Savannah Resources (SAV) Status update summary

Project milestones and strategic progress

• Maintains 100% ownership of Europe's largest spodumene lithium deposit, with significant resource growth and strategic project status from the European Commission.

• Secured a major non-refundable grant from the Portuguese state, providing up to €110 million in support, disbursed as construction progresses.

• Acquired the Aldeia concession, expanding resource potential and operational synergies.

• Progressing toward Definitive Feasibility Study (DFS) completion by summer, a key milestone for valuation and project de-risking.

• Institutional investor interest and share price have increased, reflecting growing confidence and project validation.

Market and regulatory environment

• Lithium prices have rebounded sharply, quadrupling in 12 months, supporting project economics.

• European legislative initiatives, such as RESourceEU and the Industrial Accelerator Act, are accelerating the regional battery and raw materials industry.

• Demand for lithium is driven by rapid EV and battery storage growth, especially in Europe and China.

• Geopolitical tensions and supply chain risks further highlight the strategic importance of local lithium supply.

Financing and commercial strategy

• Project finance will be anchored by offtake agreements, targeting at least 75% of production under take-or-pay contracts.

• Commercial banks, especially in Europe, are showing strong support, with project finance expected to be broadly completed by year-end.

• The Portuguese grant reimburses up to €82 million during construction and the remainder over the first five years of production.

• Offtake agreements are indexed to market prices, retaining exposure to lithium price upside.