Europe’s Leading Conventional

A N E N E R G Y M E TA L S G R O U P Lithium Project
SAVANNAH RESOURCES PLC
CORPORATE PRESENTATION – March 2020
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 C O R P O R AT E S N A P S H O T
KEY DATA SHAREHOLDER ANALYSISii

MARKETS AIM, FWB, SWB

TICKER – ALL MARKETS SAV

SHARE PRICEi 1.2p

MARKET CAPi £15.6m

SHARES IN ISSUEi 1,297,459,820

CASHii £3.5m (£0 debt)

OPTIONS/WARRANTSi 74,874,428

AVERAGE EXERCISE PRICE 6.7p

RELATIVE SHARE PRICE PERFORMANCEiii

Alita ASX suspension (14 Aug-19) Nemaska TSX suspension (24 Dec-19)

iAs at 30 Mar 2020, iiAs at 31 Dec 2019, iiiBloomberg, Yahoo Finance (equity prices), S&P Global Platts (Spodumene price) 3
 S TAT U S U P D AT E - P R O G R E S S M A D E I N 2 0 1 9 & 1 Q 2 0 2 0

Mina do Barroso, Portugal – Lithium:

 Assumed sole ownership – acquired the residual 25% stake in an all share transaction which valued the project at
c.US$48m in Jun-19
 Commercialisation advanced – Negotiating lithium & co-product offtake, engineering contractor & strategic
partnerships
 Mining Lease amendments – licencing documents to be submitted shortly to Portuguese regulator
 Financing preparations continuing - Definitive Feasibility Study to be completed this year; now well engaged with EU’s
lithium battery supply chain initiatives

Mutamba, Mozambique – Mineral sands:

 Mining Concessions awarded – Three, 25 year, Mining Licences granted covering the project’s 4.4Bt Mineral Resource
 Pre-Feasibility Study accelerating after slow down in 2019 during the Ministry’s extended Licence application review

Blocks 4 & 5, Oman – Copper:

 ’Intention’ to award Mining Licences received on Block 5 from Oman authorities
 Strategic review continuing, including negotiations with potential acquirers of the projects

Corporate:
• Won the UK Department of International Trade’s Overseas Direct Investment Award for Portugal
• £5m raised from new and existing shareholders in Sept-19 (6th largest raise by AIM mining Co in 2019)
• 2019 Year-end cash position of £3.5m, no debt

4
 S TAT U S U P D AT E - M I N A D O B A R R O S O
 Commercialisation progressing well
 Lithium offtake: Currently in advanced offtake negotiations for majority of spodumene concentrate produced
and working towards definitive agreement (significant achievement against challenging lithium market
background)
 Co-product offtake: Currently in advanced offtake negotiations following declaration of maiden 14.4Mt co-
product (quartz and feldspar) resource in Sept-19
 Contractor/Strategic Partner: Formalising potential Strategic Partnership with industrial group for provision of
multiple services during project construction and operation. Potential investment in the project also being
considered
 Licencing process being initiated
 Environmental Impact Assessment (EIA): 1st key report in licencing process to be submitted to Portuguese
authorities in April for review and approval (c.2,000 page document)
 Mine Plan (MP): 2nd key report in licencing process covering all aspects of the project’s development and
operation, submitted alongside EIA (c.400 page document)
 Financing preparations ongoing
 Definitive Feasibility Study (DFS): For debt providers and other financiers, DFS to be completed this year once
metallurgical test work programmes completed. Can draw significant content from completed EIA and MP
 EU battery initiative funding: Engagement with the EU’s lithium battery industry development initiatives
 Stakeholder engagement to be expanded
 EIA and MP provide factual basis for comprehensive stakeholder engagement throughout 2020
 Benefit Sharing Plan in development

