SAVANNAH RESOURCES PLC

Earnings Release • Aug 21, 2025

National Storage Mechanism | Additional information

RNS Number : 2382W

Savannah Resources PLC

21 August 2025

21 August 2025                                                                           

Savannah Resources Plc

(AIM: SAV) ('Savannah', or the 'Company')

Final batch of assays for updated resource estimates return more positive results

Savannah Resources Plc, the developer of the Barroso Lithium Project (the 'Project') in Portugal, a 'Strategic Project' under the European Critical Raw Materials Act and Europe's largest spodumene lithium deposit, is pleased to announce the fourth batch of assay results from Phase 2 of its Definitive Feasibility Study ('DFS') drilling programme at the Project. These assays are the final batch from the resource-focused part of the campaign which Savannah successfully completed ahead of schedule in July, and which included drilling on land which Savannah accessed under a temporary land easement provided by the Portuguese Government.

With all assay data now entered in the Project's geological model, Savannah and its independent consultants can complete work on a new JORC (2012) compliant Resource estimate for the Project, which the Company expects to publish in September. Based on the design of the completed drilling and the assay results recorded, Savannah expects the new resource will represent both an upgrade and expansion on the Project's current resource of 28Mt at 1.05% Li2O of which c.66% of the ore and contained Li2O are classified in the higher Measured and Indicated JORC categories. This new estimate will form the basis for the Project's maiden JORC Reserve estimate which will underpin the DFS mine plan and support the future financing of the Project (See the Further Information section for background on the JORC Code classification system).

Highlights

·    The resource-focused stage of the Phase 2 drill programme for the DFS is now complete. The programme was designed to upgrade more of the existing JORC Resources at the Pinheiro, Reservatório and Grandão deposits to the higher confidence JORC Resource categories (Measured & Indicated) ahead of the maiden JORC Reserve estimate for the Project.

·    A total of 103 holes have been drilled to date for c. 12,490m, consisting of 83 Reverse Circulation (RC) holes, including 28 completed with diamond drill tails, and a further 20 additional diamond drill holes.

·    This fourth batch of assays comes from the last 23 holes drilled (9 at Pinheiro, 8 at Reservatório and 6 at Grandão) and contains further significant lithium assays which build on the impressive results previously reported from the first three batches. As a result of the assays recorded in the programme, tonnage increases are likely at the Reservatório and Pinheiro orebodies amongst the wider upgrade of the existing resource.

·   At Pinheiro, we continue to intersect high grade lithium mineralisation within a core zone of the Western Pegmatite, while results from the Eastern Pegmatite further extend the mineralisation to the north. New intersections include:

o  67m @1.82% Li2O from 56m in hole 25PNRDD021

o  32m @1.66% Li2O from 27m in hole 25PNRRC036

o  24m @1.4% Li2O from 111m in hole 25PNRRC039

o  28m @1.13% Li2O from 32m in hole 25PNRRC040

o  23.8m @1.1% Li2O from 148.2m in hole 25PNRDD018

·    At Reservatório, results continue to show the continuity of mineralisation at depth beyond the current limits of the designed open pit, highlighting future potential especially to the northeast. Better intersections include:

o  32m @1.49% Li2O from 67m in hole 25RESRC087

o  25m @1.11% Li2O from 75m in hole 25RESRC088

o  23.31m @1.29% Li2O from 64m in hole 25RESRC086 and 11.74m @1.24% Li2O from 106.74m

o  23m @1.11% Li2O from 133m in hole 25RESRC073

o  14m @1.17% Li2O from 81m in hole 25RESRC085 and 9m @1.01% Li2O from 109m

·    The drilling at Grandão was designed to infill previous drilling and confirms strong continuity in the mineralisation between holes, which the Company believe is indicative of the deposit as a whole. Latest results include:

o  19m @1.29% Li2O from 92m in hole 25GRARC153 and 13.8m @1.41% Li2O from 139.2m

o  17.68m @1.42% Li2O from 104.05m in hole 25GRARC152 and 12.64m @1.12% Li2O from 140.36m and 9m @1.53% Li2O from 156m

o  4m @1.07% Li2O from 111m in hole 25GRARC149 and 9m @1.53% Li2O from 123m

·    New JORC (2012) compliant Exploration Targets : In addition to the new resource estimates, updated Exploration Targets as defined under the JORC Code ('Exploration Targets') will be produced for all the orebodies at the Project as well as a first Exploration Target for the remainder of the C-100 Mining Lease.

Savannah's Technical Director, Dale Ferguson said , "We are particularly encouraged by this latest batch of results which continue to confirm the grade and consistency of the lithium mineralisation in all the deposits. We now turn our attention to updating the JORC Resource estimates for these important orebodies and the existing additional Exploration Targets for the Grandão,  Reservatório and Aldeia deposits. To this we will be adding maiden Exploration Target estimates for Pinheiro and NOA as well as a first regional Exploration Target to help show the true potential of the Project area.

"As previously flagged, based on the assays we've received from this drilling campaign, we continue to expect growth in the JORC Resources of Pinheiro and Reservatório and the team and I are looking forward to presenting all the new estimates once finalised. While the updated JORC Resources will enable us to push forward with the DFS with confidence, the additional Exploration Targets, including the new regional Exploration Target we are planning, should reinforce the market's understanding that this Project has great long-term potential too."

