TIDMSAV
RNS Number : 7059N
Savannah Resources PLC
26 September 2019
26 September 2019
Savannah Resources Plc
Interim Results
Savannah Resources plc (AIM: SAV, FWB: SAV and SWB: SAV)
('Savannah' or the 'Company'), the AIM quoted resource development
company, is pleased to announce its interim financial results for
the six months ended 30 June 2019.
Highlights:
-- Portugal:
o 100% ownership of the Mina do Barroso lithium project ('Mina
do Barroso' or the 'Project') achieved through the acquisition of
the outstanding 25% stake in June 2019 in an all share deal
o Option over the Aldeia Mining Lease application blocks
exercised, increasing the Project's footprint by over 50%
o Mineral Resource at the Mina do Barroso increased by a further
37% to 27Mt with the additional Exploration Target increased by 25%
to 11-19Mt, underpinning the Project's status as the most
significant conventional lithium deposit in Western Europe
o Suitability of Mina do Barroso's feldspar, quartz and a bulk
tail product for use in a range of glass and ceramic applications
confirmed by test work. Marketing studies imply higher co-product
prices could be achieved than were assumed in 2018 Scoping
Study
o Commercial interest in the Project growing with discussions
advanced with diverse groups of finance providers and potential
strategic / offtake partners
o Multiple workstreams associated with the Definitive
Feasibility Study ("DFS") and the Environmental Impact Assessment
("EIA") progressed during the period
o EIA to be submitted for approval in Q4 2019
o Fully funded DFS to be completed in Q2 2020 to allow inclusion
of additional deposits discovered and expanded metallurgical test
work programme
-- Mozambique:
o Mining Leases 9735C and 9229C on the Mutamba heavy mineral
sands project conditionally awarded (subject to fulfilment of
customary requirements) in September 2019 with the Mining Lease
application for block 9228C in the final stage of approval
-- Oman:
o Public Authority of Mining confirmed its intention to award
the Mining Leases applied for on the Mahab 4 and Maqail South
high-grade copper projects
o Strategic review of Oman projects continuing
-- Corporate:
o CSR programmes have continued as planned in Portugal and
Mozambique
o Investments in intangible assets and exploration reached
GBP2.68m vs. GBP2.49m in H1 2018, reflecting the continuing pace of
the project appraisal work on the Mina do Barroso project
o Cash position at 30 June GBP3.1m, proforma cash position at 16
September GBP6.8m following the share placement and letters of
intent for subscriptions totalling GBP5m in September 2019
To view the press release with the illustrative charts, please
use the following link:
http://www.rns-pdf.londonstockexchange.com/rns/7059N_1-2019-9-25.pdf
CHAIRMAN'S STATEMENT
Your company has made significant progress during 2019 in
developing its lithium project at Mina do Barroso and has the
technical and, following the recent fundraise, financial capacity
to finalise the DFS and EIA, which are necessary preconditions to
the commencement of mining. Additionally, the Mutamba Joint Venture
was awarded two mining licences over the Mutamba heavy mineral
sands project (subject to the fulfilment of customary conditions)
with a third mining licence understood to be in the final stages of
approval, and the Omani Public Authority of Mining has recently
confirmed its intention to award the Mining Leases applied for on
the Mahab 4 and Maqail South high-grade copper projects.
The multiple external pressures currently being exerted on some
of world's major economies and global capital markets has meant
that the first nine months of 2019 has been a challenging time for
industrial commodity players, particularly for those like Savannah
in the development phase. While macro trends are beyond the
Company's control, Savannah considers its best means of managing
risk is to remain well capitalised and to deliver on its stated
goal of focusing on its exposure to the positive market dynamics
forecast for lithium through the Mina do Barroso project. Market
dynamics for mineral sands are also currently positive and we
continue to regard Mutamba as a significantly valuable asset for
your company. Hence, our priorities remain to finance, construct
and operate the Mina do Barroso lithium project, progress the
Pre-Feasibility Study on the Mutamba mineral sands project and
complete our strategic review on our Oman copper projects.
Mina do Barroso, Portugal
In our 2018 annual report published in May, I confirmed that
Mina do Barroso is now our flagship project. This premier ranking
has been driven by the combination of the evaluation success we
have enjoyed at the Project to date, the potential for further
expansion of the Mineral Resource and the mine life, and the
increasing need for sustainable sources of lithium supply to feed
the rapidly growing market for lithium ion batteries, particularly
in Europe.
Bearing these factors in mind, the acquisitions of the
outstanding 25% stake in Mina do Barroso and the adjacent Aldeia
Mining Lease Application Blocks represented major milestones. These
acquisitions have given Savannah and its shareholders greater
exposure to Western Europe's most significant spodumene lithium
project and provided management with much enhanced optionality for
future transactions and financing related to the Project.
In parallel with these transactions, good progress was also made
on the completion of the EIA and the associated DFS for the
Project, and these remain the critical deliverables in addition to
milestones such as licencing and financing. Headline developments
during the period and into Q3 2019 included a further 37% increase
in the Project's Mineral Resource to 27Mt incorporating maiden
Mineral Resource Estimates for the Pinheiro deposit and the first
target drilled on Aldeia Block A; production of battery grade
spodumene concentrate from two of the three potential metallurgical
processing routes being evaluated; and confirmation of the
suitability of both separate and combined quartz and feldspar
products from the Project for commercial applications in the glass
and ceramics industries.
However, as explained in the recent placing announcement, there
remains more work to do to complete the DFS. This has been brought
about by the discovery and subsequent delineation of new orebodies
which has meant that drilling campaigns have been extended, mine
designs have needed to be reworked and pit sequencing plans
revised. Our metallurgical test work programme has also been
expanded. This is not only to include samples from the newly
discovered deposits but also to comprehensively evaluate all ore
types which will be treated at the project in the light of the
processing challenges reported by the first wave of new spodumene
producers in Australia over the past year. Savannah regards a
rigorous approach to the DFS as vital to the future success of the
Project.
This additional but very necessary work means that delivery of
the DFS is now expected to occur in Q2 2020 against our previous
target of early 2019 when we successfully raised GBP12.5m cash in
mid-2018. These funds were designed to fund the Company's
operations through early 2019, however, with spending discipline,
actual expenditures were some 17% less than the use of funds
forecast despite the four extra months covered, the one-off costs
associated with the acquisition of the remaining 25% of Mina do
Barroso and the costs of acquiring and evaluating the Aldeia
tenements.
