First JORC Reserve declared, JORC Resource updated

Deposit

Tonnes

Mt

Li₂O

Fe₂O₃

Aldeia

1.6

1.09

0.97

Grandão

11.4

0.98

0.94

NOA

0.5

0.9

1.66

Pinheiro

2.1

1.02

1.03

Reservatório

4.4

0.95

1.09

Total

20.0

0.99

1.00

Deposit

Resource
Class

Tonnes

Li₂O

Fe₂O₃

Li₂O

Mt

%

%

Tonnes

All Deposits

Measured

8.7

1.06

0.7

93,100

Indicated

18.1

1.05

0.8

189,000

Inferred

12.3

1.04

0.8

127,100

Total

39.2

1.05

0.8

409,200

Grandão

Measured

8.7

1.06

0.7

93,100

Indicated

5.0

1.03

0.8

51,100

Inferred

4.4

1.06

0.8

46,400

Total

18.1

1.05

0.7

190,600

Reservatório
(Within C-100)

Measured

Indicated

5.3

0.98

0.9

52,000

Inferred

0.8

1.10

0.9

9,200

Total

6.2

0.99

0.9

61,100

Reservatório
(in Application)

Measured

Indicated

2.8

1.02

0.9

28,600

Inferred

3.2

0.89

0.8

28,100

Total

6.0

0.95

0.9

56,700

Reservatório
(Total)

Measured

Indicated

8.1

1.00

0.9

81,200

Inferred

4.0

0.90

0.9

36,100

Total

12.1

0.97

0.9

117,300

Pinheiro

Measured

Indicated

2.6

1.11

0.7

28,500

Inferred

2.2

1.08

0.7

23,300

Total

4.8

1.09

0.7

51,800

NOA

Measured

Indicated

0.6

1.03

0.8

6,300

Inferred

0.1

0.95

0.5

400

Total

0.7

1.03

0.8

6,700

Aldeia

Measured

Indicated

1.8

1.25

0.5

22,600

Inferred

1.7

1.16

0.5

19,700

Total

3.5

1.21

0.5

42,300

Deposit

Resource
Class

Tonnes

Li₂O

Fe₂O₃

Li₂O

Mt

%

%

Tonnes

All Deposits
(Within C-100)

Measured

8.7

1.06

0.7

93,100

Indicated

15.3

1.05

0.8

160,400

Inferred

9.1

1.09

0.7

99,000

Total

33.2

1.06

0.8

352,500

Deposit

Resource
Class

Tonnes

Li₂O

Fe₂O₃

Li₂O

Mt

%

%

Tonnes

All Deposits
(Grand Total)

Measured

8.7

1.06

0.7

93,100

Indicated

18.1

1.05

0.8

189,000

Inferred

12.3

1.04

0.8

127,100

Total

39.2

1.05

0.8

409,200

Category

Definition

Exploration Target

A statement or estimate of the exploration potential of a mineral deposit

in a defined geological setting where the statement or estimate, quoted as a range of tonnes and a range of grade (or quality), relates to mineralisation for which there has been insufficient exploration to estimate a Mineral Resource.

Mineral Resource

A concentration or occurrence of solid material of economic interest in or on the Earth's crust in such form, grade (or quality), and quantity that there are reasonable prospects for eventual economic extraction. The location, quantity, grade (or quality), continuity and other geological characteristics of a Mineral Resource are known, estimated or interpreted from specific geological evidence and knowledge, including sampling. Mineral Resources are sub-divided, in order of increasing geological confidence, into Inferred, Indicated and Measured categories.

Inferred Mineral Resource

That part of a Mineral Resource for which quantity and grade (or quality) are estimated on the basis of limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological and grade (or quality) continuity. It is based on exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes. An Inferred Mineral Resource must not be converted to an Ore Reserve. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.

Indicated Mineral Resource

That part of a Mineral Resource for which quantity, grade (or quality), densities, shape and physical characteristics are estimated with sufficient confidence to allow the application of Modifying Factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. Geological evidence is derived from adequately detailed and reliable exploration, sampling and testing gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes, and is sufficient to assume geological and grade (or quality) continuity between points of observation where data and samples are gathered. An Indicated Mineral Resource has a lower level of confidence than that applying to a Measured. Mineral Resource and may only be converted to a Probable Ore Reserve.

Measured Mineral Resource

that part of a Mineral Resource for which quantity, grade (or quality), densities, shape, and physical characteristics are estimated with confidence sufficient to allow the application of Modifying Factors to support detailed mine planning and final evaluation of the economic viability of the deposit. Geological evidence is derived from detailed and reliable exploration, sampling and testing gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes, and is sufficient to confirm geological and grade (or quality) continuity between points of observation where data and samples are gathered. A Measured Mineral Resource has a higher level of confidence than that applying to either an Indicated Mineral Resource or an Inferred Mineral Resource. It may be converted to a Proved Ore Reserve or under certain circumstances to a Probable Ore Reserve.