Further Information

Savannah has now completed the resource-focused stage of the Phase 2 drilling, with all assay results from the sampling now received. The drilling campaign was designed to ensure that all resources which potentially fall into the initial mine plan can be classified to at least the JORC Indicated level of confidence as this will allow their conversion into JORC Reserves for the DFS. The drilling was carried out with up to six rigs on site at various times, consisting of 3 RC rigs and 3 diamond drill rigs. A total of 12,490m was drilled over 103 holes which consisted of 83 RC holes, with 28 of them having diamond tails completed to achieve the target depth, and a further 20 diamond drill holes, of which 11 were for geotechnical purposes.

All holes have been logged and recorded in the Company's database and the next stage is the calculation of the upgraded resources, which is expected to be completed in the coming weeks. The results of the drilling have cemented our confidence in the continuity of the lithium mineralisation within all of the orebodies and the programme has again highlighted the region as a world class lithium province with many known outcropping pegmatites remaining unexplored within Savannah's licence area.

All of the deposits show continuing lithium mineralisation at depth beyond the limits of the proposed mining pits defined in the 2023 Scoping Study, which indicates further potential for the future. Furthermore, at Pinheiro three main pegmatite bodies are now recognised with further potential to increase mineralisation along strike in two of them and at Reservatório the northeast extension of the pegmatite remains open and will be followed up with further drilling at a later stage. Grandão is Savannah's largest deposit and is relatively well constrained from previous drilling. Hence, the recent programme was designed to infill areas where the drilling was not at the required density to be able to estimate the JORC Resources to an Indicated level of confidence. Meanwhile, at Reservatório the drilling focused on the down dip extension of the pegmatite to confirm the continuity of mineralisation and to test the extent of the pegmatite in an area beyond the C-100 boundary, where Savannah has an application pending for an extension of the licence.

Figure 1 . Barroso Lithium Project summary map showing deposits and drill hole locations.

Pinheiro

The current JORC Resource estimate for the Pinheiro deposit (all Inferred as at May 2024) is 2.0Mt at 1.0% Li2O. Savannah is confident that this latest phase of drilling is likely to significantly increase the size and grade of the resource by outlining mineralised extensions of the Western Pegmatite to the south, and northern extensions to the Eastern Pegmatite. The Company expects that an increase in grade is also likely.

The highlight of the recent results has been a 67m intersection of mineralised pegmatite grading at 1.82% Li2O from hole 25PNRDD021, which was targeted to sit beneath the Scoping Study pit outline and was drilled slightly obliquely to the dip of the pegmatite (see Figures 2 and 3). The better recent results at Pinheiro are as follows:

o  67m @1.82% Li2O from 56m in hole 25PNRDD021

o  32m @1.66% Li2O from 27m in hole 25PNRRC036

o  24m @1.4% Li2O from 111m in hole 25PNRRC039

o  28m @1.13% Li2O from 32m in hole 25PNRRC040

o  23.8m @1.1% Li2O from 148.2m in hole 25PNRDD018

Figure 2. Location of Phase 2 drilling at Pinheiro with recent and selected significant intercepts to date.

Figure 3 . Cross section through the Eastern and Western Pegmatites of the Pinheiro deposit (Section A-A').

Reservatório

The current JORC Resource estimate for the Reservatório deposit (Indicated & Inferred as at May 2024) is 4.2Mt at 0.9% Li2O.

The current batch of results received for Reservatório further highlighted the continuation of lithium mineralisation at depth especially extending into the area where Savannah currently has an application to expand the C-100 Mining Licence boundary. The latest intersections outline the more complex morphology of the pegmatite body than was originally interpreted and indications are that the dip of the pegmatite is becoming shallower at depth, increasing its minable potential.

The recent batch of assays continue to highlight the strong consistency of the lithium mineralisation within the pegmatite at Reservatório and give a better understanding of the grade variations that are inherent in pegmatites due to textural and mineralogical changes.

Significant mineralised intersections from this batch of assays at Reservatório include:

o  32m @1.49% Li2O from 67m in hole 25RESRC087

o  25m @1.11% Li2O from 75m in hole 25RESRC088

o  23.31m @1.29% Li2O from 64m in hole 25RESRC086 and 11.74m @1.24% Li2O from 106.74m

o  23m @1.11% Li2O from 133m in hole 25RESRC073

o  14m @1.17% Li2O from 81m in hole 25RESRC085 and 9m @1.01% Li2O from 109m

Figure 4. Location of Phase 2 drilling at Reservatório with significant intercepts from assays results.

Figure 5 . Cross section through the Reservatório deposit (Section A - A').

Grandão

The current JORC Resource estimate for the Grandão deposit (Measured, Indicated & Inferred as at May 2024) is 17.7Mt at 1.04% Li2O.

At Grandão the infill drilling of areas of the resource is complete, enabling Savannah to upgrade the JORC category in the potentially mineable portion of the pegmatite to a minimum Indicated level. The drilling of the southern extent of the pegmatite was also completed.

