StockMarketWire.com - Savannah Resources said its annual losses deepened as it continued to spend money developing its energy metal projects, including lithium in Portugal and copper in Oman, plus a mineral sands venture in Mozambique.

Pre-tax losses amounted to £2.8m, compared to £1.8m of red ink in in 2016.

The company said it had a pro-forma cash balance of around £2.4m following the issue of new shares and receipt of letters of intent, as announced on 3 April.

'There is an unprecedented rise in demand for energy metals as a result of the rapid rise of electric vehicles and new forms of energy storage,' chief executive David Archer said.

'Globally, all significant hard-rock lithium mines currently supplying export markets produce spodumene concentrates.'

A scoping study for the company's Mina do Barroso project in Portugal was due for completion in the second quarter of 2018, he said.




Story provided by StockMarketWire.com