REG - Savannah Resources - Chairman Succession and changes to the Board

Savannah ResourcesAnnouncement

24/06/2024 07:00

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RNS Number : 4880T  Savannah Resources PLC  24 June 2024

 

 

24 June 2024

 

Savannah Resources Plc

(AIM: SAV, FWB: SAV and SWB: SAV) ('Savannah' or the 'Company')

 

Chairman Succession and changes to the Board

 

Savannah Resources plc, the European lithium development company, announces
that Mr Matthew King, after nine years of dedicated service, has given notice
of his intention to retire as Chairman and step down as a Director of the
Company, following the conclusion of the Annual General Meeting and effective
from 25 June 2024.

 

The Board is pleased to confirm that, following an extensive selection
process, Mr Rick Anthon has been appointed as the Company's new Chairman. Mr
Anthon will commence his role on 25 June 2024. An executive and qualified
lawyer with over 30 years' experience, Ricks adds significant lithium and
wider mining sector knowledge to Savannah's Board. Having worked with Allkem
(previously Orocobre) from its initial IPO as a small exploration company, Mr
Anthon was Director of Corporate Development when the ASX-listed lithium group
underwent an AUD 16Bn merger with Livent in 2023 to form NYSE listed Arcadium
Lithium, now one of the world's largest producers of finished Lithium
chemicals.

 

The Board is also pleased to confirm that Mr Diogo da Silveira has been
appointed as Deputy Chair. Mr da Silveira joined the Company as a
Non-Executive Director on 10 November 2022 and is a member of the Audit and
Risk and Remuneration Committees. Mr da Silveira has been instrumental in
engaging with Portuguese stakeholders since his appointment, acting as the
Company's senior in country representative.

 

The Company also announces the resignations of Ms Mary Jo Jacobi
(Non-Executive Director since 7 April 2022) and Mr James Leahy (Non-Executive
Director since 26 November 2018). These changes will happen after the
conclusion of the Annual General Meeting and become effective from 25 June
2024.

 

With the changes announced today combined with the future appointment of an
additional director from the Company's new largest shareholder, AMG Advanced
Materials N.V. ('AMG'), Savannah's Board is being made ready for its exciting
future as a significant lithium raw material producer based in Portugal. The
Board now has the deep sector experience and knowledge required across mining,
lithium, Portuguese and international business, and capital markets to deliver
the Project and create value for shareholders.

 

These changes follow a defining period for Savannah during which it:

·    Became solely focused on the development of the Barroso Lithium
Project in Portugal

·    Became fully financed on the Project through to a Final Investment
Decision with a cash position of over £21 million today (the largest in the
Company's history)

·    Entered into a strategic partnership with AMG, a global critical
materials business and lithium producer

·    Secured the Project's key environmental approval, the DIA

·    Delivered a Scoping study with a post-tax NPV of close to USD 1
billion

·    Hired an experienced Portuguese CEO to lead the business and provide
a constant high-level presence in the Portuguese business, political and media
ecosystems

 

Matthew King, Savannah's Chairman said: "I am delighted to pass the baton on
to Rick Anthon, who has all the qualifications and attributes needed by
Savannah in the next phase of its development of the Barroso Lithium Project.

 

"I would also like to take this opportunity to pay tribute to the significant
contributions made by Ms Jacobi and Mr Leahy as Directors of the Company.

 

"I am delighted that we have agreed the framework for a partnership with AMG
which positions us as a very significant player in Europe's lithium battery
value chain, fundamental to the region's energy transition. I believe a very
exciting future lies ahead for Savannah, and I wish the Company, its staff,
shareholders and stakeholders all the very best for the days ahead."

 

Rick Anthon, Savannah's Chairman elect said: "I am excited and honoured to be
joining the Board of Savannah as Chair. With a great team in place, a world
class project and strong partners and shareholders, Savannah is poised to
become a key player in the European Battery supply chain, while significantly
benefiting all our Portuguese stakeholders. I look forward to using my
experience in the lithium sector to help realise Savannah's full potential as
we move into the next key phase of the Company's growth."

 

Savannah's CEO, Emanuel Proença said: "It is my pleasure to welcome Rick
Anthon to the Company as our new Chairman just as we begin this new phase in
Savannah's evolution following our recent partnership announcement with AMG.
Rick brings significant industry experience to our board, including the
lithium sector specific knowledge he gained while working in the senior
management team of Allkem. The team and I are very much looking forward to
working with him.