The results confirmed the excellent robustness of the lithium mineralisation at depth, especially in the western portion of the deposit, with grades seen to increase with depth. Pleasingly, the drilling also highlighted the occurrence of a smaller parallel pegmatite beneath the main orebody.

Significant mineralised intersections at Grandão in this set of assays include:

o  19m @1.29% Li2O from 92m in hole 25GRARC153 and 13.8m @1.41% Li2O from 139.2m.

o  17.68m @1.42% Li2O from 104.05m in hole 25GRARC152 and 12.64m @1.12% Li2O from 140.36m and 9m @1.53% Li2O from 156m.

o  4m @1.07% Li2O from 111m in hole 25GRARC149 and 9m @1.53% Li2O from 123m.

Figure 6. Location of Phase 2 drilling at Grandão with significant intercepts from assays results.

Figure 7 . Cross section through the Grandão deposit (Section A - A')

Sample collection for metallurgical testwork

In conjunction with resource drilling, diamond drilling for metallurgical samples was also carried out and in conjunction with Savannah's metallurgical consultants, specific samples have been selected and sent for metallurgical testing.

Next steps

The resource-focused stage of the Phase 2 drilling is now complete and the results from this will feed into upgrading the confidence level of the existing JORC resource estimates for each deposit and potentially increasing the overall resource tonnage at certain deposits. Updated or maiden Exploration Targets will also be produced in the coming weeks for each deposit as well as a first regional Exploration Target for the remainder of the C-100 Mining Licence.

Away from the resource-related work, metallurgical testwork will be conducted on the samples sent to our consultants and the resulting data used in the DFS, while the geotechnical data collected from each deposit will aid in the design of the various mining pits to ensure maximum extraction of ore under safe and sustainable conditions.

Background on the JORC Code

The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves ('the JORC Code') is a professional code of practice that sets minimum standards for Public Reporting of minerals Exploration Results, Mineral Resources and Ore Reserves.

The JORC Code provides a mandatory system for the classification of minerals Exploration Results, Mineral Resources and Ore Reserves according to the levels of confidence in geological knowledge and technical and economic considerations in Public Reports.

Public Reports prepared in accordance with the JORC Code are reports prepared for the purpose of informing investors or potential investors and their advisors.

The JORC Code was first published in 1989, with the most recent revision being published late in 2012.

JORC Code Definitions

Category	Definition
Exploration Target	A statement or estimate of the exploration potential of a mineral deposit in a defined geological setting where the statement or estimate, quoted as a range of tonnes and a range of grade (or quality), relates to mineralisation for which there has been insufficient exploration to estimate a Mineral Resource.
Mineral Resource	A concentration or occurrence of solid material of economic interest in or on the Earth's crust in such form, grade (or quality), and quantity that there are reasonable prospects for eventual economic extraction. The location, quantity, grade (or quality), continuity and other geological characteristics of a Mineral Resource are known, estimated or interpreted from specific geological evidence and knowledge, including sampling. Mineral Resources are sub-divided, in order of increasing geological confidence, into Inferred, Indicated and Measured categories.
Inferred Mineral Resource	That part of a Mineral Resource for which quantity and grade (or quality) are estimated on the basis of limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological and grade (or quality) continuity. It is based on exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes. An Inferred Mineral Resource must not be converted to an Ore Reserve. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.
Indicated Mineral Resource	That part of a Mineral Resource for which quantity, grade (or quality), densities, shape and physical characteristics are estimated with sufficient confidence to allow the application of Modifying Factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. Geological evidence is derived from adequately detailed and reliable exploration, sampling and testing gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes, and is sufficient to assume geological and grade (or quality) continuity between points of observation where data and samples are gathered. An Indicated Mineral Resource has a lower level of confidence than that applying to a Measured. Mineral Resource and may only be converted to a Probable Ore Reserve.
Measured Mineral Resource	that part of a Mineral Resource for which quantity, grade (or quality), densities, shape, and physical characteristics are estimated with confidence sufficient to allow the application of Modifying Factors to support detailed mine planning and final evaluation of the economic viability of the deposit. Geological evidence is derived from detailed and reliable exploration, sampling and testing gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes, and is sufficient to confirm geological and grade (or quality) continuity between points of observation where data and samples are gathered. A Measured Mineral Resource has a higher level of confidence than that applying to either an Indicated Mineral Resource or an Inferred Mineral Resource. It may be converted to a Proved Ore Reserve or under certain circumstances to a Probable Ore Reserve.
Ore Reserve	Is the economically mineable part of a Measured and/or Indicated Mineral Resource. It includes diluting materials and allowances for losses, which may occur when the material is mined or extracted and is defined by studies at Pre-Feasibility or Feasibility level as appropriate that include application of Modifying Factors. Such studies demonstrate that, at the time of reporting, extraction could reasonably be justified. The reference point at which Reserves are defined, usually the point where the ore is delivered to the processing plant, must be stated. It is important that, in all situations where the reference point is different, such as for a saleable product, a clarifying statement is included to ensure that the reader is fully informed as to what is being reported.