It is worth highlighting what we have achieved:
Mineral Resources:
-- Over 18,500m of diamond and RC drilling completed since June
2018 (total on project since 2017 - 30,870m): +150% total metres
drilled since June 2018
-- Resources increased: +93% to 27Mt containing 286kt Li(2) O (707kt LCE)
-- Orebodies increased: from 3 to 5
-- Average grade maintained above 1%: 1.06% Li(2) O
-- Low iron content confirmed: 0.8% average
-- Measured & Indicated Resources increased: +114% to 15Mt (55% of total resource)
-- Maiden co-product resource declared: 14.4Mt at Grandao
-- Lithium Exploration Target increased: +c. 50% (mid-point) to 11-19Mt at 1.0-1.2% Li(2) O
Pit scheduling:
-- Pit sequencing analysed and confirmed: Pinheiro, Grandao,
Reservatorio, NOA, Aldeia (27Mt total resource at present vs.
14.4Mt in the Scoping Study model)
-- Mining rate increase: Expected 15% increase to 1.5Mtpa -
helped by the Mineral Resource increase
-- Life of Mine: Dependent on final reserve estimate, but the
initial life of mine should be greater than 11-year Scoping study
model having regard to the Mineral Resource increases
Metallurgical Testing:
-- Lithium: Large quantity of representative material tested: 3.8 tonnes
-- Targeted recovery rate achieved: 80%
-- Battery grade concentrate produced:
-- Test work allowing selection of optimum flowsheet:
-- Co-products: Test work confirms suitability for commercial apps:
Processing Plant:
-- Alternative process plant sites on C-100 area studied: Site selected
-- Access road route alternatives identified and reviewed: Route selected
-- Total capex estimate should be maintained: USD$109m excluding
contingencies from the scoping study
Commercial:
-- Lithium counterparty engagement: in contact with dozens of
groups and as advised to the market these include OEMs, large
European industrial groups, battery cell manufacturers and lithium
refinery groups
-- Multiple term-sheets and MoUs under negotiation:
-- Co-products: Engagement with major ceramics groups: with
higher prices and product quality confirmed
-- EU funding: applications made
-- Engagement and ongoing discussions with banks and debt providers:
With the lengthened DFS period and the expanded scope of the
work required extra funding was required. We raised GBP5.0m cash to
ensure that the enlarged study programme is funded to completion.
We continue to closely monitor costs and expenses.
Coincidental to our challenges with the DFS and those of other
lithium project developers and new producers, the sector has also
been impacted by a decline in the underlying prices of the various
lithium raw materials (spodumene, lithium hydroxide, lithium
carbonate). As one would expect, these declines have fed through
into reduced equity market valuations for lithium companies, but we
firmly believe we will see a reversal of the recent lithium price
downturn, which is driven by a modest build-up of raw material
inventories as a result of delays to lithium conversion plant
expansions in Asia, and a reduction in electric vehicle subsidies
in the Chinese market. We take comfort from the fact that
significant growth in electric vehicles sales continued in H1 2019
(+42% vs. H1 2018) and that medium and long term sales forecasts
remain compelling for lithium and lithium battery demand with sales
of around 10m vehicles expected in 2025 and around 28m in 2030,
equating to approximately one-third of all light vehicles currently
sold.
Market commentators such as Roskill continue to forecast that
these growth projections for electric vehicles and lithium battery
demand will challenge lithium suppliers, leading to a growing
market deficit in refined lithium during the 2020s and a recovery
in prices from next year. Assuming these forecasts prove to be
correct, our target of starting production at Mina do Barroso in H2
2021 could see the Project coming on-line at an ideal time to
benefit from this improving market backdrop.
Based on the growing commercial interest we have seen in Mina do
Barroso this year, it is clear that downstream lithium participants
remain concerned about raw material supply in the medium to longer
term, despite the current build-up of inventory. As a result, we
have been able to advance our discussions with a number of
potential offtake partners ranging from established lithium
processors to large scale end users such as Auto industry OEMs, as
well as new market participants.
Political interest in the Project has also increased as
appreciation has grown for the strategic role that Mina do Barroso
could play in anchoring a new lithium industry in Europe, and
Portugal in particular. Our team is regularly engaged with the
Portuguese administration up to and including Ministerial level,
and we have also strengthened our relationships with various EU
agencies regarding funding and other forms of support for the
Project.
Plans around the financing package for the Project have also
been advanced. Work to date on the capital cost continues to
indicate that the estimate from the Scoping Study of US$109m
(excluding contingency) to US$124.6m (including contingency)
remains a realistic range and management believes that this quantum
of capital can be secured through a combination of project finance
debt, EU/Government funding, offtake-related/partner financing and
royalty financing. Hence the Group is confident that further
finance for the Project will not be required from existing
shareholders and the equity capital markets. Discussions with
project finance banks, private equity groups, Government/EU
agencies, potential offtake partners, royalty providers, commodity
traders and other strategic investors have all been progressed and
are continuing.
With the revised DFS timetable now in place and fully funded, we
expect to produce regular news flow from the Project as we conclude
on the major inputs to the study, complete the EIA and progress our
discussions around offtake and financing.
Mineral Sands Projects, Mozambique
In September 2019 a significant milestone was reached on the
Mutamba mineral sands project with the Minister of Mineral
Resources and Energy in Mozambique awarded two of the three Mining
Leases applied for in 2018. With two Leases approved and the
outstanding 9228C Lease application reported to be in the final
stage of award, we believe the status of this world class mineral
sands project, which we are evaluating in partnership with Rio
Tinto, has been significantly advanced.
The opportunity presented by Mutamba has also benefited from the
improved market dynamics seen in the mineral sands market over the
last 12 months. Market commentators such as TZMI have forecast for
some time that prices for the key titanium minerals, rutile and
ilmenite, as well as for the zircon contained in the sands would
increase as existing inventories were consumed and not replaced at
a sufficient rate in the face of demand growing in line with global
GDP trends. Based on recent comments from existing mineral sands
producers, these forecast market dynamics are now playing out.
Consumption is expected to continue to grow in-line with the global
economy and hence new sources of supply, such as Mutamba, should be
required to meet the increased demand as existing operations become
depleted and close.
Following formalisation of the leases, Savannah, as the project
operator, will continue its preparations for the Pre-Feasibility
Study on Mutamba. Completing that study would see our stake in the
project rise from the current 20% to 35%.
