Business
Final Results and Notice of AGM
Final Results and Notice of AGM.
About this update from Savannah Resources Plc
[{"type":"text","content":"\n \nRNS Number : 6246Z Savannah Resources PLC 21 May 2019 \n\n21 May 2019 \nSavannah Resources Plc\n \nFinancial Results for the Year Ended 31 December 2018\nand \nNotice of Annual General Meeting\n \nSavannah Resources plc (AIM: SAV, FWB: SAV and SWB: SAV) ('Savannah', the 'Company' or the 'Group'), the AIM quoted resource development company focused on developing the Mina do Barroso lithium mine in Portugal, and projects in Mozambique and Oman, is pleased to announce its audited financial results for the year ended 31 December 2018. \n \nThe Company also gives notice that its Annual General Meeting ('AGM') will be held on 18 June 2019 at St. James 1 Room, Institute of Directors, 116 Pall Mall, London, SW1Y 5ED at 10:00am.\n \nOverview:\n \n· Mina do Barroso now confirmed as the largest resource of spodumene lithium in Western Europe with a current resource of 23.5Mt at 1.02% Li2O for 241,000t of contained Li2O:\no Post-tax NPV8 of US$241m and IRR of 48.6% published in Scoping Study \no Feasibility Study commissioned with results expected in H2 2019\no Purchased an option to acquire a suite of adjacent tenement blocks ('Aldeia') which are currently subject to a separate Mining Lease application\no Drilling on Aldeia Block A returned the highest assay to date from the Project area with an intersection of 45m at 1.67% Li₂O from 89m, including 22m at 2.00%\no Mina do Barroso strategically positioned as an economically attractive source of significant lithium supply for Europe's rapidly developing lithium ion battery industry with potential to supply c.40% of the forecast lithium demand from Europe's automotive industry in 2025\no Discussions initiated with potential offtake and strategic partners and providers of project finance\no Portuguese Government-announced lithium strategy demonstrates commitment to creating a new national industry based on the country's significant lithium resources and the growing lithium demand forecast from the EU\no Agreement to acquire the remaining 25% of the Project from the minority owners resulting in 100% ownership\n· Progress continues at Mutamba Miner...