costs
USD49.3m & USD102m (total USD151.3m) 
C1 Cash Operating cost (USD/t concentrate)
USD292/t 
Includes all mining, processing, transport,  
G&A and community costs less feldspar‐quartz  
ceramic by‐products credits  
(‐USD132/t concentrate); excludes royalties 
All in sustaining costs (USD/t concentrate)
USD409/t 
Includes all mining, processing, transport,  
G&A and community costs, royalties,  
sustaining capex and closure & rehabilitation  
costs less net of ceramic by‐products credits  
(‐USD132/t concentrate) 
 
Financial                                                                              Economic outcomes 
Average price assumptions 
Spodumene concentrate (5.5% Li2O): USD1,464/t;  
Feldspar/quartz by‐product: USD53.5/t 
Gross Revenue (Total; Avg pa)
USD4,151m; USD304m (includes by‐product revenue) 
EBITDA (Total, Avg pa)
USD2,793m; USD205m 
Royalties (Total)
USD153m 
Taxes (Total)
USD771m
BARROSO LITHIUM PROJECT OVERVIEW
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Financial Statements
Governance
Business Review

 
Financial                                                                              Economic outcomes 
Net Free Cashﬂow (Total; Avg pa)
USD1,694m; USD124m 
Post‐tax NPV (8% discount rate)
USD953m 
Post‐tax IRR
77.3% 
Post‐tax Payback
1.3 years 
Source: June 2023 Scoping Study 
Deﬁnitive Feasibility Study 
The DFS is a comprehensive technical and economic study of the proposed Project and will include among other 
elements; an updated JORC Resource for the Project as well as its maiden JORC Reserve estimate; ﬁnal designs for 
site layout and associated infrastructure; schedules for mining, processing, storage of processed materials; 
commodity market studies; and capital and operating cost estimations, and a cashﬂow model. 
Savannah has been working towards the DFS since the ﬁrst Scoping Study was completed in 2018. The extended 
environmental licencing process (2020‐23) subsequently impacted the timing of some elements of the Study, but 
work on the DFS restarted over the summer of 2023. Beginning with the appointment of key contractors and 
followed by the restart of drilling in 2023, after a four‐year break. The ﬁrst phase of resource‐related drilling was 
completed in February 2024 with the remainder of phase 1 (focused on geotechnical, metallurgical and 
hydrogeological data gathering) completed in May 2024. Preparation for the second phase of drilling then began 
in December 2024 and as at 31 March 2025 57 holes and 6,204m have been completed in the 117 holes, c.13,000m 
programme. 
Away from the ﬁeld, during 2024 and early 2025, Savannah’s team and its consultants have been ﬁnalising the 
locations for the processing plant, pits, waste dumps, tailings and water storage facilities, roads and HV power 
infrastructure. Designs for the pits and waste dumps were also completed, pending ﬁnalisation of geotechnical 
assessment, as was the mine scheduling exercise and the drilling of water bores and pump testing for a 
hydrogeological study. Preliminary designs were also completed for the Tailings Storage Facility, water reservoirs 
and environmental control dams. 
Regarding the ﬁnal estimate of the Project’s construction (capex) and operating costs, requests for quotations for 
all signiﬁcant mechanical equipment were received during the period and budget quotations for electrical 
equipment, steel/pipe fabrication and installation contracts have all been prepared and sent out. 
Infrastructure 
From an infrastructure perspective, the Project beneﬁts greatly from its location in a western European country. 
A 60KV overhead grid powerline crosses the Project, a network of paved local roads connects the site to the national 
highway network leading to the major towns and cities of northern Portugal and a number of industrial ports on 
the Atlantic coast. In addition, the area receives signiﬁcant rainfall and hence, the Project can collect, store and 
recycle the water it needs during its operating life. Against this backdrop, Savannah is making good progress with 
planning and implementing a series of revisions and additions to the existing infrastructure, which are required to 
meet the conditions of the DIA environmental approval and to operate the Project as safely and eﬃciently as 
possible. 
BARROSO LITHIUM PROJECT OVERVIEW
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SAVANNAH RESOURCES Plc – ANNUAL REPORT AND FINANCIAL STATEMENTS 2024