5
S TAT U S U P D AT E - T H E L I M A R K E T 2 0 1 9 & Q 1 2 0
Positive:
• 2019 Li chemical demand +14.6% (+41kt LCE) y-o-y at 305kt LCEi
• US$17.4bn estimated funding secured by e-mobility companies in 2019ii
• 2019 Global EV sales +9% y-o-y to 2.26m (2.5% market share vs. 2.2% in 2018)iii
• Global EV sales now > total new car sales in South Koreaniv and in-line with UK salesV
• 44% growth in European EV sales and rapid development of domestic LIB industry
• Li supply industry reacted to falling prices with cuts to current & future production
• Chinese Government cancelled planned 2020 EV subsidy reduction
Negative:
 China’s cut of 2019 EV subsidies impacted sales (+3% y-o-y), and N.Am sales fell y-o-yiii
 2019 Li chemical production outweighed demand by 7% (73% produced in China)
 Li prices ↓ ↓ ↓ : 2019 SC6 price 33%↓, Lithium carbonate 43%↓, Lithium Hydroxide
41% ↓iv as inventories of SC6 and Li chemicals built up
 Li suppliers severely challenged by price falls & weak market sentiment
 1Q 2020 SC6 inventory c.400kt, Li chemical inventory c.30kt. Equivalent to 10 weeks
and 6 weeks demand respectively in a ‘normal’ market
Pre-Coronavirus 2020 outlook:
 EV sales growth in all major markets, especially in Europeiv
 Inventories to clear during year and market in balancei
 16 % growth in Li chemical demandi
iRK Equity Lithium Supply/Demand Update, March 2020
iiiEV-volumes.com ivBloombergNEF
iiEV Boosters, Global E-Mobility Funding Report, Q4 2019
vhttps://www.best-selling-cars.com/
6
S TAT U S U P D AT E - L O N G T E R M L I M A R K E T O U T L O O K
ii, iii
Lithium Chemical Supply/Demand & Spodumene price forecast
Substantial long term growth expected in Li
demand:
 Global EV sales forecast to rise from 2.3m in
2019 to c.10m in 2025i driving a 3x increase in
total lithium chemical demandii. (EV sales are
forecast at 28m in 2030i) Targeted MdB
commissioning
Supply crunch ahead: & ramp up

 Demand set to grow 6x by 2028ii and 10x by

2035iii
 Output of refined lithium is expected to fall
short of the required demand generating a
deficit in the 2020sii. Positive for prices and
iv
new producers like SAV
Europe – strong demand, great opportunity:
Equivalent 50KWh BEV (000)
 The world’s 2nd largest market for lithium, but
currently imports 100% of battery grade
lithium chemicals required
 Europe’s lithium demand for EV batteries set
to grow 7x between 2019 and 2025iv
 Mina do Barroso is a potential foundation for
a new European lithium supply chain

iCanaccord Genuity research note ‘Cosmic Irony’, 12 August 2019, Bloomberg Electric Vehicle Outlook 2019
iiRK Equity Lithium Supply/Demand Update, March 2020
iiiBenchmark Mineral Intelligence from Altura Mining’s ‘Proposed Debt Refinancing’ RNS, 2 Dec 2019
ivCompany estimates based on IHS Markit data in Transport & Environment, ‘Electric Surge: Carmakers’ electric car plans across Europe 2019-2025’, July 2019
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S TAT U S U P D AT E - E U R O P E A N L I T H I U M M A R K E T
i

• c.70% CAGR in EV sales 2010-19, and major EV

growth centre in 2019 with 590k EVs sold (3.4%
mkt share)i

• The EU’s European Battery Alliance launched its

Business Investment Platform (BIP) in 2019 to
accelerate investments in the LIB value chain
including mining. The BIP is targeting €70bn of
transactions 2019-23.

• €3.2bn granted by the EC in state aid to 7 states

for battery projects under IPCEI* programme.
€3.2bn is expected to attract €5bn more in Number of EV models available in Europe ii
private investment

• Sweden’s Northvolt AB has raised €1bn+

including €350m from EIB for Europe’s first
‘homegrown gigafactory’ for LIBs

• French (€700m) & German (€1bn)

Governments have committed to secure €5-
6bn in state and private investment for a
collaborative project to develop battery plants
in each country

8
iEV-volumes.com iiTransport & Environment, ‘Electric Surge: Carmakers’ electric car plans across Europe 2019-2025’, July 2019
*important Project of common European Interest
 E U E V M A R K E T - N E E D S I T S O W N L I B S U P P LY C H A I N

