Savannah Resources raises £27 million to advance Europe's largest lithium deposit
What's the deal? Savannah ResourcesDealroom has a profile for this one. Try Dealroom →, developer of the Barroso Lithium Project in Portugal, has raised a minimum of £26.9 million ($36 million) through an accelerated bookbuild and subscription. Shares were placed at 5.5 pence each in an oversubscribed process run by SP Angel, CanaccordDealroom has a profile for this one. Try Dealroom →, AlantraDealroom has a profile for this one. Try Dealroom →, and CaixaBankDealroom has a profile for this one. Try Dealroom → as joint global co-ordinators.
What's the endgame? The AIM-listed company is developing Barroso, which it describes as Europe's largest spodumene lithium deposit and a "Strategic Project" under the European Critical Raw Materials Act. The raise adds to existing cash of $15.5 million and moves Savannah toward a Final Investment Decision in 2027.
Where's the money going? Proceeds will fund project development, environmental licensing, geotechnical work, land use rights, and community initiatives. The company also plans to complete project finance, place long-lead item orders, begin initial groundworks, and hold additional working capital.
Why now? The placing arrives as Savannah lines up the workstreams needed to de-risk delivery ahead of its 2027 decision point. Admission of the new shares to AIM is expected on September 28, 2026.
The signal: Europe is racing to secure domestic supplies of battery-grade lithium and reduce reliance on imports. A sizeable, oversubscribed raise for a deposit already flagged as strategically important under EU rules points to investor appetite for critical-minerals projects on European soil.
Read more: investegate.co.uk
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