Savannah Resources Resignations Required.

Open Letter to

David Archer CEO of Savannah Resources.

Matthew King Chairman of Savannah Resources.

Dated 16/09/2019

Dear Sirs.

I have been a patient and loyal investor in Savannah Resources. I have spoken by phone and Email to the Board. I first invested in Savannah Resources at the start of the companies journey, before many of the projects and employees were but a twinkle in our eye.

The projects that Savannah has are world class, the development of the projects has been very fast paced at times.

It is then with obvious reluctance and frustration that I must call on somebody at Savannah Resources to take ownership of the disgusting and insulting way that existing retail investors have been treated by the company.

To make myself crystal clear, I fully hope and expect either the CEO and/or Chairman of the company to resign.

A company must do two simple things. Firstly it must keep shareholders informed within reasonable timeframes. Secondly the Chairman and the CEO must have the trust of shareholders.

In 2018 Savannah Resources published a list of targets it expected its board to meet and in return receive remuneration bonuses. Not a Single target was hit.

In July 2018 the company raised funds with the purpose of funding the company and project through to the decision to mine in early 2019, after having completed its feasibility study. This has been proven untrue.

Today you announced that the Feasibility study will now not be completed in Q2 2020, with a potential that the decision to mine will now not take place until after this date. This is a clear delay of over 12 months. After delays to both the Omani project and the Mozambique project.

There is NO incentive for shareholders to believe that the current statement today is any more believable than the statement last year.

It is unacceptable for the company to have allowed its cash position to have fallen to only £1.8m. The decision to raise funds should have taken place many months ago. (When the Share Price was 6p rather than 3p).

No material explanation has been given for either the extra cash required or the extra 12 months extension to the project go decision. You MUST inform shareholders as to why? a simple “additional resource delineation and work programmes” are not acceptable. You SHOULD be clear about this, shareholders are not stupid, stop treating them as if they are. The first rule of project management is DO NOT ALLOW SCOPE CREEP, since you are doing exactly that, be open and honest about your reasons for it.

The company MUST inform shareholders in a timely manner, you the company must have known months ago that the company wouldn’t meet its 2019 delivery target for the Feasibility Study. You SHOULD have told us months ago that this was the case.

Retail shareholders often find themselves utterly in the dark with regards to timeframes, activities and updates to projects. The company does not even have a 3 month update for shareholders, being Australian I am sure your aware of the requirement of ASX for this.

The company cannot just hide behind the poor market conditions for its share price. The Board of Savannah Resources seem to be think that PR and even RNS’s that might attract new investors are a detail they can skip as meaningful communication to retail investors simply don’t matter. This isn’t the case. Some positive PR would have kept the SP up, which along with better timing of the share issue would have led to much less dilution for ALL shareholders.

On a final note, simply tweeting everything that concerns Volkswagen and having a quote on your new presentation isn’t good enough. This drip drip of EU and Volkswagen hints is just not acceptable. The company either needs to be open about any possible relationships or stop doing it after 12 months it’s become a running joke amongst retail investors..

Somebody in the company, anybody MUST have the interest of ALL shareholders, this is lacking and MUST be addressed.

I would still consider the company a buy for my own portfolio, however the company is currently being held back by the combination of yourselves and serious failings within the company.

Yours

Mr Swift AKA Icebergshares.