02 May 2024

Savannah Resources Plc

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

NOA JORC Resource Upgrade and Further Broad Lithium Intersections at Reservatório and Grandão

Savannah Resources Plc, the developer of the Barroso Lithium Project (the 'Project') in Portugal, Europe's largest spodumene lithium deposit, is pleased to announce as part of its ongoing work towards a Definitive Feasibility Study ('DFS') on the Project, an upgrade to the JORC 2012 compliant Resource for the NOA orebody together with further results from the current drilling programme.

Highlights:

NOA Resource Upgrade:

·    NOA resource upgrade completed following recent drilling with 93% of the total resource now in the Indicated category (previously 67%), increasing the overall geological confidence in the resource and meeting the requirements for inclusion in the DFS.

·    JORC 2012 Compliant Resource now 661,000 tonnes at 1.03% Li₂O, containing 6,800 tonnes of Li₂O.

·    The size of the resource has increased by 3% due to extending the mineralisation on the western pegmatite.

·    Further exploration potential outlined to the west, as the pegmatite is still open along strike to the west and at depth to the north.

Reservatório and Grandão Significant Drill Results:

·    Assays from 7 diamond drill holes at the Reservatório orebody have now been received, which confirm the lithium mineralisation at depth and the potential for further resource expansions.

·    The best results received, with key lithium intersections include:

o  36.48m @ 1.34% Li₂O from 31.05m in 23RESDD009

o  36m @ 1.28% Li₂O from 151m in 23RESRC039

o  21.8m @ 1.37% Li₂O from 132.3m plus 9.2m @ 1.08% Li₂O from 157m in 23RESRC041

·    Results received from two Reverse Circulation holes drilled at Grandão at the margins of the pegmatite confirm the continuity of the lithium mineralisation to the north. The best result recorded was:

o  18m @ 0.93% Li₂O from 35m in 24GRARC132.

Dale Ferguson, Savannah's Technical Director, said, "We are very pleased to have completed the first of the upgraded JORC Resource estimates for the orebodies at our Project, which are a key part of the work we are doing towards the DFS. There were no expectations to significantly increase the overall tonnage at NOA through this drilling programme, our primary objective being to upgrade as much of the tonnage as we can into the Indicated category, which we have achieved. This is particularly important as only resources in the Indicated and higher, Measured, categories can be used under the relevant guidelines in the Project's maiden JORC Reserve estimate, which will be the extractable tonnage of ore that will underpin all other technical aspects of the DFS. With 93% of the ore now in the Indicated category, the vast majority of the currently defined orebody can be considered in the future reserve estimation work. However, it is equally important to note that this orebody remains open along strike and at depth for the definition of additional ore in the future.

Away from NOA, we have also received further assays from holes previously drilled at the Reservatório and Grandão orebodies. These have demonstrated further lithium mineralisation, above the average grade for the Project at depth at Reservatório, and to the north along strike at Grandão.

Looking ahead we will have further assays to release over the next couple of months from both Reservatório and Pinheiro, where we are targeting further extensions of the high-grade mineralisation noted in our 12 March 2024 RNS as we work towards resource upgrades for the other deposits by the end of Q3 2024".

Further Information

With the completion of resource-related drilling in phase 1 of the current drill programme at the Project, an updated JORC 2012 compliant Mineral Resource Estimation could be made for the NOA deposit (Figure 1). The purpose of the drill programme was to infill the Project's geological database to classify the resources in the Indicated or Measured categories and to fulfill requirements for the DFS.

In addition, further assay results from the recent drilling at Reservatório (7 diamond drill core holes) and Grandão (2 Reverse Circulation ('RC') drill holes) have been received and confirm that the lithium mineralisation is continuing at depth and along strike.

NOA

From the results of the drilling at NOA, Savannah's resource consultant has been able to increase the geological confidence of the resource. Now 93% of the total resource has been classified in the Indicated category (previously 67%). The remaining 7% of the new estimate represents extra tonnes identified in extensions of the pegmatite bodies, particularly at the western end of the deposit area, and is classified in the Inferred category.

