Savannah Resources (SAV) H1 2026 earnings summary

Executive summary

• Completed Phase 1 Definitive Feasibility Study (DFS) for a 14-year lithium project with robust economics and environmental standards.

• Secured a non-reimbursable Portuguese State grant of up to €110m, reducing initial capex by 23%.

• Achieved maiden JORC Probable Ore Reserve of 20.0Mt at 0.99% Li₂O and updated Mineral Resource of 39.2Mt at 1.05% Li₂O.

• Signed ten MoUs with local and regional stakeholders, advancing land access and community engagement.

• Progressed environmental licensing, land acquisition, and project finance discussions.

Financial highlights

• Ended H1 2026 with GBP 17.1m in cash (GBP 12.2m available for development), up from GBP 11.9m YoY.

• Losses from continued operations increased 34% YoY to GBP 2.0m due to higher admin expenses and lower FX gains.

• Intangible assets grew 5% to GBP 32.3m; total assets at GBP 54.4m.

• No revenue generated; operations remain pre-production.

Outlook and guidance

• Targeting conditional project finance and a second offtake agreement by end-2026.

• Final Investment Decision (FID) expected in early 2027; construction to start later in 2027, first concentrate by late 2028.

• Key technical priorities: complete fieldwork, advance FEED, submit RECAPE, secure bypass road DIA.