Ore Reserve

Is the economically mineable part of a Measured and/or Indicated Mineral Resource. It includes diluting materials and allowances for losses, which may occur when the material is mined or extracted and is defined by studies at Pre-Feasibility or Feasibility level as appropriate that include application of Modifying Factors. Such studies demonstrate that, at the time of reporting, extraction could reasonably be justified. The reference point at which Reserves are defined, usually the point where the ore is delivered to the processing plant, must be stated. It is important that, in all situations where the reference point is different, such as for a saleable product, a clarifying statement is included to ensure that the reader is fully informed as to what is being reported.

Savannah Resources PLC

Emanuel Proença, CEO

Asa Bridle, Investor Relations

Tel: +351 963 850 959

Tel: +44 207 117 2489

António Neves Costa, Media Relations

Tel: +351 962 678 912

SP Angel Corporate Finance LLP (Nominated Advisor & Joint Broker)

David Hignell / Charlie Bouverat (Corporate Finance)

Grant Barker /Abigail Wayne (Sales & Broking)

Tel: +44 20 3470 0470

Canaccord Genuity Limited (Joint Broker)

James Asensio / Rory Blundell / Charlie Hammond (Corporate Broking)

Ben Knott (Sales)

Tel: +44 20 7523 8000

Classification

Item

Unit

Aldeia

Grandão

NOAQ

Pinheiro

Reservatório

Total

Probable

Tonnes

Mt

1.6

11.4

0.5

2.1

4.4

20.0

Li₂O grade

%

1.09 

0.98 

0.90 

1.02 

0.95 

0.99 

Fe₂O₃ grade

%

0.97

0.94

1.66

1.03

1.09

1.00 

Criteria

JORC Code explanation

Commentary

Mineral Resource estimate for conversion to Ore Reserves

Description of the Mineral Resource estimate used as a basis for the conversion to an Ore Reserve.

Clear statement as to whether the Mineral Resources are reported additional to, or inclusive of, the Ore Reserves.

The Ore Reserve estimate is based on the Mineral Resource estimates for the Barroso Lithium Project. The Mineral Resources are hosted within spodumene-bearing pegmatites emplaced in schist-dominated lithologies and is supported by geological logging, sampling, assay data and three-dimensional geological interpretation of pegmatite bodies. Mineralisation geometry is defined by shallow-dipping and steeply dipping pegmatite dykes, with good continuity demonstrated through drilling and outcrop mapping.

The Mineral Resource estimates were developed using a Surpac block model with grade estimation undertaken using ordinary kriging for the main pegmatite domains and inverse distance squared interpolation for minor domains. Geological wireframes constrained mineralised zones using a nominal 0.5% Li₂O threshold, with samples composited to 1 m intervals and appropriate search parameters applied based on drill spacing and deposit geometry.

The Surpac block model has a parent cell dimensions of 20 m (E-W) × 10 m (N-S) × 5 m (vertical), with sub-celling to 5 m × 2.5 m × 1.25 m. No selective mining units were explicitly modelled.

The Mineral Resources are classified as Measured, Indicated and Inferred. The Mineral Resources are reported inclusive of Ore Reserves. The Measured and Indicated Mineral Resource are appropriate for Feasibility Study (FS) level mine planning and conversion to Ore Reserves.

Site visits

Comment on any site visits undertaken by the Competent Person and the outcome of those visits.

If no site visits have been undertaken indicate why this is the case.

The Competent Person, Mr Allan Earl, made a site visit to the Project in November 2025. During this time, Mr Earl visited the core shed, the open pit locations and the site of the proposed processing plant. The locations for the tailings storage facilities, power supply and other infrastructure were observed and discussed with the Savannah Project Manager. No material issues were identified during the site visit. 

Study status

The type and level of study undertaken to enable Mineral Resources to be converted to Ore Reserves.

The Code requires that a study to at least Pre-Feasibility Study level has been undertaken to convert Mineral Resources to Ore Reserves. Such studies will have been carried out and will have determined a mine plan that is technically achievable and economically viable, and that material Modifying Factors have been considered.

The study is at a Feasibility Study level.

Cut-off parameters

The basis of the cut-off grade(s) or quality parameters applied.

A marginal cut-off grade of approximately 0.43-0.46% Li₂O was calculated based on project-specific economic parameters. Due to the Mineral Resource being reported at a 0.5% Li₂O cut-off, a reporting cut-off grade of 0.5% Li₂O was applied.

Mining factors or assumptions

The method and assumptions used as reported in the Pre-Feasibility or Feasibility Study to convert the Mineral Resource to an Ore Reserve (i.e. either by application of appropriate factors by optimisation or by preliminary or detailed design).

The choice, nature and appropriateness of the selected mining method(s) and other mining parameters including associated design issues such as pre-strip, access, etc.

The assumptions made regarding geotechnical parameters (e.g. pit slopes, stope sizes, etc), grade control and pre-production drilling.

The major assumptions made and Mineral Resource model used for pit and stope optimisation (if appropriate).

The mining dilution factors used.

The mining recovery factors used.

Any minimum mining widths used.

The manner in which Inferred Mineral Resources are utilized in mining studies and the sensitivity of the outcome to their inclusion.

The infrastructure requirements of the selected mining methods.

