Bradda Head Lithium Ltd (AIM:BHL)(TSXV:BHLI), the North America-focused lithium development group, has announced its audited financial results for the year ending 29 February 2024.

Financial and Operational Highlights

The company announced the successful completion of the Basin drill programme in August 2023, leading to an upgraded Mineral Resource Estimate (MRE) for a total Inferred Lithium Carbonate Equivalent (LCE) content of 1.0 Mt. Following the MRE update, Bradda Head received a US$2.5 million royalty payment.

The Phase 3 drill programme at San Domingo concluded with encouraging assay results and an expansion of the project area with an additional 8km² of new lode claims staked. The company recorded a net loss of US$1,503,858, compared to US$3,887,588 the previous year. Cash and cash deposit balances at year-end stood at US$1,664,662, down from US$7,746,519 the previous year.

Ian Stalker’s Comments

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.”

Looking Forward

“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.

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.

About Bradda Head Lithium Ltd.

Bradda Head Lithium Ltd. is a North America-focused lithium development group. The Company currently has interests in various projects, the most advanced of which are in Central and Western Arizona: The Basin Project (Basin East Project and 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 for a total of 1.09 Mt LCE. The rest of the Basin Project has 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 developing its three phase-one projects in Arizona, while unlocking 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 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.

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