16 April 2026

Savannah Resources Plc

(AIM: SAV) ('Savannah', or the 'Company')

Financial Results for the Year Ended 31 December 2025

&

Notice of Annual General Meeting

Savannah Resources Plc, the developer of the Barroso Lithium Project in Portugal, a 'Strategic Project' under the European Critical Raw Materials Act and Europe's largest spodumene lithium deposit is pleased to announce its audited financial results for the year ended 31 December 2025 and give notice of its Annual General Meeting.

Commenting on the results, Savannah's Chief Executive Officer, Emanuel Proença said, "2025 and the first quarter of 2026 have been decisive periods for Savannah as we continued to strengthen the technical, financial and strategic foundations of the Barroso Lithium Project. During the period, we delivered a materially larger JORC Resource, advanced the Definitive Feasibility Study ('DFS') and environmental licencing workstreams, strengthened our team and the Company's balance sheet, and deepened support at local, national and European levels. With the Project now recognised by the European Commission as a Strategic Project and backed by a Portuguese State grant[1] of up to €110 million, it is increasingly well positioned to become a provider of critical raw materials for Europe. Our focus for the remainder of 2026 is clear: complete the DFS and environmental licencing process, progress financing and commercial discussions, and make the preparations required to begin constructing the Project."

2025 summary

Corporate

Board & Management:

·    Savannah strengthened its Board and leadership team during the year as it continued its transition from project study phase towards development and operational readiness.

·      Paulo Pinto was appointed as a Non-Executive Director to the Board and representative of substantial Portuguese shareholders Grupo Lusiaves SGPS, S.A. and Pluris Investments, S.A. Dale Ferguson stepped down from the Board in October 2025 after 12 years of service.

·      Senior management capability was expanded with key appointments across finance, operations readiness, project finance, HR and corporate functions.

Financials:

·      Following two successful equity fundraisings in 2025 which raised gross proceeds of approximately £14.6 million, Savannah ended 2025 with £17.2 million of cash in bank and a further £5.0 million ringfenced in long-term bank deposits for future compulsory land acquisitions and completion of the Aldeia Mining Lease acquisition. The Company reported a loss from continuing operations of £4.0 million for 2025, compared with £4.4 million in 2024.

Other corporate matters:

·      Savannah continued engagement with potential project finance providers, including KfW IPEX-Bank and appointed Cutfield Freeman & Co as Project Finance adviser to support development of additional funding sources for the Barroso Lithium Project.

Barroso Lithium Project

Technical developments

·      Supported by a temporary land access approval from the Portuguese State a c.13,000m drilling programme was initiated in early 2025, with the resource-focused component completed in July 2025. The 2025 drilling campaign took total drilling completed on the Project since acquisition to more than 50,000m.

·      In September 2025, Savannah announced an upgraded JORC (2012) Mineral Resource of 39.1Mt at 1.05% Li₂O, representing an approximate 40% increase in overall tonnage and including a 41% increase in higher-confidence Measured and Indicated Resources to nearly 27Mt.

·      Savannah also reported a more than 200% increase in the Project's additional Exploration Target to 35-62Mt at 0.9%-1.2% Li₂O.

·      Engineering and study work required for the Project DFS and environmental licence compliance process ('RECAPE') was progressed across multiple fronts.

·      Savannah completed the financial and legal steps required to acquire the adjacent C-190 'Aldeia' Mining Lease, which includes the highest-grade orebody on the Project. The vendor instructed the authorities to transfer the Lease to Savannah in December 2025; formal transfer remains awaited.

Stakeholder Engagement

·      Savannah continued to expand and deepen stakeholder engagement in the Project area during 2025 with more than 1,000 engagements with local people during the year as well as regular interaction with the municipal authority, parish representatives, local businesses and community associations.

·      A Memorandum of Understanding ('MoU') was signed with Terra Quente Saúde Group to develop a partnership focused on improved healthcare provision in the Project area.

·      Savannah continued progress with land acquisition through voluntary agreements and maintained focus on securing land access or ownership for fieldwork and the future development of the Project.