Mineral Resources were converted to a mine plan through Whittle pit optimisation (Lerch-Grossmann algorithm) followed by detailed pit design and life-of-mine scheduling. The study is based primarily on Measured and Indicated Resources, with a minor proportion (~3%) of Inferred material included in the design and schedule.

A conventional open pit drill, blast, load and haul mining method has been selected. This is appropriate for the shallow, laterally continuous pegmatite-hosted mineralisation and project scale. Selective mining is applied in narrower zones to control dilution. Access is via staged pit ramps, with moderate pre-strip requirements. Waste is managed via ex-pit dumps and progressive in-pit backfilling.

The open pit inventory for scheduling (inclusive of Inferred Mineral Resources) and reporting is summarised in the table below.

Geotechnical parameters are based on drilling, laboratory testing and stability analysis across multiple domains. Key parameters include batter angles of ~55-75°, inter-ramp angles of ~36-56°, batter heights up to 20 m and berm widths up to 8.5 m. Overall slope angles used in optimisation are ~30-48°. Grade control is assumed to be undertaken via RC drilling and geological supervision. Geotechnical confidence is moderate to high, with risks managed through design and monitoring.

Pit optimisation was undertaken using Whittle software with assumptions including: lithium concentrate SC6 (equivalent) price of US$1,200/t, processing cost of US$22.8/t, other ore cost of about $11/t, metallurgical recovery of 65-74%, contractor-based mining costs, and domain-based slope constraints.

Dilution is applied through a 1 m skin and additional contaminated zone to reflect practical mining selectivity.

No explicit mining recovery factor has been applied beyond dilution assumptions; recovery is incorporated through metallurgical performance.

A minimum mining width of about 20 m has been applied, with typical stage widths of 60 m to ensure practical excavation and equipment access.

 Mining requires conventional open pit infrastructure including haul roads, pit ramps, ROM pads, ex-pit waste dumps and in-pit backfilling. Infrastructure design is integrated with environmental and permitting constraints and is considered appropriate for the selected mining method.

Metallurgical factors or assumptions

The metallurgical process proposed and the appropriateness of that process to the style of mineralisation.

Whether the metallurgical process is well-tested technology or novel in nature.

The nature, amount and representativeness of metallurgical test work undertaken, the nature of the metallurgical domaining applied and the corresponding metallurgical recovery factors applied.

Any assumptions or allowances made for deleterious elements.

The existence of any bulk sample or pilot scale test work and the degree to which such samples are considered representative of the orebody as a whole.

For minerals that are defined by a specification, has the ore reserve estimation been based on the appropriate mineralogy to meet the specifications?

The proposed process plant utilises a conventional spodumene beneficiation flowsheet comprising crushing, grinding, dense media separation (DMS), magnetic separation and flotation to produce a spodumene concentrate (5.5% Li₂O). The process is appropriate for pegmatite-hosted lithium mineralisation dominated by spodumene and is based on well-established, widely used technology with no novel unit operations.

A staged metallurgical testwork program has been completed, including comminution, DMS, magnetic separation, mica and spodumene flotation, variability testing, and locked-cycle and pilot-scale testwork. Testwork confirms ore amenability to conventional processing and supports flowsheet selection. Results are considered broadly representative, although testing is weighted towards the Grandão deposit.

Metallurgical recoveries are assumed as a function of Li₂O head grade, typically ranging from approximately 65% to 74%, with higher recoveries (approximately 77-82%) demonstrated in locked-cycle testing. Flotation stage recoveries are typically 87-93% Li₂O. Concentrate grades of approximately 5.5-6.0% Li₂O are consistently achieved.

Key assumptions include DMS pre-concentration rejecting approximately 23% of mass with ~4% Li₂O loss at an optimal cut density of 2.65. Flotation follows grinding (150 µm), desliming (20 µm) and magnetic separation. Performance is sensitive to feed grade, mica content and reagent dosing, requiring operational control and potential blending.

Variability testwork across multiple deposits indicates generally consistent product grade, with recovery variability linked to head grade, mica content and material type. Lower grade material shows reduced recovery potential.

Some scale-up metallurgical testwork has been undertaken, providing further validation of proposed process flowsheet and confirm its performance at a larger scale. This included campaigns conducted by Nagrom, which successfully produced bulk spodumene concentrates (including approximately 55 kg and 200 kg of SC 6.0 product) using Barroso Lithium Project ore samples.

Limited allowances have been made for deleterious elements. Iron (Fe₂O₃) is partially accounted for in resource modelling, with typical grades of about 1% in ore and about 4% in waste.

Environmental

The status of studies of potential environmental impacts of the mining and processing operation. Details of waste rock characterisation and the consideration of potential sites, status of design options considered and, where applicable, the status of approvals for process residue storage and waste dumps should be reported.

The mine plan has been developed to align with the approved footprint and minimise deviation from prior government approvals. Waste rock has been characterised as chemically stable and inert, with testwork confirming non-acid forming material and negligible risk of acid mine drainage or significant metal leaching.

Potential sites and design options for waste rock landforms, in-pit backfill, soil stockpiles, ROM areas and the tailings storage facility have been incorporated into the mine layout, with progressive backfilling planned to restore natural drainage and support closure objectives. Waste dump and backfill designs, sediment control infrastructure, and drainage and stability design have been completed to a FS-level by Knight Piesold.

