Savannah Resources PLC (AIM:SAV, ETR:SAV, OTC:SAVNF) has raised a total of £4.8 million in fresh investment after strong support from both institutional and individual investors, with the latest tranche coming through a retail-focused share offer.
The AIM-quoted miner, which is developing a lithium project in northern Portugal, said it secured a further £300,000 from private investors via the RetailBook platform.
The new capital comes in addition to the £4.24 million it raised last week through a share placing and direct subscriptions from institutions.
Savannah also received £440,000 in additional commitments from existing shareholders, Portuguese backers, and members of its own management.
Notably, Thomas Gaultier, the company's community relations manager, contributed £20,000, joining other senior figures who invested in the latest round.
The total fundraise will see the company issue just under 137 million new shares. Savannah's cash balance stood at £9.14 million before the latest proceeds were added, giving it a financial cushion as it pushes ahead with its Barroso lithium project.
Emanuel Proença, chief executive, said he was "very pleased" with the level of interest shown by retail investors.
"It is extremely satisfying that the aggregate fundraise was so well supported by existing shareholders and has attracted significant investment from both of our core countries, Portugal and UK," he said.
The company highlighted the increase in Portuguese participation compared with its previous fundraising in 2023, when domestic investors accounted for just 1% of the new equity. This time, more than 40% of new shares went to Portuguese buyers.
Savannah is currently progressing work on a definitive feasibility study for its Barroso project, which it hopes will supply lithium for Europe's electric vehicle and energy storage industries. The element is a key component in rechargeable batteries.
Proença added that the new funds would allow Savannah to continue work beyond the current study phase, enabling it to respond to improving market conditions.
"This financial security enables us to maintain our progress and ensure that we are well placed in the future to leverage the better lithium prices and market conditions which are forecast," he added.