·      The Project became officially support by the Permanent Committee for Investor Support ('CPAI') of AICEP, Portugal's Trade & Investment Agency The CPAI supports high-impact investments that contribute to national development goals, helping to streamline administrative processes, anticipate potential bottlenecks, and accelerate project implementation.

2026 year to date summary

Corporate

·      Savannah signed an investment contract with AICEP securing a non-reimbursable Portuguese State grant of up to €110 million to support the Project's future development.

Barroso Lithium Project

·      The Company announced it would complete the DFS without some outstanding geotechnical field data to keep the wider development schedule progressing. Savannah now expects to complete the DFS and submit the RECAPE in July 2026. First spodumene concentrate production remains targeted for 2028.

·      A number of public meetings have been held across the Project area and MoUs have been signed with four key local stakeholder groups. Further MoUs with other stakeholder groups are expected during 2026.

Notice of AGM

The Company, gives notice that its Annual General Meeting ('AGM') will be held at 11:00 a.m. (BST) on Thursday 21 May 2026 at the offices of Canaccord Genuity Limited, 88 Wood Street, London, EC2V 7QR.

The 2025 Annual Report and Notice of AGM can be viewed or downloaded from the Company's website at www.savannahresources.com/investors/corporate-documents/. For shareholders who have elected to opt out of receiving electronic communications, the 2025 Annual Report and Notice of the 2026 AGM will be posted to them.

CHAIRMAN'S STATEMENT

Strong fundamentals and global politics drive lithium's resurgence in 2025

After a slow first half, 2025 saw a resurgence in the lithium market from mid-year onwards. Market conditions tightened significantly as robust growth in electric vehicle ("EV") sales and ongoing rapid expansion in battery energy storage systems ("BESS") coincided with further curtailment of supply. Ownership and the future availability of critical raw materials supply also became a highly emotive issue, which took centre stage in global geopolitics.

Setting aside the noise created by the extreme geopolitical posturing we have seen, the underlying fundamentals of lithium demand remain favourable to Savannah's strategy and future plans. These issues include the strengthening response among western countries to China's continuing dominance of many raw material and technology supply chains, the importance of energy independence in national and regional economic growth and security, and the need to limit the impact of climate change. It is clear that the western world and Europe in particular is now aware that sustainable, long term supplies of certain raw materials such as lithium are indeed, "critical".

Against this supportive backdrop, Savannah continued to advance the Barroso Lithium Project from the position of strength created in 2024, maintaining momentum across multiple workstreams as external recognition of the strategic importance of the Project to Europe continued to grow. These trends have continued into 2026 as has Savannah's progress. By the end of the year, having completed the Project's Definitive Feasibility Study ("DFS") and environmental licencing process, Savannah expects to be drawing together the financing pieces required to start construction of the Project in 2027.

Before giving my thoughts on the past year, I wanted to take this opportunity to reiterate the Company's thanks to Dale Ferguson, who stepped down from the board in October after 12 years of dedicated service. His commitment to Savannah and the key milestones he was integral in achieving have put the Company in the strong position which it enjoys today. Taking his place on the Board we welcomed Mr. Paulo Pinto as a Non-Executive Director and representative of the Company's substantial Portuguese shareholders, Grupo Lusiaves SGPS, S.A and Pluris Investments, S.A. Paulo brings significant experience in the Portuguese financial sector to the Company, which will prove useful as we continue our push to firmly establish the Company and the Project in the national psyche.

Hard facts, strong growth

H1 2025 was dominated by a continuation of the sluggish market conditions experienced in 2024 leading to a four year low in lithium prices in June. In contrast H2 saw a defining change in the overriding market dynamic, vastly improving sentiment accompanied by rapidly rising prices.

Despite a media narrative that at times questioned the pace of electrification, EV sales saw further strong growth throughout the year, complemented by significant ongoing expansion in BESS.

Benchmark Mineral Intelligence reported global passenger car and light-duty EV sales of 20.7 million units in 2025, up 20% year-on-year. While China remained by far the largest market with sales of 12.9 million units (+17% year on year), importantly for Savannah, Europe was a notable growth contributor, maintaining its position as the world's second largest market with sales of 4.3 million units, up 33% year-on-year.