BARROSO LITHIUM PROJECT OVERVIEW
Recent progress on key infrastructure objectives includes: 
Roads 
Part of the optimised Project design which received DIA approval in 2023 is a new road system to transport materials 
to and from the Project which avoids trucks passing through local villages and towns. To date preliminary design 
work on the northern access road, which will directly link the Project to the new Boticas bypass road and ultimately 
the existing national highway network, has been completed and is under consultation with the relevant government 
agencies and stakeholders prior to geotechnical ﬁeld work for the ﬁnal design. 
The preliminary alignment for the Boticas town bypass road was presented and underwent stakeholder review 
during 2024. Based on feedback received, the design is now undergoing a revision to incorporate stakeholder 
observations where possible. Geotechnical ﬁeld tests have been conducted and the ﬁnal road design, associated 
studies and environmental impact assessment are expected to be ready for review soon ahead of submission to 
the Portuguese regulator. Preliminary design of the Project's internal haul roads, which will connect the mining 
areas to the central processing plant, are in progress and will be completed as part of the DFS later this year. 
Electrical power 
In order to develop the Project, it will be necessary to reposition the existing powerline so that it passes around 
the Grandão deposit and construct a new onsite substation. In July 2023, Savannah initiated this process and during 
2024, preliminary design for the revised powerline layout and associated substation were completed and the DFS 
level design and permitting commenced. 
Water 
The location of the water storage areas and associated dams was ﬁnalised during the year and preliminary design 
work on these structures completed. 
The potential layout of Project‐related road and power infrastructure 
 
Source: Company 
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Financial Statements
Governance
Business Review

BARROSO LITHIUM PROJECT OVERVIEW
Processing Plant 
After extensive testwork, the basic process ﬂowsheet for the concentrator plant was ﬁnalised in 2022. Fully 
complying with all relevant regulations, the ﬂowsheet uses industry standard equipment and processing techniques 
and an environmentally friendly reagent regime. Both mica and spodumene ﬂotation sections can operate at near 
neutral pH, and the plant will be capable of producing a high quality, spodumene concentrate grading ≥5.5% Li2O 
with low levels of impurities. 
Testwork is continuing and during the year, progress was made on the ﬁnal DFS design of the plant as well as the 
development of a 3D model. 
Simpliﬁed Process Flowsheet Block Flow Diagram: 
 
Source: Company 
Decarbonisation Study 
Following some initial work on estimating the scope 1 & 2 emissions for the Project, Savannah announced the 
initiation of a Decarbonisation Strategy in 2022 to support its goal of producing a net carbon zero lithium product 
from the Project. By setting this goal Savannah is helping to minimise the carbon footprint associated with the 
European lithium battery value chain, thus maximising the environmental beneﬁt these batteries can bring. 
ECOPROGRESSO, a subsidiary of the Portuguese engineering and environmental consultancy, Quadrante Group, 
was commissioned to lead on a multiple phased study. Phase 1, which was focused on updating the estimate of 
the Project's greenhouse gases emissions based on international guidelines, and deﬁning targets for overall 
emissions reduction was completed during 2022 and the results announced in February 2023. Key ﬁndings of the 
ﬁrst phase study included: 
•
Conﬁrmation that battery electric mining equipment provided the most eﬀective and ﬂexible means to reduce 
Scope 1 emissions, which account for 68% of the combined Scope 1 & 2 total 
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SAVANNAH RESOURCES Plc – ANNUAL REPORT AND FINANCIAL STATEMENTS 2024

BARROSO LITHIUM PROJECT OVERVIEW
•
The Scope 2 emissions estimate was reduced by 54% from a 2019 estimate based on a lower calculated power 
consumption at the Project’s processing plant and a 41% reduction in the emissions associated with grid power 
due to the increase in contribution from renewable sources in the intervening period. 
The recommendations for ongoing studies to further reduce the Project’s CO2 footprint included: 
•
Assessing the options for securing a 100% renewable energy supply for the Project 
•
Working with mining equipment OEMs to determine a site‐speciﬁc solution for a transition to a battery operated 
mining ﬂeet and associated charging infrastructure. 
In response to the Study’s ﬁndings, during 2024 Savannah continued to explore opportunities to transition the 
Project's initial mining ﬂeet (expected to be diesel) to technologies that allow a signiﬁcant reduction in emissions. 
This included attending a conference event organised by a leading mining ﬂeet OEM to explore its current and 
future work with hybrid and fully electric equipment and supporting infrastructure. 
Meanwhile, the outlook for reducing Scope 2 emissions to zero continues to improve with the increasing 
contribution of renewable energy into Portugal’s grid power. In 2024, around 80% of mainland Portugal’s grid power 
came from renewable sources. Savannah plans to negotiate a 100% renewable supply for Project. 
Development timetable 
Savannah expects to complete the DFS and environmental licencing process by the end of 2025, which will allow 
the Company’s Board to make a Final Investment Decision on the development of the Project in 2026. 
Assuming that suﬃcient ﬁnancing can be secured, construction will also begin next year and be completed in 2027. 
This will be followed by commissioning and ﬁrst concentrate production before the end of 2027. If this timetable 
can be achieved, the Project will be coming online in parallel with a widely expected tightening in the global lithium 
market in which supply is challenged to keep pace with accelerating demand and lithium commodity prices are 
forecast to be signiﬁcantly higher than in today’s market. 
 
Source: Company 
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