Auto LIB Demand 2020: c.46 GWhi 2025: c.176 GWhi 2030: c.215 GWhi

LIB plant Capacity

2019: c.18 GWhii
Key: 2025: >198 GWhiii
Potential SAV
2030: >274 GWhiii
customers
End users
Independent suppliers of battery
Li cell/battery/pack plants materials. Many battery producers
manufacture their own.
Planned/in construction
Li cell/battery/pack plants Conversion plant Capacity
2020: 0 GWh
Li battery material manufactures 2025: ??? GWh
Planned/in construction Li
+?v 2030: ??? GWh
battery material plants Mine Capacity
Large scale existing Li chemical manufacturers 2020: 0 GWh
2025: c.100 GWhiv or c.82ktpa LCE with Savannah contributing
Large scale planned Li chemical manufacturers minimum 22ktpa ~28%
2030: >100 GWh?, assuming other projects are developed
Large scale Li mines
Large scale planned Li mines
iIHS Markit in Transport & Environment, ‘Electric Surge: Carmakers’ electric car plans across Europe 2019-2025’, July 2019; Company estimates
iiBloomberg New Energy Finance

9
iiiCompany estimates based on Benchmark Mineral Intelligence, ‘Europe’s Role in the Battery Megafactory Supply Chain’, Mar-19
ivCompany estimate based on LCE production rates in latest studies from Deutsche Lithium, EUA, EMH, INF, KELIBER, SAV, assuming all are in production by 2025
v5 of the 6 proposed Li chemical plants are part of combined mine-plant development projects by Deutsche Lithium, EUA, EMH, INF, KELIBER
 MINA DO BARROSO - LITHIUM PROJECT OVERVIEW

Source: Company Photograph

Source: Company *Pending exploration licence applications

Mina do Barroso is one of four highly Savannah acquired a 75% interest in the In June 2019 Savannah exercised an
prospective lithium tenements covering Portuguese Li portfolio in May 2017 and option with Aldeia & Irmão S.A. for the
546km2 in northern Portugal - one granted secured 100% control via an all share acquisition of a 2.94km2, three-block
Mining Leasei (5.42km2), a Mining Licence transaction for the outstanding 25% Mining Lease (once granted) near the
application and three pending Exploration completed in June 2019 Mina do Barroso Mining Lease
Licence Applicationsii

iMina do Barroso Mining Lease with 30 year term to May 2036

iiThe pending applications are currently subject to government review and may go to public tender

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M I N A D O B A R R O S O - K E Y D E P O S I T S A N D TA R G E T S
Mina do Barroso features multiple lithium deposits across the 30 year c-100 Mining Leasei

Pegmatite quarrying taking place on Block A

Source: Company photograph

The acquisition of the additional Aldeia Mining

Lease Application ground adds potential to
enhance mine site logistics with significant
further resource expansion potential

Source: Company Photograph

iGranted May 2006

11
 M I N A D O B A R R O S O - C O N C E P T U A L S I T E L AYO U T

Conceptual plant design

12
MINA DO BARROSO – GOOD GOVERNMENT SUPPORT

Above: Portuguese Secretary of State for Energy, João Galamba

(3rd from left) visiting the Mina do Barroso project in 2019
Right: Savannah receiving the UK Department of International
Trade’s Overseas Direct Investment Award for Portugal, 2019

13
 PROJECT TIMELINE – MINA DO BARROSO

2019 Targets achieved

 Acquisition of 2020 Targets
2018 Targets achieved outstanding 25%  EIA & Mine Plan
 3 increases made to stake in project to submission &
JORC Resource become 100% approval
owner  Strategic
 Positive Scoping
 4th and 5th lithium partnerships
Study published
Mineral Resource secured
 £12.5m capital  Lithium Offtake
2017 Targets achieved increases - now
raised contracts secured
27Mt @ 1.06% Li2O
 Staged acquisition  Staged acquisition
 First resource  Co-product Offtake 2021 Targets
of 75% project stake of 75% stake
estimate made for contracts secured  Completion of
announced completed
co-products, 14.4Mt  Community project licencing
 Positive preliminary  DFS commenced at 33% quartz & engagement process
metallurgical test  Option executed on 43% feldspar programmes  Project finance
work completed adjacent Mining  Exercise of Aldeia expanded secured
Lease Application option, increased  Completion of DFS  Project construction
 Resource drilling (Aldeia) project area by 50%
commenced  Final Investment  Commence project
 Strategic  Commercial Decision commissioning
 Maiden Inferred Partner/Offtake discussions ongoing  Project finance  First spodumene
JORC Resource contract discussions with numerous negotiations concentrate
estimate made commenced groups continued produced