BESS growth was also significant. Around 315 GWh (1GW would power c.0.8 million homes for a year) were installed during the year (source: Benchmark Mineral Intelligence), representing nearly 50% year-on-year growth, with grid-scale projects the primary driver of the increase. The same source indicates additions of more than 450GWh are expected in 2026, highlighting the continued scale-up of battery stationary storage.

Both the EV and BESS statistics speak to the overall growth in electricity consumption globally and the recent spike in fossil fuel prices, the result of the conflict in Iran, has again highlighted the urgency with which society needs to accelerate the energy transition based on greater electrification. To this point, the International Energy agency is projecting global electricity demand to grow by 3.6% per year through 2030 - faster than GDP - and at least 2.5 times faster than overall energy demand. Renewables are expected to account for around half of global generation by 2030. Grids are under pressure, and storage is scaling quickly to keep systems stable. This isn't incremental or cyclical change, it is structural on a worldwide scale and lithium has a huge role to play.

With demand growth remaining strong, focus fell on the lithium supply industry to respond in the second half of the year. In August 2025, CATL announced the suspension of production at its large scale Jianxiawo lithium mine in China following expiry of the mine's permit. Alongside the previous curtailment of supply from several Australian operations, this news quickly led to the perception of a tightening market. Lithium prices began to rise and this trend gathered further pace as the expected restart at Jianxiawo did not transpire and the Chinese authorities moved to suspend more domestic production and cancel additional non-operating leases.

As a result, the spodumene concentrate price was the best performing of the major lithium products last year, rising by approximately 90% to around USD1,600/t at year end. This also made it one of the best performing metals or metal products of 2025. With a far more buoyant market now established, spodumene concentrate prices have moved higher in 2026 to date, supported by strong buying by China either side of the Lunar New Year holidays, and Zimbabwe's suspension of exports in late February. Today's pricing with a current range of c.USD2,080-2,340/t, represents a very compelling argument for the future development of our Project. Furthermore, with analysts expecting the market to tighten further in the late 2020s, Savannah's target of first production in 2028, looks increasingly well timed in terms of the next lithium demand and price cycle.

Savannah's Communities Team providing an update on the Project to local stakeholders

Source: Company

Picking through the politics shows clear support for lithium

President Trump's actions around a mineral-based investment deal with Ukraine and US ownership of Greenland for its strategic location and mineral wealth often dominated the headlines during 2025 and early 2026. However, while less dramatic, governments in Europe and the European Commission were also demonstrating their own growing commitment to critical raw material supply chains and the region's greater strategic autonomy. In March 2025, the European Commission named its first group of domestic "Strategic Projects" under the Critical Raw Materials Act which included Savannah's Barroso Lithium Project. This was a clear demonstration of the Commission's support for the Project and provides further recognition of the Project's role in Europe's lithium battery supply chain plans. The European Commission is now building on this foundation step, with further assistance for the industry including its "RESourceEU Action Plan" which includes measures aimed at mobilising funding, accelerating Strategic Projects and supporting more resilient supply chains, including through demand aggregation and offtake facilitation mechanisms.

Domestically, the Portuguese State also made its support for the Project very clear. In 2025, the State provided, and then robustly defending, a temporary land access order which allowed the drilling programme to take place. Savannah also received dedicated support from the Permanent Committee for Investor Support (the "CPAI") at Portugal's Trade & Investment agency, AICEP, to help streamline administrative processes between Project operators and the relevant government departments and agencies.

In 2026 to date, the award of a non-reimbursable State Grant for up to EUR110m, as part of a significant wider financing for domestic lithium battery chain developments, has been the very significant highlight. Not only will this make a substantial contribution to the Project's overall construction financing but also provides a great endorsement of the Project for other parties looking to participate in its financing.

The one low point in the year was the extended period spent waiting for the second temporary land access we required to complete the phase 2 DFS fieldwork. This impacted our development timetable. Pleasingly though, we now have a revised plan which sees DFS completion and submission of the RECAPE (the Environmental Licence compliance exercise) in July 2026 with first production still targeted for 2028.

