The Competent Person, Mr Allan Earl, made a site visit to the Project in November 2025. During this time, Mr Earl visited the core shed, the open pit locations and the site of the proposed processing plant. The locations for the tailings storage facilities, power supply and other infrastructure were observed and discussed with the Savannah Project Manager. No material issues were identified during the site visit. 

The study is at a Feasibility Study level.

A marginal cut-off grade of approximately 0.43-0.46% Li₂O was calculated based on project-specific economic parameters. Due to the Mineral Resource being reported at a 0.5% Li₂O cut-off, a reporting cut-off grade of 0.5% Li₂O was applied.

Mineral Resources were converted to a mine plan through Whittle pit optimisation (Lerch-Grossmann algorithm) followed by detailed pit design and life-of-mine scheduling. The study is based primarily on Measured and Indicated Resources, with a minor proportion (~3%) of Inferred material included in the design and schedule.

A conventional open pit drill, blast, load and haul mining method has been selected. This is appropriate for the shallow, laterally continuous pegmatite-hosted mineralisation and project scale. Selective mining is applied in narrower zones to control dilution. Access is via staged pit ramps, with moderate pre-strip requirements. Waste is managed via ex-pit dumps and progressive in-pit backfilling.

The open pit inventory for scheduling (inclusive of Inferred Mineral Resources) and reporting is summarised in the table below.

Geotechnical parameters are based on drilling, laboratory testing and stability analysis across multiple domains. Key parameters include batter angles of ~55-75°, inter-ramp angles of ~36-56°, batter heights up to 20 m and berm widths up to 8.5 m. Overall slope angles used in optimisation are ~30-48°. Grade control is assumed to be undertaken via RC drilling and geological supervision. Geotechnical confidence is moderate to high, with risks managed through design and monitoring.

Pit optimisation was undertaken using Whittle software with assumptions including: lithium concentrate SC6 (equivalent) price of US$1,200/t, processing cost of US$22.8/t, other ore cost of about $11/t, metallurgical recovery of 65-74%, contractor-based mining costs, and domain-based slope constraints.

Dilution is applied through a 1 m skin and additional contaminated zone to reflect practical mining selectivity.

No explicit mining recovery factor has been applied beyond dilution assumptions; recovery is incorporated through metallurgical performance.

A minimum mining width of about 20 m has been applied, with typical stage widths of 60 m to ensure practical excavation and equipment access.

 Mining requires conventional open pit infrastructure including haul roads, pit ramps, ROM pads, ex-pit waste dumps and in-pit backfilling. Infrastructure design is integrated with environmental and permitting constraints and is considered appropriate for the selected mining method.

The proposed process plant utilises a conventional spodumene beneficiation flowsheet comprising crushing, grinding, dense media separation (DMS), magnetic separation and flotation to produce a spodumene concentrate (5.5% Li₂O). The process is appropriate for pegmatite-hosted lithium mineralisation dominated by spodumene and is based on well-established, widely used technology with no novel unit operations.

A staged metallurgical testwork program has been completed, including comminution, DMS, magnetic separation, mica and spodumene flotation, variability testing, and locked-cycle and pilot-scale testwork. Testwork confirms ore amenability to conventional processing and supports flowsheet selection. Results are considered broadly representative, although testing is weighted towards the Grandão deposit.

Metallurgical recoveries are assumed as a function of Li₂O head grade, typically ranging from approximately 65% to 74%, with higher recoveries (approximately 77-82%) demonstrated in locked-cycle testing. Flotation stage recoveries are typically 87-93% Li₂O. Concentrate grades of approximately 5.5-6.0% Li₂O are consistently achieved.

Key assumptions include DMS pre-concentration rejecting approximately 23% of mass with ~4% Li₂O loss at an optimal cut density of 2.65. Flotation follows grinding (150 µm), desliming (20 µm) and magnetic separation. Performance is sensitive to feed grade, mica content and reagent dosing, requiring operational control and potential blending.

Variability testwork across multiple deposits indicates generally consistent product grade, with recovery variability linked to head grade, mica content and material type. Lower grade material shows reduced recovery potential.

Some scale-up metallurgical testwork has been undertaken, providing further validation of proposed process flowsheet and confirm its performance at a larger scale. This included campaigns conducted by Nagrom, which successfully produced bulk spodumene concentrates (including approximately 55 kg and 200 kg of SC 6.0 product) using Barroso Lithium Project ore samples.

Limited allowances have been made for deleterious elements. Iron (Fe₂O₃) is partially accounted for in resource modelling, with typical grades of about 1% in ore and about 4% in waste.

The mine plan has been developed to align with the approved footprint and minimise deviation from prior government approvals. Waste rock has been characterised as chemically stable and inert, with testwork confirming non-acid forming material and negligible risk of acid mine drainage or significant metal leaching.

