During the year, Savannah's net assets increased to £25.4mln from £13.1mln, primarily due to an increase in exploration activity, completion of the scoping study and the ongoing execution of the definitive feasibility study at the Mina do Barroso lithium project in Portugal.
Another significant driver in the net assets' growth was the increase in cash and cash equivalents of £5.3mln, as a result of well-supported equity fundraisings during the year.
Year-end cash totalled £7.7mln. In April and July 2018, Savannah raised a total of £14.7mln.
All four of Savannah’s largest shareholders increased their share positions in 2018, primarily through the record oversubscribed £12.6mln fundraise in July.
Al Marjan Ltd remained the company's largest shareholder during the year, increasing its ownership by over 21mln shares to 208.3mln. Slipstream Resources also boosted its stake to 5.1%, as various milestones in the project acquisition agreement were passed.
Mina do Barroso has now been confirmed as the largest resource of spodumene lithium in Western Europe, with a current resource of 23.5mln tonnes at 1.02% lithium oxide and a post-tax NPV of US$241mln.
A feasibility study is expected later this year.