Update on Heads of Agreement with MRG Metals Ltd

 

30 December 2022

 

Savannah Resources Plc

(AIM: SAV, FWB: SAV and SWB: SAV) ('Savannah', or the 'Company')

 

Extension to Due Diligence period for potential divestment of last remaining Mozambique Mining Concession

 

Savannah Resources, the European lithium development company, is pleased to provide an update on the Binding Heads of Agreement ('HoA') announced on 9 November 2022 between its subsidiary AME EAST AFRICA LIMITED and MRG Metals Limited (ASX: MRQ, 'MRG') in relation to an option agreement under which MRG could acquire Mining Concession 9735C in Mozambique, (the "Proposed Transaction").

 

To allow more time for MRG to complete its due diligence on the Proposed Transaction, the parties have agreed by mutual consent to extend the due diligence period to 27 January 2023. The previously allotted due diligence period expired on 24 December 2022.

 

All other aspects of the Proposed Transaction remain unchanged.

 

Further updates on the Proposed Transaction will be provided in due course.

 

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) 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	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'.