Savannah Resources plc (AIM: SAV) Result of Accelerated Bookbuild and Subscription

Savannah Resources plc, the European lithium development company is pleased to announce that further to its announcement dated 6 November 2025 (the “Launch Announcement”), it has successfully completed the Placing, which has now closed.

The Placing took place through an accelerated bookbuilding process managed by SP Angel Corporate Finance LLP as Global coordinator and joint bookrunner alongside Canaccord Genuity Limited, Caixa-Banco de Investimento, S.A and Alantra Equities, SV, S.A as joint bookrunners.

The Placing generated strong demand and was significantly oversubscribed and was scaled back as a result. Hence, the Company has raised, in aggregate, a minimum of £9.2 million (US$12.0 million) (before expenses), from £5.9 million (US$7.6 million) through the Placing of 158,653,041 Placing Shares at the Issue Price of 3.7 pence per Placing Share and, pursuant to the Subscription, a minimum of £3.4 million (US$4.4 million) through the subscription for a minimum of 90,799,120 Subscription Shares also at the Issue Price (the “Subscription”). The final number of Subscription Shares to be subscribed pursuant to the Subscription will only be determined following the completion of the Retail Offer, following which certain Subscribers may increase the number of Subscription Shares subscribed for in order to maintain their percentage interests.

The net funds raised through the Placing and Subscription will be used to enhance the value of the Barroso Lithium Project (the ‘Project’) through the acquisition of the Aldeia Mining Lease, while progressing key workstreams towards construction. The net proceeds of the Fundraise, will be allocated as follows:

·    Aldeia: Mining Lease acquisition (the Aldeia Mining Lease contains the highest lithia grade deposit across the Project’s two Mining Leases which is located close to the planned processing plant)

·    Project Development: additional work on Front End Engineering Design, Long Lead Item vendor data and electrical grid connection work

·    Project Finance: Additional fees to advance towards the Final Investment Decision (excluding success fee) Land Control: Securing land use rights for the high voltage power line and Aldeia Mining Lease

·    For additional working capital purposes and to advance the Project towards construction

The Retail Offer remains open for individual investors until 12.00 p.m. on 11 November 2025 and the result of the Retail Offer and final results of the Subscription will be made as soon as practicable thereafter.

Savannah’s Chief Executive Officer, Emanuel Proença said: “The support shown by existing and new shareholders through this significantly oversubscribed Fundraise is greatly appreciated by all at Savannah. It gives the Company total cash reserves of approximately £20 million (circa US$26 million), meaning that we can carry on the development of our Project with great confidence and control of important value accretive elements beyond the DFS and into pre-construction.

The fact that investment demand strongly outweighed the US$12 million target we had set clearly demonstrates the growing interest which is developing in our Project, as well as the ongoing improving investor sentiment towards the lithium sector. Financial discipline is important for us and our shareholders and we expect that some of the additional interest that was expressed may be channelled to direct on-market purchases, further supporting share liquidity and price.

Specifically, this additional capital allows Savannah to acquire the Aldeia Mining Lease, which will be a valuable supplement to the Project due to its existing high grade lithium resource and wider prospectivity.

“The extra capital also means we can commit further to workstreams that are critical to the Project’s development once the DFS, which is fully funded, is completed in 1H 2026. These include, Front-End Engineering Design, specifying long lead items of plant and equipment, and preparations for project finance.

“Our largest shareholders have again provided considerable financial support to the Company, and we continue to build our institutional investor base within Portugal, the UK and elsewhere through participation by existing and new funds which include both sector specialists and generalist investors.  

“Retail shareholders now have the opportunity to invest alongside these institutions through the separate offer announced yesterday, the result of which will be announced next week.

“With our financial position further strengthened and the Project set to be expanded to include the Aldeia Mining Lease, we look forward to moving forward quickly and generating significant news flow as we deliver on our plan of becoming a major producer of lithium raw material for both Europe’s and the world’s battery value chain.”

Admission to trading on AIM

The Placing and Subscription are conditional on the admission of the Placing Shares and Subscription Shares to trading on AIM (“Admission”). Application has been made to the London Stock Exchange for Admission of the 158,653,041 Placing Shares and separately for the Subscription Shares, which are expected to become effective and dealings in the Placing Shares and Subscription Shares commence at 8.00 a.m. on 12 November 2025.

A further announcement regarding the Admission of the Subscription Shares and the Retail Offer Shares will be made in due course.

Related Party participation in the Subscription

Certain Directors and PDMRs have subscribed for an aggregate of 1,158,401 Subscription Shares at the Issue Price for an aggregate amount of approximately £42,861 as set out below:

 In addition, AMG Lithium B.V. (a wholly owned subsidiary of Euronext Amsterdam-listed AMG Critical Materials N.V), Grupo Lusiaves SGPS, S.A., and Pluris Investments S.A., all substantial shareholders in the Company, have each subscribed for Subscription Shares at the Issue Price as follows:

* The total number of Subscription Shares issued to such Subscribers may increase, following the completion of the Retail Offer, to ensure that their percentage shareholding is maintained on completion of the Fundraise.

The updated percentage holdings of the Company’s Directors and significant shareholders will be disclosed in due course along with the result of the Retail Offer.

Related Party Transaction

Emanuel Proença, Rick Anthon, AMG Lithium BV, Grupo Lusiaves SGPS, S.A. and Pluris Investments S.A., are respectively, Directors of and substantial shareholders in the Company (the “Related Parties”) and their participation in the Subscription constitutes a related party transaction in accordance with AIM Rule 13. Diogo da Silveira, and Bruce Griffin are not participating in the Subscription and are therefore considered independent Directors for these purposes, having consulted with the Company’s Nominated Adviser, consider the terms of the Related Parties’ participation in the Subscription to be fair and reasonable insofar as Savannah’s shareholders are concerned.

Note

Defined terms used in this announcement shall have the same meaning as in the Launch Announcement dated 6 November 2025 unless otherwise defined herein.

Savannah – Enabling Europe’s energy transition.

For further information please visit www.savannahresources.com or contact: