Savannah Resources is pursuing a secondary listing on either Euronext in Lisbon or the Australian Securities Exchange to tap growing investor appetite for battery materials outside the UK market, as the London-listed company advances its Barroso lithium project in northern Portugal toward a feasibility study completion this summer and construction start in 2027.
CEO Emanuel Proença said the company has seen growing interest from investors who typically access markets through Euronext, where no major lithium spodumene plays are currently listed. “There are no big lithium spodumene plays on Euronext, so that is kind of a new offering,” he said. The ASX remains an established venue for lithium stocks and is also under consideration. The secondary listing would support Savannah’s broader financing strategy, which also includes offtake-related finance alongside the existing offtake agreement with AMG Lithium BV — the company’s largest shareholder.
Barroso, which received EU strategic project status in 2025, has the potential to become one of Europe’s largest lithium operations, with planned annual output sufficient to supply battery packs for approximately half a million electric vehicles. Production is targeted to begin in late 2028 following a construction phase starting in 2027.
Savannah is currently negotiating additional offtake agreements beyond the AMG Lithium deal, including with parties in China. Proença noted that initial production volumes would exceed what European markets can absorb in the near term, making broader offtake arrangements necessary. The company has a market capitalisation of approximately £160 million ($210 million).
Lithium prices have rebounded more than 150% over the past year, supported by the emergence of large-scale battery storage as a demand driver alongside electric vehicles, prompting mine restarts in Australia and renewed financing interest across the sector.
