Savannah Resources Plc (AIM: SAV, FWB: SAV, SWB: SAV) announced it has successfully completed an oversubscribed £9.2 million (US$12 million) capital raise through a Placing and Subscription, with strong demand from existing and new institutional investors.
The fundraising, managed through an accelerated bookbuild by SP Angel Corporate Finance LLP (Global Coordinator and Joint Bookrunner), alongside Canaccord Genuity Limited, Caixa-Banco de Investimento S.A., and Alantra Equities S.V. S.A., was significantly oversubscribed and scaled back as a result.
The Company raised £5.9 million (US$7.6 million) via the Placing of 158.7 million shares and a further minimum £3.4 million (US$4.4 million) through a Subscription of at least 90.8 million shares, both at an issue price of 3.7 pence per share.
Savannah’s Retail Offer remains open until 12:00 p.m. on 11 November 2025, after which final subscription totals will be confirmed.
Use of Proceeds
Net proceeds from the fundraise will strengthen Savannah’s financial position and accelerate development of the Barroso Lithium Project in northern Portugal — the largest battery-grade spodumene lithium resource in Europe and a European Commission “Strategic Project” under the Critical Raw Materials Act.
Funds will be used to:
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Acquire the Aldeia Mining Lease, which contains the highest-grade deposit within the Barroso Project area.
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Advance Front-End Engineering Design (FEED) and long-lead item procurement.
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Progress grid connection work and land control for infrastructure.
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Cover project financing costs and provide additional working capital.
CEO Statement
Emanuel Proença, Chief Executive Officer, commented:
“The strong demand from investors, which exceeded our US$12 million target, reflects growing confidence in the Barroso Lithium Project and renewed optimism in the lithium sector.
With total cash reserves of approximately £20 million (US$26 million), Savannah is well positioned to move beyond the DFS and into pre-construction with confidence.
The additional capital allows us to acquire the Aldeia Mining Lease and further progress critical workstreams ahead of construction.”
Proença added that Savannah continues to expand its institutional investor base across Portugal, the UK, and Europe, with participation from both sector specialists and generalist investors. Retail investors are now able to participate through the open offer.
Related Party Participation
Key management and major shareholders took part in the subscription:
| Participant | Subscription Shares | Value (£) | Resulting Shareholding |
|---|---|---|---|
| Rick Anthon (Chairman) | 550,676 | £20,375 | 1,264,962 shares |
| Emanuel Proença (CEO) | 387,676 | £14,352 | 3,124,556 shares |
| Henrique Freire (CFO) | 220,050 | £8,135 | 2,520,050 shares |
Major shareholders also increased their stakes:
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AMG Lithium B.V. subscribed for 39.1 million shares, bringing its total to 400.8 million shares.
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Grupo Lusiaves SGPS, S.A. subscribed for 24.95 million shares (total 255.9 million).
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Pluris Investments S.A. subscribed for 24.95 million shares (total 255.9 million).
Their participation constitutes a related party transaction under AIM Rule 13. Independent directors Diogo da Silveira and Bruce Griffin reviewed the terms and deemed them fair and reasonable for shareholders.
Admission and Next Steps
Application has been made for the new shares to be admitted to trading on AIM. Dealings in the Placing and Subscription Shares are expected to commence at 8:00 a.m. on 12 November 2025.
A separate announcement will follow for the Retail Offer results and Admission of additional shares.
About Savannah Resources
Savannah Resources Plc is a European lithium development company focused on the Barroso Lithium Project in northern Portugal. Once operational, the project is expected to produce around 190,000 tonnes per year of spodumene concentrate, enough lithium for approximately 500,000 electric vehicle battery packs annually.
Through responsible development, Savannah aims to support Europe’s energy transition and contribute to the EU’s target of 10% domestic lithium supply by 2030.
