Savannah Resources (SAV) H1 2025 earnings summary

Executive summary

• Barroso Lithium Project classified as a 'Strategic Project' by the European Commission under the Critical Raw Materials Act, securing political and regulatory support.

• Significant progress on the Definitive Feasibility Study (DFS), with resource-focused drilling completed and a new JORC Resource estimate published post-period.

• Upgraded and expanded JORC Resource to 39.1Mt at 1.05% Li₂O, a 40% increase in tonnage and 41% increase in contained Li₂O year-over-year.

• Strong stakeholder engagement, including local community initiatives and increased Portuguese shareholder base.

• Cash position strengthened post-period by a £4.78m fundraise, supporting ongoing project development.

Financial highlights

• Cash position at 30 June 2025 was £9.5m, rising to £13.3m in July after the fundraise.

• Losses from continued operations decreased by 21% year-over-year to £1.5m (H1 2024: £1.9m), mainly due to lower administrative expenses and a £0.2m FX gain.

• Exploration expenditure increased by 39% to £3.2m (H1 2024: £2.3m) due to intensified project activity.

• Intangible assets grew by 19% to £25.8m, with total assets at £42.2m.

• No revenue generated; operations remain pre-production.

Outlook and guidance

• DFS and environmental licensing expected to complete in H1 2026, with first production targeted for 2028.

• Ongoing engagement with potential commercial partners, finance providers, and public funding sources.

• Market conditions for lithium have improved, with spodumene concentrate prices up over 30% since mid-June 2025.

• Additional funding will be required in H1 2026 to finalize DFS and move to construction.