“This agreement recognises the great potential of Barroso’s lithium resource. The partnership announced today will allow Savannah to continue to grow its team in Portugal and continue to develop its various work fronts”, said Emanuel Proença, executive president (CEO) of the company that owns the Barroso lithium project in a statement.

The partnership with AMG, an international critical materials company and one of the leaders in the lithium sector in Europe, “also represents a greater probability of reinforcing investment in the national lithium sector, through studies for the possible construction of a feldspar pilot unit and another lithium refinery by AMG.”

According to the statement, with this agreement, AMG assumes an investment of around 19 million euros in Savannah's capital.

This partnership, according to the statement, places the Barroso lithium project “in a position of great stability”, as a result of a “capital increase” and “financing to reinforce the project”, as Savannah “guarantees full funding to complete its ongoing and planned workflows, including team expansion and relevant land acquisitions.”