Savannah's Key successes in 2025

DFS and environmental licencing workstreams progressed

Savannah advanced multiple workstreams feeding into the DFS during the year. This included a c.13,000m Phase 2 drilling programme which began in early 2025, with the resource-focused element completed in July 2025. This programme returned consistently exciting results from multiple locations and led to a 39% increase in the Project's overall JORC resources. The Company also reported ongoing progress across other aspects of the Project including, mine scheduling, infrastructure design, water modelling, and cost studies alongside continued complementary work supporting the upcoming RECAPE submission.

JORC Mineral Resource and Exploration Target growth

Following completion of the drilling programme, Savannah announced an upgraded and expanded JORC (2012) compliant Mineral Resource of 39.1Mt at 1.05% Li₂O in September. Representing an overall 39% increase in the Project's Resource, the new estimate included a 41% increase in the higher confidence, Measured and Indicated, Resources to nearly 27Mt. With all the JORC Resource bearing orebodies remaining open to further definition and a number of additional mineralised pegmatites identified on the Lease areas, we were also able to announce a 200%+ increase in the Project's Exploration Targets to 35-62Mt at 0.9%-1.2% Li₂O. These updates represent an important step in not only being able to declare the Project's maiden JORC Reserve estimate later this year, which will underpin the DFS mine plan, but also in demonstrating the Project's potential to deliver a 100Mt+ resource base over the longer term.

Aldeia Mining Lease acquisition milestones

In December 2025, after all the financial and legal steps in the transaction had been completed, Savannah was able to announce that the vendor had instructed the relevant authority to transfer the C-190 "Aldeia" Mining Lease to Savannah's sole ownership. While we await formal transfer of the Lease, it is great to know that we will be able to include Aldeia in our plans for the Project as Block A of this three block licence currently bears the highest grade orebody on the Project and is located close to the proposed processing plant. Furthermore, all 3 blocks represent exciting exploration prospects for further resource definition.

Local stakeholder initiatives

Savannah continued to make very significant and pleasing progress with its stakeholder engagement efforts during the year. 2025 started with the announcement of the formation of the "Future of Barroso Association" which wants to work with the Project to maximise the benefits it brings for local people. The year then went on to feature over 1,000 engagements with local people, participation in local events, ongoing support for local initiatives, refurbishment of local housing, and a Memorandum of Understanding ("MoU") with local healthcare provider, Terra Quente Saúde Group, to develop a partnership focused on greater provision of healthcare services in the Project area. Carrying on this effort, 2026 has already featured a series of public meetings and further MoUs with various local stakeholder groups, which provide strong evidence of the true level of acceptance the Project is now receiving at the local level.

Equity fundraising and financial strength to progress milestones

Savannah undertook two successful placings during the year, raising gross funds of GBP14.6m. These placings which saw new and existing institutional and retail investors participate alongside current significant shareholders, including AMG, gave Savannah the cash reserves required to look beyond the fully funded DFS and RECAPE and initiate workstreams associated with Project Finance and detailed engineering.

Project Finance and commercial engagement

Savannah reported continued engagement with potential project finance providers. This included due diligence activity by KfW IPEX-Bank in relation to a possible German Government guarantee on a project finance facility, linked to the proposed offtake with AMG. The Company also appointed Cutfield Freeman & Co to act as its Project Finance adviser, to assist in developing additional sources of project finance.

Team development and readiness for the next phase

Savannah continued to strengthen its capability for delivery, including senior hires across finance, operations and HR as the Company prepares to advance beyond the 'study' phase of the Project into increasingly execution-focused planning and delivery.

Savannah's Key Challenges in 2025

H1 market conditions

In Q2 2025, with lithium prices at 4 year lows the Company found itself in a challenging environment in which to attract investor interest. However, thanks to the Company's prudent use of capital, its value adding work programme and supportive shareholder base, who appreciate the long term positive outlook for lithium, Savannah was able to maintain progress during the final period of the long 'lithium winter'. This left us well placed to benefit from improving market sentiment as the second half of the year continued.