Figure 8 . The JORC Classification Framework

Source: JORC Code

Competent Person and Regulatory Information

The information in this announcement that relates to exploration results is based upon information compiled by Mr Dale Ferguson, Technical Director of Savannah Resources Limited. Mr Ferguson is a Member of the Australasian Institute of Mining and Metallurgy (AusIMM) and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the December 2012 edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" (JORC Code). Mr Ferguson consents to the inclusion in the report of the matters based upon the information in the form and context in which it appears.

Regulatory Information

This Announcement contains inside information for the purposes of the UK version of the market abuse regulation (EU No. 596/2014) as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018 ("UK MAR").

Savannah - Enabling Europe's energy transition.

**ENDS**

Follow @SavannahRes on X (Formerly known as Twitter)

Follow Savannah Resources on LinkedIn

For further information please visit www.savannahresources .com or contact:

Savannah Resources PLC Emanuel Proença, CEO	Tel: +44 20 7117 2489
SP Angel Corporate Finance LLP (Nominated Advisor & Broker) David Hignell/ Charlie Bouverat (Corporate Finance) Grant Barker/Abigail Wayne (Sales & Broking)	Tel: +44 20 3470 0470
Canaccord Genuity Limited (Joint Broker) James Asensio / Charlie Hammond (Corporate Broking) Ben Knott (Sales)	Tel: +44 20 7523 8000
Media Relations Savannah Resources: Antonio Neves Costa, Communications Manager	Tel: +351 962 678 912

About Savannah

Savannah Resources is a mineral resource development company and the sole owner of the Barroso Lithium Project (the 'Project') in northern Portugal. The Project is the largest battery grade spodumene lithium resource outlined to date in Europe and was classified as a 'Strategic Project' by the European Commission under the Critical Raw Materials Act in March 2025.

Through the Project, Savannah will help Portugal to play an important role in providing a long-term, locally sourced, lithium raw material supply for Europe's lithium battery value chain. Once in operation the Project will produce enough lithium (contained in c.190,000tpa of spodumene concentrate) for approximately half a million vehicle battery packs per year and hence make a significant contribution towards the European Commission's Critical Raw Material Act goal of a minimum 10% of European endogenous lithium production from 2030.

Savannah is focused on the responsible development and operation of the Barroso Lithium Project so that its impact on the environment is minimised and the socio-economic benefits that it can bring to all its stakeholders are maximised.

The Company is listed and regulated on the London Stock Exchange's Alternative Investment Market (AIM) and trades under the ticker "SAV".

APPENDIX 1: Drill hole locations of Completed Phase 2 RC and Diamond Resource Holes             (* with assays)

