Savannah Resources raising GBP2.3mln to support continuing workstreams at Mina do Barroso

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Savannah Resources PLC (LON:SAV) is raising GBP2.3mln via a placing of shares at 1.8p.


The proceeds will be used to supplement Savannah’s existing working capital as it continues to advance its Mina do Barroso lithium project in Portugal and Mutamba Mineral sands joint venture in Mozambique.


In particular, the company is working to finalise an offtake agreement for lithium concentrate, to continue negotiating with potential strategic partners, to move Mina do Barroso through to the definitive feasibility study stage.


The European Commission estimates that the region will need up to 18 times more lithium in 2030, and Mina do Barroso looks well positioned to supply that need.

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