Announcement • May 20
Savannah Resources plc Provides Technical Work Update and Purchases First Capital Equipment Savannah Resources Plc, the developer of the Barroso Lithium Project in Portugal (the 'Project'), a 'Strategic Project' under the European Critical Raw Materials Act and Europe's largest spodumene lithium deposit has provided an update on various technical work programmes and the first capital equipment purchase for the Project. Definitive Feasibility Study ('DFS'): Savannah's team and its external consultants continue to make good progress with all elements of the DFS. Final review of some elements has started, and all remaining work will be completed to the required standards over the coming weeks. Previous guidance is reconfirmed with completion expected in July. Geotechnical study: Following the award of the second temporary land access last week (see 6 May 2026 RNS), Savannah is close to completing the associated formalities, including communicating with all relevant landowners, and has begun work preparing the ground for the planned fieldwork. Field teams are already working on Savannah owned land plots, performing the annual pre-fire season vegetation clearing ahead of preparing the geotechnical campaign. Front-End Engineering Design ('FEED') study: The tendering process for the engineering contractor to undertake the FEED study for key long lead item equipment is well advanced. Savannah expects to select a provider from the strong short list in the coming weeks. Once selected, the chosen group is expected to begin this critical piece of work in June. Environmental licence compliance study ('RECAPE'): Following recent engagement with the Laboratório Nacional Engenharia Civil ('LNEC'), the Portuguese governmental body responsible for advising the environmental regulator ('APA') on water related Infrastructure, Savannah will bring forward planned detailed engineering work on the Project's water infrastructure to further enhance its RECAPE submission. This work was originally scheduled to take place prior to construction. Contractor selection: Savannah has moved quickly and appointed Portuguese Engineering company, COBA, to undertake the work. COBA brings decades of domestic and international experience in water related infrastructure engineering work and mining. COBA will begin the work later this month. Timeline implications: Factoring in this additional engineering work, Savannah now expects to complete its RECAPE submission for the environmental Licensing process during Fourth Quarter 2026. Based on the date of submission and the 50 working day review period available to APA under the relevant legislation, its decision would then be due in or before late February 2027. Savannah will act to manage the impact of this schedule extension on other workstreams as required, including the Project's financing process, maintaining the target of first production in 2028. First capital equipment purchase: Savannah has marked the milestone of the first piece of equipment purchased as part of the Project's overall initial capital expenditure ('CAPEX'). A transformer has been purchased to form an integral part of the new electrical infrastructure at the Project. Breakeven Date Change • Apr 17
Forecast to breakeven in 2028 The 2 analysts covering Savannah Resources expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of UK£8.00m in 2028. Average annual earnings growth of 63% is required to achieve expected profit on schedule. Announcement • Apr 16
Savannah Resources Plc, Annual General Meeting, May 21, 2026 Savannah Resources Plc, Annual General Meeting, May 21, 2026. Location: the companys joint brokers offices, canaccord genuity limited, 88 wood street, ec2v 7qr, london United Kingdom 