Hole ID	Prospect	Hole Type	Tot Depth (m)	Easting	Northing	RL	Dip	Azimuth
25GRADD048	Grandão	DD	128.25	601650	4607783	568	-50	189
25GRADD049	Grandão	DD	120.7	601517	4607910	507	-50	229
25GRADD050	Grandão	DD	165.8	601547	4608217	536	-90	0
25GRADD051	Grandão	DD	167.3	601553	4608216	536	-60	184
25GRADD052	Grandão	DD	210.75	601538	4608003	519	-50	309
25GRARC134	Grandão	RC	30	601928	4607806	578	-90	0
25GRARC135	Grandão	RC	50	601890	4607673	587	-90	0
25GRARC136	Grandão	RC	40	601884	4607652	595	-90	0
25GRARC137	Grandão	RC	80	601773	4607636	607	-90	0
25GRARC138	Grandão	RC	80	601776	4607634	607	-60	89
25GRARC139	Grandão	RC	84	601804	4607696	577	-90	0
25GRARC140	Grandão	RCDD	70.75	601817	4607719	562	-90	0
25GRARC141	Grandão	RC	90	601787	4607764	551	-72	89
25GRARC142	Grandão	RCDD	110.5	601735	4607676	597	-60	89
25GRARC143	Grandão	RCDD	146.55	601733	4607676	597	-90	0
25GRARC144	Grandão	RC	170	601731	4607717	582	-70	89
25GRARC145	Grandão	RC	142	601729	4607717	583	-90	0
25GRARC146	Grandão	RCDD	122.25	601635	4608025	505	-60	119
25GRARC147	Grandão	RC	141	601742	4608055	540	-65	44
25GRARC148	Grandão*	RC	160	601621	4607797	569	-75	89
25GRARC149	Grandão*	RC	170	601619	4607797	569	-90	0
25GRARC150	Grandão*	RC	152	601657	4607760	575	-90	0
25GRARC151	Grandão*	RC	93	601759	4607779	550	-60	89
25GRARC152	Grandão*	RCDD	175.75	601513	4607988	503	-80	219
25GRARC153	Grandão*	RCDD	161.2	601514	4607984	503	-70	139
25PNRDD009	Pinheiro	DD	84.85	601595	4606830	581	-60	269
25PNRDD010	Pinheiro	DD	110.35	601590	4606831	584	-57	214
25PNRDD011	Pinheiro	DD	120.75	601583	4606910	576	-50	262
25PNRDD012	Pinheiro	DD	101.2	601580	4606910	576	-50	62
25PNRDD013	Pinheiro	DD	124.9	601399	4606803	539	-60	89
25PNRDD014	Pinheiro	DD	111.8	601415	4606856	561	-50	184
25PNRDD015	Pinheiro	DD	126.8	601598	4607012	584	-50	309
25PNRDD016	Pinheiro	DD	108.3	601400	4606802	539	-50	109
25PNRDD017	Pinheiro*	DD	100.1	601599	4607011	583	-62	309
25PNRDD018	Pinheiro*	DD	179.55	601638	4606995	573	-55	229
25PNRDD019	Pinheiro	DD	140.19	601608	4606921	573	-50	294
25PNRDD020	Pinheiro	DD	85.85	601581	4606910	575	-50	329
25PNRDD021	Pinheiro*	DD	152.5	601350	4606883	537	-75	89
25PNRRC026	Pinheiro	RCDD	120	601608	4606921	573	-70	269
25PNRRC027	Pinheiro	RC	100	601579	4606880	582	-90	0
25PNRRC028	Pinheiro	RCDD	94.3	601577	4606879	582	-80	269
25PNRRC029	Pinheiro	RC	70	601575	4606878	582	-60	269
25PNRRC030	Pinheiro	RC	70	601431	4606801	554	-60	89
25PNRRC031	Pinheiro	RCDD	128.55	601600	4607010	583	-60	244
25PNRRC032	Pinheiro	RC	100	601639	4607037	584	-60	269
25PNRRC033	Pinheiro	RCDD	131.5	601637	4606996	573	-60	269
25PNRRC034	Pinheiro	RC	85	601665	4607062	591	-60	269
25PNRRC035	Pinheiro	RC	110	601590	4606977	572	-60	269
25PNRRC036	Pinheiro*	RC	100	601371	4606845	546	-60	49
25PNRRC037	Pinheiro*	RC	151	601428	4606901	545	-60	134
25PNRRC038	Pinheiro*	RCDD	155.5	601592	4606976	572	-70	269
25PNRRC039	Pinheiro*	RCDD	143.35	601600	4606972	572	-64	219
25PNRRC040	Pinheiro*	RC	70	601343	4606919	540	-65	79
25PNRRC041	Pinheiro*	RC	80	601332	4606963	553	-70	89
25PNRRC042	Pinheiro*	RC	158	601364	4606841	544	-70	89
25RESDD015	Reservatório	DD	150.8	599508	4609103	618	-50	221
25RESDD016	Reservatório	DD	90.8	599869	4609271	577	-50	349
25RESRC046	Reservatório	RCDD	184.8	599584	4609279	639	-80	149
25RESRC047	Reservatório	RCDD	178.7	599586	4609276	639	-65	149
25RESRC048	Reservatório	RCDD	186.5	599499	4609187	642	-90	0
25RESRC049	Reservatório	RCDD	174	599501	4609184	642	-70	149
25RESRC050	Reservatório	RCDD	140.1	599520	4609147	631	-63	149
25RESRC051	Reservatório	RCDD	160.4	599618	4609288	621	-80	149
25RESRC052	Reservatório	RCDD	158.8	599620	4609286	620	-70	149
25RESRC053	Reservatório	RC	111	599695	4609243	614	-90	0
25RESRC054	Reservatório	RCDD	150.4	599656	4609310	604	-90	0
25RESRC055	Reservatório	RCDD	145.1	599658	4609307	604	-70	149
25RESRC056	Reservatório	RCDD	136.25	599914	4609253	577	-80	359
25RESRC057	Reservatório	RC	88	599916	4609248	577	-60	139
25RESRC058	Reservatório	RC	96	599710	4609302	594	-80	149
25RESRC059	Reservatório	RC	100	599951	4609212	586	-60	149
25RESRC060	Reservatório	RC	147	599713	4609299	593	-60	149
25RESRC061	Reservatório	RC	120	599784	4609267	588	-70	309
25RESRC062	Reservatório	RC	120	599784	4609267	588	-90	0
25RESRC063	Reservatório	RC	67	599935	4609231	581	-60	149
25RESRC064	Reservatório	RC	55	599970	4609239	576	-60	149
25RESRC065	Reservatório	RC	140	599504	4609102	618	-60	149
25RESRC066	Reservatório	RC	70	599970	4609242	576	-80	359
25RESRC067	Reservatório	RCDD	160.8	599481	4609137	628	-65	149
25RESRC068	Reservatório	RC	94	599968	4609242	576	-60	339
25RESRC069	Reservatório	RC	91	599902	4609215	594	-60	149
25RESRC070	Reservatório	RC	100	599889	4609236	589	-60	149
25RESRC071	Reservatório*	RCDD	164.1	599480	4609138	628	-75	149
25RESRC072	Reservatório	RC	85	599889	4609238	589	-90	0
25RESRC073	Reservatório*	RCDD	177.25	599480	4609140	628	-85	149
25RESRC074	Reservatório	RC	90	599587	4609050	608	-60	149
25RESRC075	Reservatório	RCDD	93.9	599864	4609275	577	-70	149
25RESRC076	Reservatório	RC	100	599568	4609080	614	-60	149
25RESRC077	Reservatório	RC	105	599566	4609082	614	-80	149
25RESRC078	Reservatório	RCDD	111.8	599864	4609276	577	-90	0
25RESRC079	Reservatório	RC	121	599734	4609259	603	-60	149
25RESRC080	Reservatório	RC	122	599800	4609220	607	-60	149
25RESRC081	Reservatório	RC	133	599799	4609221	607	-90	0
25RESRC082	Reservatório	RC	147	599801	4609224	607	-70	329
25RESRC083	Reservatório	RC	107	599853	4609221	600	-60	149
25RESRC084	Reservatório	RC	111	599852	4609222	600	-90	0
25RESRC085	Reservatório	RC	160	599710	4609308	594	-80	329
25RESRC086	Reservatório*	RCDD	136.9	599713	4609301	594	-80	149
25RESRC087	Reservatório*	RC	109	599828	4609265	585	-60	149
25RESRC088	Reservatório*	RC	116	599827	4609267	585	-80	149
25RESRC089	Reservatório*	RC	120	599825	4609271	585	-75	329
25RESRC090	Reservatório*	RC	153	599824	4609273	585	-60	329
25RESRC091	Reservatório*	RC	135	599861	4609279	577	-70	329

