26 February 2024

Savannah Resources Plc

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

Barroso Lithium Project: Phase 1 Resource Drilling Completed

Savannah Resources Plc, the developer of the Barroso Lithium Project (the 'Project') in Portugal, Europe's largest spodumene lithium deposit, is pleased to announce the completion of the resource-related drilling in the first phase of its current two-phase drilling programme. The first set of assays from holes drilled at the NOA and Reservatorio orebodies have also been received showing excellent grades and continuity of mineralisation. These results, along with those still to be received, will be used to finalise plans for the second phase of drilling and will be fed into new resource estimates for the orebodies as part of the Project's ongoing Definitive Feasibility Study ('DFS').

Highlights:

·    First phase of DFS-related resource drilling at the Project has been completed. Phase 1 drilling for metallurgical and geotechnical purposes, will be completed during March 2024

·    The resource infill drilling programme was designed to upgrade existing Indicated and Inferred resources at NOA, Reservatorio, Pinheiro and Grandao to both Measured and Indicated categories so that it can be used to define a maiden JORC (2012) compliant Reserve as part of the DFS study.

·    In total 3188.5m were drilled across 39 Reverse Circulation ('RC') holes (3 with diamond tails) and 3 diamond drill holes

·    Results have now been received from 25 holes with the best assays reported including:

o  41m @ 1.21% Li₂O from 159m in 23RESRC038

o  40m @ 1.17% Li₂O from 70m in 23RESRC045

o  11m @ 1.22% Li₂O from 13m in 23NOARC040

o  13m @ 1.12% Li₂O from 31m in 23NOARC041

o  8m @ 1.34% Li₂O from 21m in 23NOARC036

·    Initial results received from two holes at Reservatorio show the lithium mineralised pegmatite continuing at depth and have returned 40m+ widths with excellent lithium mineralisation grades.

·    Results received to date from the NOA deposit confirm the continuity of the lithium mineralisation and have highlighted that the pegmatite continues to the northwest on the Mining Lease area, beyond the current envelope of the resource.

·    Diamond tails drilled at Reservatorio to access deeper parts of the pegmatite have returned notable pegmatite intersections, logging and sampling of these is currently underway.

·    Geotechnical diamond drilling has begun at NOA and Reservatorio, to aid in finalising the mine designs.

·    Geologia e Geotecnia Consultores Lda., a geological consulting firm from Portugal, has been appointed to carry out the preliminary geotechnical assessment.

Next steps:

·    Further assay results will be released as they are received.

·    Completion of phase 1 geotechnical and metallurgical drilling.

·    Planning for the second phase of drilling to be completed once all results are in hand.

The Company still expects to begin updating the JORC resource estimates on a deposit-by-deposit basis later this quarter.

Savannah's Technical Director, Dale Ferguson said, "After some minor delays caused by severe weather and technical issues with the equipment, the resource-related drilling in the first phase of the current campaign is complete. To date we have received assays from 25 of the 42 holes drilled which have been largely consistent with previous orebody grades but did include some notably higher-grade intercepts. The drilling has also confirmed that mineralisation continues beyond the current resource envelopes at Reservatorio and NOA.

"While the geotechnical and metallurgical drilling continues at the Project, our job is to take the data from this first phase of resource drilling and to produce new, upgraded, JORC resource estimates for the relevant orebodies. We expect to produce the first of these before the end of the current quarter. We will also use the first phase results, once all are received, to finalise our planning for the second phase of the programme.

"Completion of the first phase of resource-related drilling and the subsequent results represent genuine progress towards Savannah's target of completing the Project's DFS later this year. We now look forward to publishing more assay results and new resource estimates in the months ahead."

Savannah's CEO, Emanuel Proença added, "The technical team has performed really well over the winter, ensuring that we make the progress needed to stay on track with our schedule. The results are exciting, and they reinforce that the largest spodumene resource in Europe continues to have potential to grow significantly. We are one step closer to delivering this much awaited project, which is so required for a thriving European EV battery value chain. We are conscious of how important this project can be in helping to control the geopolitical and raw material supply challenges which threatens the fulfilment of the EU's energy transition strategy after 2026, and we will deliver."