Environmental and permitting constraints materially influence mine design, including pit extents, stockpile locations and infrastructure layout. Process residues are planned to be dry stacked in the Tailings Storage Facility (TSF), and while design concepts are defined, further work is required to finalise detailed engineering, confirm waste material suitability and ensure compliance with permitting and closure requirements.

Waste rock geochemistry indicates non-acid forming material with low sulphide content and high neutralisation capacity, with no significant risk of acid mine drainage or deleterious metal leaching identified.

Infrastructure

The existence of appropriate infrastructure: availability of land for plant development, power, water, transportation (particularly for bulk commodities), labour, accommodation; or the ease with which the infrastructure can be provided, or accessed.

The Barroso Lithium Project has access to suitable infrastructure to support mining and processing operations. Adequate land is available within the approved project footprint for the development of pits, processing plant, waste rock landforms, tailings storage facility and associated infrastructure, although spatial constraints require careful layout optimisation.

The project is well serviced by existing road networks and is located approximately 145 km from the Port of Leixões, providing access for export of spodumene concentrate and import of supplies. Access to labour is considered favourable, with a local workforce available and additional specialist personnel sourced externally and accommodated in nearby towns.

Water supply is supported by local hydrological conditions, with surface water management and potential groundwater abstraction incorporated into the project design. Power permitting and design studies have been completed and have been submitted to the regulator for approval.

Costs

The derivation of, or assumptions made, regarding projected capital costs in the study.

The methodology used to estimate operating costs.

Allowances made for the content of deleterious elements.

The source of exchange rates used in the study.

Derivation of transportation charges.

The basis for forecasting or source of treatment and refining charges, penalties for failure to meet specification, etc.

The allowances made for royalties payable, both Government and private.

No explicit penalties for deleterious elements have been applied in the revenue assumptions.

The pre-production capital cost is $418 million, including $40 million in contingencies.

Capital costs for the process plant and power supply of $181 million were estimated by Sedgman in US dollars at May 2026 to a +/- 15% accuracy. Owner's pre-production capital costs for pre strip, earthworks and site infrastructure costs total $197 million. There is no allowance for sunk costs.

Sustaining capital costs over the life of mine total $97 million. Closure capital costs, including backfilling and contouring of pits, totals $237 million.

During production mining costs in the economic model average $5.48/t rock and are based on 2026 local contractor fixed and variable schedule of rates. Processing costs average $24.13/t ore and G&A costs total $8.00/t ore over the life of mine.

Concentrate has been assumed for delivery to export facilities, reflecting haulage from site to the Port of Leixões via existing road infrastructure. Logistics costs average $27.1/t SC 5.5 concentrate over the life of mine.

The cashflow includes a Portuguese Government grant of $126.5 million paid in two tranches during construction and production.

The project produces a saleable spodumene concentrate (5.5% Li₂O), with pricing based directly on SC5.5 concentrate and no penalties applied for grade. A portion of the mica and DMS tails are assumed to be saleable byproducts. The inability to make these byproduct sales may result in insufficient licensed TSF capacity being available.

A royalty of 3.0% has been applied to revenue in the economic evaluation. No additional private or third-party royalties have been applied. Selling costs, including royalties, total $89 million over the life of mine.

Revenue factors

The derivation of, or assumptions made regarding revenue factors including head grade, metal or commodity price(s) exchange rates, transportation and treatment charges, penalties, net smelter returns, etc.

The derivation of assumptions made of metal or commodity price(s), for the principal metals, minerals and co-products.

Revenue assumptions are based on a long-term spodumene concentrate price of US$1,200/t (SC6 basis). Metallurgical recovery is applied as a function of head grade, typically ranging from approximately 65% to 74%, resulting in concentrate production consistent with the project mineralogy.

Head grades are derived from the Mineral Resource model, incorporating dilution through a 1 m waste skin.

Potential by-product revenue of about $224 million from DMS floats and flotation tailings has been assessed using independent Iberian ceramics market studies, with pricing and saleability assumptions based on comparable feldspar and feldspathic sand products.

Savannah's cashflow model includes $126.5 million of Portuguese Government grants as the project is designated as strategic under the European Critical Raw Materials Act.

Market assessment

The demand, supply and stock situation for the particular commodity, consumption trends and factors likely to affect supply and demand into the future.

A customer and competitor analysis along with the identification of likely market windows for the product.

Price and volume forecasts and the basis for these forecasts.

For industrial minerals the customer specification, testing and acceptance requirements prior to a supply contract.

Lithium demand is driven by global electrification, particularly growth in electric vehicles (EVs) and energy storage systems, which are expected to underpin strong long-term demand for spodumene concentrate as a key feedstock for lithium chemicals. Demand growth is supported by decarbonisation policies and expanding battery manufacturing capacity, with EVs expected to dominate lithium consumption in coming decades.

Supply is currently dominated by hard rock operations (primarily Australia) and brine operations in South America, with supply concentrated in a small number of jurisdictions. While the market has experienced periods of oversupply and price volatility, forecasts indicate tightening market conditions in the near to medium term, with potential supply deficits emerging if new projects are delayed.