Copper Projects, Oman
In our 2018 annual report we announced that we would be
undertaking a strategic review of our assets in Oman given the
delays we had experienced with licence approvals and the diminished
status the projects had in our portfolio due to the superior
opportunity presented by the Mina do Barroso lithium project.
While the strategic review is continuing, we were heartened by
the advice received in August from the Public Authority for Mining
in Oman ("PAM") that it intends to grant the mining licences over
the Mahab 4 and Maqail South copper deposits which were applied for
in 2016. Following the approvals received from a series of
government authorities and a rigorous review of the applications by
PAM, formal award should take place once licencing fees have been
officially set under the new Mining Law which was introduced in
March 2019. As with our Mozambique joint venture, we believe that
award of these Licences will eliminate one of the main risks of our
joint venture projects in Oman, helping us to reach a well-informed
conclusion on the best option for our shareholders regarding the
projects.
Corporate Social Responsibility (CSR)
Savannah remains fully committed to the CSR programmes which we
presented in detail for the first time in our 2018 annual
report.
In Portugal we have continued to engage with the communities
living around the Project, with the level of interaction expected
to increase as finalised information on the Project becomes
available, especially from the EIA. A monthly newsletter is issued
to local residents, who are also able to discuss the Project with
our staff at the new Community Information Centre we opened in
April of this year. Our latest community meeting held on 14 August
was again well attended. We have also recently appointed a Head of
Communication & Community Affairs to help with the full range
of stakeholders.
In Mozambique, the new Jangamo Training Centre that Savannah and
Rio Tinto created in partnership with the German NGO, GIZ,
graduated its first group of 42 technicians. The Centre is tasked
with helping to match labour demands with skills development in the
Inhambane Province and offers training courses in electrical
maintenance, carpentry, plumbing and construction. Savannah and Rio
Tinto also worked with GIZ on the provision of approximately 7,000
coconut tree seedlings to the Government of Jangamo district and
the Institute of Employment and Vocational Training.
Financial Summary
Savannah is reporting a loss for the period of GBP1.97m (30 June
2018: GBP1.17m) (31 December 2018: GBP3.07m), reflecting the rapid
pace of our project developments, primarily around Mina do Barroso.
Net assets have increased to GBP23.76m (30 June 2018: GBP14.59m)
(31 December 2018: GBP25.42m) due to the increase in exploration
activity during the period, predominantly associated with the
lithium project in Portugal.
No funds were raised during the reporting period with cash at 30
June 2019 reported at GBP3.08m following the GBP14.6m raised in
total during 2018. GBP3.76m was subsequently raised in September
2019 with additional intended commitments of GBP1.24m from
Savannah's major shareholder Al Marjan Limited and another PDMR to
ensure that ongoing commitments, including the completion of the
DFS on the Mina do Barroso project following the extension to the
study's timetable are well funded.
Outlook
We view the recent volatility in the lithium sector as
symptomatic of the changes in its supply and demand dynamics over
the short term. We believe that the outlook for lithium prices
remains positive in the medium and long term with demand driven by
ever tightening emissions legislation, the public's growing concern
regarding climate change and the reducing cost of ownership of
Electric Vehicles. The Mina do Barroso project gives Savannah great
exposure to this burgeoning industry and we remain firmly focused
on delivery of the DFS on the project in Q2 2020. The table above
shows the global refined lithium market dynamics and spodumene
price forecast.
Figure: Global Refined lithium market dynamics & spodumene
price forecast
Following the mining licence awards in Mozambique, we will
continue with our preparations for the recommencement of the
Pre-Feasibility Study on Mutamba. We will also continue to evaluate
the options available to us for value creation around our Oman
projects. Given that developments are expected across the
portfolio, future meaningful news flow should be generated on a
regular basis.
Our efforts would not be possible without the financial support
provided by our shareholders. On behalf of the Company I would like
to extend my sincere thanks to all our shareholders for their
ongoing support and welcome new investors who participated in the
September 2019 placing. Particular thanks goes to the Al Marjan
Group which remains the Company's largest shareholder, after its
GBP1.2m commitment to the September financing. We were also very
pleased to receive further investment from our existing
institutional shareholders and to attract additional UK and
European institutional investment. This has increased the
proportion of our Company held by funds to around 17%. While the
placing price of 2p must have been very disappointing to our retail
investors in particular, the GBP5 million raised combined with our
existing reserves gives us the cash necessary to complete the DFS
and EIA studies on Mina do Barroso and maintain activities on our
other projects.
I would also like to add my personal thanks to Savannah's
management and staff for their continuing efforts to generate
significant value in the Company by progressing our projects
towards key milestones.
We look forward to delivering on the next commercial milestones
in the coming months.
