(Alliance News) - Savannah Resources PLC on Monday named a new chair as the company prepares to further the development of its flagship project.
The European-focused lithium producer said after nine years Chair Matthew King will retire and be succeeded by Rick Anthon with effect June 25.
Rick brings significant industry experience to the board, which will benefit from the knowledge he gained while working in the senior management team of the Argentinian miner Allkem Ltd.
In addition, Diogo de Silveira, who joined the company in November 2022 as a non-executive director, will assume the role of deputy chair.
These changes take place amid a defining period for the company as its shifts it focus solely onto the Barroso Lithium project in Portugal.
Last week, AMG Critical Materials NV Group invested GBP16 million into Savannah through a subscription for 342.6 million shares at a price of 4.67 pence each to become the company's largest shareholder.
Savannah Resources shares were up 4.3% to 4.33 pence each in London on Monday afternoon.
This investment will allow Savannah to reach a final investment decision regarding Barroso, Europe's largest lithium deposit.
Savannah now has a cash position of GBP21 million, the largest in the company's history, and a recent study determined the project will have a post-tax net present value close to USD1 billion.
"The board now has the deep sector experience and knowledge required across mining, lithium, Portuguese and international business, and capital markets to deliver the project and create value for shareholders," the company said.
Rick Anthon commented: "Savannah is poised to become a key player in the European battery supply chain, while significantly benefiting all our Portuguese stakeholders. I look forward to using my experience in the lithium sector to help realise Savannah's full potential as we move into the next key phase of the company's growth."
By Elijah Dale, Alliance News reporter
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Savannah Resources (SAV)