As part of the fundraiser, 408 million shares will be issued at £0.055 per share.

Savannah will enter into subscription agreements with various institutional and individual investors, including four of the company’s largest shareholders, to raise US$11.2 million. The subscription shares, when issued, will be fully paid and will rank pari passu.

Together with the company’s existing cash reserves of US$15.5 million, the funds will be used for project development.

This includes vendor data and notice to start fabrication of long-lead items, groundworks ahead of access road construction, the conditional grant of engineering procurement and management contract and bulk earthworks, and front-end engineering design processing plant and infrastructure engineering.

Funds will also be used for general and administrative costs, project finance completion, environmental submission, application for industrial permits, and bypass road designs. It will also go towards geotechnical and resource-related work. Savannah will use the remaining funds to secure land use rights, community-related initiatives, and additional working capital.

In July 2026, Savannah completed a phase one Definitive Feasibility Study (DFS), which outlined an initial 14-year mine life producing 183,000 tonnes of lithium oxide per year at a grade of 5.5%.

Based on an average sales price of US$1,788 per tonne, the phase one DFS reported strong financials, including US$3.2 billion in earnings before interest, taxes, depreciation, and amortisation, US$1.9 billion in free cash flow, and a post-tax net present value of US$913 million.

The Barroso Lithium Project is considered Europe’s largest hard-rock spodumene asset, with a resource of 39 million tonnes @ 1.05% lithium oxide for 411,900 tonnes.

Savannah Resources, a British company that owns the Barroso lithium exploration project, in the municipality of Boticas, in the North of Portugal, concluded a capital increase operation with institutional investors, in an amount equivalent to €31.3 million, placing 490 million shares on the market at a unit price of 5.5 pence, almost 50% more than the value of the securities issued in the previous capital increase.

In its largest fundraising from shareholders to date, Savannah indicates, in a statement, that the operation had “great interest from Portuguese investors”, who already have around 30% of the company’s shareholder structure (among them are Pluris, owned by businessman Mário Ferreira, Lusiaves and Optimize).

Spanish, English, Swiss and Nordic groups also participated in this new capital increase, according to Savannah Resources.

“This capital increase, the largest made by the company to date, proved to be a success both in terms of capital raised and in terms of the diversity of investors and their origin”, highlighted Savannah’s financial administrator, Henrique Freire.

The resources obtained will be applied to the development of the Barroso lithium project, namely in the acquisition of heavy equipment for work on the ground, in the hiring of around 40 additional workers, in geotechnical surveys, in the acquisition of land, among other items.

In the coming months, Savannah will have to deliver the environmental confirmation report for the lithium mine execution project to the Portuguese Environment Agency, anticipating the start of construction of the project in the first half of next year

The owner of the Boticas lithium mine announced today that it obtained financing of more than 31 million euros in what was the largest capital increase process it has ever carried out. The financing round closed with the share price at 5.5 pence, an increase of almost 50% compared to the last […]

The owner of the Boticas lithium mine announced today that it obtained financing of more than 31 million euros in what was the largest capital increase process it has ever carried out. Savannah Resources highlights that the capital increase had “great interest from Portuguese investors”, who already represent 30% of shareholders. On the other hand, interest from Spanish, English, Swiss and Nordic groups was also registered.

“This is the largest capital increase made to date by Savannah Resources, having also registered strong support from the existing shareholder base, namely the five largest shareholder groups”, according to the company. The financing round closed with the share price at 5.5 cents, an increase of almost 50% compared to the last capital increase. 490 million shares were issued. The company still has 10% of the offer saved for retail investors.

“The next few months will be months of a lot of work and developments, with the delivery of RECAPE [document that proves that a project complies with the obligations arising from the Environmental Impact Declaration], advances in engineering and contracting for the acquisition of main equipment, negotiations with financial institutions and offtake agreements, guaranteeing the start of construction in the first half of 2027,” said Henrique Freire, the company’s financial administrator. “We will now also continue to strengthen the local team, with dozens of new hires and more partnership agreements with local entities in addition to the ten agreements already signed to date”, he added.

Savannah Resources, the owner of the Barroso lithium mine project, in Boticas, in the Vila Real district, closed a capital increase operation worth the equivalent of 31.3 million euros, after having issued approximately 490 million shares at a unit price of 5.5 pence, which represents an increase of close to 50% compared to the price of the last capital increase.

In a statement sent to newsrooms this Wednesday, the British mining company indicates that the operation, involving institutional tranches, “has once again attracted great interest from Portuguese investors, a group that already represents around 30% of the company’s shareholder structure”.

This group includes Pluris (owned by Mário Ferreira), Telmory (owned by Avelino da Mota Gaspar, owner of Lusiaves) or Optimize Investment Partners (led by Pedro Lino).

Savannah also notes the entry of new investors, such as Nordics and Spaniards, into the company, which also aroused interest from the English and Swiss, “reflecting an increasing commitment by investors of European origin in the project”.

“This capital increase, the largest made by the company to date, proved to be a success both in terms of capital raised and in terms of the diversity of investors and their origin”, says CFO, Henrique Freire.

