Savannah Resources has raised $30 million through a share issuance to advance the Barroso lithium project in Portugal. The funds will support engineering, permitting, and early development work following a positive phase-one definitive feasibility study.
Savannah Resources announced strong interim results, highlighted by the completion of a Definitive Feasibility Study for its Barroso Lithium Project in Portugal. The DFS outlines robust economics, including a post-tax NPV8 of US$913 million and a 43.2% IRR, supported by a maiden JORC Probable Ore Reserve of 20.0 Mt at 0.99% Li₂O and an updated Mineral Resource of 39.2 Mt at 1.05% Li₂O. The company also secured a significant non-reimbursable Portuguese State grant of up to €110 million and is progressing towards a Final Investment Decision in early 2027.
Savannah Resources has signed three benefit-sharing agreements with local communities near its Barroso lithium project in Portugal to secure land access and community participation. The project, a strategic European lithium asset, recently saw its reserve estimate increase by 40% to over 39 million tonnes.