Anti-project rhetoric and actions

The spreading of misinformation and initiation of groundless legal cases in relation to the Project continued to be a challenge during 2025 and the use of headline grabbing legal cases alongside the distribution of inaccurate information on the Project, remained a persistent issue. We continue to take proactive steps to counter this, introducing our own, accurate, narrative into the local communities and the media, developing our own strong ties with a wide range of stakeholders, and using the full force of the law. Furthermore, we take comfort from the support shown by the Portuguese State regarding land access issues in early 2025 and the extensive consecutive sequence of Project-favourable decisions made in the Portuguese courts in response to the various challenges made. Savannah will continue to work safely, respectfully and within the law as it maintains progress. We are committed to listening and responding to genuine stakeholder concerns and maximising the benefits the Project can deliver to the local region.

Land access

It was frustrating to have to yet again extend the Project's development timetable because the second temporary land easement process we needed to complete the geotechnical drilling and field programme has taken longer than expected to conclude. As a result, in order to keep the overall development schedule on track, we announced in March 2026 that we would complete the DFS without some outstanding geotechnical data. We continue to expect the temporary land easement process to be completed in the near term and will undertake the fieldwork once it is received. The data gathered will then be fed into the relevant detail engineering studies and financing agreements as required. In terms of impact on the Project's schedule, we now expect to make the RECAPE submission and complete the DFS in July 2026. The remainder of 2026 will be spent undertaking Front-End Engineering Design ("FEED") and preparing the Project's financing package. This would then allow construction to begin in 2027 and for our first production target to remain in 2028.

Financial review

Savannah recorded a loss from continuing operations of GBP4.0m in 2025 (2024: GBP4.4m), representing a decrease of 11%. Administrative costs for 2025 amounted to GBP4.4m (2024: GBP4.3m), representing a 4% increase. However, the Group recognised a foreign exchange gain of GBP0.2m, compared to a foreign exchange loss of GBP 0.4m in 2024.

Notably, the Company ended the period with funds in banks of GBP17.2m (2024: GBP17.7m) with a further GBP5.0m in (long term) bank deposits (2024: GBPnil). This strong cash position reflects both the GBP14.6m gross raised across the two fundraises completed during the year, as well as ongoing spending on the continued advancement of the Project towards development. This expenditure resulted in intangible assets increasing by c.42% to GBP30.8m. The establishment of an additional GBP5.0m in bank deposits reflects the bank guarantees that Savannah has put in place to both complete the purchase of the Aldeia Mining Lease (GBP2.6m) once the official transfer of ownership is confirmed by the authorities (expected later in 2026) and the future purchase of land under the expected compulsory purchase plan (GBP2.4m).

Outlook

Savannah's near-term priorities remain focused on advancing the Barroso Lithium Project through its next major milestones. Based on the Company's stated programme, these priorities include:

·      Progressing remaining technical and study inputs to support RECAPE submission for the environmental licence process and completion of the DFS in July 2026;

·      Maintaining active engagement with government and other stakeholders to support timely execution of remaining fieldwork and related activities;

·      Continuing to develop the commercial and financing elements required for the Project's next phase, including ongoing engagement with potential project finance providers and offtake partners;

·      Continuing local stakeholder initiatives designed to strengthen long-term integration and shared value in the host region and;

·      Continuing to market the Company among domestic and international investment communities to raise greater awareness of Savannah and its highly attractive investment case.

There is much to do, but the framework around the Project continues to grow stronger all the time with improved lithium market conditions, greater State and European support, and wider and deeper investor and stakeholder engagement. From this position of strength, Savannah is well placed to push forward with confidence and execute the Project's development. I would like to thank our shareholders for their continued support, and to recognise the commitment of our staff, contractors and stakeholders in Portugal and elsewhere as we continue to progress the Company's strategy.

Rick Anthon

Chairman

Date: 15 April 2026

CHIEF EXECUTIVE'S REPORT

I am pleased to present this update covering a period of significant progress for Savannah and the Barroso Lithium Project. In my 2024 report, I described the coming year as pivotal for the Company and 2025 and the first quarter of 2026 have indeed proven to be decisive in strengthening the mandate we have to develop the Project.

