Corporate & Financing workstreams Update

20 July 2026

                                                                                  Savannah Resources Plc

(AIM: SAV) ('Savannah', or the 'Company')

Corporate & Financing workstreams Update

Good progress made on multiple fronts in preparation for construction

Savannah Resources Plc, the developer of the Barroso Lithium Project in Portugal (the 'Project'), a 'Strategic Project' under the European Critical Raw Materials Act and Europe's largest spodumene lithium deposit is pleased to provide an update on matters associated with the future financing and commercialisation of the Project. Together with the Portuguese State grant of up to €110m which was awarded in January 2026, these other financing options are expected to make a significant capital contribution towards the construction of the Project.

Highlights:

·    Project Finance debt process advancing with independent due diligence advisers appointed for technical, environmental, social and legal workstreams. Savannah has received first non-binding offers and expects to receive post-due diligence conditional Project Finance offers from commercial banks in the coming months.

·    As part of the lender process, Savannah has continued discussions with KfW IPEX-Bank and Euler Hermes regarding a potential German Government loan guarantee and debt facility.

·    Spodumene Offtake: Savannah is negotiating with a shortlist of high quality potential partners and expects to secure a second potential offtake partnership later this year to complement the existing agreement with AMG Critical Materials N.V. ('AMG').

·    By-product offtake: Savannah has negotiated and signed non-binding Letters of Intent ('LOIs') with a number of potential offtakers for future by-product streams indicating potential demand of up to approximately 865ktpa. The Definitive Feasibility Study ('DFS'), announced last week, assumes sales of 600ktpa.

·    Additional stock market listing: Savannah is assessing a dual listing on a regulated market, to improve access to its shares for investors outside the UK, support future financing plans and maximise shareholder value. The structure and calendar of an additional listing is still being analysed and further updates will be provided in due course as appropriate.

Emanuel Proenca, Chief Executive Officer of Savannah said, "Alongside the work on the recently completed Phase 1 DFS, the team have been working hard to give Savannah optionality for the Project's future construction financing. Good progress is being made towards securing the debt financing which we expect to make up the largest portion of the Project's overall financing. Interest from lenders is strong based on the Project's underlying robust economics, its location in a low-risk jurisdiction and the strategic value placed on lithium by the European Union and its member states.

"Offtake discussions are also developing well. The lithium market is buoyant, Savannah has a meaningful amount of good quality concentrate available for sale and the support the Project has received from Portugal and the European Commission is helping to build confidence among potential counterparties. We expect to strike a positive agreement on this material with terms that will support the Project's development. Good progress has also been made on future by-product sales.

"The decision to analyse a regulated market listing reflects the growing demand we have seen from European and international investors to participate in Savannah's development, and reflects the Board's goals to increase accessibility for investors and create additional shareholder value.

"With lots of developments underway on multiple fronts the remainder of the year is going to be a very busy, exciting and decisive period for the Company."

Additional Information

Project Financing

Savannah has been working with its adviser Cutfield Freeman & Co since 2025 to engage with a range of commercial project finance providers. Following an initial market sounding exercise last year, which identified significant interest in supporting the Project's construction through debt financing, Savannah is now working with a shortlist of potential lenders. The shortlist includes a number of European and International banks and finance providers who regularly lend into the mining sector. With initial reviews of the Project's technical, social and legal frameworks already completed, the process has moved on to the detailed due diligence stage. To support this, Savannah has recently appointed the following independent advisers to provide the necessary documentation:

·    Technical: Palaris - An international mining consultancy which has worked on over 4,000 projects to date and has significant experience on mining finance related topics including independent due diligence assessments for debt providers.

·    Social and Environmental: ERM - An international consultancy firm focused on operationalising sustainability with over 50 years of experience across environmental, health, safety, risk and social engagement.

To support the Project the Portuguese law firm, Morais Leitão Advogados and international law firm, Herbert Smith Freehills Kramer LLP ('HSFK') have been appointed based on their expertise across Project Finance, mining projects and lithium.

Based on the progress made in the process to date and with the Phase 1 DFS now completed and returning a post-tax net present value of US$913m for the Project, Savannah expects to secure conditional Project Finance offers by year end.

In addition to this work, Savannah continues its discussions with KfW Ibex-Bank and Euler Hermes in regard to the potential for a loan guarantee from the German Government and a loan from KfW Ibex-Bank which resulted from Savannah's offtake Heads of Terms  with AMG (see 3 December 2024 announcement).

Offtake & Strategic Partnerships

Spodumene concentrate offtake

Assurance on future sources of revenue is an important parameter for potential Project Finance lenders. Hence, Savannah is working to secure a second partnership later this year to complement its existing non-binding offtake Heads of Terms with AMG. Pleasingly, backed by a strong lithium market, commercial interest in the remaining spodumene concentrate available for offtake from the project has been high. As with Project Finance, from an initial market sounding exercise, Savannah is now working with a shortlist of high quality commercial groups which represent a broad range of those active in the lithium value chain around the world.

By-product offtake

As outlined in the recent DFS, the operation will generate several mineral by-product streams, including DMS floats, process tails, a mica concentrate and flotation tails which have potential applications in ceramic, sand and other industrial applications.

Direct engagement with market participants, including industrial users, traders and producers, has confirmed interest in the by-product streams and Savannah has secured multiple non-binding LOIs with selected counterparties, demonstrating the potential demand and commercial viability. The LOIs indicate potential sales volumes and pricing ranges with potential demand up to approximately 865ktpa. For modelling purposes, combined sales of around 600ktpa were assumed in the recent Phase 1 DFS with a weighted average sales price of US$27/t. In addition to the c.5% contribution to the Project's total revenue, sale of by-products will also reduce the volume of waste material which is to be stored on site.

Savannah will now continue with its commercial discussions with the various counterparties as it looks to secure formal sales agreements.

Additional stock market listing

As part of the Company's strategy to increase accessibility to Savannah's share capital for international investors, maximise value for shareholders and to support its future financing plans, the Company's Board has decided to assess a dual listing on a regulated market. To reflect the Company's natural resource sector focus, its project location and existing shareholder base, the Board's review is focused on European markets and some of the major mining equity markets around the world.

Further announcements will be made at the appropriate time. Subject to market conditions, the Company expects the listing to take place in 2027.

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 (the 'Project') in northern Portugal. The Project is the largest battery grade spodumene lithium resource outlined to date in Europe and was classified as a 'Strategic Project' by the European Commission under the Critical Raw Materials Act in March 2025 and was approved for a Portuguese State development Grant of up to €110m in January 2026.

Through 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 lithium battery value chain. Once in operation the Project will produce enough lithium (contained in c.183,000tpa of spodumene concentrate) for approximately half a million vehicle battery packs per year and hence make a significant contribution towards the European Commission's Critical Raw Material Act goal of a minimum 10% of European endogenous lithium production from 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 AIM Market of the London Stock Exchange and trades under the ticker "SAV".