Further Information

The first phase of infill resource drilling at the Barroso Lithium Project has been completed with a total of 3188.5m drilled across 39 Reverse Circulation ('RC') holes (3 with diamond tails) and 3 diamond drill holes (Figure 1 and Appendix 1). This Phase 1 programme has been designed to infill the drilling primarily at Reservatorio, NOA, Pinheiro and Grandao to allow upgrades to the existing JORC Inferred and Indicated resource into the Measured and Indicated categories. This is a requirement for the Definitive Feasibility Study  with the upgraded resources set to provide the foundation for the Project's first JORC Reserve estimate.

Figure 1. Barroso Lithium Project summary map showing deposits and drill hole locations.

Assay results have been received for the 23 RC holes drilled at NOA that were completed to confirm the continuity of the mineralisation of the pegmatite. At Reservatorio 8 RC holes (3 with diamond tails) and 3 diamond holes have been drilled with results back for two of the holes (Appendix 2).

Key lithium intersections returned to date include:

Reservatorio

·    41m @ 1.21% Li₂O from 159m in 23RESRC038

·    40m @ 1.17% Li₂O from 70m in 23RESRC045

NOA

·    8m @ 1.34% Li₂O from 21m in 23NOARC036

·    7m @ 1.16% Li₂O from 16m in 23NOARC037

·    11m @ 1.22% Li₂O from 13m in 23NOARC040

·    13m @ 1.12% Li₂O from 31m in 23NOARC041

·    9m @ 1.18% Li₂O from 0m in 23NOARC044

The drilling at Reservatorio (Figures 2-4) targeted depth extensions of the pegmatite as defined in the resource estimation to confirm continuation of the lithium mineralisation, with significant intersection widths of 30 to 40m. The indications are that the dip of the pegmatite is becoming shallower at depth, which would offer a more attractive target for further drilling.

Figure 2. Location of Phase 1 drilling at Reservatorio with significant assays & intercepts received to date.

Figure 3. Cross section 1 (A-A') of Reservatorio deposit.

Figure 4. Cross section 2 (B-B') of Reservatorio deposit.

At NOA, the drilling (Figures 5 and 6) has confirmed the continuity of mineralisation and shown that it is still extending at depth and continues along strike to the northwest on the Mining Lease area, which will be a target for follow up at a later stage.

Figure 5. Location of Phase 1 resource infill drilling at NOA with significant intercepts.

Figure 6. Cross section (C-C') of NOA deposit.

At Pinheiro, 6 RC holes were completed on the western pegmatite to infill the previous drilling and to assess the northern continuation of the pegmatite. The topography limited the location of drill pads meaning several of the holes had to be drilled towards the west following the dip of the pegmatite and not towards the east to intersect the mineralisation. Results are still pending for this drilling.

Competent Person and Regulatory Information

The information in this announcement that relates to exploration results is based upon information compiled by Mr Dale Ferguson, Technical Director of Savannah Resources Limited. Mr Ferguson is a Member of the Australasian Institute of Mining and Metallurgy (AusIMM) and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the December 2012 edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" (JORC Code) and under the AIM Rules for Companies. Mr Ferguson consents to the inclusion in the report of the matters based upon the information in the form and context in which it appears.

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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About Savannah

Savannah Resources is a mineral resource development company and the sole owner of the Barroso Lithium Project in northern Portugal, the largest spodumene lithium resource outlined to date in Europe.

Through the Barroso Lithium Project (the 'Project'), Savannah will help Portugal to play an important role in providing a long-term, locally sourced, lithium raw material supply for Europe's rapidly developing lithium battery value chain. After the Environmental Licence was granted in May 2023 and the Scoping Study confirmed the economic potential of the Project in June 2023, production is now targeted and on track to begin in 2026. At that stage, Savannah will start producing enough lithium for approximately half a million vehicle battery packs per year, equal to a significant portion of the European Commission's Critical Raw Material Act goal of a minimum 10% of European endogenous lithium production set for 2030. Savannah is focused on the responsible development and operation of the Barroso Lithium Project so that its impact on the environment is minimised and the socio-economic benefits that it can bring to all its stakeholders are maximised.

The Company is listed and regulated on the London Stock Exchange's Alternative Investment Market (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".

APPENDIX 1 - Drill hole locations of Phase 1 RC and Diamond Resource Holes.

APPENDIX 2 - Summary of Significant Intercepts from NOA and Reservatorio using a 0.5% Li₂O Cutoff.

APPENDIX 3 - JORC 2012 Table 1 -DFS Infill Drilling

JORC Table 1 Section 1 Sampling Techniques and Data

JORC Table 1 Section 2 Reporting of Exploration Results