London-listed lithium developer Savannah Resources Plc is pursuing a secondary listing in Lisbon or Australia to tap growing investor appetite for battery materials.
The company, with a project in Portugal, is looking to list via Euronext or the Australian Securities Exchange to gain exposure outside of the UK and support its future financing strategy, chief executive officer Emanuel Proença said in an interview.
The move comes as the critical minerals sector bets on a wave of support that’s grown on Western governments looking to reduce their reliance on China. Lithium prices have rebounded more than 150% over the past year.
“We have seen growing interest from investors who typically invest through Euronext. There are no big lithium spodumene plays on Euronext, so that is kind of a new offering,” Proença said. “Meanwhile, ASX is a very typical venue for lithium stocks, so both are solid options.”
Savannah owns the Barroso lithium development in northern Portugal that was given strategic project status by the European Union in 2025. Construction is expected to commence in 2027 after a feasibility study is completed in the summer, with production starting in late 2028.
The company, which has a market capitalization of £160 million ($210 million), is working on a range of capital-raising options including offtake-related finance, Proença said.
The mine has the potential to be one of the largest such projects in Europe, according to the company. It will produce enough lithium for about half a million vehicle battery packs each year, it says.
Barroso is being closely watched in Europe, where mining and refining projects for critical minerals have historically faced challenges raising funds.
Lithium had a rough few years after a price boom in 2022 was quashed by surging supply and a moderation in the pace of electric vehicle adoption. But the emergence of large-scale battery storage has become a new demand driver and some mines have recently restarted in Australia in response to higher prices.
Savannah has signed an offtake agreement for Barroso with AMG Lithium BV, its largest shareholder, and is currently negotiating others, including with parties in China, according to Proença. Nearby countries such as Spain and Morocco have also been attracting interest from Chinese players, from EV plant joint ventures to cathode manufacturing, he said.
“Savannah has always looked to contribute its lithium to the European battery value chain,” he said. “However, the company’s initial production will be more than what Europe can absorb for now.”
The additional partnerships could be finalized by the end of the year, he added.
(By Annie Lee)
