Last checked at 5 Apr 2023 13:35
5 April 2023
Savannah Resources Plc
(AIM: SAV, FWB: SAV and SWB: SAV) ('Savannah', or the 'Company')
Barroso Lithium Project Update
Relaunched Action Brought Against the Ministry of Environment and Climate Action by Parish Council
Savannah, the European lithium development company, advises that its wholly owned subsidiary, Savannah Lithium Ltda., has been joined as the counter-interested party in a lawsuit brought by the Parish of Covas do Barroso as plaintiff in the Mirandela Fiscal and Administrative Court in Portugal (the "Court") against the Ministry of Environment and Climate Action as defendant. This mirrors the lawsuit which the Parish of Covas do Barroso brought against the Republic of Portugal and the Ministry of Economy in February 2022, which was extinguished in March 2023 after the Court acquitted them for not being legitimate parties in the lawsuit.
The lawsuit seeks to nullify certain administrative actions by the defendant in June 2016 including the addition of lithium to and the expansion in the area of the C-100 Mining Lease. The C-100 Mining Lease which contains the Barroso Lithium Project is fully granted, has a term of 30 years to 2036 and remains in good standing.
The lawsuit neither impacts the Barroso Lithium Project's activities nor the current environmental impact assessment process which is moving to a conclusion. The advice from Savannah's lawyers was and remains that the lawsuit is without foundation.
Savannah will make further announcements regarding the lawsuit as appropriate.
Regulatory Information
This Announcement contains inside information for the purposes of the UK version of the market abuse regulation (EU No. 596/2014) as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018 ("UK MAR").
Savannah - Enabling Europe's energy transition.
**ENDS**
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For further information please visit www.savannahresources.com or contact:
Savannah Resources PLC Dale Ferguson, CEO
| Tel: +44 20 7117 2489
|
SP Angel Corporate Finance LLP (Nominated Advisor & Joint Broker) David Hignell/ Charlie Bouverat (Corporate Finance) Grant Barker/Abigail Wayne (Sales & Broking)
| Tel: +44 20 3470 0470
|
RBC Capital Markets (Joint Broker) Farid Dadashev/ Jamil Miah
| Tel: +44 (0) 20 7653 4000 |
Camarco (Financial PR) Gordon Poole/ Emily Hall/ Fergus Young | Tel: +44 20 3757 4980 |
About Savannah
Savannah is the owner of the Barroso Lithium Project, located close to key infrastructure in Northern Portugal which contains the most significant spodumene lithium resource in Western Europe. Following a positive Scoping Study which outlined a conventional operation producing 175,000t of spodumene concentrate per annum, Savannah is progressing the development and environmental licencing of the Barroso Lithium Project.
The Company is listed and regulated on AIM and the Company's ordinary shares are also available on the Quotation Board of the Frankfurt Stock Exchange (FWB) under the symbol FWB: SAV, and the Börse Stuttgart (SWB) under the ticker "SAV".