Equity Incentive Plan Awards
Savannah Resources plc has granted 10,100,000 Nominal Cost Options (NCOs) under its Equity Incentive Plan, representing 0.39% of its issued share capital. Of these, 6,200,000 NCOs were awarded as part of the Short Term Incentive Plan (STIP) to participants who elected to receive 50% of their annual bonus in equity, with an exercise price of 1.0 pence and immediate vesting. An additional 3,900,000 NCOs were conditionally granted under the Long Term Incentive Plan (LTIP) to João Nunes, Operations Readiness Manager. These grants are within the company's approved 7.5% limit for equity incentives and aim to align executive interests with shareholders while supporting disciplined cash management.
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Savannah Resources plc, the developer of the Barroso Lithium Project (the 'Project') in Portugal, one of the European Commission's 'Strategic Projects' under the Critical Raw Materials Act and Europe's largest spodumene lithium deposit, announces that upon the recommendation of the Company's Nomination and Remuneration Committee (the "Committee") it has granted share options under the Company's Equity Incentive Plan (the "Plan") which is designed to incentivise the Company's Executive Leadership and other key individuals (together, the "Participants").
2026 Grants
The Company's Nomination and Remuneration Committee undertook a review of the appropriate awards to be issued under the Company's incentive arrangements in connection with the remuneration of the members of the executive team.
Short Term Incentive Plan ("STIP") component Awards
A total of 6,200,000 Nominal Cost Options ("NCOs") were granted to Participants who elected to receive 50 per cent of their annual bonus in equity rather than cash under the STIP. The NCOs have an exercise price of 1.0 pence, vest immediately on grant, and have a term of five years.
Long Term Incentive Plan ("LTIP") component Awards
João Nunes, Operations Readiness Manager who joined the Company in 2025 was conditionally granted (with the same conditions as the LTIP Awards announced on 28 July 2025) 3,900,000 NCOs under the LTIP.
Bruce Griffin, Chair of Savannah's Nominations and Remuneration Committee, said:
"Following the annual review of the Company's remuneration framework, the Committee agreed to offer certain executive and other key staff of Savannah the opportunity to elect to receive 50 per cent of their annual bonus in equity, through the award of Nominal Cost Options. These awards are made within the existing 7.5 per cent limit of the Company's issued share capital approved for equity‑based incentives and support disciplined cash management, while further aligning the interests of the executive team with those of shareholders. In addition, and in line with the Company's long‑term incentive arrangements, the Committee approved the grant of an LTIP award to João Nunes, subject to defined performance conditions, reinforcing the focus on long‑term value creation."
Additional Information
Equity Incentive Plan Summary
The Equity Incentive Plan is designed to encourage long-term value creation for Savannah's shareholders by aligning the interests of Participants with those of shareholders. The Equity Plan allows for up to 7.5% of the Company's issued share capital to be allocated to employees. The scheme has been designed to meet the requirements of all relevant regulations and the Board believes that the Plan will incentivise Participants and support Savannah's ability to attract and retain talented individuals as the Company accelerates the development of the Project towards production.
The long-term incentive plan ("LTIP") component is a share option scheme of the kind commonly adopted by listed companies. Awards under the LTIP take the form of options ("Options") over the Company's ordinary shares ("Shares"). Vesting conditions are attached to the Options and are subject to several market standard specific exceptions.
The Equity Incentive Plan also includes a short-term incentive plan ("STIP") component, under which up to 50% of annual bonuses may be settled through the grant of Options.
Table 1 below sets out the Options which have been granted in 2026 to the Executive Leadership Team and other Participants under the Plan. The total quantity of Options being granted under the Plan is 10,100,000, which is equivalent to 0.39% of issued Shares in the Company.
Table 1 - Summary of Options being granted in 2026 and existing Options
| Participant | 2026 STIP NCO Grant | 2026 LTIP NCO Grant | 2026 NCO Grant as % of Issued Share Capital | Existing Options | Total Options | Total Options as % of Issued Share Capital |
|---|---|---|---|---|---|---|
| Executive Leadership | ||||||
| Chief Executive Officer | 2,300,00 | 0.089% | 29,100,000 | 31,400,000 | 1.220% | |
| Chief Financial Officer | 900,000 | 0.035% | 11,000,000 | 11,900,000 | 0.462% | |
| Chief Technical Officer (retired) | 800,000 | 0.031% | 9,833,241 1 | 10,633,241 | 0.413% | |
| Chief Corporate Officer | 700,000 | 0.027% | 16,870,000 | 17,570,000 | 0.683% | |
| Sub Total | 4,700,000 | 0.183% | 66,803,241 | 71,503,241 | 2.778% | |
| Other | 1,500,000 | 3,900,000 | 0.210% | 28,047,276 2 | 33,447,276 | 1.299% |
| Total | 6,200,000 | 3,900,000 | 0.392% | 94,850,517 | 104,950,517 | 4.077% |
- Ferguson is treated as a "good leaver" for the purposes of his Share Options after his departure from the Company in 2025. As a consequence, Mr. Ferguson will retain 2,583,241 of the NCOs issued in 2025, with 7,616,759 NCOs cancelled. The retained NCOs will remain unvested, with final vesting to be determined following the end of the vesting period in December 2027. Share Options granted to Mr. Ferguson in 2021 remain operative.
2The Company has undertaken to convert Options granted on 30 June 2021, and which expire on 30 June 2029 into NCOs. Hence, 1,120,000 options (50 per cent exercisable at £0.0468 and 50 per cent exercisable at £0.0624) will be converted into 510,099 NCOs using a Black‑Scholes valuation of £0.0303 per Option.
PDMR Notification
| 1 | Details of the person discharging managerial responsibilities / person closely associated | |
| a) | Name | Emanuel Proença Henrique Freire Michael McGarty |
| 2 | Reason for the notification | |
| a) | Position/status | Chief Executive Officer Chief Financial Officer Chief Corporate Officer |
| b) | Initial notification /Amendment | Initial notification |
| a) | Name | Savannah Resources Plc |
| b) | LEI | 213800UCK16HW5KKGP60 |
| a) | Description of the financial instrument, type of instrument Identification code | nominal cost Options of 1.0 pence ISIN: GB00B647W791 |
| b) | Nature of the transaction | Grant of options of 1.0 pence each in respect of the STIP component of the Company's Equity Incentive Plan |
| c) | Price(s) and volume(s) | Price(s) Volume(s) 1. 1.0 pence 2,300,000 2. 1.0 pence 900,000 3. 1.0 pence 700,000 |
| d) | Aggregated information Aggregated volume Price | 3,900,000 1.0 pence |
| e) | Date of the transaction(s) | 30 April 2026 |
| f) | Place of the transaction | Off-market transaction |
Regulatory Information
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