Member Spotlight: Savannah Resources Plc

Savannah Resources Plc is developing the Barroso Lithium Project in Portugal - Europe's largest spodumene lithium deposit - and recognised as a "Strategic Project" under the European Critical Raw Materials Act in 2025.

Savannah has this January been awarded a non-reimbursable grant of up to approximately €110 million from the Portuguese Foreign Investment Agency (ACIEP), on behalf of the Portuguese Government, supported by national funds under the European Commission Temporary Crisis and Transition Framework. This is a highly significant financial contribution towards the planned construction of the Project and reflects the Portuguese State's support for an asset considered of national and European importance in a strategic new industry for Portugal and the European Union.

The Grant is divided into two parts: 75% (€82.25 million) to support the Project's initial development capital expenditure (CAPEX), and 25% (€27.42 million) linked to performance milestones during the operational phase.

Once in operation, the Barroso Lithium Project will provide a long-term, locally sourced supply of lithium raw material for Europe's lithium battery value chain. The Project will produce enough lithium (contained in c.190,000 tpa of spodumene concentrate) to support approximately half a million vehicle battery packs per year, contributing to the Critical Raw Materials Act goal of ensuring a minimum 10% of European endogenous lithium production from 2030.

This milestone is particularly important for Savannah because it:

• Underlines the Portuguese State's support for the Project's delivery and for the development of a sustainable lithium battery value chain in Portugal.
• Represents a financial commitment that will make a meaningful contribution to CAPEX.
• Supports regional development and local industry, strengthening long-term opportunities in the Barroso area; and
• Helps lay the foundations for new industry and economic growth in Portugal.

Savannah recognises the responsibility that comes with delivering a Project of national and European relevance. The company remains committed to developing and operating the Barroso Lithium Project in line with best international standards, and to delivering tangible value for the people and organisations in the Barroso region with whom Savannah already works. Portugal´s efforts in building a sustainable and resilient battery value chain that benefits current and future generations were put in evidence by the list of other projects awarded financial support: Lifthium's plans for a lithium refinery; Topsoe's plans for a cathode factory, and CALB's plans for a battery factory. As Europe accelerates its focus on strategic raw materials and resilient supply chains, constructive industry dialogue is more important than ever.

As Euromines marks its 30th anniversary, Savannah values being part of a network that supports collaboration with industry peers and stakeholders, and engagement with policymakers to strengthen the role of mining in Europe through transparency, best practice sharing, and forward-looking policies.

Looking ahead, 2026 is a strategic year for Savannah as it concludes its DFS and finalises its funding structure, in order to start production in 2028. We aim to contribute to the future of European mining by maintaining strong environmental and social performance, reinforcing a transparent approach for stakeholders and investors, supporting regional regeneration in areas such as Barroso, and demonstrating how European mining can drive both competitiveness and the energy transition, while upholding high ESG standards.

"Our Project will be transformative, first of all for our region of Trás-os-Montes, through job creation and local economic development, but also for the country as it represents the origin of the lithium battery value chain, attracting other projects further downstream, and, of course, for Europe by being able to contribute decisively to energy independence and to the green transition that will mark the coming years and decades."

- Emanuel Proença, CEO, Savannah Resources