finnCap Research Company Notes - 16 July 2018

Sector: Mining

Savannah Resources (SAV): Drilling results from Mina do Barroso

Key data                              

• Share price (p): 9.4
• Target price (p): 20.0
• Market cap (£m): 78.0
• Enterprise value (£m): 65.0

Savannah Resources has reported on additional results from the ongoing drilling campaign at its Mina do Barroso lithium project in northern Portugal. The drilling programme continues to return significant intersections of lithium mineralisation as Savannah aims to increase the current Mineral Resource Estimate of 14.0Mt at 1.1% Li₂O containing 149,200t of Li₂O. This is by some way Europe’s largest credible lithium project. We maintain our 20p price target.

Martin Potts | mpotts@finncap.com