Shares in Savannah Resources PLC (AIM: SAV, ETR: SAV, OTC: SAVNF) climbed over 6% during morning trading following the announcement of positive outcomes from their latest scoping study on the Barroso Lithium Project in northern Portugal.
The investigation affirms the project’s potential to evolve into a substantial European manufacturer of spodumene concentrate, an integral raw material in the lithium industry. The study underscored the exceptional project economics, including a post-tax NPV8 of US$953mln, an IRR of 77%, and a payback period of just 1.3 years.
https://www.savannahresources.com/investors/presentations/.
The project’s strategic location near the rising European battery supply chain underscores its value as a regional source of affordable, low-carbon lithium.
Savannah Resources’ CEO, Dale Ferguson, shared his enthusiasm over the study’s conclusions and the implications they have for the project’s progression. He stressed the project’s economic worth, environmental sustainability, and the opportunity it presents for Portugal to become a pivotal player in the European lithium-ion battery value chain.
The company’s immediate focus is on finalizing the environmental licensing process and the Definitive Feasibility Study, while also involving stakeholders and exploring commercial agreements.
By around 9.25 am, Savannah Resources shares had risen by 6.5%, reaching 4.90p.
