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An announcement from Savannah Resources ( (GB:SAV) ) is now available.
Savannah Resources has successfully completed its RetailBook Offer, raising a total of £9.8 million through various fundraising activities, including a Placing, Subscription, and Additional Subscriptions. This financial boost strengthens the company’s cash reserves to approximately £21 million, enabling it to advance the Barroso Lithium Project in Portugal. The project is pivotal for Europe’s energy transition, aiming to produce lithium for vehicle battery packs, thus supporting the European Commission’s Critical Raw Materials Act. The company plans to use the funds to purchase the Aldeia Mining Lease, complete a Definitive Feasibility Study, and focus on project finance and strategic partnerships.
The most recent analyst rating on (GB:SAV) stock is a Buy with a £8.00 price target. To see the full list of analyst forecasts on Savannah Resources stock, see the GB:SAV Stock Forecast page.
More about Savannah Resources
Savannah Resources is a mineral resource development company and the sole owner of the Barroso Lithium Project in northern Portugal. The project is the largest battery-grade spodumene lithium resource in Europe and has been classified as a ‘Strategic Project’ by the European Commission. Savannah aims to support Europe’s lithium battery value chain by providing locally sourced lithium, contributing significantly to the European Commission’s goal of increasing endogenous lithium production.
Average Trading Volume: 2,851,496
Technical Sentiment Signal: Sell
Current Market Cap: £89.6M
For an in-depth examination of SAV stock, go to TipRanks’ Overview page.