The central strategic objective remains unchanged: the delivery of the Barroso Lithium Project which represents Savannah's greatest opportunity to generate long-term value for shareholders, alongside significant benefits for the Project's local area while contributing meaningfully to Europe's energy transition and greater energy independence.

Project Development and Delivery

The successful construction and operation of Europe's largest spodumene lithium deposit offers a unique opportunity to Savannah, which we intend to take. To this end, many important steps were taken during 2025 and into 2026 across the technical, financial, ESG and commercial pillars required to move the Project towards a FID.

On a technical front, the resource-focused phase of our drilling campaign was completed during 2025, bringing total drilling since acquisition to more than 50,000 metres. This work culminated in the announcement in September 2025 of a new JORC (2012) compliant Mineral Resource of 39.1 million tonnes at 1.05% Li₂O, representing a c.40% increase in tonnage and a 41% increase in contained lithium compared to the previous estimate. Alongside this, an expanded Exploration Target highlighted substantial longer-term upside potential across the licence areas. These results significantly strengthened the Project's technical foundation ahead of the first JORC Reserve estimate to be completed as part of the DFS.

Engineering design, mine scheduling, metallurgical optimisation, infrastructure studies and capital and operating cost refinement also progressed throughout the year with the RECAPE environmental compliance confirmation process advancing in parallel. Although the sequencing of certain field activities has been influenced by land access procedures, as discussed further below, the majority of workstreams have continued on schedule.

The acquisition process for the adjacent Aldeia Mining Lease was also completed during the period, with formal transfer by the authorities expected to follow. This lease contains the highest-grade orebody within the wider Project area and enhances its long-term value potential significantly.

Turning to financing, we completed two equity fundraisings during the year, strengthening our balance sheet and increasing our cash reserves to over GBP22 million at year end. We also continued to progress discussions with project finance providers, including engagement with KfW IPEX-Bank in relation to a potential German Government-backed loan guarantee facility.

In January 2026, we formally signed an investment contract with AICEP securing a non-reimbursable Portuguese State grant of up to EUR110 million in support of the Project's development. Assuming Savannah meets the conditions and timelines associated with the grant, the first 75% (EUR82.25 million) can be committed to the Project's initial development expenditure with the remaining 25% (EUR27.42 million) linked to later performance milestones during the operational phase. The grant represents a landmark milestone, not only as it represents a very significant contribution towards the Project's development capital, but also as it provides great political validation of the Project's strategic importance within Portugal's emerging lithium battery value chain.

People make the progress

To achieve our goals, we need dedicated, capable individuals who have the skills and teamwork ethic needed to transform Savannah into an operating mining company. To this end, we strengthened our leadership structure during the period. Henrique Freire was appointed Chief Financial Officer, bringing listed company financial leadership and transactional experience. João Nunes joined as Operations Readiness Manager, contributing nearly three decades of operational and project leadership experience within Iberian mining. Egídio Ribeiro, a former investment banker whose previous role was as Funding Manager at the Portuguese lithium refinery venture, Aurora Lithium joined as Project Finance Manager, and Manuela Salgado was appointed to lead Human Resources as the Company scales up. Former CFO, Michael McGarty took up the new role of Chief Corporate Officer.

Following the departure of Dale Ferguson, for whose long term input and guidance we are all so grateful for, technical responsibilities were also successfully restructured within the team. His responsibilities are now shared among the team's experienced senior managers, in particular Boris Daza (Development Manager, with 20 years of experience operating and building lithium projects, mostly in Western Australia, with Fortescue and Mineral Resources) and João Nunes (Operations Readiness Manager). They are supported by John Morris Perreira (Exploration Manager), Brad Patrick (Definitive Feasibility Study Manager) and Sónia Coelho (Environmental Manager).

This transition reflects the natural evolution of the Project from geological expansion toward engineering delivery and operational planning. The team now in place combines significant lithium sector expertise, operational capability and financial discipline, positioning Savannah for the construction phase ahead.

