Capital Access Window – Trading Halt
Savannah Resources Plc has announced its intention to utilize AIM's Capital Access Window for a proposed equity capital raise to fund the ongoing development of its Barroso Lithium Project in Portugal. This follows significant progress, including an up to €110 million non-reimbursable grant and the completion of a Phase 1 Definitive Feasibility Study which projected US$3.2 billion in EBITDA and US$1.9 billion in free cash flow over a 14-year mine life. The capital raise will supplement the company's existing GBP 17.1 million cash reserves as of June 30, 2026, aiming to advance the project towards production, secure long lead items, and mitigate execution risks. Trading of the company's shares on AIM will be temporarily paused until further announcements regarding the fundraise results are made.
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Savannah Resources Plc, the developer of the Barroso Lithium Project (the 'Project') in Portugal, a 'Strategic Project' under the European Critical Raw Materials Act, announces its intention to utilise AIM’s new Capital Access Window rule in connection with a proposed equity capital raise (the “Proposed Fundraise”).
Intention to undertake an equity capital raise for ongoing project development
Savannah has made significant progress with the Barroso Lithium Project in the year to date, including the award of an up to €110m non-reimbursable grant from the Portuguese State and the completion of the Phase 1 Definitive Feasibility Study (‘DFS’). The DFS confirmed the strong economics of the Project based on an initial 14 year life producing 183ktpa of 5.5% Li2O spodumene concentrate which included generating US$3.2Bn EBITDA, US$1.9Bn free cash flow, unlevered Post-tax NPV8 of US$913m, post-tax IRR of 43% and a Post-tax payback period of 1.9 years.
The Proposed Fundraise would supplement the Company’s existing cash reserves (GBP 17.1m at 30 June 2026) in order to continue the development of the Project towards production. The proposed increase to Savannah’s cash reserves would allow the Company to advance the Project to Final Investment Decision, secure critical Long Lead Items, deliver key milestones ahead of construction, maintain the Project’s timeline and provide appropriate contingency and schedule buffers to mitigate execution risk.
Use of AIM’s Capital Access Window rule
Following the updates to the AIM Rules for Companies announced in August 2026, to support the Proposed Fundraise, the Company will enter a Capital Access Window with effect from 7.30am BST today. This is a voluntary temporary pause in the trading of the Company’s shares on AIM to make it easier to reach a broader range of investors during a fundraise. If undertaken, the Company intends to include an offer to ‘retail’ investors as part of the Proposed Fundraise. The Capital Access Window will remain in place until a further announcement is made detailing the results of the Proposed Fundraise.
Savannah – Enabling Europe’s energy transition.
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Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.