APPENDIX 2 - Summary of Significant Intercepts from the diamond drilling using a 0.5% Li2O Cutoff.

HoleID	Prospect	From	To	Width	Li2O
25GRARC148	Grandão	96	98	2	0.69
and	Grandão	101	110	9	0.87
and	Grandão	120	126	6	1.39
and	Grandão	131	135	4	1.1
25GRARC149	Grandão	111	115	4	1.07
and	Grandão	123	132	9	1.53
25GRARC150	Grandão	89	93	4	1.17
and	Grandão	98	106	8	0.87
25GRARC151	Grandão	29	36	7	0.9
and	Grandão	40	45	5	0.9
and	Grandão	59	70	11	1.17
and	Grandão	74	78	4	1.02
25GRARC152	Grandão	6	8	2	1.06
and	Grandão	104.05	121.73	17.68	1.42
and	Grandão	126.46	127.86	1.4	1.51
and	Grandão	140.36	153	12.64	1.12
and	Grandão	156	165	9	1.53
25GRARC153	Grandão	2	4	2	0.8
and	Grandão	92	111	19	1.29
and	Grandão	139.2	153	13.8	1.41
25PNRDD017	Pinheiro	11.75	18.85	7.1	0.84
and	Pinheiro	21.88	27.32	5.44	0.69
and	Pinheiro	32.73	40	7.27	1.38
and	Pinheiro	46.67	48.31	1.64	1.01
and	Pinheiro	54.33	57.33	3	0.67
25PNRDD018	Pinheiro	148.2	172	23.8	1.1
25PNRDD021	Pinheiro	56	123	67	1.82
25PNRRC036	Pinheiro	27	59	32	1.66
and	Pinheiro	63	65	2	0.65
25PNRRC037	Pinheiro	15	18	3	0.8
25PNRRC038	Pinheiro	138	145.14	7.14	1.29
25PNRRC039	Pinheiro	111	135	24	1.4
25PNRRC040	Pinheiro	32	60	28	1.13
25PNRRC041	Pinheiro	No Significant Assays
25PNRRC042	Pinheiro	81	84	3	0.83
and	Pinheiro	96	98	2	0.81
and	Pinheiro	107	113	6	0.88
and	Pinheiro	126	132	6	1.26
and	Pinheiro	135	137	2	0.82
and	Pinheiro	140	142	2	0.73
25RESRC071*	Reservatório	141	148	7	0.71
and	Reservatório	154	162	8	1.15
25RESRC073*	Reservatório	133	156	23	1.11
and	Reservatório	162.5	167.7	5.2	0.77
25RESRC085	Reservatório	72	76	4	0.7
and	Reservatório	81	95	14	1.17
and	Reservatório	109	118	9	1.01
and	Reservatório	126	136	10	0.95
and	Reservatório	150	152	2	1.02
25RESRC086	Reservatório	64	87.31	23.31	1.29
and	Reservatório	106.74	118.48	11.74	1.24
25RESRC087	Reservatório	67	99	32	1.49
25RESRC088	Reservatório	75	100	25	1.11
25RESRC089	Reservatório	No Significant Assays
25RESRC090	Reservatório	107	114	7	0.89
25RESRC091	Reservatório	87	99	12	1.24
and	Reservatório	102	112	10	0.78