 

"On behalf of the Board and the executive team, I want to extend our deepest
thanks to Matthew for his nine years of dedicated service to Savannah. Matthew
led Savannah's Board through important moments of transformation, providing
guidance and support as the Company grew and pivoted to focus on a world class
asset in a critical and strategic mineral, that it now advances towards
production at the very moment Europe needs it the most. There were also
challenging times, in which his experience and background were critical. His
history with the Company also made my onboarding into the Company much easier
and more complete, and I am personally thankful for that. We at Savannah are
deeply grateful for his stewardship and unwavering commitment to the Company,
and we are committed to reinforcing his legacy as we lead the Company to
greater heights. We wish him the very best in his future endeavours.

 

"I also extend my thanks and those of the wider Savannah team to James Leahy
and Mary Jo Jacobi, two of our highly experienced Non-Executive Directors, who
are also stepping down from the Board after six years and two years of service
respectively. I know I speak for all at Savannah in saying that their input
and advice during their tenures has always been highly valuable. They leave
Savannah in a great position and with our very best wishes."

 

In relation to the appointment of Deputy Chair, Diogo da Silveira, Rick
Anthon, Savannah's Chairman elect said: "I am very pleased that Mr da Silveira
has accepted the new position of Deputy Chair. Diogo is a highly respected
executive in Portuguese business circles and has been key in the Company's
progress made in stakeholder engagement. Diogo's expertise in Portugal will be
invaluable as the Company moves into its next stage."

 

Savannah's New Deputy Chair, Diogo da Silveira said: "I am excited to keep on
contributing to Europe's energy self-sufficiency journey through Savannah's
development of lithium resources in northern Portugal. I am honoured to be
appointed Deputy Chair and be part of such an important Energy transition
undertaking."

 

In relation to the resignations of Non-Executive Directors, Mary Jo Jacobi and
James Leahy, Matthew King, Savannah's Chairman added: "Ms Jacobi is stepping
down as a consequence of a grave family illness. She joined the Board in April
2022 and served as a member of the Audit and Risk, Remuneration and Nomination
Committees. She played a key part in the recruitment of Emanuel Proença as
our CEO and, more recently, the appointment of Mr Rick Anthon."

 

"Mr Leahy joined the Board in November 2018 and has made a valuable
contribution during his six years of service. This included serving as
Chairman of the Audit and Risk Committee until September 2022 and Chairman of
the Remuneration Committee since December 2019, during which time he led the
implementation of the Company's Long Term Incentive Plan and greatly supported
the Company's fundraising activities."

 

Savannah's Non-Executive Director, Mary Jo Jacobi said: "It has been a
privilege to have served on the Savannah Board for the past two years and to
have contributed to the Company's progress on ESG and the recruitment of the
new Chair, Rick Anthon. I regret that a grave family illness will prevent my
continued Board membership, but I wish Rick and the team every success in what
promises to be a bright future."

 

Savannah's Non-Executive Director, James Leahy said: "Having joined the
Savannah Board six years ago, significant progress has been made at the
Barroso Lithium Project, despite a number of significant challenges that have
arisen in that period. With the appointment of a new CEO in late 2023, a new
Chairman in 2024 and other important NED appointments, the Company is
preparing for the next phase of its strategy to move into development. This
inevitably presents an opportunity to re-align the Board accordingly. It is
with the agreement of the Chairman that I will step down on 25 June 2024,
coincident with the AGM. I would like to take this opportunity to thank the
executive management and all staff, who continue to work professionally and
diligently to execute the Company's strategy of taking our Portuguese project
rapidly into production and to be the first significant spodumene lithium
producer in Europe."

 

Further information

 

Biographies

Rick Anthon is a seasoned Lithium industry professional, having worked full
time in the Lithium sector for almost 10 years. Mr Anthon was most recently
the director of Corporate Development at Allkem Limited. He worked with Allkem
from its initial IPO as a small exploration company up until its recent AUD
16Bn merger with Livent to form NYSE listed Arcadium Lithium, now one of the
world's largest producers of finished Lithium chemicals.