Factors likely to affect future supply and demand include EV adoption rates, battery technology evolution, geopolitical considerations, permitting timelines, and the pace of new project development. Overall, long-term fundamentals for lithium remain positive, although pricing is expected to remain volatile in the short term.

The European Union has identified lithium as a critical raw material and is actively supporting its development through policy initiatives such as the Critical Raw Materials Act, which aims to increase domestic extraction, processing, and recycling capacity. Financial support mechanisms, including the European Battery Alliance, IPCEI funding, and European Investment Bank financing, are intended to strengthen a secure and sustainable battery supply chain. While permitting and environmental requirements remain stringent, these frameworks provide a supportive backdrop for lithium project development within Europe.

Market spodumene concentrate studies have been sourced from experienced and reputable market analysis and price forecasting agencies. A long-term spodumene concentrate price of approximately US$1,200/t (SC6 basis) has been used in the economic model.

Economic

The inputs to the economic analysis to produce the net present value (NPV) in the study, the source and confidence of these economic inputs including estimated inflation, discount rate, etc.

NPV ranges and sensitivity to variations in the significant assumptions and inputs.

The project economic model is based on the mine schedule (inclusive of 3% Inferred), and recent contractor mining schedule of rates quotations, processing and G&A capital and operating costs estimated by Sedgman and Savannah using recent consumables, maintenance and labour rates.

The project has a positive post-tax net present value (NPV) of about $376 million (based on a FY 2027 construction start) at an 8% discount rate. The project is sensitive to operating costs and concentrate prices.

Social

The status of agreements with key stakeholders and matters leading to social licence to operate.

The Barroso Lithium Project remains subject to ongoing stakeholder engagement and regulatory processes associated with environmental approval. A positive Environmental Impact Statement decision, the DIA, has been issued by the Portuguese environmental authority, enabling the project to progress to the RECAPE stage, during which the project design is assessed for compliance with the conditions of the DIA.

Public consultation has formed part of the permitting process and has been used to identify and address environmental, community and land access concerns. The project is located near several local communities, with some communities within approximately 2 km of the proposed development, and social licence to operate remains a key project consideration.

Stakeholder engagement is ongoing with local communities, landholders, regulators and other relevant parties. Key matters include environmental management, community impacts, land access, potential land acquisition requirements, and compliance with permitting conditions. Continued consultation, transparent management of environmental and social impacts, and satisfaction of regulatory requirements will be required to secure and maintain social licence to operate.

Based on the project's progression through the environmental assessment process, including receipt of a positive DIA and advancement of the RECAPE process, Savannah has a reasonable basis to believe that the remaining environmental and government approvals can be obtained within the project timetable. This expectation is subject to satisfactory completion of the RECAPE process, compliance with DIA conditions, continued engagement with regulators and stakeholders, and the timely resolution of any outstanding land access, environmental, social or permitting matters.

Other

To the extent relevant, the impact of the following on the project and/or on the estimation and classification of the Ore Reserves:

Any identified material naturally occurring risks.

The status of material legal agreements and marketing arrangements.

The status of governmental agreements and approvals critical to the viability of the project, such as mineral tenement status, and government and statutory approvals. There must be reasonable grounds to expect that all necessary Government approvals will be received within the timeframes anticipated in the Pre-Feasibility or Feasibility study. Highlight and discuss the materiality of any unresolved matter that is dependent on a third party on which extraction of the reserve is contingent.

Several naturally occurring risks have been identified that may impact the project.

Topography and terrain variability is significant, with steep and rugged ground conditions influencing mine design, waste dump placement and access, and potentially impacting operational efficiency and construction requirements.

Geological and metallurgical variability, including reliance on assumptions from the Grandão deposit and limited data on weathered and lower-grade material, introduces uncertainty in recovery, grade control and overall project performance.

The Barroso Lithium Project is held under the C-100 mining concession, granted by the Portuguese government and covering approximately 542 ha, with proposed extensions to increase the exploitation area. The project has progressed through key regulatory stages, including approval of the Environmental Impact Assessment (DIA) and advancement of the RECAPE process to obtain the final environmental licence required for development.

Classification

The basis for the classification of the Ore Reserves into varying confidence categories.

Whether the result appropriately reflects the Competent Person's view of the deposit.

The proportion of Probable Ore Reserves that have been derived from Measured Mineral Resources (if any).

Ore Reserves have been classified in accordance with the JORC Code (2012) based on the level of confidence in the underlying Mineral Resource and the application of Modifying Factors derived from FS-level inputs, and have been classified as Probable Ore Reserves. Probable Ore Reserves are derived from Measured and Indicated Mineral Resources. The classification reflects consideration of mining, metallurgical, geotechnical, environmental, economic and legal factors, including pit optimisation, mine design, processing assumptions, cost inputs and permitting status. Confidence in Modifying Factors is considered sufficient to support classification at a Probable Ore Reserve level. No Ore Reserves have been derived from Inferred Mineral Resources.

Audits or reviews

The results of any audits or reviews of Ore Reserve estimates.

