Savannah Resources announced on Wednesday that its Barroso lithium project in northern Portugal could hold a larger deposit than the previously estimated 28 million metric tons of high-grade lithium.
The London-listed company aims to extract enough lithium annually from the project to supply batteries for 500,000 to one million electric vehicles.
“The results from the surface exploration which our team undertook are truly exciting,” said CEO Emanuel Proenca, highlighting the project’s potential. The Barroso site, which contains Europe’s largest known spodumene lithium deposit, remains highly promising for further resource development, Proenca added.
Savannah’s exploration identified follow-up targets and the possibility of expanding five known ore deposits within the licensed area.
These findings could significantly boost the project’s output potential as Savannah accelerates efforts to achieve its first commercial lithium production by 2027.
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While the project aligns with the European Union’s goal to reduce reliance on countries like China for critical raw materials, it has faced opposition from local residents and environmentalists.
Protests, legal challenges, and land acquisition issues have raised concerns about the environmental and social impact of the planned open-pit mines. Despite these challenges, Proenca emphasized Savannah’s commitment to advancing the project and meeting strategic milestones