Business
Financial Results for the Year Ended 31 Dec 2020
Financial Results for the Year Ended 31 Dec 2020.
About this update from Savannah Resources Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 5036A\n Savannah Resources PLC\n 02 June 2021\n \n \n \n \n \n 2 June 2021\n \n Savannah Resources Plc\n ('Savannah' or the 'Company')\n \n Financial Results for the Year Ended 31 December 2020\n \n Savannah Resources plc (AIM: SAV, FWB: SAV and SWB: SAV), the resource development company, is pleased to announce its audited financial results for the year ended 31 December 2020.\n \n 2020 Summary:\n Mina do Barroso Lithium Project, Portugal\n \n • \n Submitted the Project's Environmental Impact Assessment and Mine Plan to the Portuguese authorities for the Environmental Licencing process\n \n \n • \n Advanced negotiations around the Project's future commercialisation\n \n \n •\n Continued with the metallurgical test work programme in Australia and desk-based project design tasks while field work was restricted by COVID-19\n \n \n • \n Continued with widespread stakeholder engagement while observing COVID-19 restrictions\n \n Mutamba Mineral Sands Project, Mozambique\n \n • \n Received the 3rd and final Mining Concession Licences covering the project's 4.4Bt resource\n \n \n • \n Initiated work programmes to meet the Mining Licence obligations\n \n \n • \n Initiated a review to identify the best technical and corporate development options available\n \n Block 4 & 5 Copper Projects, Oman\n \n • \n Divested Savannah's majority stakes in these non-core assets to ASX-listed Force Commodities Ltd; the transaction structure gives Savannah ongoing exposure to the projects\n \n Corporate\n \n •\n Introduced COVID secure working practices and additional business mitigation measures to protect our staff, stakeholders and the Group from the impacts of COVID-19\n \n \n •\n Qualified\n to receive support from the Business Investment Platform initiative managed by EIT InnoEnergy, coordinator of the European Commission's European Battery Alliance\n \n \n • \n Completed an oversubscribed £2.3m (gross) equity financing\n \n \n • \n Loss from continuing operations of £2.9m (2019: £3.6m); overall loss including non-cash adjustment to intangible assets associated with Oman divestment £8.3m (2019: £3.8m)\n \n \n • \n Year-end cash position of £2m\n \n \n Subsequent Events & 2021 Outlook\n Mina do Barroso Lithium Project, Portugal\n \n •\n Public consultation on the EIA initiated in A...