* Results from completed diamond tail

APPENDIX 3 - JORC 2012 Table 1 - DFS Infill Drilling

JORC Table 1 Section 1 Sampling Techniques and Data

Criteria	JORC Code Explanation	Commentary
Sampling techniques	·    Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. ·    Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. ·    Aspects of the determination of mineralisation that are Material to the Public Report. In cases where 'industry standard' work has been done this would be relatively simple (e.g. 'reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay'). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information.	·      The majority of previous holes were reverse circulation, sampled at 1m intervals. RC samples were collected in large plastic bags attached to the cyclone. On completion of the 1m run the large sample was passed through a 3-stage riffle splitter to collect a 2.5-4kg sub sample, to be used for assay. ·      Diamond holes were completed for metallurgical sampling, geotechnical analysis and resource estimation. Core was PQ/HQ size, sampled at 1m intervals in the pegmatite, with boundaries sampled to geological boundaries. Half core samples were collected for analysis. ·      Drilling was carried out to infill previous drilling to achieve a nominal 40m by 40m spacing with selected infill to 40m by 20m spacings, or as twins of previous RC drilling to get known samples for metallurgical testing. Geotechnical drilling was designed purely to intersect planned pit walls and pegmatite intersections were incidental, but followed all standard logging and sampling in line with all the drilling. ·      Collar surveys are carried using differential DGPS with an accuracy to within 0.2m. ·      A down hole survey for each hole was completed using gyro equipment. ·      The lithium mineralisation is predominantly in the form of Spodumene-bearing pegmatites, the pegmatites are unzoned and vary in thickness from 5m-109m.
Drilling techniques	·    Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).	•       RC drilling used a 120mm diameter face sampling hammer. ·      Core drilling was carried out using PQ/HQ single tube core barrels.
Drill sample recovery	·    Method of recording and assessing core and chip sample recoveries and results assessed. ·    Measures taken to maximise sample recovery and ensure representative nature of the samples. ·    Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	·      RC drilling sample weights were monitored to ensure samples were maximised. Samples were carefully loaded into a splitter and split in the same manner ensuring that the sample split to be sent to the assay laboratories were in the range of 4-6kg. ·      Core recovery was measured and was found to be generally excellent. ·      No obvious relationships between sample recovery and grade.
Logging	·    Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. ·    Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. ·    The total length and percentage of the relevant intersections logged.	·      RC holes were logged in the field at the time of sampling. Core was logged in detail for a variety of physical characteristics in a logging yard away from the drilling ·      Each 1m sample interval was carefully homogenised and assessed for lithology, colour, grainsize, structure and mineralisation. Core was sampled to geological boundaries and at 1m intervals therein. ·      A representative chip sample produced from RC drilling was washed and taken for each 1m sample and stored in a chip tray which was photographed. ·      Percussion holes were logged for every metre drilled with the spoil collected for each metre by shovel and placed in a sample bag, a representative sub sample was taken and logged for lithology, colour, grainsize and mineralisation. ·      Core was photographed.
Sub-sampling techniques and sample preparation	·    If core, whether cut or sawn and whether quarter, half or all core taken. ·    If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. ·    For all sample types, the nature, quality and appropriateness of the sample preparation technique. ·    Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. ·    Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling. ·    Whether sample sizes are appropriate to the grain size of the material being sampled.	·      1m RC samples were split by the riffle splitter at the drill rig and sampled dry. ·      Core was cut in half using a diamond saw with 1m half core samples submitted for analysis or for metallurgical samples one of the halves was cut again for a quarter core and sent for analysis. ·      The sampling was conducted using industry standard techniques and were considered appropriate. ·      Field duplicates were used to test repeatability of the sub-sampling and were found to be satisfactory. ·      Every effort was made to ensure that the samples were representative and not biased in any way.
Quality of assay data and laboratory tests	·    The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. ·    For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. ·    Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.	·      Samples were received, sorted, labelled, and dried. ·      Samples were crushed to 70% less than 2mm, riffle split off 250g, pulverise split to better than 85% passing 75 microns and 5g was split of for assaying. ·      The samples were analysed using ALS Laboratories ME-MS89L Super Trace method which combines a sodium peroxide fusion with ICP-MS instrumentation utilising collision/reaction cell technologies to provide the lowest detection limits available. ·      A prepared sample (0.2g) is added to sodium peroxide flux, mixed well and then fused in at 670°C. The resulting melt is cooled and then dissolved in 30% hydrochloric acid. This solution is then analysed by ICP-MS and the results are corrected for spectral inter-element interferences. ·      The final solution is then analysed by ICP-MS, with results corrected for spectral inter-element interferences. ·      Standards/blanks and duplicates were inserted on a 1:20 ratio for both to samples taken. ·      Duplicate sample regime is used to monitor sampling methodology and homogeneity. ·      Routine QA/QC controls for the method ME-MS89L include blanks, certified reference standards of Lithium and duplicate samples. Samples are assayed within runs or batches up to 150 samples. At the fusion stage that quality control samples are included together with the samples, so all samples follow the same procedure until the end. Fused and diluted samples are prepared for ICP-MS analysis. ICP instrument is calibrated through appropriate certified standards solutions and interference corrections to achieve strict calibration fitting parameters. Each 40-sample run is assayed with two blanks, two certified standards and one duplicate sample and results are evaluated accordingly. ·      A QA/QC review of all information indicated that all assays were satisfactory.
Verification of sampling and assaying	·    The verification of significant intersections by either independent or alternative company personnel. ·    The use of twinned holes. ·    Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. ·    Discuss any adjustment to assay data.	·      All information was internally audited by company personnel. ·      During this programme no holes were twinned. ·      Savannah's experienced project geologists supervised all processes. ·      All field data is entered into a custom log sheet and then into excel spreadsheets (supported by look-up tables) at site and subsequently validated as it is imported into the centralised Access database. ·      Hard copies of logs, survey and sampling data are stored in the local office and electronic data is stored on the company's cloud drive. ·      Results were reported as Li (ppm) and were converted to a percentage by dividing by 10,000 and then to Li2O% by multiplying by 2.153.
Location of data points	·    Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. ·    Specification of the grid system used. ·    Quality and adequacy of topographic control.	·      The coordinate of each drill hole was taken at the time of collecting using a handheld GPS with an accuracy of 5m. All collars were subsequently surveyed using DGPS with an accuracy of 0.2m. ·      The grid system used is WSG84 Zone29N. ·      An accurate, aerial topographic survey was obtained with accuracy of +/- 0.5m.
Data spacing and distribution	·    Data spacing for reporting of Exploration Results. ·    Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. ·    Whether sample compositing has been applied.	·      Drilling was carried out on an infill basis to attain on a nominal 40m by 40m and based on geological targets with selected infill to 40m by 20m. ·      Drill data is considered of sufficient spacing to define Measured and Indicated Mineral Resource in accordance with requirements for a DFS ·      Compositing to 1m will be applied prior to resource estimation.
Orientation of data in relation to geological structure	·    Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. ·    If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	·      Drilling was generally carried out using angled holes, as close to perpendicular to strike as possible. All Geotech holes were drilled in various orientations to intersect planned pit walls. According to the expert (GGC - Consultants) requirements.
Sample security	·    The measures taken to ensure sample security.	·      Samples were delivered to a courier and chain of custody is managed by Savannah.
Audits or reviews	·    The results of any audits or reviews of sampling techniques and data.	·      Internal company auditing based on previous programmes is carried out and an external review will be carried out by the resource consultant to assure that all data collection and QA/QC procedures were conducted to industry standards.