No independent audits or external reviews of the Ore Reserve estimates have been reported. Internal review and peer review processes have been undertaken as part of the study preparation by experienced consultants

Discussion of relative accuracy/ confidence

Where appropriate a statement of the relative accuracy and confidence level in the Ore Reserve estimate using an approach or procedure deemed appropriate by the Competent Person. For example, the application of statistical or geostatistical procedures to quantify the relative accuracy of the reserve within stated confidence limits, or, if such an approach is not deemed appropriate, a qualitative discussion of the factors which could affect the relative accuracy and confidence of the estimate. The statement should specify whether it relates to global or local estimates, and, if local, state the relevant tonnages, which should be relevant to technical and economic evaluation. Documentation should include assumptions made and the procedures used. Accuracy and confidence discussions should extend to specific discussions of any applied Modifying Factors that may have a material impact on Ore Reserve viability, or for which there are remaining areas of uncertainty at the current study stage.

It is recognised that this may not be possible or appropriate in all circumstances. These statements of relative accuracy and confidence of the estimate should be compared with production data, where available.

The Ore Reserve estimate is considered to have a level of accuracy and confidence, consistent with a Probable Ore Reserve derived from Measured and Indicated Mineral Resources and supported by FS-level Modifying Factors. The statement of confidence applies to the global Ore Reserve estimate, which is appropriate for mine planning and economic evaluation at the project scale.

The level of confidence reflects the quality of the underlying Mineral Resource, mine design, scheduling, and cost inputs, including contractor-based mining costs and established processing assumptions. However, some uncertainty remains in key Modifying Factors, including metallurgical variability across deposits, and limited testwork on weathered and lower-grade material, which may impact local accuracy.

Other factors that may influence the relative accuracy include assumptions regarding dilution and ore loss modelling, recovery as a function of grade, waste handling and backfilling requirements, and permitting and land access constraints. These factors remain subject to refinement through ongoing engineering, testwork and operational validation.

No production data is available for comparison at this stage. Overall, the estimate is considered suitable for project evaluation at the FS-level, with further refinement expected during project development and early operations

Deposit

Resource
Class

Tonnes

Li₂O

Fe₂O₃

Li₂O

Mt

%

%

Tonnes

All Deposits
(Grand Total)

Measured

8.7

1.06

0.7

93,100

Indicated

18.1

1.05

0.8

189,000

Inferred

12.3

1.04

0.8

127,100

Total

39.2

1.05

0.8

409,200

Grandão

Measured

8.7

1.06

0.7

93,100

Indicated

5.0

1.03

0.8

51,100

Inferred

4.4

1.06

0.8

46,400

Total

18.1

1.05

0.7

190,600

Reservatório
(Within C-100)

Measured

Indicated

5.3

0.98

0.9

52,000

Inferred

0.8

1.10

0.9

9,200

Total

6.2

0.99

0.9

61,100

Mt

%

%

Tonnes

Reservatório
(in Application)

Measured

Indicated

2.8

1.02

0.9

28,600

Inferred

3.2

0.89

0.8

28,100

Total

6.0

0.95

0.9

56,700

Reservatório
(Total)

Measured

Indicated

8.1

1.00

0.9

81,200

Inferred

4.0

0.90

0.9

36,100

Total

12.1

0.97

0.9

117,300

Pinheiro

Measured

Indicated

2.6

1.11

0.7

28,500

Inferred

2.2

1.08

0.7

23,300

Total

4.8

1.09

0.7

51,800

NOA

Measured

Indicated

0.6

1.03

0.8

6,300

Inferred

0.1

0.95

0.5

400

Total

0.7

1.03

0.8

6,700

Aldeia

Measured

Indicated

1.8

1.25

0.5

22,600

Inferred

1.7

1.16

0.5

19,700

Total

3.5

1.21

0.5

42,300

Deposit

Resource
Class

Tonnes

Li₂O

Fe₂O₃

Li₂O

Mt

%

%

Tonnes

All Deposits
(Within C-100)

Measured

8.7

1.06

0.7

93,100

Indicated

15.3

1.05

0.8

160,400

Inferred

9.1

1.09

0.7

99,000

Total

33.2

1.06

0.8

352,500

Deposit

Resource
Class

Tonnes

Li₂O

Fe₂O₃

Li₂O

Mt

%

%

Tonnes

All Deposits
(Grand Total)

Measured

8.7

1.06

0.7

93,100

Indicated

18.1

1.05

0.8

189,000

Inferred

12.3

1.04

0.8

127,100

Total

39.2

1.05

0.8

409,200

Hole Type

In Database

In Mineral Resource

Drill holes

Drill holes

Intersection

Number

Metres

Number

Metres

Metres

Percussion

RC

26

2,107

19

1,511

331

RCD

6

923

6

923

237

DD

10

1,307

9

1,289

261

Total

42

4,337

34

3,723

829

Sampling techniques

·    Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.

·    Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.

·    Aspects of the determination of mineralisation that are Material to the Public Report. In cases where 'industry standard' work has been done this would be relatively simple (e.g. 'reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay'). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information.

·      The majority of previous holes were reverse circulation, sampled at 1m intervals. RC samples were collected in large plastic bags attached to the cyclone. On completion of the 1m run the large sample was passed through a 3-stage riffle splitter to collect a 2.5-4kg sub sample, to be used for assay.