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

The Mineral Resource Estimate at NOA has been classified as Indicated or Inferred in accordance with the JORC code, 2012 edition and is summarised in Table 1 and Appendix 1 and 4.

Table 1 Updated 2024 Resource Estimation Summary for the NOA Deposit at 0.5% Li₂O Cut-off

Note: Minor errors occur in final resource figures due to rounding

Reservatório

Preliminary indications are that the dip of the pegmatite is becoming shallower at depth and confirms the extension of the Reservatório mineralisation at least a further 100m down dip, pointing towards a potential extension of the resource. Key lithium intersections returned in the latest batch of assays include:

·    36.5m @ 1.34% Li₂O from 31.05m in 23RESDD009

·    36m @ 1.28% Li₂O from 151m in 23RESRC039

·    26m @ 0.85% Li₂O from 155m in 23RESRC040

·    21.8m @ 1.37% Li₂O from 132.3m plus 9.2m @ 1.08% Li₂O from 157m in 23RESRC041

Drill hole 23RESDD009 was drilled in an area that is representative of the first phase of mining and the samples will also be used for metallurgical testing purposes.

Figure 2. Location of Phase 1 drilling at Reservatório with latest significant intercepts.

Figure 3. A-A' cross section of Reservatório showing latest significant assays.

Figure 4. B-B' cross section showing latest significant assays at Reservatório.

Grandão

At Grandão, the results of two RC drill holes have been received. The holes were planned to test the southern and northern margins of the main pegmatite with only the northern hole (24GRARC132) containing significant lithium mineralisation. The key lithium intersection returned in the latest batch of assays was 18m @ 0.93% Li₂O from 35m in 24GRARC132.

Future Drilling

The second phase of the current drilling programme will target Reservatório, Pinheiro and Grandão to further upgrade the resources at these deposits by the end of Q3 2024. Details for the second phase of the programme will be finalised once all results from the first phase have been received and reviewed.

Figure 5. Map of Grandão drilling showing location of Phase 1 drilling and significant intercepts

Competent Person and Regulatory Information

The information in this release that relates to Mineral Resources is based on information compiled by Mr Shaun Searle who is a Member of the Australasian Institute of Geoscientists. Mr Searle is an employee of Ashmore Advisory Pty Ltd and an independent consultant to Savannah Resources Plc. Mr Searle has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he has undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Searle consents to the inclusion in this report of the matters based on this information in the form and context in which it appears.

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). 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").

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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 battery grade 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: Key Resource Calculation Information

Geology and Geological Interpretation

At the Barroso Lithium Project, lithium mineralisation occurs predominantly in the form of spodumene-bearing pegmatites which are hosted in metapelitic and mica schists, and occasionally carbonate schists of upper Ordovician to lower Devonian age. Lithium is present in most pegmatite compositions and laboratory test work confirms that the lithium is almost exclusively within spodumene. Distinct lithium grade zonation occurs within the pegmatites, with weakly mineralised zones often evident at the margins of the intrusions. Minor xenoliths and inliers of schist are observed on occasions.

At the NOA deposit, the host pegmatite is a steeply dipping, northwest trending body which is 5m-10m in true width. It has been mapped in outcrop over much of the interpreted 440m strike length of the Mineral Resource.

The weathering profile comprises a shallow, surficial zone of weak to moderate oxidation, particularly of the schistose country rock.

Sampling and Sub-Sampling Techniques

RC drilling by Savannah was carried out using a face sampling hammer (120mm). Savannah reported that drilling conditions were good, samples were generally dry and measured sample recoveries were good other than some recorded sample loss near the hole collar in some holes.

Samples were collected at 1m intervals from pegmatite zones. For the 2017 drilling, composite sampling of typically 4m was conducted in the surrounding schists. For drilling conducted since 2018, schist was only sampled for 5m each side of the pegmatites. The 1m samples were collected through a rig-mounted riffle splitter and were 4-6kg in weight.

Diamond drilling commenced in PQ diameter and reduced to HQ diameter when competent rock was intersected. Core recovery was excellent. For sampling, core was aligned then marked with a centre line. Core was cut with a saw with half-core taken for bulk metallurgical samples. The remaining half core was cut again to produce quarter core samples for analysis. Samples were to geological boundaries then typically at 1m intervals.