Potential sites and design options for waste rock landforms, in-pit backfill, soil stockpiles, ROM areas and the tailings storage facility have been incorporated into the mine layout, with progressive backfilling planned to restore natural drainage and support closure objectives. Waste dump and backfill designs, sediment control infrastructure, and drainage and stability design have been completed to a FS-level by Knight Piesold.

Environmental and permitting constraints materially influence mine design, including pit extents, stockpile locations and infrastructure layout. Process residues are planned to be dry stacked in the Tailings Storage Facility (TSF), and while design concepts are defined, further work is required to finalise detailed engineering, confirm waste material suitability and ensure compliance with permitting and closure requirements.

Waste rock geochemistry indicates non-acid forming material with low sulphide content and high neutralisation capacity, with no significant risk of acid mine drainage or deleterious metal leaching identified.

The Barroso Lithium Project has access to suitable infrastructure to support mining and processing operations. Adequate land is available within the approved project footprint for the development of pits, processing plant, waste rock landforms, tailings storage facility and associated infrastructure, although spatial constraints require careful layout optimisation.

The project is well serviced by existing road networks and is located approximately 145 km from the Port of Leixões, providing access for export of spodumene concentrate and import of supplies. Access to labour is considered favourable, with a local workforce available and additional specialist personnel sourced externally and accommodated in nearby towns.

Water supply is supported by local hydrological conditions, with surface water management and potential groundwater abstraction incorporated into the project design. Power permitting and design studies have been completed and have been submitted to the regulator for approval.

No explicit penalties for deleterious elements have been applied in the revenue assumptions.

The pre-production capital cost is $418 million, including $40 million in contingencies.

Capital costs for the process plant and power supply of $181 million were estimated by Sedgman in US dollars at May 2026 to a +/- 15% accuracy. Owner's pre-production capital costs for pre strip, earthworks and site infrastructure costs total $197 million. There is no allowance for sunk costs.

Sustaining capital costs over the life of mine total $97 million. Closure capital costs, including backfilling and contouring of pits, totals $237 million.

During production mining costs in the economic model average $5.48/t rock and are based on 2026 local contractor fixed and variable schedule of rates. Processing costs average $24.13/t ore and G&A costs total $8.00/t ore over the life of mine.

Concentrate has been assumed for delivery to export facilities, reflecting haulage from site to the Port of Leixões via existing road infrastructure. Logistics costs average $27.1/t SC 5.5 concentrate over the life of mine.

The cashflow includes a Portuguese Government grant of $126.5 million paid in two tranches during construction and production.

The project produces a saleable spodumene concentrate (5.5% Li₂O), with pricing based directly on SC5.5 concentrate and no penalties applied for grade. A portion of the mica and DMS tails are assumed to be saleable byproducts. The inability to make these byproduct sales may result in insufficient licensed TSF capacity being available.

A royalty of 3.0% has been applied to revenue in the economic evaluation. No additional private or third-party royalties have been applied. Selling costs, including royalties, total $89 million over the life of mine.

Revenue assumptions are based on a long-term spodumene concentrate price of US$1,200/t (SC6 basis). Metallurgical recovery is applied as a function of head grade, typically ranging from approximately 65% to 74%, resulting in concentrate production consistent with the project mineralogy.

Head grades are derived from the Mineral Resource model, incorporating dilution through a 1 m waste skin.

Potential by-product revenue of about $224 million from DMS floats and flotation tailings has been assessed using independent Iberian ceramics market studies, with pricing and saleability assumptions based on comparable feldspar and feldspathic sand products.

Savannah's cashflow model includes $126.5 million of Portuguese Government grants as the project is designated as strategic under the European Critical Raw Materials Act.

Lithium demand is driven by global electrification, particularly growth in electric vehicles (EVs) and energy storage systems, which are expected to underpin strong long-term demand for spodumene concentrate as a key feedstock for lithium chemicals. Demand growth is supported by decarbonisation policies and expanding battery manufacturing capacity, with EVs expected to dominate lithium consumption in coming decades.

Supply is currently dominated by hard rock operations (primarily Australia) and brine operations in South America, with supply concentrated in a small number of jurisdictions. While the market has experienced periods of oversupply and price volatility, forecasts indicate tightening market conditions in the near to medium term, with potential supply deficits emerging if new projects are delayed.

Factors likely to affect future supply and demand include EV adoption rates, battery technology evolution, geopolitical considerations, permitting timelines, and the pace of new project development. Overall, long-term fundamentals for lithium remain positive, although pricing is expected to remain volatile in the short term.