 

At Allkem, Mr Anthon worked on a number of major transactions including
partnering with Toyota Tsushu Limited to develop the Olaroz Lithium Facility
and the Naraha Lithium Hydroxide Plant, the establishment of Advantage Lithium
Corp, a number of major capital market fund raisings, including the merger of
Orocobre with Galaxy Resources Limited, creating Allkem which ultimately
merged with the Livent Corporation to form Arcadium Lithium. Mr Anthon also
worked closely with the Project teams for both brine and hard rock projects
and Allkem's community and sustainability team.

 

The following information is disclosed pursuant to Schedule Two, paragraph (g)
of the AIM Rules for Companies.

 

Mr Richard (Rick) Stacy Anthon (an Australian national residing in Brisbane,
Queensland), aged 65, currently holds or has held the following directorships
and partnerships in the last five years:

 

 Current Directorships / Partnerships    Former Directorships / Partnerships within the last 5 years
 Savannah Goldfields Limited             Advantage Lithium LLC
 Agate Creek holdings Pty Ltd            Toyotsu Lithium Corporation
 Greenwing Resources Limited             A.C.N. 143 114 710 Pty Ltd
 Critical Minerals Technologies Pty Ltd  A.C.N. 646 148 754 Pty Ltd
 Bass Metals Holdings Pty Ltd            Bcp Alpha Investments Pty Ltd
 Armada Metals Limited                   Pacific Rim Metals Pty Ltd
 Patagonia Lithium Limited               Sfariate Gold Pty Ltd
 Nambia Pty Ltd                          The Rali Foundation Pty Ltd
 Anthon Consulting Pty Ltd               -
 Anthon Corporation Pty Ltd              -
 Stefrewan Pty Ltd                       -

 

Mr Rick Anthon does not currently hold any ordinary shares in the Company.

 

On joining the Company Mr Anthon becomes the Chair of the AIM Rule Compliance
and Nomination Committees and a member of the Remuneration Committee.

 

There is no further information to be disclosed pursuant to paragraph (g) of
Schedule 2 of the AIM Rules.

 

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.

 

Savannah - Enabling Europe's energy transition.

 

**ENDS**

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Follow Savannah Resources on LinkedIn

 

 

For further information please visit www.savannahresources.com
(https://www.savannahresources.com/)  or contact:

 

 Savannah Resources PLC                                                 Tel: +44 20 7117 2489

 Emanuel Proença, CEO

 SP Angel Corporate Finance LLP (Nominated Advisor & Joint Broker)      Tel: +44 20 3470 0470

 David Hignell / Charlie Bouverat (Corporate Finance)

 Grant Barker / Abigail Wayne (Sales & Broking)

 SCP Resource Finance (Joint Broker)                                    Tel: +44 204 548 1765
 Filipe Martins / Chris Tonkin

 Camarco (Financial PR)                                                 Tel: +44 20 3757 4980

 Gordon Poole / Emily Hall / Nuthara Bandara

 LPM (Portugal Media Relations)                                         Tel: +351 218 508 110

 Herminio Santos / Jorge Coelho / Margarida Pinheiro

 

 

About Savannah

Savannah Resources is a mineral resource development company and the sole
owner of the Barroso Lithium Project in northern Portugal, the largest battery
grade spodumene lithium resource outlined to date in Europe.

 

Through the Barroso Lithium Project (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 rapidly developing lithium battery
value chain. After the Environmental Licence was granted in May 2023 and the
Scoping Study confirmed the economic potential of the Project in June 2023,
production is now targeted and on track to begin in 2026. At that stage,
Savannah will start producing enough lithium (contained in c.190,000tpa of
spodumene concentrate) for approximately half a million vehicle battery packs
per year, equal to a significant portion of the European Commission's Critical
Raw Material Act goal of a minimum 10% of European endogenous lithium
production set for 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.

 

In June 2024, Savannah entered a strategic partnership with AMG Critical
Materials N.V., the global critical materials business and established lithium
market participant. AMG has invested GBP 16m in Savannah in exchange for a
15.8% stake in the Company and a 5 year, 45ktpa spodumene offtake agreement.
This investment alongside existing cash provides Savannah with the finance
required to take the Project to a Final Investment Decision point. AMG can
increase its offtake to 90ktpa for 10 years if it provides an acceptable full
project funding solution for the Project's construction.

 

The Company is listed and regulated on the London Stock Exchange's Alternative
Investment Market (AIM) and the Company's ordinary shares are also available
on the Quotation Board of the Frankfurt Stock Exchange (FWB) under the symbol
FWB: SAV, and the Börse Stuttgart (SWB) under the ticker "SAV".

 

 

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