Drilling Techniques

RC drilling used a 120mm bit diameter. Diamond core drilling was carried out using PQ core diameter and reduced to HQ triple tube core barrel when competent rock was intersected.

Classification Criteria

Mineral Resource classification was considered on the basis of drill hole spacing, continuity of mineralisation and data quality. At NOA, the continuity of the controlling pegmatite appears to be good. Where the pegmatite is exposed, the interpretation is supported by mapped contacts at surface and within the small pit being mined.

The portion of the NOA pegmatite defined by 20m to 40m spaced drill holes and showing good continuity of pegmatite and Li₂O distribution has been classified as Indicated Mineral Resource. The Indicated portion was extended for the full length of the pegmatite which had been exposed and mapped in the pit and was extrapolated up to 20m past drill hole intersections. Inferred Mineral Resource was assigned to those areas of the NOA deposit defined by a drill hole spacing of greater than 40m.

Sample Analysis Method

The samples were analysed using ALS Laboratories ME-MS89L Super Trace method which combines a sodium peroxide fusion with ICP-MS instrumentation utilising collision/reaction cell technologies to provide the lowest detection limits available.

A prepared sample (0.2g) is added to sodium peroxide flux, mixed well and then fused in at 670°C. The resulting melt is cooled and then dissolved in 30% hydrochloric acid. This solution is then analysed by ICP-MS and the results are corrected for spectral inter-element interferences.

The final solution is then analysed by ICP-MS, with results corrected for spectral inter-element interferences.

Estimation Methodology

The Mineral Resource was estimated within wireframes prepared using nominal 0.35% Li₂O envelopes within the broader pegmatites. The pegmatites at both the NOA deposit were estimated using ordinary kriging ("OK") grade interpolation with interpolation parameters based on the geometry of each zone. No high-grade cuts were applied to Li₂O due to the uniformly low coefficient of variation ("CV") of the data. A high grade cut of 100ppm was applied to Ta values.

The block dimensions used in the model were based on deposit geometry and drill hole spacing and confirmed with Kriging Neighbourhood Analysis ("KNA"). Parent block sizes used at the NOA deposit were 5m NS by 10m EW by 5m with sub-celling to 1.25m by 2.5m by 1.25m.

Bulk density values applied to the NOA estimate were based on values used at the Grandão deposit which were derived from a substantial number of drill core samples, as well as some samples obtained from NOA. Densities applied were 2.5t/m³ for oxide lithologies, 2.65t/m³ for unoxidised pegmatite and 2.67t/m³ for unoxidised schist.

Cut-off Grade

The Statement of Mineral Resources has been constrained by the mineralisation solids and reported above a cut-off grade of 0.5% Li₂O. The cut-off grade is supported by previous mining studies.

Mining and Metallurgical Methods and Parameters

Previous high-level mining optimisation work indicates the vast majority of the NOA Mineral Resource can be mined using open pit techniques as part of the larger operation at the Project.

Metallurgical test work has been conducted by Savannah on representative mineralisation at the Grandão deposit. The work was completed by Nagrom Metallurgical in Australia and confirmed that high grade lithium, low grade iron concentrate can be generated from the mineralisation using conventional processing technology. Microscopy confirmed that the concentrate was almost entirely spodumene.

This test work indicates that the material can be utilised in the plant feed to generate a spodumene concentrate of >5.5% Li₂O. To achieve this, the composite samples were ground to a particle size of P₈₀ 150µm, which demonstrated an average Li₂O processing recovery of 75.3%.

Additional metallurgical test work is underway and there is no reason to consider that the NOA mineralisation will behave any differently to the Grandão deposit.

APPENDIX 2 - Drill hole locations of Phase 1 RC and Diamond Resource Holes.

APPENDIX 3 - Summary of Recent Significant Intercepts using a 0.5% Li₂O Cutoff.

APPENDIX 4 - 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

JORC Table 1 Section 3 Estimation and Reporting of Mineral Resources