Matthew King
Chairman
Date: 25 September 2019
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHSED 30 JUNE 2019
Unaudited Unaudited Audited
Six months Six months Year ended
Notes to 30 June to 30 June 31 December
2019 2018 2018
GBP GBP GBP
CONTINUING OPERATIONS
Revenue - - -
Administrative expenses (1,998,696) (1,126,994) (3,258,458)
Impairment of intangible assets - (140,024) (140,024)
Gain on disposal of investments - 68,717 -
OPERATING LOSS (1,998,696) (1,198,301) (3,398,482)
Finance income 16,560 342 17,321
Finance costs - (3,841) -
LOSS BEFORE AND AFTER TAX ATTRIBUTABLE
TO EQUITY OWNERS OF THE PARENT (1,982,136) (1,201,800) (3,381,161)
---------------------------------------- -------- ------------ ------------ -------------
OTHER COMPREHENSIVE INCOME
Items that will not be reclassified
to profit or loss:
Net change in Fair value through
other comprehensive income of
Equity Investments 3,183 (58,665) (73,345)
Transfer to realised gain on
disposal of investments - (68,717) -
Items that will or may be reclassified
to profit or loss:
Exchange gains arising on translation
of foreign operations 12,012 159,009 384,248
---------------------------------------- -------- ------------ ------------ -------------
OTHER COMPREHENSIVE INCOME FOR
THE YEAR 15,195 31,627 310,903
---------------------------------------- -------- ------------ ------------ -------------
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR ATTRIBUTABLE TO EQUITY
OWNERS OF THE PARENT (1,966,941) (1,170,173) (3,070,258)
---------------------------------------- -------- ------------ ------------ -------------
Loss per share attributable to
equity owners of the parent expressed
in pence per share:
Basic and diluted
From operations 3 (0.22) (0.18) (0.44)
---------------------------------------- -------- ------------ ------------ -------------
The notes form part of this Interim Financial Report.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2019
Unaudited Unaudited Audited
Notes 30 June 30 June 31 December
2019 2018 2018
GBP GBP GBP
ASSETS
NON-CURRENT ASSETS
Intangible assets 4 20,100,187 12,816,851 17,413,168
Other intangible assets 7,303 - 342,881
Property, plant and equipment 5 1,406,974 1,195,292 1,437,068
Other receivables 6 - 270,876 -
Other non-current assets 7 242,323 215,681 253,188
---------------------------------- -------- ------------- ------------- -------------
TOTAL NON-CURRENT ASSETS 21,756,787 14,498,700 19,446,305
CURRENT ASSETS
Investments 9,648 32,168 18,007
Trade and other receivables 6 235,387 191,300 330,774
Other current assets 7 155,208 251,752 223,733
Cash and cash equivalents 3,078,296 786,764 7,715,435
---------------------------------- -------- ------------- ------------- -------------
TOTAL CURRENT ASSETS 3,478,539 1,261,984 8,287,949
---------------------------------- -------- ------------- ------------- -------------
TOTAL ASSETS 25,235,326 15,760,684 27,734,254
---------------------------------- -------- ------------- ------------- -------------
EQUITY AND LIABILITIES
SHAREHOLDERS' EQUITY
Share capital 9 10,474,598 7,016,155 8,814,518
Share premium 37,743,554 20,020,658 31,060,554
Foreign currency reserve 591,138 353,887 579,126
Warrant reserve 1,000,221 1,278,846 1,000,221
Share based payment reserve 391,516 600,416 508,051
Shares to be issued reserve - 30,000 -
FVTOCI Reserve (42,752) - (58,737)
Retained earnings (26,398,546) (14,713,554) (16,485,626)
TOTAL EQUITY ATTRIBUTABLE
TO EQUITY HOLDERS OF THE PARENT 23,759,729 14,586,408 25,418,107
LIABILITIES
NON-CURRENT LIABILITIES
Loans and borrowings 17,275 22,401 25,813
---------------------------------- -------- ------------- ------------- -------------
TOTAL NON-CURRENT LIABILITIES 17,275 22,401 25,813
---------------------------------- -------- ------------- ------------- -------------
CURRENT LIABILITIES
Loans and borrowings 16,518 6,630 16,895
Trade and other payables 8 1,441,804 1,145,245 2,273,439
---------------------------------- -------- ------------- ------------- -------------
TOTAL CURRENT LIABILITIES 1,458,322 1,151,875 2,290,334
TOTAL LIABILITIES 1,475,597 1,174,276 2,316,147
---------------------------------- -------- ------------- ------------- -------------
TOTAL EQUITY AND LIABILITIES 25,235,326 15,760,684 27,734,254
---------------------------------- -------- ------------- ------------- -------------
The interim financial report was approved by the Board of
Directors on 25 September 2019 and was signed on its behalf by:
........................................................
D S Archer
Chief Executive Officer
Company number: 07307107
The notes form part of this Interim Financial Report.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHSED 30 JUNE 2019
Share Shares
Foreign based to be
Share Share currency Warrant payment issued FVTOCI Retained Total
capital premium reserve reserve reserve reserve reserve earnings equity
GBP GBP GBP GBP GBP GBP GBP GBP GBP
At 1 January
2018 6,358,504 18,105,108 194,878 1,405,958 691,194 - - (13,612,758) 13,142,884
--------------- ------------ ------------- ---------- ---------- ------------ ----------- ----------------- -------------- --------------
Loss for the
period - - - - - - - (1,201,800) (1,201,800)
Other
comprehensive
income - - 159,009 - - - - (127,382) 31,627
--------------- ------------ ------------- ---------- ---------- ------------ ----------- ----------------- -------------- --------------
Total
comprehensive
income for
the
period - - 159,009 - - - - (1,329,182) (1,170,173)
Issue of share
capital (net
of expenses) 457,651 1,915,550 - - - - - - 2,373,201
Contingent
consideration - - - - 188,950 - - - 188,950
Contingent
consideration
shares issued 200,000 - - - (188,950) - - (11,050) -
Share based
payment
charges - - - - 21,546 - - - 21,546
Exercise of
options - - - - (95,797) - - 95,797 -
Lapse of
options - - - - (16,527) - - 16,527 -
Exercise of
warrants - - - (35,972) - - - 35,972 -
Lapse of
warrants - - - (91,140) - - - 91,140 -
Warrants
pending
exercise - - - - - 30,000 - - 30,000
--------------- ------------ ------------- ---------- ---------- ------------ ----------- ----------------- -------------- --------------
At 30 June
2018 7,016,155 20,020,658 353,887 1,278,846 600,416 30,000 - (14,713,554) 14,586,408
--------------- ------------ ------------- ---------- ---------- ------------ ----------- ----------------- -------------- --------------
Loss for the
period - - - - - - - (2,179,361) (2,179,361)
Other
comprehensive
income - - 225,239 - - - (58,737) 112,774 279,276
--------------- ------------ ------------- ---------- ---------- ------------ ----------- ----------------- -------------- --------------
Total
comprehensive
income for
the
period - - 225,239 - - - (58,737) (2,066,587) (1,900,085)
Issue of share
capital (net
of expenses) 1,598,363 11,052,054 - - - - - 12,650,417
Contingent
consideration - - - - 94,333 - - - 94,333
Contingent
consideration
shares issued 200,000 - - - (94,333) - - (105,667) -
Share based
payment
charges - - - - 17,034 - - - 17,034
Exercise of
options - - - - (106,724) - - 106,724 -
Lapse of
options - - - - (2,675) - - 2,675 -
Issue of
warrants - (12,158) - 12,158 - - - - -
Exercise of
warrants - - - (290,783) - - - 290,783 -
Warrants
pending
exercise - - - - - (30,000) - - (30,000)
At 31 December
2018 8,814,518 31,060,554 579,126 1,000,221 508,051 - (58,737) (16,485,626) 25,418,107
--------------- ------------ ------------- ---------- ---------- ------------ ----------- ----------------- -------------- --------------
Share Shares
Foreign based to be
Share Share currency Warrant payment issued FVTOCI Retained Total
capital premium reserve reserve reserve reserve reserve earnings equity
GBP GBP GBP GBP GBP GBP GBP GBP GBP
----------------- ------------ ----------- --------- ---------- ---------- ---------------- ----------------- ------------- ------------
At 31 December
2018 8,814,518 31,060,554 579,126 1,000,221 508,051 - (58,737) (16,485,626) 25,418,107
----------------- ------------ ----------- --------- ---------- ---------- ---------------- ----------------- ------------- ------------
Loss for the
period - - - - - - - (1,982,136) (1,982,136)
Other
comprehensive
income - - 12,012 - - - 15,985 (12,802) 15,195
----------------- ------------ ----------- --------- ---------- ---------- ---------------- ----------------- ------------- ------------
Total
comprehensive
income for the
period - - 12,012 - - - 15,985 (1,994,938) (1,966,941)
Consideration
for acquisition
of
non-controlling
interest 1,630,000 6,683,000 - - - - - (8,019,000) 294,000
Consideration
for settlement
deferred
consideration 30,080 - - - - - - (30,080) -
Lapse of options - - - - (131,098) - - 131,098 -
Share based
payment charges - - - - 14,563 - - - 14,563
At 30 June 2019 10,474,598 37,743,554 591,138 1,000,221 391,516 - (42,752) (26,398,546) 23,759,729
----------------- ------------ ----------- --------- ---------- ---------- ---------------- ----------------- ------------- ------------
The notes form part of this Interim Financial Report.
