Savannah Resources (SAV) H2 2025 earnings summary

Executive summary

• Advanced Barroso Lithium Project with a 40% increase in JORC Mineral Resource to 39.1Mt at 1.05% Li₂O and a 41% rise in Measured and Indicated Resources to nearly 27Mt.

• Secured a non-reimbursable Portuguese State grant of up to €110 million and maintained strong cash reserves after raising £14.6 million in equity.

• Progressed Definitive Feasibility Study (DFS) and environmental licensing, targeting DFS and RECAPE completion in July 2026 and first production in 2028.

• Strengthened leadership team and expanded local presence, including a new office and increased stakeholder engagement.

Financial highlights

• Loss from continuing operations decreased to £4.0m in 2025 from £4.4m in 2024, an 11% reduction.

• Administrative expenses rose 4% to £4.4m; foreign exchange gain of £0.2m versus a £0.4m loss in 2024.

• Year-end cash and cash equivalents stood at £17.2m, with an additional £5.0m in long-term deposits.

• Intangible assets increased by 42% to £30.8m, reflecting ongoing project investment.

• Total equity attributable to shareholders rose to £50.9m from £39.2m year-over-year.

Outlook and guidance

• DFS and RECAPE submission expected in July 2026; construction targeted for 2027 and first production in 2028.

• Focus on advancing project finance, commercial offtake agreements, and stakeholder integration.

• Lithium market conditions have improved, with spodumene prices rising 90% in 2025 and further gains in 2026.