Savannah Resources lithium projects in Portugal

Savannah Resources has advanced its lithium mining operations in Portugal through significant capital increases and technical studies.

In September 2026, the company completed a 31.3 million euro capital increase to accelerate the Barroso Lithium Project. This funding, which saw demand exceed supply, is intended for equipment acquisition, construction preparation, engineering, and hiring. The capital raise attracted diverse European interest, with Portuguese investors representing approximately 30% of the shareholding structure.

By October 2026, the company completed a Definitive Feasibility Study for the Boticas lithium project. The study identified an initial probable reserve of 20 million tonnes of ore, potentially supporting a project lifespan of over 40 years. Classified as a strategic project by the European Union, the development is expected to receive approximately 110 million euros in support from the Portuguese government. The project aims to integrate Portugal into the electric vehicle value chain, with German shareholder AMG Critical Materials expected to be the first customer and potentially establishing a local lithium refinery.

Regarding the Barroso project, Savannah Resources is progressing with technical and environmental preparations, targeting a final investment decision by 2027. Identified resources at the site are estimated at approximately 39 million tonnes of ore with an average lithium oxide content of 1.05%.

Local sentiment remains divided. While some groups oppose the project, the Associação Futuro do Barroso has called for a ‘more pluralistic debate’, arguing that media coverage overrepresents opposition. The association suggests the project could combat regional depopulation through job creation and noted that some local communal lands have already signed agreements with Savannah Resources to provide funds for infrastructure and family support.