CONSOLIDATED CASH FLOW STATEMENT
FOR THE SIX MONTHSED 30 JUNE 2019
Notes Unaudited Unaudited Audited
Six months Six months Year ended
to June to June December
2019 2018 2018
GBP GBP GBP
Cash flows used in operating
activities
Loss for the period (1,982,136) (1,201,800) (3,381,161)
Depreciation and amortisation
charges 5 20,606 10,427 31,194
Impairment of assets classified
as held for sale - 140,024 140,024
Gain on disposal of investments - (68,717) -
Share based payments reserve
charge 14,563 21,546 38,580
Finance income (16,560) (342) (17,321)
Finance expense - 3,841 -
Exchange losses 65,929 (23,111) (54,076)
Cash flow from operating activities
before changes in working capital (1,897,598) (1,118,132) (3,242,761)
Decrease/(Increase) in trade
and other receivables 106,253 (32,286) (179,376)
(Decrease)/Increase in trade
and other payables (100,272) (51,903) 562,925
--------------------------------------- -------- ----------------------- ------------- -------------
Net cash used in operating activities (1,891,617) (1,202,321) (2,859,212)
--------------------------------------- -------- ----------------------- ------------- -------------
Cash flow used in investing
activities
Purchase of intangible exploration
assets (2,619,772) (2,487,352) (6,317,118)
Purchase of other intangible
assets (64,149) - (131,173)
Purchase of tangible fixed assets (13,510) (221,885) (328,768)
Purchase of investments - - (695)
Proceeds from sale of investments 596 104,283 104,461
Payments for guarantees for
mining activity - (231,741) -
Guarantees for acquisition of
intangible exploration assets - - (202,180)
Interest received 16,560 342 17,321
--------------------------------------- -------- ----------------------- ------------- -------------
Net cash used in investing activities (2,680,275) (2,836,353) (6,858,152)
--------------------------------------- -------- ----------------------- ------------- -------------
Cash flow from / (used in) financing
activities
Proceeds from issues of ordinary
shares (net of expenses) - 2,348,287 14,986,546
Proceeds from warrants pending
exercise - 30,000 -
Interest paid - (3,841) -
--------------------------------------- -------- ----------------------- ------------- -------------
Net cash from financing activities - 2,374,446 14,986,546
--------------------------------------- -------- ----------------------- ------------- -------------
(Decrease)/Increase in cash
and cash equivalents (4,571,892) (1,664,228) 5,269,182
Cash and cash equivalents at
beginning of period 7,715,435 2,455,968 2,455,968
Exchange (losses)/gains on cash
and cash equivalents (65,247) (4,976) (9,715)
--------------------------------------- -------- ----------------------- ------------- -------------
Cash and cash equivalents at
end of period 3,078,296 786,764 7,715,435
--------------------------------------- -------- ----------------------- ------------- -------------
The notes form part of this Interim Financial Report.
NOTES TO THE CONSOLIDATED INTERIM FINANCIAL REPORT
FOR THE SIX MONTHSED 30 JUNE 2019
1. BASIS OF PREPARATION
The financial information set out in this report is based on the
consolidated financial statements of Savannah Resources Plc and its
subsidiary companies (together referred to as the 'Group'). The
interim financial report of the Group for the six months ended 30
June 2019, which is unaudited, was approved by the Board on 25
September 2019. The financial information contained in this interim
report does not constitute statutory accounts as defined by s434 of
the Companies Act 2006. The statutory accounts for the year ended
31 December 2018 have been filed with the Registrar of Companies.
The auditors' report on those accounts was unqualified and did not
contain a statement under section 498 (2) or 498 (3) of the
Companies Act 2006.
The financial information set out in this report has been
prepared in accordance with the accounting policies set out in the
Annual Report and Financial Statements of Savannah Resources Plc
for the year ended 31 December 2018. New standards and amendments
to IFRS effective as of 1 January 2019 have been reviewed by the
Group and there has been no material impact on the financial
information set up on this report as a result of these standards
and amendments.
The Group interim financial report is presented in Pound
Sterling.
Going Concern
The financial statements have been prepared on a going concern
basis. On 16 September 2019, following the share placement
amounting to GBP3.76m (before expenses) (Note 12), and the letters
of intent received for additional GBP1.24m cash subscriptions from
a Directors' related party (Al Marjan Ltd), from an alternate
Director and from staff for when the Company is not in a closed
period, the Group had a pro-forma cash balance of GBP6.8m. The
Directors have reviewed the cashflow projection for the Group and
consider that it has sufficient ability to meet its financial
commitments for at least 12 months.
2. SEGMENTAL REPORTING
The Group complies with IFRS 8 Operating Segments, which
requires operating segments to be identified on the basis of
internal reports about components of the Group that are regularly
reviewed by the chief operating decision maker, which the Company
considers to be the Board of Directors. In the opinion of the
Directors, the operations of the Group are comprised of exploration
and development in Oman, exploration and development in Mozambique,
exploration and development in Portugal, headquarter and corporate
costs and the Company's third party investments.