The European Union has identified lithium as a critical raw material and is actively supporting its development through policy initiatives such as the Critical Raw Materials Act, which aims to increase domestic extraction, processing, and recycling capacity. Financial support mechanisms, including the European Battery Alliance, IPCEI funding, and European Investment Bank financing, are intended to strengthen a secure and sustainable battery supply chain. While permitting and environmental requirements remain stringent, these frameworks provide a supportive backdrop for lithium project development within Europe.

Market spodumene concentrate studies have been sourced from experienced and reputable market analysis and price forecasting agencies. A long-term spodumene concentrate price of approximately US$1,200/t (SC6 basis) has been used in the economic model.

The project economic model is based on the mine schedule (inclusive of 3% Inferred), and recent contractor mining schedule of rates quotations, processing and G&A capital and operating costs estimated by Sedgman and Savannah using recent consumables, maintenance and labour rates.

The project has a positive post-tax net present value (NPV) of about $376 million (based on a FY 2027 construction start) at an 8% discount rate. The project is sensitive to operating costs and concentrate prices.

The Barroso Lithium Project remains subject to ongoing stakeholder engagement and regulatory processes associated with environmental approval. A positive Environmental Impact Statement decision, the DIA, has been issued by the Portuguese environmental authority, enabling the project to progress to the RECAPE stage, during which the project design is assessed for compliance with the conditions of the DIA.

Public consultation has formed part of the permitting process and has been used to identify and address environmental, community and land access concerns. The project is located near several local communities, with some communities within approximately 2 km of the proposed development, and social licence to operate remains a key project consideration.

Stakeholder engagement is ongoing with local communities, landholders, regulators and other relevant parties. Key matters include environmental management, community impacts, land access, potential land acquisition requirements, and compliance with permitting conditions. Continued consultation, transparent management of environmental and social impacts, and satisfaction of regulatory requirements will be required to secure and maintain social licence to operate.

Based on the project's progression through the environmental assessment process, including receipt of a positive DIA and advancement of the RECAPE process, Savannah has a reasonable basis to believe that the remaining environmental and government approvals can be obtained within the project timetable. This expectation is subject to satisfactory completion of the RECAPE process, compliance with DIA conditions, continued engagement with regulators and stakeholders, and the timely resolution of any outstanding land access, environmental, social or permitting matters.

Several naturally occurring risks have been identified that may impact the project.

Topography and terrain variability is significant, with steep and rugged ground conditions influencing mine design, waste dump placement and access, and potentially impacting operational efficiency and construction requirements.

Geological and metallurgical variability, including reliance on assumptions from the Grandão deposit and limited data on weathered and lower-grade material, introduces uncertainty in recovery, grade control and overall project performance.

The Barroso Lithium Project is held under the C-100 mining concession, granted by the Portuguese government and covering approximately 542 ha, with proposed extensions to increase the exploitation area. The project has progressed through key regulatory stages, including approval of the Environmental Impact Assessment (DIA) and advancement of the RECAPE process to obtain the final environmental licence required for development.

Ore Reserves have been classified in accordance with the JORC Code (2012) based on the level of confidence in the underlying Mineral Resource and the application of Modifying Factors derived from FS-level inputs, and have been classified as Probable Ore Reserves. Probable Ore Reserves are derived from Measured and Indicated Mineral Resources. The classification reflects consideration of mining, metallurgical, geotechnical, environmental, economic and legal factors, including pit optimisation, mine design, processing assumptions, cost inputs and permitting status. Confidence in Modifying Factors is considered sufficient to support classification at a Probable Ore Reserve level. No Ore Reserves have been derived from Inferred Mineral Resources.

No independent audits or external reviews of the Ore Reserve estimates have been reported. Internal review and peer review processes have been undertaken as part of the study preparation by experienced consultants

The Ore Reserve estimate is considered to have a level of accuracy and confidence, consistent with a Probable Ore Reserve derived from Measured and Indicated Mineral Resources and supported by FS-level Modifying Factors. The statement of confidence applies to the global Ore Reserve estimate, which is appropriate for mine planning and economic evaluation at the project scale.

The level of confidence reflects the quality of the underlying Mineral Resource, mine design, scheduling, and cost inputs, including contractor-based mining costs and established processing assumptions. However, some uncertainty remains in key Modifying Factors, including metallurgical variability across deposits, and limited testwork on weathered and lower-grade material, which may impact local accuracy.

Other factors that may influence the relative accuracy include assumptions regarding dilution and ore loss modelling, recovery as a function of grade, waste handling and backfilling requirements, and permitting and land access constraints. These factors remain subject to refinement through ongoing engineering, testwork and operational validation.

No production data is available for comparison at this stage. Overall, the estimate is considered suitable for project evaluation at the FS-level, with further refinement expected during project development and early operations