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Bradda Head Lithium Ltd Announces Settlement on Fraudulent Payment

Bradda Head Lithium Ltd (AIM:BHL)(TSX-V:BHLI), North America-focused lithium development group, has announced a settlement regarding the fraudulent payment first notified on March 29, 2022, and subsequently disclosed in the audited financial statements for the years ending February 2022 and February 2023.

The agreement will partially reimburse the fraudulent funds transfer. The settlement aligns with the company’s expectations initiated during enforcement proceedings, with a gross recovery of approximately 40% of total misappropriated funds. Bradda Head confirmed that the agreement includes no admission of liability by either party, and full commercial terms remain confidential.

Focus on Basin Project Drilling Programme

Bradda Head is now focusing on completing the ongoing Basin Project drilling programme. An update was provided on April 17, 2024.

About Bradda Head Lithium Ltd

Bradda Head Lithium Ltd. is a North America-focused lithium development group. The company has interests in several projects, notably the Basin Project (Basin East and Basin West) and the Wikieup Project in Central and Western Arizona.

The Basin East Project has an Indicated Mineral Resource of 17 Mt at an average grade of 940 ppm Li and 3.4% K, equivalent to 85 kt LCE. Additionally, it has an Inferred Mineral Resource of 210 Mt at an average grade of 900 ppm Li and 2.8% K, totaling 1.09 Mt LCE. The rest of the Basin Project holds an Exploration Target of 250 to 830 Mt of material grading between 750 to 900 ppm Li, suggesting a range of 1 to 4 Mt LCE.

The group aims to develop its phase one projects in Arizona while unlocking value in other prospective pegmatite and brine assets in Arizona, Nevada, and Pennsylvania. All licenses are held on a 100% equity basis, close to necessary infrastructure. Bradda Head is listed on the AIM of the London Stock Exchange under the ticker BHL and on the TSX Venture Exchange under ticker BHLI.

Contact Information

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 / Adam Baynes

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