Business
Update on Strategic Partnering Process
Update on Strategic Partnering Process.
About this update from Savannah Resources Plc
[{"type":"text","content":"\n\n \n \n4 March 2024\n \nSavannah Resources Plc\n(AIM: SAV, FWB: SAV and SWB: SAV) ('Savannah', or the 'Company')\n \nUpdate on Strategic Partnering Process\n \nSavannah Resources Plc, the developer of the Barroso Lithium Project (the 'Project') in Portugal, Europe's largest spodumene lithium deposit, is pleased to provide an update on the 'Strategic Partnering Process' (the 'Process') it is running to identify partners for the Project, and the evaluation the Company is conducting into additional sources of public finance for the Project.\n \nSavannah's Process to identify strategic partners has now progressed to phase two, broadly within the expected timeframe. Interest was confirmed from a number of relevant tier one groups located along the lithium battery value chain, or looking to enter it. As planned, Savannah is now moving forward with a shortlist of potential partners, who are expected to conduct further due diligence on both the Project and Savannah in the weeks ahead. This will include engagement with Savannah's management team and the Company's advisers in the Process, Barclays and Barrenjoey. Further updates will be provided as appropriate.\n \nIn parallel with the Process, Savannah continues to research and analyse sources of public funding which may be available to the Company as it seeks to progress the Project. This includes various Portuguese government funding solutions and some European Union funding opportunities, which are either applicable to certain aspects of the Project or the Project as a whole, given its focus on a 'Strategic' and 'Critical' raw material.\n \nSavannah's Chief Executive Officer, Emanuel Proença said, \"My thanks go to all those group...