·      Diamond holes were completed for metallurgical sampling, geotechnical analysis and resource estimation. Core was PQ/HQ size, sampled at 1m intervals in the pegmatite, with boundaries sampled to geological boundaries. Half core samples were collected for analysis.

·      Drilling was carried out to infill previous drilling to achieve a nominal hole of predominantly 20m by 20m to 40m by 40m across the deposit. Geotechnical drilling was designed purely to intersect planned pit walls and pegmatite intersections were incidental but followed all standard logging and sampling in line with all the drilling.

·      Collar surveys are carried using differential DGPS with an accuracy to within 0.2m.  

·      A down hole survey for each hole was completed using gyro equipment.

·      The lithium mineralisation is predominantly in the form of Spodumene-bearing pegmatites, the pegmatites are unzoned and vary in thickness from 5m-109m.

Drilling techniques

·    Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).

·      RC drilling used a 120mm diameter face sampling hammer.

·      Core drilling was carried out using an PQ/HQ single tube core barrels.

Drill sample recovery

·    Method of recording and assessing core and chip sample recoveries and results assessed.

·    Measures taken to maximise sample recovery and ensure representative nature of the samples.

·    Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.

·      RC drilling sample weights were monitored to ensure samples were maximised. Samples were carefully loaded into a splitter and split in the same manner ensuring that the sample split to be sent to the assay laboratories were in the range of 4-6kg.

·      Core recovery was measured and was found to be generally excellent.

·      No obvious relationships between sample recovery and grade. 

Logging

·    Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.

·    Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.

·    The total length and percentage of the relevant intersections logged.

·      All drill sample intervals were geologically logged in the field at the time of sampling. Core was logged in detail for a variety of physical characteristics in a logging yard away from the drilling

·      Each 1m sample interval was carefully homogenised and assessed for lithology, colour, grainsize, structure and mineralisation. Core was sampled to geological boundaries and at 1m intervals therein.

·      A representative chip sample produced from RC drilling was washed and taken for each 1m sample and stored in a chip tray which was photographed.

·      Percussion holes were logged for every metre drilled with the spoil collected for each metre by shovel and placed in a sample bag, a representative sub sample was taken and logged for lithology, colour, grainsize and mineralisation.

·      Core was photographed.

Sub-sampling techniques and sample preparation

·    If core, whether cut or sawn and whether quarter, half or all core taken.

·    If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.

·    For all sample types, the nature, quality and appropriateness of the sample preparation technique.

·    Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.

·    Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling.

·    Whether sample sizes are appropriate to the grain size of the material being sampled.

·      1m RC samples were split by the riffle splitter at the drill rig and sampled dry.

·      Core was cut in half using a diamond saw with 1m half core samples submitted for analysis or for metallurgical samples one of the halves was cut again for a quarter core and sent for analysis.

·      The sampling was conducted using industry standard techniques and were considered appropriate.

·      Field duplicates were used to test repeatability of the sub-sampling and were found to be satisfactory.

·      Every effort was made to ensure that the samples were representative and not biased in any way.

Quality of assay data and laboratory tests

·    The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.

·    For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.

·    Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.

·      Samples were received, sorted, labelled, and dried.

·      Samples were crushed to 70% less than 2mm, riffle split off 250g, pulverise split to better than 85% passing 75 microns and 5g was split of for assaying.

·      The samples were analysed using ALS Laboratories ME-MS89L Super Trace method which combines a sodium peroxide fusion with ICP-MS instrumentation utilising collision/reaction cell technologies to provide the lowest detection limits available.

·      A prepared sample (0.2g) is added to sodium peroxide flux, mixed well and then fused in at 670°C. The resulting melt is cooled and then dissolved in 30% hydrochloric acid. This solution is then analysed by ICP-MS and the results are corrected for spectral inter-element interferences.

·      The final solution is then analysed by ICP-MS, with results corrected for spectral inter-element interferences.

·      Standards/blanks and duplicates were inserted on a 1:20 ratio for both to samples taken.

·      Duplicate sample regime is used to monitor sampling methodology and homogeneity.

·      Routine QA/QC controls for the method ME-MS89L include blanks, certified reference standards of Lithium and duplicate samples. Samples are assayed within runs or batches up to 150 samples. At the fusion stage that quality control samples are included together with the samples, so all samples follow the same procedure until the end. Fused and diluted samples are prepared for ICP-MS analysis. ICP instrument is calibrated through appropriate certified standards solutions and interference corrections to achieve strict calibration fitting parameters. Each 40-sample run is assayed with two blanks, two certified standards and one duplicate sample and results are evaluated accordingly.

·      A QA/QC review of all information indicated that all assays were satisfactory.

Verification of sampling and assaying

·    The verification of significant intersections by either independent or alternative company personnel.

·    The use of twinned holes.

·    Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.

·    Discuss any adjustment to assay data.

·      All information was internally audited by company personnel.

·      During this programme no holes were twinned.

·      Savannah's experienced project geologists supervised all processes.

·      All field data is entered into a custom log sheet and then into excel spreadsheets (supported by look-up tables) at site and subsequently validated as it is imported into the centralised Access database.

