6 July 2022
Savannah Resources Plc
(AIM: SAV, FWB: SAV and SWB: SAV)
('Savannah' or the 'Company')
Savannah Resources plc announces that, with immediate effect, David Archer is stepping down after almost nine years as Chief Executive. He will be succeeded on an interim basis by Dale Ferguson, the Company's Technical Director, whilst the Company progresses the search for a new full time CEO.
Matthew King, Chairman commented, "David's leadership has contributed to substantial progress for Savannah to date as we seek to take the Barroso Lithium Project forward into production. We are grateful for his commitment, and he leaves Savannah in position of strength. We extend our thanks and very best wishes to him.
"Dale Ferguson brings a wealth of technical expertise and a strong, global track record of bringing mines into production. He has been involved with the project since the beginning and an integral member of the board for nine years and I now look forward to working even more closely with him in his new capacity. Dale also has strong financial interest in the Company, both directly and via his holding in the Company's second largest shareholder, Slipstream Resources Investments, amounting to 2.94% of Savannah's issued share capital."
David Archer commented "It's been an honour to have led Savannah for the past nine years and I would like to thank everyone who has contributed to our progress and successes so far. I am immensely proud to leave the Company and the Barroso Lithium Project well positioned to be a major European supplier of this strategic raw material. I am stepping down with a very strong team in place to execute on Savannah's next phase and I wish everyone great success and, as a committed long-term shareholder, will be closely following the future of Savannah."
In accepting the interim appointment, Dale Ferguson said, "I am delighted to have been asked to fill the position of CEO on an interim basis and help the Company achieve its next phase of development. I will increasingly be based in Portugal and London to progress licencing, commercial matters, and conclude the ongoing process to appoint a senior in country leader in Portugal. We have an excellent team, which we are currently in the process of expanding and I look forward to working very closely with them all."
This Announcement contains inside information for the purposes of the UK version of the market abuse regulation (EU No. 596/2014) as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018 ("UK MAR").
Savannah - Enabling Europe's energy transition.
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For further information please visit www.savannahresources.com or contact:
Savannah Resources PLC
Dale Ferguson, CEO
Tel: 44 20 7117 2489
SP Angel Corporate Finance LLP (Nominated Advisor)
David Hignell / Charlie Bouverat
Tel: 44 20 3470 0470
finnCap Ltd (Joint Broker)
Christopher Raggett/ Tim Redfern
Tel: 44 20 7220 0500
RBC Capital Markets (Joint Broker)
Farid Dadashev/ Jamil Miah
Tel: 44 20 7653 4000
WH Ireland Limited (Joint Broker)
Jessica Cave/ Ben Good/ Darshan Patel (Corporate Finance)
Aimee McCusker (Corporate Broking)
Tel: 44 20 7220 1666
Camarco (Financial PR)
Gordon Poole/ Emily Hall
Tel: 44 20 3757 4980
Savannah is the owner of the Barroso Lithium Project, located close to key infrastructure in Northern Portugal which contains the most significant spodumene lithium resource in Western Europe. With a positive Scoping Study which outlined a conventional mine and concentrator operation producing 175,000t of spodumene concentrate per annum, Savannah is progressing the development and environmental licencing of the Barroso Lithium Project. A Definitive Feasibility Study is underway, and Portugal's environmental regulator is currently evaluating Savannah's Environmental Impact Assessment study. The Company is listed and regulated on the London Stock Exchange's Alternative Investment Market (AIM: SAV). The Company's ordinary shares are also available on the Quotation Board of the Frankfurt Stock Exchange (FWB: SAV), and the Börse Stuttgart (SWB: SAV).