“The next few months will be months of a lot of work and developments, with the delivery of RECAPE [Environmental Conformity Report of the Execution Project], advances in engineering and contracting for the acquisition of main equipment, negotiations with financial institutions and ‘offtake’ agreements, guaranteeing the start of construction in the first half of 2027”, says the person responsible, cited in the same note.

“We will now also continue to strengthen the local team, with dozens of new hires and more partnership agreements with local entities in addition to the ten agreements already signed to date”, he concludes.The capital increase was designed to accelerate the development of the lithium project, following the completion of the Phase 1 Definitive Feasibility Study, published in July, which confirms an initial useful life of 14 years for the project and a probable reserve of 20 million tons of ore. And, in this sense, “the largest portion of the amount raised” will be allocated directly to the development of work on the ground, in particular to contracting the acquisition of heavy equipment with long delivery times. The plan also includes the development of preparatory work on the ground prior to the construction of access roads and basic engineering (FEED) of the processing unit and infrastructures, says the company.

Savannah Resources, responsible for the Barroso lithium project, announced this Wednesday (23 September), through a statement, the completion of a capital increase of 31.3 million euros.

This is the largest capital increase ever carried out by the company, with strong support from the main shareholders, including Pluris Investments, owned by Mário Ferreira, with 10.17%, Telmory, owned by Avelino da Mota Gaspar, with 10%, and Optimize Investment Partners, managed by Pedro Lino, with 6.27%.

The operation was carried out at a price of 5.5 pence per new share issued, resulting in the creation of approximately 490 million shares, a value approximately 50% higher than the last capital increase.

Savannah highlighted the significant interest of Portuguese investors, who represent around 30% of the shareholder structure, in addition to Spanish, English, Swiss and Nordic investors, reflecting a growing European investment in the project.

This capital reinforcement was structured to accelerate the lithium project, after the Phase 1 Definitive Feasibility Study, launched in July, confirmed probable reserves of 20 million tons of ore and an initial useful life of 14 years.

In the coming months, the company expects to move forward with the Environmental Compliance Report of the Execution Project (RECAPE), engineering developments, acquisition of main equipment and negotiations with financial institutions to guarantee the start of construction in the first half of 2027, highlights the statement.

Savannah will hire another 40 professionals to prepare for the start of the construction phase. Furthermore, part of the capital raised will be used to finance a possible dual listing operation, allowing the company to trade on another stock exchange outside the United Kingdom and expand its investor base.

The largest portion of the capital raised will be channeled towards work on the ground, with emphasis on the purchase of heavy machinery with extended delivery times. According to the company, the funds also finance preparatory interventions in the ground before the opening of accesses and the development of basic engineering (FEED) of the processing factory and infrastructures.

Savannah Resources, owner of the Barroso lithium project, announced this Wednesday that it has concluded a capital increase of 31.3 million euros, “involving institutional tranches”.

Savanah shares are currently suspended on the London Stock Exchange, worth 5.82 pence

“This is the largest capital increase made to date by Savannah Resources, having also registered strong support from the existing shareholder base, namely the five largest shareholder groups,” the company said in a statement.

Among the company’s five largest shareholders before this operation were Pluris Investments, owned by businessman Mário Ferreira, with 10.17%; Telmory, owned by Avelino da Mota Gaspar, founder of Lusiaves, with 10%; and Optimize Investment Partners, managed by Pedro Lino, with 6.27%.

“The operation was carried out at a price of 5.5 pence per new share allocated, with the issuance of approximately 490 million shares. This value represents an increase of close to 50% compared to the price of the last capital increase”, informs the company.

“This capital increase process once again saw great interest from Portuguese investors, a group that already represents around 30% of the company’s shareholder structure. Interest was also registered from Spanish, English, Swiss and Nordic groups, reflecting an increasing investment of investors of European origin in the project”, highlights Savannah in the same statement.

For this reason, Henrique Freire, CFO of Savannah, states that the operation “proved to be a success both in terms of capital raised and in terms of the diversity of investors and their origin”.

“The next few months will be months of a lot of work and developments, with the delivery of RECAPE [Environmental Compliance Project Execution Report], advances in engineering and contracting for the acquisition of main equipment, negotiations with financial institutions and offtake agreements, ensuring the start of construction in the first half of 2027. We will now also continue to strengthen the local team, with dozens of new hires and more partnership agreements with local entities in addition to the ten agreements already signed to date”, adds the administrator with the financial portfolio.The reinforcement of the team represents the hiring of an additional 40 employees “to ensure capacity and readiness for the construction phase”. Retail offer remains ongoing ㅤ When announcing the completion of the capital increase, Savannah Resources indicates that “it still has a Retail Offer open through the Retail Book platform”. This offer represents 10% of the total institutional placement. ㅤ “To optimize the process and reach a wider range of investors during the operation, Savannah activated a Capital Access Window, which resulted in a voluntary and temporary suspension of trading of its shares on the AIM market [Alternative Investment Market of the London Stock Exchange] until the results of this operation are confirmed”, adds the company.

In the statement, Savannah also adds that it “will allocate part of the funds raised” to “support the potential costs associated with a dual listing operation in the near future”. The objective, as ECO has already explained, is to also start trading on a market outside the United Kingdom, in which it is currently listed, thus becoming listed on two stock exchanges.