Savannah Resources (SAV) Status update summary

Project profile and economics

• Phase I DFS: 20Mt JORC reserve, 14-year mine life, 1.5Mtpa throughput, 183ktpa average SC5.5 concentrate and 70% recovery target.

• US$418m initial CAPEX, including pre-strip and contingency; US$323m net of the US$95m State Grant contribution. The grant awarded was €110m.

• Post-tax NPV8 of US$913m, IRR of 43.2% and payback of 1.9 years; total EBITDA of US$3.2bn and free cash flow of US$1.9bn.

• SC6-equivalent C1 cost of US$516/t and AISC of US$705/t, both in the second quartile of the 2030 global cost curve.

• Open-pit DMS-flotation design includes dry-stack tailings, water collection and recycling, and a planned power connection with 80% renewable power.

Funding and commercial strategy

• September US$40m raise lifted cash and short-term treasury reserves fourfold to ~US$53m; shares in issue rose 21%, and European investors contributed 99% of funds raised.

• Largest shareholders participated; the institutional placing was oversubscribed and partly scaled back. Institutional ownership rose above 18%, including ~5 percentage points from battery-metals and mining-specialist funds.

• Reserves support pre-construction work and project development while maintaining the timetable; total financing need is ~$450m, including working capital and financing costs.

• Financing assumptions include 60–65% debt, a state grant, existing cash and further equity; conditional agreements targeted by year-end 2026 and financial close by Q1 2027.

• Offtake strategy targets 70–75% of production under contract, with the balance retained for spot-market flexibility; a second agreement was targeted for Q4 2026.

Delivery milestones

• Second easements fieldwork was nearing completion, with geotechnical and hydrogeological objectives met; RECAPE submission planned for Q4 2026 and in advanced preparation.

• FEED and procurement work began for key equipment; management expected no negative CAPEX surprises, with major equipment down payments typically 10–20%.

• Pre-construction drilling is underway; recruitment is targeting ~30 additional roles, with more than 3,000 applicants for current openings.

• First concentrate targeted for late 2028 to early 2029; the schedule includes FID, access and power infrastructure, plant construction and commissioning.

• Dual-listing preparation started; a European venue, potentially Euronext Lisbon, was considered likely in H1 2027 alongside AIM.