BRITISH VIRGIN ISLANDS / ACCESSWIRE / August 25, 2023 / Bradda Head Lithium Ltd (AIM: BHL), the North America-focused lithium development group, is pleased to announce its audited financial results for the year ending 28 February 2023, and the Management's Discussion and Analysis for the same period.
Financial and operational highlights
· Raised total gross proceeds of just under US$ 13 million, issuing 73,195,560 new ordinary shares to institutional and other investors;
· Following the successful completion of a follow-up drill programme during October 2022, the Company updated its Basin East MRE, resulting in a 22% increase in LCE tonnes, for a total of 371kt of LCE;
· Completed a maiden drill programme at our San Domingo pegmatite asset, with a total of 47 holes drilled. This was the first 'modern' drilling campaign at these historical targets since the 1950/60s;
· Strengthened our on the ground team with the key appointment of Joey Wilkins as COO, who is a highly regarded geologist in the US arena with extensive experience and knowledge of US geology, specifically in Arizona and Nevada;
· Completed a dual listing, with the Company's shares admitted to trading on the Canadian TSX-V Exchange under the ticker BHLI.TSXV.
Ian Stalker, Chairman of Bradda Head, commented:
"The financial year has been both busy and exciting, with the Company raising gross funds of just under US$ 13 million as part of a successful UK and North American placement in April 2022. The funds were strategically deployed to successfully fast-track our first drill programme at our San Domingo pegmatite resource in Arizona and complete our second Basin East drilling programme since listing in 2021. We now have 371kt of lithium carbonate equivalent, and an exploration target of between 1Mt to 6Mt of LCE over the Company's Basin projects. We also significantly increased our hard-rock lithium bearing landholding position in Arizona, and strengthened our team members with key senior appointments, including adding Joey Wilkins as COO.
Several catalysts are on the way for Bradda in H2 2023 and H1 2024, as we continue to develop our assets. Drilling is wrapping up at Basin with an updated MRE being worked on currently. We have an internal target of a +1Mt LCE resource, which would trigger the second royalty payment of US$ 2.5 million from Lithium Royalty Corporation. We have also mobilised a drill rig to kick-off the second drill programme in 12 months at San Domingo, with the primary aim to delineate a resource. Funding is in place for these programmes and we look forward to updating the market with the results of these and other initiatives."
Copies of the 2023 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 at the same time. 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. UPONTHE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INSIDE INFORMATION IS NOWCONSIDERED TO BE IN THE PUBLIC DOMAIN AND SUCH PERSONS SHALL THEREFORE CEASE TO BE IN POSSESSION OF INSIDEINFORMATION.
For further information please visit the Company's website: www.braddaheadltd.com.
Contact:
| Bradda Head Lithium Limited | +44 (0) 1624 639 396 |
| Charles FitzRoy, CEO Denham Eke, Finance Director | |
| Beaumont Cornish (Nomad) James Biddle/Roland Cornish | +44 20 7628 3396 |
| Panmure Gordon (Joint Broker) | +44 20 7886 2500 |
| John Prior Hugh Rich | |
| Shard Capital (Joint Broker) | +44 207 186 9927 |
| Damon Heath Isabella Pierre | |
| Red Cloud (North American Broker) | +1 416 803 3562 |
| Joe Fars | |
| Tavistock (PR) | + 44 20 7920 3150 |
| Nick Elwes Adam Baynes | 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 21.2 Mt at an average grade of 891 ppm Li and 3.5% K for a total of 100 kt LCE and an Inferred Mineral Resource of 73.3 Mt at an average grade of 694 ppm Li and 3.2% K for a total of 271 kt LCE. In the rest of the Basin Project SRK has estimated an Exploration Target of between 300 to 1,300 Mt of material grading between 600 to 850 ppm Li which is equivalent to a range of between 1 to 6 Mt 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.
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, on the TSX Ventures exchange with a ticker of BHLI, and on the US OTCQB market with a ticker of BHLIF.
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SOURCE: Bradda Head Lithium Limited
View source version on accesswire.com:https://www.accesswire.com/777030/Bradda-Head-Lithium-Ltd-Announces-Audited-Final-Results-for-Year-Ending-28-Feb-2023