Local recognition underpins everything

At the local level, Savannah continued to strengthen its footprint during 2025. In March, we opened a new 30-person office in Boticas town, reinforcing our long-term presence at the heart of the municipality. Additional refurbished housing in Covas do Barroso village now accommodates team members living locally, increasing our integration within the village communities.

Engagement with local stakeholders has broadened and matured. We have maintained regular public meetings, participated in community events, continued direct dialogue with local businesses and associations and formalised relationships through Memoranda of Understanding with local entities, including healthcare partners.

Our land acquisition programme has progressed steadily, with additional plots secured through voluntary agreements. The expansion of our local team and facilities reflects our commitment to ensuring that the benefits associated with the Project are visible and shared within the region.

All in all, I believe these developments clearly demonstrate disciplined and steady progress toward Savannah's recognition as a valuable corporate member of local society. From that good things will come.

Managing land, managing the schedule

While momentum has been maintained across most workstreams, the Project timetable has continued to be influenced by regulatory processes relating to land access. Having completed all the technical and legal steps required to receive a second temporary land access approval last year to complete outstanding fieldwork on land which Savannah does not own, the process remains ongoing. Savannah continues to be in close contact with the Government ministry and agencies involved and still expects this approval in the near term. However, with the outlook for the lithium market highly supportive of the Project's future development and having sufficient capital ringfenced for the purpose, we are determined to move forward and complete the DFS and RECAPE work this summer.

Fortunately, given all the comprehensive technical work we have completed to date, we can take this action and still produce the RECAPE and DFS to the required standards without the additional geotechnical and resource data we were expecting to generate from the outstanding fieldwork. We will still complete the fieldwork once land access is approved and the supplementary data generated will be incorporated as required into subsequent engineering studies, final designs and financing agreements.

It is important to highlight that throughout this process we have always felt that the State has remained supportive of the Project. This is demonstrated strongly by other actions taken such as the appointment of the Permanent Committee for Investor Support at Portugal's Trade & Investment agency, AICEP, to help us with our interactions with Government and the award of the non-reimbursable grant for up to EUR110m in January, as well as the many other positive engagements I have had with key actors across a number of ministries and agencies.

Once the second temporary land access order is granted, from a land perspective, focus will switch to the final part of our land strategy, namely compulsory purchase and access. This will allow us to responsibly manage the land ourselves, ensuring that the requirements of the environmental licence are adhered to and that where safe and appropriate, land not required for the development, but under our control is made available to local community members.

Although timetable adjustments are never desirable, they have not altered the fundamental viability or strategic importance of the Project. Rather, they reflect the complexity inherent in delivering a major industrial development within a highly regulated European jurisdiction.

In summary, upcoming key milestones in the Project's development include:

·      DFS completion (July 2026)

·      DCAPE award (Q3 2026)

·      Project Finance completion (Q4 2026/Q1 2027)

·      Additional spodumene offtake Heads of Terms (by end 2026)

·      Final investment Decision (by end 2026/Q1 2027)

·      Start of construction (2027)

·      Commissioning (2028)

Getting it done

Our immediate objectives are focused and clearly defined. The completion of the DFS and confirmation of the environmental licence through the RECAPE process remain the central milestones. In parallel, we continue to advance the structuring of a comprehensive project finance package and to engage with potential additional commercial partners for offtake and strategic collaboration.

As stated, the development plan continues to target first production in 2028 and I believe Savannah is well positioned to achieve this.

Support structures & leveraging our mandate

If 2024 was defined by the establishment of our commercial partnership with AMG, 2025 and early 2026 have been marked by deepened institutional support. The classification by the European Commission of the Barroso Lithium Project as a Strategic Project under the European Critical Raw Materials Act significantly strengthened our mandate at the European level.

This was followed by the launch of the European Commission's RESourceEU Action Plan, which aims to accelerate and de-risk critical raw material projects across the Union. Savannah has continued to engage actively with European institutions and was honoured to participate in trade delegations to Japan alongside senior Commission representatives in H2 2025.

