Savannah Resources (SAV) H2 2024 earnings summary

Executive summary

• Advanced Barroso Lithium Project with completion of Phase 1 DFS drilling and highest lithium intercepts to date.

• Secured first strategic partnership with AMG, including £16m equity investment and offtake agreement.

• Project classified as a 'Strategic Project' by the European Commission, unlocking coordinated support.

• Expanded team and deepened local stakeholder engagement, with Portuguese shareholders now owning ~20%.

• Maintained strong cash position, ending 2024 with £17.7m in bank.

Financial highlights

• Loss from continuing operations increased to £4.4m (2023: £3.5m), mainly due to higher admin costs and team expansion.

• Record cash balance of £22.0m in June 2024 after AMG investment; year-end cash £17.7m.

• Ongoing investment in Portuguese asset base reached £4.6m (2023: £2.3m).

• Finance income rose to £0.3m (2023: £0.1m); foreign exchange losses increased to £0.4m.

• Discontinued operations income of £0.2m, driven by tax provision reduction.

Outlook and guidance

• DFS and RECAPE submission targeted for completion by end of 2025; construction start in 2026, first production in 2027.

• Project well positioned to benefit from forecast lithium market recovery and higher prices from 2028.

• Continued focus on stakeholder engagement, team expansion, and leveraging 'Strategic Project' status for financing.