2017 2018 2019 2020 2021

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 ADDITIONAL UPSIDE - MOZAMBIQUE
M U TA M B A H E AV Y M I N E R A L S A N D S

World class project with significant scale being developed in partnership with Rio Tinto
 One of the largest undeveloped, globally
significant, mineral sands projects

 Three, 25-year, mining concessions awarded

in Dec-19 and Jan-20

 Joint venture with Rio Tinto earning up to

51% interest by completing a PFS (underway)
and a DFS

 Indicated and Inferred Mineral Resource

of 4.4Bt at 3.9% THM

 Scoping study completed in 2017

 Initial LOM of 30 years with mining inventory

of 451Mt at 6% THM

 Pre-Feasibility Study accelerating following

the award of the mining licences
Source: Company Photograph Source: Company Map

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M O Z A M B I Q U E - M U TA M B A I N N U M B E R S
M AY 2 0 1 7 S C O P I N G S T U D Y BY T Z M I S H O W S P O T E N T I A L F O R A L O N G L I F E , R O B U S T P R O J E C T

30 years 451Mt at 6% THM

100% Basis Life of mine (LOM) Mining inventory

US$4.23i billion US$152 million

Initial CAPEX
LOM revenue forecast (excl. EPC/ contingency

NPVii 2:451
Targeting annual average LOM strip ratio
US$245M (waste:ore)
production of 456,000t of
ilmenite and 118,000t of
non-magnetic concentrate IRRii Paybackii
23% 4 years

iBased on Management Case Two +20% Product Price (US$/t), RNS 30.05.17
iiBased on Management Case One +10% Product Price (US$/t) and Pre-tax figures. RNS 30.05.17

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 ADDITIONAL UPSIDE - OMAN
B L O C K 4 & 5 C O P P E R P R O J E C T S – S T R AT E G I C R E V I E W U N D E R W AY

Majority stake in two large exploration blocks on the copper rich Semail ophiolite belt

 Two low capex, high-grade copper mines

planned to initiate cash flow
 Central processing plant and tailings
storage facility to support multiple mine
developments
 Resource of 1.7Mt at 2.2% Cu, including a
high-grade zone of 0.5Mt at 4.5% Cu in
Block 5 (65% interest)
 In Aug-2019 Public Authority for Mining
confirmed its intention to grant the
relevant mining licences
 Additional resource upside from Block 5
and Block 4 (51% interest, earning up to
65%)
 Metallurgically simple ores, with
potential recoveries ~95%
 Strategic review initiated in 2019 and
discussions underway with potential
acquirers
Source: Company Photograph Source: Company Map

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THE INVESTMENT CASE -
EUROPE’S LEADING CONVENTIONAL LITHIUM PROJECT
 Owner/operator of the 100% owned Mina do Barroso Lithium Project in Portugal - Western
Europe’s largest spodumene lithium discovery…and growing!

 Strategically located close to the EU’s fast-growing lithium ion battery production hubs. Geo-
economically strategic to the development of an end-to-end lithium value chain in Europe

 Objective to become the first significant lithium spodumene producer in Europe

 Strong market fundamentals for Electric Vehicles – European automotive lithium demand to
rise 7x by 2025 as OEMs are forced to produce more EVs to meet tightening emissions
legislation and respond to growing public awareness of climate change issues

 Progress made over the past 12 months has significantly de-risked the Mina do Barroso Project

 Additional value from world class heavy mineral sand project in JV with Rio Tinto and high-
grade copper project in Oman

iCompany estimates based on IHS Markit data in Transport & Environment, ‘Electric Surge: Carmakers’ electric car plans across Europe 2019-2025’, July 2019