Based on the Group's current stage of development there are no
external revenues associated to the segments detailed below. For
exploration and development in Oman, Mozambique and Portugal the
segments are calculated by the summation of the balances in the
legal entities which are readily identifiable to each of the
segmental activities. In the case of the Investments, this is
calculated by analysis of the specific related investment
instruments. Recharges between segments are at cost and included in
each segment below. Inter-company loans are eliminated to zero and
not included in each segment below.
Oman Mozambique Portugal HQ and Invest-ments Elimination Total
Copper Mineral Lithium Corporate
Sands
GBP GBP GBP GBP GBP GBP GBP
Period 30 June 2019
Revenue - 28,271 - 1,301,678 - (1,329,949) -
Interest
income - 81 - 16,479 - - 16,560
Share based
payments - - - 14,563 - - 14,563
Loss for the
period 100,476 243,730 433,621 1,204,309 - - 1,982,136
Total assets 5,409,641 5,167,824 11,215,760 3,432,453 9,648 - 25,235,326
Total
non-current
assets 5,265,347 5,044,739 11,087,748 358,953 - - 21,756,787
Additions to
non-current
assets 248,187 116,567 1,956,928 (11,200) - - 2,310,482
Total
current
assets 144,294 123,085 128,012 3,073,500 9,648 - 3,478,539
Total
liabilities (86,497) (76,542) (317,467) (995,091) - - (1,475,597)
------------- ---------- ---------------------- ----------- ----------- -------------- ------------- ------------
Oman Mozambique Portugal Finland HQ and Invest-ments Elimination Total
Copper Mineral Lithium Lithium Corporate
Sands
GBP GBP GBP GBP GBP GBP GBP GBP
Period 31 December
2018
Revenue - - - - 964,073 (964,073) -
Interest
income - 157 - - 16,822 - - 16,979
Share based
payments - - - - 17,034 - - 17,034
Loss for
the period 125,655 397,865 461,595 8,289 1,117,240 68,717 - 2,179,361
Total assets 5,213,999 5,077,253 9,334,988 933 8,089,074 18,007 - 27,734,254
Total
non-current
assets 5,017,160 4,928,172 9,130,820 - 370,153 - - 19,446,305
Additions
to
non-current
assets 352,574 298,809 3,694,026 - 351,118 - - 4,696,527
Total
current
assets 196,839 149,081 204,168 933 7,718,921 18,007 - 8,287,949
Total
liabilities (116,311) (50,060) (933,627) (2,258) (1,213,891) - - (2,316,147)
------------- ---------- ------------ ---------- --------- ------------ -------------- ------------- ------------
Oman Mozambique Portugal Finland HQ and Invest-ments Elimination Total
Copper Mineral Lithium Lithium Corporate
Sands
GBP GBP GBP GBP GBP GBP GBP GBP
Period 30 June
2018
Revenue - - - - 434,235 - (434,235) -
Interest
income - - - - 342 - - 342
Finance
costs - (3,841) - - - - - (3,841)
Share based
payments - - - - 21,546 - - 21,546
(Loss) for
the period (122,251) (249,791) (184,437) (144,196) (569,842) 68,717 - (1,201,800)
Total assets 4,632,337 4,928,165 5,467,788 2,343 697,883 32,168 - 15,760,684
Total
non-current
assets 4,510,283 4,619,171 5,358,046 - 11,200 - - 14,498,700
Additions
to
non-current
assets 201,272 206,447 2,518,844 - - - - 2,926,563
Total
current
assets 122,055 308,994 109,741 2,343 686,683 32,168 - 1,261,984
Total
liabilities (100,964) (105,335) (734,360) (2,098) (231,519) - - (1,174,276)
------------- ---------- ------------ ---------- ---------- ----------- -------------- ------------- ------------
3. EARNINGS PER SHARE
Basic earnings per share is calculated by dividing the earnings
attributable to the ordinary shareholders by the weighted average
number of ordinary shares outstanding during the period.
In accordance with IAS 33 as the Group is reporting a loss for
both this and the preceding period the share options are not
considered dilutive because the exercise of share options and
warrants would have the effect of reducing the loss per share.
Reconciliations are set out below:
Unaudited Unaudited Audited
Six months Six months Year ended
to 30 June to 30 June 31 December
2019 2018 2018
Basic loss per share:
Losses attributable to ordinary
shareholders (GBP):
Total loss for the period (GBP) (1,982,136) (1,201,800) (3,381,161)
Weighted average number of shares
(number) 892,457,852 667,935,800 766,442,525
Loss per share - total loss
for the period from continuing
operations (pence) 0.22 0.18 0.44
----------------------------------- ------------ ------------ -------------
4. INTANGIBLE ASSETS
Exploration
and evaluation
assets
GBP
Cost
At 1 January 2018 9,809,994
Additions 2,893,366
Exchange differences 113,491
---------------------------------- ----------------
At 30 June 2018 12,816,851
Additions 4,355,584
Transfer to Assets classified
as Held for Sale 137,128
Exchange difference 243,629
---------------------------------- ----------------
At 31 December 2018 17,553,192
---------------------------------- ----------------
Additions 2,374,015
Transfer from Other Intangible
Assets 333,353
Exchange differences (20,349)
---------------------------------- ----------------
At 30 June 2019 20,240,211
---------------------------------- ----------------
Depreciation and impairment
At 1 January 2018 -
At 30 June 2018 -
Impairment charged in the period 140,024
------------------------------------ -----------
At 31 December 2018 140,024
------------------------------------ -------------
At 30 June 2019 140,024
------------------------------------ -------------
Net Book Value
At 1 January 2018 9,809,994
At 30 June 2018 12,816,851
At 31 December 2018 17,413,168
------------------------------------ -------------
At 30 June 2019 20,100,187
------------------------------------ -------------
In February 2018 the first milestone relating to the acquisition
of Slipstream PORT Pty Ltd was triggered and the company paid AUD $
1,500,000 in cash and issued 20,000,000 ordinary shares in the
Company. This consideration was accounted for as an asset
acquisition increasing the value of the exploration and evaluation
assets by GBP GBP2,122,018. In accordance with IFRS 2 the deferred
consideration paid in shares is required to be accounted for as a
share based payment. At 31 December 2018 after application of IFRS
2 an adjustment was registered decreasing the exploration and
evaluation assets by GBP GBP1,091,050, the share premium by GBP
GBP1,080,000 and the retain earnings by GBP GBP11,050. The 30 June
2018 figures in this report reflect these adjustments.
