Savannah Resources‘ Barroso DFS, published on Wednesday, puts gross upfront capital expenditure for the Portuguese lithium project at $417 million, with a net figure of US$283 million after a Portuguese state grant of up to €110 million, approved in January 2026. The snippet cited the grant as $95 million; the company’s own RNS states €110 million, and this article uses the primary figure.
The project, described by Savannah Resources as the largest battery-grade spodumene lithium resource identified to date in Europe, sits approximately 145 km northeast of Porto. Savannah’s shares on AIM rose 3.2% to 6.45p.
Savannah Resources Barroso DFS: key project metrics
The definitive feasibility study covers a Phase 1 operation with a 14-year mine life and a maiden JORC Probable Reserve of 20 Mt. Production is outlined at 2.56 Mt of spodumene concentrate over the mine life, or roughly 183,000 tonnes per year, according to the company’s RNS filing.
Average C1 operating costs are US$473 per tonne of concentrate. All-in sustaining costs are $646 per tonne SC5.5. The NPV8 is $913 million, calculated on a lithium price roughly 12% below the current spot price.
The European Commission classified Barroso as a Strategic Project under the Critical Raw Materials Act in March 2025, according to the RNS. Capex has risen above previous estimates due to inflation and expenditure to ready the project for future expansion.
A final investment decision could come in the first half of 2027. If that schedule holds, first lithium product could ship before the end of 2028. Savannah must first complete an Environmental Compliance Report of the Execution Project (RECAPE) before receiving its Environmental Licence, which it expects to obtain in 2026, International Mining reported.
AIM risers: James Cropper and LendInvest post profit recoveries
Advanced materials and paper manufacturer James Cropper (CRPR) beat profit expectations for the year to March 2026. Revenues rose 4% to £102.9 million, while underlying pre-tax profit recovered from £1.3 million to £4.7 million. Net debt fell from £12.9 million to £8.1 million. The share price added 3.95% to 395p.
Advanced materials growth was driven by hydrogen coatings sales, though those are expected to soften in the current year. Paper and packaging replaced lost client revenue to near-maintain sales, and efficiency gains cut losses in that division. A debt restructuring will lower interest costs. Profit is expected to rise in 2026-27.
Alternative property finance platform LendInvest (LINV) returned to profit in the year to March 2026. A £1.3 million pre-tax loss became a £4 million pre-tax profit, with £6.6 million forecast for the current year. Assets under management were 18% higher at £3.82 billion at end-March 2026. The share price gained 5.16% to 26.5p.
Celebrus Technologies (CLBS) non-executive director Helen Gilder bought 5,409 ordinary shares at 92.35p each on 14 July 2026, according to the company’s director dealing RNS. Full-year results showed annualised recurring revenues 10% ahead at $15 million; the dividend rose 4% to 3.39p per share. Shares closed up 5.64% at 103p.
Angus Energy (ANGS) reported second-quarter production from the Saltfleetby field of 530 million cubic feet of natural gas and 3,365 barrels of gas condensate. Estimated revenues of £7.16 million for the quarter represent a rise of approximately 37% over the first quarter of 2026, Kalkine reported. The outstanding debt facility was cut to £24.7 million. Shares, which had slumped on return from suspension, recovered 2.78% to 0.185p.
Fallers on the day included Kropz (KRPZ), whose subsidiary agreed a $12.3 million loan facility with Ubunto-Botho Investments. Phosphate output at the Elandsfontein mine fell 17% quarter-on-quarter to 95,956 tonnes in the three months to June 2026, hampered by ore-body variability and cost increases. Some 94,000 tonnes sat in stock at period end, lifting working capital requirements. The share price dropped 25% to 0.9p.
Technology investor Tern (TERN) raised £450,000 at 0.9p per share for portfolio investment and working capital, a premium to its May placing price of 0.6p. The share price still fell 9.62% to 1.175p.
Beeks Financial Cloud (BKS) confirmed full-year revenues of £40 million and adjusted pre-tax profit of £6.2 million, up 13% and ahead of expectations. Shares fell 5.81% to 202.5p.
For Savannah, the RECAPE approval is the next binary event on the path to a final investment decision.