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 APPENDIX

Source: Company Photograph

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THE EXECUTIVE TEAM
DAVID ARCHER - CEO
 Over 30 years’ mining experience
 Outstanding track record of successful public company development – resources, telecommunications, oil & gas
 CEO of ASX quoted Savage Resources - developed from small IPO to a major, mid-tier mining group with a
market cap of ~AUD$400m
 Advanced ASX quoted Hillgrove Resources from a listed shell into a profitable, dividend paying, AUD$200m market
cap company
MICHAEL MCGARTY - CFO
 Qualified accountant with extensive M&A, Financial Leadership, and strategic planning experience
 Previous roles at blue chip MNC (Ingersoll Rand - NYSE:IR) covering Europe, Middle East and Africa: Commercial
Financial Controller, Director of FP&A, Leader of European Sarbanes-Oxley compliance initiative,
Finance and Project Management

DALE FERGUSON - TECHNICAL DIRECTOR

 Over 20 years' experience in the resources industry with Hillgrove Resources Limited, Thundelarra Exploration, Savage
Resources Limited, Gasgoyne Gold Mines and Slipstream Resources
 Experience spans greenfields and near mine exploration, resource delineation, feasibility studies, due diligence
investigations and mine development and operations

MARTIN STEINBILD - LITHIUM BUSINESS DEVELOPMENT DIRECTOR

 Over 20 years’ experience in prestigious companies with previous roles primarily in strategic management, marketing
and business development
 Most recent past position of Senior Manager with Rockwood Lithium/Albemarle, the leading lithium
producer in the world

Technical
Consultants

20
MINA DO BARROSO - THE PROJECT IN NUMBERSi
The June 2018 Scoping Study by Hatch demonstrated Mina do Barroso’s economic viability
Operating parameters and assumptions Financial & economic outcomes
Mineable open pit resource 14.4Mt @ 1.07% Li2O Revenue (LoM; Avg pa) ii US$1,555m; US$140m
LoM Stripping ratio (waste: ore) 5.2: 1 EBITDA (LoM; Avg pa) US$805m; US$73m

Final Lithium concentrate product 6% Li2O spodumene (Spod) Pre-tax FCF (LoM; Avg pa) US$651m; US$59m

Spod concentrate production & Avg price 175,000tpa; US$685/t Net FCF (LoM; Avg pa) US$458m; US$41m
Lithium carbonate/hydroxide equivalent ~26,000tpa/~29,000tpa Pre-tax NPV (8% discount rate) US$356m
Co-products feldspar, quartz, pegmatite Pre-tax IRR 63.2%
Li recovery processing route (80% recovery) crush-grind-DMS-flotation Pre-tax payback 1.7 years

C1 cash costs (net of co-product revenues) US$271/t concentrate Post-tax NPV (8% discount rate) US$241m

Initial capex (ex. Contingency) US$109m Post-tax IRR 48.6%

Initial life of mine (LoM) 11 years, 1.3Mt per annum Post-tax payback 2.1 years

Production in context:
 Lithium carbonate equivalent (net of conversion losses): 22,100tpaiii
 Lithium carbonate requirement/kWh of battery capacity: 0.8kg/kWhiv
 BMW i3 2019 battery pack capacity: 42kWhv
 Jaguar i-Pace 2019 battery pack capacity: 90kWhv

Mina do Barroso annual production vehicle battery pack equivalent: 307,000 (Jaguar I-Pace) – 655,000 (BMW i-3)
iFigures based on June 2018 Scoping Study, RNS 13.06.18 iiRevenue: lithium and co-products
iiiAssuming plant Li2O conversion rate of 85% ivRoskill, pers comm, January 2019
vhttps://ev-database.uk

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MINA DO BARROSO - CO-PRODUCT CREDITS
Testing has shown tailings stream from the lithium concentrator has significant commercial value

+ Co-products from the Li concentrator tail include: High purity feldspar & quartz
and a bulk, mixed feldspar-quartz stream
+ Commercial test work has shown that:
+ The feldspar product is suitable for use in ceramics, float & container
glass and could sell at US$65-100/t vs. Scoping Study assumed price of
US$39/t
+ The quartz product is suitable for use in lead crystal & container glass
and could sell at US$60-100/t vs. Scoping Study assumed price of
US$33/t
+ Bulk tail (mixed feldspar & quartz) suitable for use in ceramics and could
sell at US$40-45/t
+ Bulk tail production only could save c.US$15m on plant capex
+ Portugal and Spain produce 570 million m2 of ceramic tiles per yeari (Europe has
a ~€30bn ceramics market)ii
+ ~33Mt of container and float glass are produced in Europe each year, including
from plants in Portugal and Spainiii
+ Discussions are underway with potential offtake partners/customers for all
products to determine sales volumes
+ Co-product resource estimates to be published this year

iSource: First Test Minerals Ltd iiSource: Cerame-Unie iiiSources: Glass Alliance Europe, Glass for Europe, EY