·      Hard copies of logs, survey and sampling data are stored in the local office and electronic data is stored on the company's cloud drive.

·      Results were reported as Li (ppm) and were converted to a percentage by dividing by 10,000 and then to Li₂O% by multiplying by 2.153.

Location of data points

·    Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.

·    Specification of the grid system used.

·    Quality and adequacy of topographic control.

·      The coordinate of each drill hole was taken at the time of collecting using a handheld GPS with an accuracy of 5m. All collars were subsequently surveyed using DGPS with an accuracy of 0.2m.

·      The grid system used is WSG84 Zone29N.

·      An accurate, aerial topographic survey was obtained with accuracy of +/- 0.5m.

Data spacing and distribution

·    Data spacing for reporting of Exploration Results.

·    Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.

·    Whether sample compositing has been applied.

·      Drilling was carried out on an infill basis to attain on a nominal spacing of 20m to 40m on 60m to 80m spaced cross sections.

·      Drill data is considered of sufficient spacing to define Indicated Mineral Resource in accordance with requirements for a DFS.

·      Samples were composited to 1m intervals prior to estimation.

Orientation of data in relation to geological structure

·    Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.

·    If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.

·      Drilling was generally carried out using angled holes, as close to perpendicular to strike as possible.

·      At Aldeia, the holes were drilled as close to perpendicular to strike as possible.

·      All Geotech holes were drilled in various orientations to intersect planned pit walls. According to the expert (GGC - Consultants) requirements.

·      No orientation based sampling bias has been identified in the data.

Sample security

·    The measures taken to ensure sample security.

·      Samples were delivered to a courier and chain of custody is managed by SAV.

Audits or reviews

·    The results of any audits or reviews of sampling techniques and data.

·      Internal company auditing based on previous programs is carried out routinely.

·      In addition, Paul Payne, an associate of Ashmore reviewed drilling and sampling procedures during the 2018 site visit and found that all procedures and practices conform to industry standards.

Mineral tenement and land tenure status

·    Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.

·    The security of the tenure held at the time of reporting along with any known impediments to obtaining a license to operate in the area.

·      The Aldeia deposit is situated inside the Mina do Barroso Project C-100 mining concession boundary.

·      SAV has received written confirmation from the DGEG that under article 24 of Decree-Law no. 88/90 of March 16 being relevant justification based on the resources allocated exploited and intended, SAV has been approved an expansion up to 250m of C100 mining concession in specific areas where a resource has been defined and the requirement for the expansion can be justified.

Exploration done by other parties

·    Acknowledgment and appraisal of exploration by other parties.

·      Limited exploration work has been carried out by previous operators.

·      No historic information has been included in the Mineral Resource estimates. 

Geology

·    Deposit type, geological setting and style of mineralisation.

·      The lithium mineralisation is predominantly in the form of spodumene-bearing pegmatites which are hosted in meta-pelitic and mica schists and occasionally carbonate schists of upper Ordovician to lower Devonian age. The pegmatites vary in thickness from 5m-109m.

Drill hole information

·   A summary of all information material to the under-standing of the exploration results including a tabulation of the following information for all Material drill holes:

·   easting and northing of the drill hole collar

·   elevation or RL (Reduced Level - elevation above sea level in metres) of the drill hole collar

·   dip and azimuth of the hole

·   down hole length and interception depth

·   hole length

·   If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.

·      Exploration results are not being reported.

·    All information has been included in the appendices.  No drill hole information has been excluded.

Data aggregation methods

·   In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated.

·   Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.

·   The assumptions used for any reporting of metal equivalent values should be clearly stated.

·    Exploration results are not being reported.

·    Not applicable as a Mineral Resource is being reported.

·    Metal equivalent values are not being reported; however, Li is reported as ppm and converted to the oxide Li₂O for resource purposes. The conversion factor used is to divide the Li value by 10,000 and multiplying by 2.153 to represent the value as a percentage.

Relationship between mineralisation widths and intercept lengths

·   These relationships are particularly important in the reporting of Exploration Results.

·   If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.

·   If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g. 'down hole length, true width not known').

·      The drill line and drill hole orientation are oriented as close to 90° degrees to the orientation of the anticipated mineralised orientation as practicable.

·      The majority of the drilling intersects the mineralisation between 60° and 90° degrees.

Diagrams

·   Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported. These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.

·      Relevant diagrams have been included within the Mineral Resource report main body of text.

Balanced Reporting

·    Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.

·   Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.

·      All hole collars were surveyed WGS84 Zone 29 North grid using a differential GPS. All RC and DD holes were down-hole surveyed with a north-seeking gyroscopic tool.

·    Exploration results are not being reported.

Other substantive exploration data

·   Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples - size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.

·      Results were estimated from drill hole assay data, with geological logging used to aid interpretation of mineralised contact positions.

·      Geological mapping and rock chip sampling has been conducted over the project area.

Further work

·    The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large- scale step-out drilling).

·    Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.

·      Follow up RC and DD drilling may be undertaken as part of a second phase of resource infill drilling.

·      Economic evaluation of the defined Mineral Resource will be completed soon.