At the national level, the award and formal signing of the Portuguese State grant underscores the Project's alignment with Portugal's industrial policy. The wider investment landscape in Portugal further reinforces this context. More than EUR3 billion of industrial investment contracts have recently been signed, including on major battery and battery active materials projects. Companies such as CALB and Topsoe Battery Materials have selected Portugal based on competitive energy prices, infrastructure access, regulatory stability and proximity to European value chains. The Barroso Lithium Project benefits from all these positives too.

Furthermore, our relationship with AMG continues constructively, while additional commercial discussions remain ongoing and are becoming more energised due to the rapid recovery in lithium prices.

In parallel with operational progress, we expanded our international investor and industry engagement last year. In addition to roadshows and investor events in the United Kingdom, Portugal and Spain, representatives of the Company travelled to Brazil, Japan and Australia during 2025. In early 2026, further visits have already been undertaken to South Africa and China. These activities are designed to broaden awareness of Savannah among diverse investor groups and potential commercial partners and to better position the Company within the global critical raw materials ecosystem.

Overall, we have strong support from multiple angles and must use this to make good on the opportunity.

Members of the Portuguese trade delegation to Japan (Emanuel Proença 4th from right) with their hosts, October 2025.

Source: Company

Outlook

The year ahead is expected to be transformative. Completion of the DFS, environmental licence confirmation, advancement of the project financing package, continued commercial engagement and reaching a FID represent key milestones.

The lithium market environment strengthened during late 2025 and early 2026, with a notable recovery in spodumene prices and renewed sector investment. While market volatility remains inherent in commodity cycles, improving market sentiment has reinforced external interest in the Project.

The Barroso Lithium Project is now firmly positioned as a cornerstone of Europe's emerging lithium value chain. Our responsibility is clear: to execute with discipline, transparency and long-term focus. I look forward to reporting further progress as we continue to advance this strategically important Project.

My thanks go to our shareholders, partners, local stakeholders and our dedicated team for their continued support.

Emanuel Proença

Chief Executive Officer

Date: 15 April 2026

The Financial Statements below should be read in conjunction with the Notes contained within the full Annual Report which is available online at the Company's website at:

https://www.savannahresources.com/investors/corporate-documents/ 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2025

The Notes form part of these Financial Statements

CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2025

The Financial Statements were approved and authorised for issue by the Board of Directors on 15 April 2026 and were signed on its behalf by:

Emanuel Proença

Chief Executive Officer

Company number: 07307107

The Notes form part of these Financial Statements

COMPANY STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2025

The Company Total Comprehensive Income for the financial year was GBP984,105 (2024: Loss GBP3,714,891) (Note 6).

The Financial Statements were approved and authorised for issue by the Board of Directors on 15 April 2026 and were signed on its behalf by:

Emanuel Proença

Chief Executive Officer

Company number: 07307107

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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025

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COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025

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CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2025

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COMPANY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2025

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Savannah - Enabling Europe's energy transition.

Regulatory Information

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

**ENDS**

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About Savannah

Savannah Resources is a mineral resource development company and the sole owner of the Barroso Lithium Project (the 'Project') in northern Portugal. The Project is the largest battery grade spodumene lithium resource outlined to date in Europe, was classified as a 'Strategic Project' by the European Commission under the Critical Raw Materials Act in March 2025 and was approved for a Portuguese State development Grant of up to €110m in January 2026.

Through the Project, Savannah will help Portugal to play an important role in providing a long-term, locally sourced, lithium raw material supply for Europe's lithium battery value chain. Once in operation the Project will produce enough lithium (contained in c.190,000tpa of spodumene concentrate) for approximately half a million vehicle battery packs per year and hence make a significant contribution towards the European Commission's Critical Raw Material Act goal of a minimum 10% of European endogenous lithium production from 2030.

Savannah is focused on the responsible development and operation of the Barroso Lithium Project so that its impact on the environment is minimised and the socio-economic benefits that it can bring to all its stakeholders are maximised.

The Company is listed and regulated on the AIM Market of the London Stock Exchange and trades under the ticker "SAV".