5th Apr 2023 16:52
Savannah Resources PLC - European lithium development company - Reports pretax loss from continuing operations of GBP2.7 million in 2022, narrowed from GBP3.5 million a year prior. Adds revenue was zero in the period, unchanged from 2021, while administration expenses rose to GBP3.5 million from GBP3.3 million. Highlights a foreign exchange gain of GBP0.8 million compared to GBP0.2 million. Explains should a positive decision on the project's environmental report be received from the Portuguese environmental regulator, cash reserves will carry the company into the second phase of the environmental licencing process and allow Savannah to progress the definitive feasibility study on the Barroso Lithium Project.
Also announces wholly owned subsidiary, Savannah Lithium Ltd, has been joined as the counter-interested party in a lawsuit brought by the Parish of Covas do Barroso against the Ministry of Environment and Climate Action as defendant. Points out this mirrors the lawsuit which the Parish of Covas do Barroso brought against the Republic of Portugal and the Ministry of Economy in February 2022, which was extinguished in March 2023. Stresses the lawsuit neither impacts the Barroso Lithium Project's activities nor the current environmental impact assessment process which is moving to a conclusion. Adds advice from Savannah's lawyers was and remains that the lawsuit is without foundation.
Current stock price: 3.10 pence
12-month change: down 36%
By Jeremy Cutler, Alliance News reporter
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