5. PROPERTY, PLANT AND EQUIPMENT
Motor Plant and
vehicles Office Equipment Machinery Land Total
GBP
Cost
At 1 January
2018 75,363 23,912 1,094,465 46,275 1,240,015
Additions - 7,853 590 - 8,443
Exchange difference 557 354 1,430 (170) 2,171
---------------------- -------------- ----------------- -------------- -------------- ----------------
At 30 June 2018 75,920 32,119 1,096,485 46,105 1,250,629
---------------------- -------------- ----------------- -------------- -------------- ----------------
Additions 72,419 (2,677) 163,589 9,361 242,692
Exchange difference 3,074 1,756 17,440 879 23,149
---------------------- -------------- ----------------- -------------- -------------- ----------------
At 31 December
2018 151,413 31,198 1,277,514 56,345 1,516,470
---------------------- -------------- ----------------- -------------- -------------- ----------------
Additions - 4,594 - - 4,594
Exchange differences (304) (126) (15,605) (199) (16,234)
---------------------- -------------- ----------------- -------------- -------------- ----------------
At 30 June 2019 151,109 35,666 1,261,909 56,146 1,504,830
---------------------- -------------- ----------------- -------------- -------------- ----------------
Depreciation
At 1 January 2018 31,644 12,287 - - 43,931
Charge for the
period 9,290 1,137 - - 10,427
Exchange difference 774 205 - - 979
---------------------- -------------- ----------------- -------------- -------------- ------------------
At 30 June 2018 41,708 13,629 - - 55,337
---------------------- -------------- ----------------- -------------- -------------- ------------------
Charge for the
period 12,062 8,705 - - 20,767
Exchange difference 1,445 1,853 - - 3,298
---------------------- -------------- ----------------- -------------- -------------- ------------------
At 31 December
2018 55,215 24,187 - - 79,402
---------------------- -------------- ----------------- -------------- -------------- ------------------
Charge for the
year 14,350 4,066 - - 18,416
Exchange differences 111 (73) - - 38
---------------------- -------------- ----------------- -------------- -------------- ------------------
At 30 June 2019 69,676 28,180 - - 97,856
---------------------- -------------- ----------------- -------------- -------------- ------------------
Net Book Value
At 30 June 2018 34,212 18,490 1,096,485 46,105 1,195,292
At 31 December
2018 96,198 7,011 1,277,514 56,345 1,437,068
---------------------- -------------- ----------------- -------------- -------------- ------------------
At 30 June 2019 81,433 7,486 1,261,909 56,146 1,406,974
---------------------- -------------- ----------------- -------------- -------------- ------------------
6. TRADE AND OTHER RECEIVABLES
Unaudited Unaudited Audited
30 June 2019 30 June 2018 31 December
2018
GBP GBP GBP
Non-Current
Other receivables
- VAT - 270,876 -
- 270,876 -
-------------- -------------- -------------
Current
VAT recoverable 142,601 96,880 133,728
Other receivables 92,786 94,420 197,046
--------- -------- --------
235,387 191,300 330,774
--------- -------- --------
7. OTHER CURRENT AND NON-CURRENT ASSETS
Unaudited Unaudited Audited
30 June 2019 30 June 2018 31 December
2018
GBP GBP GBP
Non-Current
Guarantees 213,847 202,237 213,645
Other 28,476 13,444 39,543
-------------- -------------- -------------
242,323 215,681 253,188
-------------- -------------- -------------
Current
Guarantees 134,321 251,752 202,180
Other 20,887 - 21,553
155,208 251,752 223,733
-------- -------- --------
8. TRADE AND OTHER PAYABLES
Unaudited Unaudited Audited
30 June 2019 30 June 2018 31 December
2018
GBP GBP GBP
Current
Trade payables 812,144 647,636 1,027,100
Other payables 98,158 30,403 82,571
Accruals and deferred
income 531,502 467,206 1,163,768
1,441,804 1,145,245 2,273,439
-------------- -------------- -------------
9. SHARE CAPITAL
Allotted, issued and fully paid
Six months to Six months to Six months to
30 June 2019 30 June 2018 31 December 2018
GBP0.01 GBP0.01 GBP0.01
ordinary ordinary ordinary
shares number shares shares
GBP number GBP number GBP
At beginning of
period 881,451,795 8,814,518 635,850,386 6,358,504 701,615,540 7,016,155
Issued during the
period:
Share placement - - 38,181,818 381,818 139,458,367 1,394,584
Exercise of share
options - - 4,708,336 47,083 8,271,776 82,718
Exercise of warrants - - 1,875,000 18,750 12,106,112 121,061
In lieu of cash
for acquisition
of assets - - 20,000,000 200,000 20,000,000 200,000
Issued as condition
of JV agreement - - 1,000,000 10,000 - -
In lieu of cash
for acquisition
of minority interest 163,000,000 1,630,000 - - - -
Settlement deferred
consideration Oman
(note 10) 3,008,025 30,080 - - - -
----------------------- --------------- ----------- ------------- ---------- -------------- ------------
At end of period 1,047,459,820 10,474,598 701,615,540 7,016,155 881,451,795 8,814,518
----------------------- --------------- ----------- ------------- ---------- -------------- ------------
The par value of the Company's shares is GBP0.01.
10. GROUP CONTINGENT LIABILITIES
Details of contingent liabilities where the probability of
future payments is not considered remote are set out below, as well
as details of contingent liabilities, which although considered
remote, the Directors consider should be disclosed. The Directors
are of the opinion that provisions are not required in respect of
these matters, as at the reporting date they have not been
triggered, it is not probable that a future sacrifice of economic
benefits will be required or the amount is not capable of reliable
measurement.
Contingent consideration payable in relation to the acquisition
of Gentor Resources Ltd (Oman copper project)
In June 2019 the Company entered into an agreement with Gentor
Resources Inc to settle the deferred consideration that was related
to the original acquisition of the Block 5 licence in April 2014 as
part of the strategic review of the Oman portfolio. The deferred
consideration of UDS $3,000,000 (payable 50% in cash / 50% in
shares) relating to the share purchase agreement between the
parties was cancelled in full return for the issue of USD $200,000
(GBP GBP158,000) worth of Ordinary Shares in the Company, which are
subject to a six month orderly market agreement; and a cash payment
of USD $100,000 (GBP GBP79,000).
