**Summary**
Savannah Resources Plc, the developer of the Barroso Lithium Project in Portugal, provided an update on its progress and development schedule. The project, classified as a Strategic Project by the European Commission, is Europes largest spodumene lithium deposit and aims to contribute significantly to Europes lithium battery value chain.
**Key Highlights**
1. **Resource Definition and Drilling**
Completed 12,463 meters of resource-related drilling across 103 holes, surpassing 50,000 meters of total drilling since 2017.
Released assay results showing high-grade lithium intersections at Pinheiro, Reservatório, and Grandão deposits.
Updated JORC Resource estimates and Exploration Targets expected in September, with anticipated tonnage increases at Reservatório and Pinheiro.
2. **Project Development Timetable**
Delayed completion of the Definitive Feasibility Study (DFS) to H1 2026 (from previous guidance of end-2025) due to pending government approval for a second land easement.
First production target shifted to 2028.
3. **Infrastructure and Environmental Licensing:**
Progress on bypass road redesign, internal haul roads, and high-voltage power infrastructure.
Ongoing RECAPE-related fieldwork and environmental licensing efforts.
4. **Strategic Support and Financing**
AICEP (Portugals Trade & Investment Agency) will support the project through its Permanent Committee for Investor Support (CPAI).
Appointed Cutfield Freeman & Company Limited as Project Finance Advisor to explore funding options, including a potential USD 270 million loan guarantee from the German Government.
5. **Market Conditions and Stakeholder Engagement:**
Improved lithium market sentiment with rising prices and strong demand, particularly in EV and BESS sectors.
Continued community engagement, land access planning, and participation in local events to strengthen regional presence.
6. **Next Steps**
Publish updated JORC Resource estimates and Exploration Targets.
Secure second land easement and advance DFS fieldwork.
Leverage AICEP support to accelerate project development.
Engage with project finance providers and maintain stakeholder engagement.
**CEO Commentary**
Emanuel Proença emphasized continued momentum towards production, confidence in resolving land easement delays, and the projects strengthening fundamentals amid improved lithium market conditions.
**About Savannah Resources**
Savannah Resources is focused on responsibly developing the Barroso Lithium Project, aiming to supply lithium for approximately half a million vehicle battery packs annually, supporting Europes energy transition goals. The company is listed on the London Stock Exchanges AIM under the ticker "SAV".