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Bradda Head Lithium Ltd Announces Audited Annual Financial Statement for 2024

Bradda Head Lithium Ltd (BHL) has announced its audited annual financial statement for the year ended February 29, 2024. The report showcases a significant year for the company in the lithium market.

Management and Administration

The management team includes Ian Stalker as Executive Chairperson, Denham Eke as Finance Director and Company Secretary, James Mellon as Non-Executive Deputy Chairman, Euan Jenkins as Independent Non-Executive Director, and Alex Borrelli as Independent Non-Executive Director.

Chairman’s Statement and Operational Review

The 2023/2024 year has been challenging yet busy for Bradda Head Lithium. The company focused on key lithium projects in clay, pegmatite, and oil brines. Despite a tough market, growing optimism in lithium pricing is expected to positively impact values.

Arizona Sedimentary Hosted Lithium Projects

Basin Project

The 2023 Basin drill program added 729 kt of Lithium Carbonate Equivalent (LCE) to the Inferred Mineral Resource, totaling 1.0 Mt. This milestone triggered a US$2.5 million payment from Lithium Royalty Company, received on October 5, 2023.

Mineral Resource Statement for Basin

The updated Mineral Resource includes 17.0 million tonnes in the Indicated category at 940 ppm with 85 kt LCE, and 210 million tonnes in the Inferred category at 900 ppm, carrying 1,000 kt LCE. The average in situ grade has increased by 30% to 900 ppm Li.

Wikieup Project

In February 2024, a land exchange was completed at the Wikieup clay project in Arizona, retaining 66 new claims equating to 1,302 acres.

Arizona Pegmatite Hosted Lithium Project

San Domingo Project

The Phase 3 drill program commenced in August 2023, with significant soil sampling and claim expansions. The total drilled meters stand at 13,076, covering less than 1% of the total property.

Nevada Brine Hosted Lithium Projects

No significant work was undertaken during the current year on the Eureka and Wilson Salt Flat projects.

Environmental, Social, and Governance (ESG)

Bradda Head Lithium aims for outstanding performance in ESG. Initiatives include discussions with stakeholders, water conservation efforts, and community-based programs.

Financial Review

For the year ended February 29, 2024, Bradda Head Lithium recorded a net loss of US$1,503,858. As of the year end, cash and cash deposit balances stood at US$1,666,662, with total assets of US$15,848,063. The company streamlined its corporate overheads to continue steady progress.

Strategy and Outlook

The United States holds some of the largest lithium deposits, but less than 1% is currently mined there. Demand is expected to grow exponentially, driven by clean-energy policies promoting electric vehicles. Bradda Head Lithium is well-placed to leverage this growth with its diverse portfolio of lithium projects.

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