Consideration payable in relation to the acquisition of Mining
Lease Application for lithium, feldspar and quartz (Portugal
lithium project)
In June 2019 the Company exercised its option to acquire a
Mining Lease Application for lithium, feldspar and quartz from
private Portuguese company, Aldeia & Irmão, S.A.. The total
purchase price for the acquisition is EUR EUR3,250,000 ( GBP
GBP2,910,000), which will only become due once the Mining Lease
Application has been granted and the Mining Rights transferred to
an entity within the Group, at which point the agreed payment
schedule will consist of an initial EUR EUR55,000 ( GBP GBP49,000)
payment with the balance due in 71 equal monthly instalments.
11. SHARE OPTIONS AND WARRANTS
Share options and warrants to subscribe for Ordinary Shares in
the Company are granted to certain employees, Directors and
investors. Some of the options issued vest immediately and others
over a vesting period and may include performance conditions.
Options are forfeited if the employee leaves the Group before the
options vest.
The Directors' interests in the share options and warrants of
the Company are as follows:
At 30 June 2019
Quantity Quantity Exercised Options Exercise Date of First Final
at granted /Lapsed / Warrants price the grant date date
1 Jan 2019 during during at of exercise of exercise
the period the period 30 Jun
2019
Share Options
Dale Ferguson 2,000,000 - - 2,000,000 7.59p 01/03/17 01/03/17 28/02/21
Dale Ferguson - 3,000,000 - 3,000,000 10.0p 11/03/19 11/03/22 10/03/24
Matthew King 1,500,000 - - 1,500,000 2.76p 16/03/16 16/03/16 15/03/20
David Archer 7,000,000 - - 7,000,000 7.59p 01/03/17 01/03/17 28/02/21
Investor
Warrants
David Archer 2,857,143 --2,857,143 6.0p 14/07/17 14/07/17 14/07/20
At 31 December 2018
Quantity Quantity Exercised Options Exercise Date of First Final
at granted / Lapsed / Warrants price the grant date date
30 June during during at of exercise of exercise
2018 the period the period 31 Dec
2018
Share Options
Dale Ferguson 5,321,776 - (5,321,776) - 3.0p 21/07/13 20/07/14 20/07/18
Dale Ferguson 2,000,000 - - 2,000,000 7.59p 01/03/17 01/03/17 28/02/21
Matthew King 1,500,000 - - 1,500,000 2.76p 16/03/16 16/03/16 15/03/20
David Archer 7,000,000 - - 7,000,000 7.59p 01/03/17 01/03/17 28/02/21
Warrants
David Archer 11,111,112 -(11,111,112) - 3.0p 24/09/13 24/09/13 19/07/18
David Archer 2,857,143 - - 2,857,143 6.0p 14/07/17 14/07/17 14/07/20
At 30 June 2018
Quantity Quantity Exercised Options Exercise Date of First Final
at granted / Lapsed / Warrants price the grant date date
1 Jan 2018 during during at of exercise of exercise
the period the period 30 Jun
2018
Share Options
Dale Ferguson 5,321,776 - - 5,321,776 3.0p 21/07/13 20/07/14 20/07/18
Dale Ferguson 2,000,000 - - 2,000,000 7.59p 01/03/17 01/03/17 28/02/21
Matthew King 1,500,000 - - 1,500,000 2.76p 16/03/16 16/03/16 15/03/20
David Archer 7,000,000 - - 7,000,000 7.59p 01/03/17 01/03/17 28/02/21
Investor
Warrants
David Archer 11,111,112 --11,111,112 3.0p 24/09/13 24/09/13 19/07/18
David Archer 2,857,143 -- 2,857,143 6.0p 14/07/17 14/07/17 14/07/20
12. EVENTS AFTER THE REPORTING DATE
In September 2019 the Company approved a share placement of
GBP3.76m (before expenses) through the issue of 161,400,000
ordinary shares at an issue price of 2 pence per share.
Additionally, the Company received letters of intent for additional
GBP1.24m cash subscriptions from a Directors' related party (Al
Marjan Ltd), from an alternate Director and from staff for when the
Company is not in a closed period.
Competent Person and Regulatory Information
The information in this announcement that relates to exploration
results is based upon information compiled by Mr Dale Ferguson,
Technical Director of Savannah Resources Limited. Mr Ferguson is a
Member of the Australasian Institute of Mining and Metallurgy
(AusIMM) and has sufficient experience which is relevant to the
style of mineralisation and type of deposit under consideration and
to the activity which he is undertaking to qualify as a Competent
Person as defined in the December 2012 edition of the "Australasian
Code for Reporting of Exploration Results, Mineral Resources and
Ore Reserves" (JORC Code). Mr Ferguson consents to the inclusion in
the report of the matters based upon the information in the form
and context in which it appears.
The Information in this report that relates to Mineral Resources
is based on information compiled by Mr Paul Payne, a Competent
Person who is a Fellow of the Australasian Institute of Mining and
Metallurgy. Mr Payne is a full-time employee of Payne Geological
Services. Mr Payne has sufficient experience that is relevant to
the style of mineralisation and type of deposit under consideration
and to the activity being undertaken to qualify as a Competent
Person as defined in the 2012 Edition of the "Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore
Reserves". Mr Payne consents to the inclusion in the report of the
matters based on his information in the form and context in which
it appears.
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014.
**ENDS**
For further information please visit www.savannahresources.com
or contact:
David Archer Savannah Resources Tel: +44 20 7117
plc 2489
David Hignell / Charlie SP Angel Corporate Tel: +44 20 3470
Bouverat (Nominated Adviser) Finance LLP 0470
Christopher Raggett (Joint finnCap Ltd Tel: +44 20 7220
Broker) 0500
Grant Barker (Joint Broker) Whitman Howard Tel: +44 20 7659
1225
Melissa Hancock / Cosima St Brides Partners Tel: +44 20 7236
Akerman (Financial PR) Ltd 1177
About Savannah
Savannah is a diversified resources group (AIM: SAV) with a
portfolio of energy metals projects - lithium in Portugal and
copper in Oman - together with the world-class Mutamba Heavy
Mineral Sands Project in Mozambique, which is being developed in a
consortium with the global major Rio Tinto. The Board is committed
to serving the interests of its shareholders and to delivering
outcomes that will improve the lives of the communities we work
with and our staff.
The Company is listed and regulated on AIM and the Company's
ordinary shares are also available on the Quotation Board of the
Frankfurt Stock Exchange (FWB) under the symbol FWB: SAV, and the
Börse Stuttgart (SWB) under the ticker "SAV".
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
IR SEWESIFUSEDU
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