JORC Table 1 Section 2 Reporting of Exploration Results

Criteria	JORC Code explanation	Commentary
Mineral tenement and land tenure status	·    Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. ·   The security of the tenure held at the time of reporting along with any known impediments to obtaining a license to operate in the area.	·      All work was completed inside the Mina do Barroso project C-100. ·      Savannah has received written confirmation from the DGEG that under article 24 of Decree-Law no. 88/90 of March 16 being relevant justification based on the resources allocated exploited and intended, Savannah has been approved an expansion up to 250m of C100 mining concession in specific areas where a resource has been defined and the requirement for the expansion can be justified. ·      The entire drill programme was carried out over land that was granted by an administrative easement right defined in the C-100 mining contract. The easement covered private and public land that was within the C-100 license area.
Exploration done by other parties	·    Acknowledgment and appraisal of exploration by other parties.	·      Limited exploration work has been carried out by previous operators. ·      No historic information has been included in the Mineral Resource estimates.
Geology	·    Deposit type, geological setting and style of mineralisation.	·    The lithium mineralisation is predominantly in the form of Spodumene-bearing pegmatites which are hosted in meta-pelitic and mica schists, and occasionally carbonate schists of upper Ordovician to lower Devonian age. The pegmatites vary in thickness from 5m-109m. The pegmatites occur within the license area as discrete bodies and currently four pegmatite bodies have a resource defined on them. The pegmatites vary in orientation from large shallow dipping bodies, such as the north - south striking Grandão and the east - west trending Reservatório to steeply dipping dyke like bodies seen at NOA and Pinheiro.
Drill hole information	·   A summary of all information material to the under-standing of the exploration results including a tabulation of the following information for all Material drill holes: ·   easting and northing of the drill hole collar ·   elevation or RL (Reduced Level - elevation above sea level in metres) of the drill hole collar ·   dip and azimuth of the hole ·   down hole length and interception depth ·   hole length ·   If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.	·    A table containing all drill holes drilled and a list of significant assays from the results received is included with the release. ·    No material data has been excluded from the release. .
Data aggregation methods	·   In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated. ·   Where aggregate intercepts incorporate short lengths of high-grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. ·    The assumptions used for any reporting of metal equivalent values should be clearly stated.	·    Length weighted average grades have been reported. ·    No high-grade cuts have been applied to reported grades. ·    Metal equivalent values are not being reported; however, Li is reported as ppm and converted to the oxide Li2O for resource purposes. The conversion factor used is to divide the Li value by 10,000 and multiplying by 2.153 to represent the value as a percentage.
Relationship between mineralisation widths and intercept lengths	·   These relationships are particularly important in the reporting of Exploration Results. ·    If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. ·   If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g. 'down hole length, true width not known').	·    The majority of holes have been drilled at angles to intersect the mineralisation in perpendicular relation to the pegmatite
Diagrams	·   Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported. These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	·      A relevant plan showing the drilling is included within this release.
Balanced Reporting	·    Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. ·   Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	·      All relevant results available have been previously reported.
Other substantive exploration data	·   Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples - size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	·      Geological mapping and rock chip sampling has been conducted over the project area.
Further work	·    The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large- scale step-out drilling). ·    Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	·    The present drill programme has been designed to infill previous drilling to attain a measured or indicated class for an upcoming resource estimation. Further work is being planned as part of a second phase of resource infill drilling. ·    Economic evaluation of the defined Mineral Resources, will be completed after the second phase of drilling.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

DRLPKDBQPBKKBFB