Bradda Head Lithium Ltd Announces Audited Final Results for year ending 29 Feb 2024

37

BRITISH VIRGIN ISLANDS / ACCESSWIRE / June 27, 2024 / Bradda Head Lithium Ltd (“Bradda Head”, “Bradda”, or the “Company”) (AIM:BHL)(TSXV:BHLI), the North America-focused lithium development group, is pleased to announce its audited financial results for the year ending 29 February 2024.

Financial and operational highlights

  • Successful completion of the Basin drill programme in August 2023, which preceded an upgraded Mineral Resource Estimate (“MRE”) for a total Inferred Lithium Carbonate Equivalent (“LCE”) content of 1.0Mt.
  • Receipt of US$2.5 million royalty payment following MRE update.
  • Conclusion of the Phase 3 drill programme at San Domingo highlighting encouraging assay results, and expansion of project area with an additional 8km2 of new lode claims staked.
  • Recorded net loss of US$ 1,503,858 (28 February 2023: US$3,887,588)
  • Cash and cash deposit balances at year end stand at US$ 1,664,662 (28 February 2023: US$ 7,746,519).

Ian Stalker, Chairman of Bradda Head, commented:

“It is with great pleasure that I share this report following the close of a challenging but exciting year for the Company. As the following report demonstrates, Bradda Head has maintained its clear focus to expand and develop our resources, and has successfully delivered what we set out to do. The drilling programme at Basin, completed in August 2023, significantly upgraded our resource to 1.0Mt, triggering a royalty payment of US$2.5 million from the LRC. We were also highly encouraged by the promising results from our San Domingo drilling programme completed in December 2023, the second large-scale drilling programme completed at this project in a year. Both of these achievements speak to our determined and ongoing efforts to progress our portfolio.

“In the coming year we intend to further replicate these successes. We are currently evaluating the final results from our Basin drilling programme completed in FY2023 and firmly believe these will deliver a further upgrade of our existing MRE, unlocking a further royalty payment of US$3 million from the LRC, facilitating further investment into our portfolio. Since year end, we were pleased to have successfully reached a settlement agreement over the fraudulent payment (notified 29 March 2022), recovering a portion of the funds, in line with our expectations.

“At Bradda Head, we remain confident in our long-term vision to provide US lithium for the US market. Despite a challenging year for the lithium market, there is growing optimism that this is changing, driven by the demand for electric vehicles combined with the precariousness of current supply chains. Our assets are optimally located to capitalise on these developments, as the US seeks to define a domestic source of lithium supply. We look forward to continuing to meaningfully progress our portfolio, and seize the opportunity presented to us by the strategic location of our assets.”

Copies of the 2024 Audited Report and Financial Statements are being posted to shareholders and will shortly be available from the Company’s website www.braddaheadltd.com.

The Company will post its Notice of Annual General Meeting (“AGM”) to Shareholders shortly. The AGM will be held at the Sanderson Suite, Claremont Hotel, Loch Promenade, Douglas, Isle of Man IM1 2LX, with the date to be confirmed.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET ABUSE REGULATION (EU No. 596/2014) AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018. UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN AND SUCH PERSONS SHALL THEREFORE CEASE TO BE IN POSSESSION OF INSIDE INFORMATION.

For further information please visit the Company’s website: www.braddaheadltd.com.

Contact:

Bradda Head Lithium Limited +44 (0) 1624 639 396
Ian Stalker, Executive Chairman
Denham Eke, Finance Director
Beaumont Cornish (Nomad) +44 (0) 2076 283 396
James Biddle / Roland Cornish
Panmure Gordon (Joint Broker) +44 (0) 2078 862 500
Hugh Rich
Shard Capital (Joint Broker) +44 (0) 2071 869 927
Damon Heath / Isabella Pierre
Red Cloud (North American Broker) +1 416 803 3562
Joe Fars
Tavistock (Financial PR) + 44 20 7920 3150
Nick Elwes / Josephine Clerkint braddahead@tavistock.co.uk

About Bradda Head Lithium Ltd.
Bradda Head Lithium Ltd. is a North America-focused lithium development group. The Company currently has interests in a variety of projects, the most advanced of which are in Central and Western Arizona: The Basin Project (Basin East Project, and the Basin West Project) and the Wikieup Project.

The Basin East Project has an Indicated Mineral Resource of 17 Mt at an average grade of 940 ppm Li and 3.4% K for a total of 85 kt LCE and an Inferred Mineral Resource of 210 Mt at an average grade of 900 ppm Li and 2.8% K (potassium) for a total of 1.09 Mt LCE. In the rest of the Basin Project SRK has determined an Exploration Target of 250 to 830 Mt of material grading between 750 to 900 ppm Li, which is equivalent to a range of between 1 to 4 Mt contained LCE. The Group intends to continue to develop its three phase one projects in Arizona, whilst endeavouring to unlock value at its other prospective pegmatite and brine assets in Arizona, Nevada, and Pennsylvania. All of Bradda Head’s licences are held on a 100% equity basis and are in close proximity to the required infrastructure. Bradda Head is quoted on the AIM of the London Stock Exchange with the ticker of BHL and on the TSX Venture Exchange with a ticker of BHLI.

The Mineral Resource statement for the Basin Project was authored by Martin Pittuck, CEng, MIMMM, FGS who works for SRK Consulting (UK) Ltd, an independent mining consultancy. Mr. Pittuck has over 25 years’ experience undertaking and reviewing Mineral Resource estimates and has worked on lithium clay estimates for over 5 years. Mr. Pittuck consents to the inclusion of the technical information in this press release and context in which they appear. Reference is made to the report entitled “Independent technical report on the Basin and Wikieup Lithium clay projects, Arizona, USA” dated October 18, 2022 with an effective date of June 10, 2022 was prepared by Martin Pittuck, CEng, MIMMM, FGS, and Kirsty Reynolds MSci, PhD, FGS and reviewed by Nick Fox MSc, ACA, MIMMM. The Report is available for review on SEDARplus (www.sedarplus.ca/landingpage) and the Company’s website www.braddaheadltd.com.

Bradda Head is quoted on the AIM of the London Stock Exchange with the ticker of BHL, and on the TSX Ventures exchange with a ticker of BHLI.

Click on, or paste the following link into your web browser, to view the full announcement.

http://www.rns-pdf.londonstockexchange.com/rns/0526U_1-2024-6-26.pdf

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

SOURCE: Bradda Head Lithium Limited

View the original press release on accesswire.com

View the original press release on accesswire.com