Business
Final Results for the Year Ended 31 December 2019
Final Results for the Year Ended 31 December 2019.
About this update from Savannah Resources Plc
[{"type":"text","content":"\n \n \n RNS Number : 5404G\n Savannah Resources PLC\n 18 March 2020\n \n \n \n 18 March 2020\n \n Savannah Resources Plc ('Savannah' or the 'Company')\n \n Annual Report and Financial Statements for the Year Ended 31 December 2019\n \n \n Savannah Resources Plc ('Savannah' or the 'Company') is pleased to announce its audited financial results for the year ended 31 December 2019. \n \n \n 2019 Summary\n Mina do Barroso Lithium Project, Portugal\n \n · Became sole project owner through the acquisition of the minority 25% stake\n \n · Executed an option to acquire an adjacent lithium Mining Lease Application area\n \n · Advanced negotiations around the project's future commercialisation and financing including engagement with several of the European Commission's lithium battery-related initiatives\n \n · Progressed the Environmental Impact Assessment ('EIA') and Definitive Feasibility Study ('DFS')\n \n · Expanded the DFS' metallurgical test programme to further de-risk the project's future production\n \n · Increased the Li2O resource by 37% y-o-y and announced a maiden 14.4Mt co-product resource\n Mutamba Mineral Sands Project, Mozambique\n \n · Received three 25-year Mining Concession Licences covering the project's 4.4Bt resource\n Block 4 & 5 Copper Projects, Oman\n \n · Received notice of the Oman authorities' 'intention to grant' two Mining Licences on Block 5\n \n · Initiated a strategic review reflecting the lower priority ranking now given to these assets\n Corporate\n \n · Completed a £5m (gross) equity financing to allow expansion of the Mina do Barroso DFS\n \n · Loss of £3.8m (2018: £3.4m)\n \n · Year-end cash position of £3.5m\n \n 2020 Outlook\n Mina do Barroso Lithium Project, Portugal\n \n · Submit the project's EIA and other licencing related documents to the authorities for review and approval, plus expand the community engagement activities\n \n · Commercialise the project by partnering with customers and other strategic groups\n \n · Complete the project's DFS in support of securing construction financing\n Mutamba Mineral Sands Project, Mozambique\n \n · Progress the Project's Pre-Feasibility Study\n Block 4 & 5 Copper Projects, Oman\n \n · Complete the strategic review of these assets and action the conclusions\n \n To view the press release with the il...