22
 M I N A D O B A R R O S O – THE LI RESOURCE HAS GROWN RAPIDLY
50 Mineral Resource
Exploration Target Range
45
Potential Project Mineral
Inventory Range
40

35

30
(Mt)

25

20

15

10

May Dec Feb May Sep Apr May

2017 2017 2018 2018 2018 2019 2019
Cautionary Statement: The potential quantity and grade of the Exploration Targets is conceptual in nature, there has been insufficient exploration work to estimate a mineral resource and it is
uncertain if further exploration will result in defining a mineral resource.

23
 M I N A D O B A R R O S O - LARGE RESOURCE + GROWTH POTENTIAL
 Spodumene is the primary Li2O bearing mineral, with trace or low amounts (~1%) of Li2O also present within eucryptite and petalite,
both lithium aluminosilicate minerals, similar in structure to spodumene. Trace epidolite (lithium bearing mica) is also present
 Primary gangue minerals are feldspar (albite and microcline), quartz and mica (muscovite and phlogophite)

Deposits included
Current JORC (2012) Mineral Resource Estimate on the C-100 Mining Lease (May 2019, 0.5% Li2O cut-off)
Measured Indicated Inferred Total
Grandao Million tonnes 6.6 8.4 12.0 27.0
Reservatorio Li2O (%) 1.1 1.0 1.1 1.0
Pinheiro Fe2O3 (%) 0.7 0.7 0.9 0.9
NOA
Contained Li2O (000t) 72 87 128 286
Aldeia Block A
Contained LCE equivalent (000t) 177 214 316 707

Deposits included Current Exploration target on the C-100 Mining Leasei

Low High
Grandao Million tonnes 11.0 19.0 11.0-19.0
Reservatorio
Li2O (%) 1.0 1.2 1.0-1.2
Aldeia Block A

Mineralisation identified on other pegmatites on the C-100 Mining Lease

(e.g. Altos dos Corticos & Carvalha da Bacora)

Further Mineralisation on the Aldeia Blocks A, B & C

MULTIPLE OPPORTUNITIES TO ADD TO THE CURRENT MINERAL RESOURCE BASE AND EXTEND THE PROJECT’S CURRENT 11 YEAR SCHEDULE

iCautionary Statement: The potential quantity and grade of the Exploration Targets is conceptual in nature, there has been insufficient exploration work to estimate a mineral resource

and it is uncertain if further exploration will result in defining a mineral resource.

24
LITHIUM MINING IN PORTUGAL -
THE INDUSTRY EXISTS - AND MOVING TO 5TH PLACE
Portugal is already the world’s 10th largest lithium miner in 2018, and the largest in Europe

2018 Mine  Like Australia, lithium production in Portugal is solely from

Rank Country production hardrock, and principally pegmatites. Current production is
(LCEi, 000t)ii less than 1% of that in Australia
Australia 324.2
1.
(inc 125kt. DSOiii)  Production in Portugal has been used in lithium’s traditional
2. Chile 79.7 markets of glass and ceramics. There was previously
3. China 37.8 production from pegmatites at Mina do Barroso
4. Argentina 31.9
 With the significant growth in the Australian lithium mining
5. Canada 12.9
sector, hardrock production has become the dominant
6. Zimbabwe 9.5 source of supply globally (72% vs. 28% for brine in 2018ii)
7. Namibia 4.4
8. USA 4.3  The Portuguese Government is keen to develop a new
9. Brazil 1.4 lithium production industry based on the country’s
significant in-ground lithium resources
10. Portugal 0.8
Total 506.9 Conclusion: O P E R A T I O N A L R I S K I S L O W
iLCE = Lithium carbonate equivalent
iiSource: Roskill, ‘Lithium 15th Edition update 3’, March 2019
iiiDSO = Direct Shipping Ore

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