Bradda Head Lithium Ltd (BHL) has announced its unaudited financial results for the three-month period ending May 31, 2024. This report has not been reviewed by the company’s auditors.

Bradda Head Lithium Ltd Q1 2024 Financial Overview

The company’s expenses for the period include general and administrative expenses, foreign exchange gains and losses, and other income details.

Expenses Breakdown

For the three-month period ending May 31, 2024, Bradda Head Lithium Ltd reported general and administrative expenses of $595,622, with a total operating loss of $596,627.

Overall Financial Performance

Bradda Head Lithium Ltd recorded a total comprehensive loss of $569,408 for the period, with a basic and diluted loss per share of $0.146.

Company’s Assets and Liabilities

As of May 31, 2024, Bradda Head Lithium Ltd reported total assets of $15,903,541, including non-current assets of $15,258,398 and current assets of $645,143.

Non-Current Assets

Deferred mining and exploration costs amounted to $12,207,531, while exploration permits and licences were valued at $2,791,558.

Current Assets

Cash and cash equivalents stood at $534,437, with trade and other receivables at $110,706.

Changes in Equity

During the quarter, the total equity of Bradda Head Lithium Ltd decreased to $15,092,296 from $15,661,704 at the beginning of the period, mainly due to the reported loss.

Equity Breakdown

The share premium remained constant at $30,616,373, while the retained deficit increased to $15,524,077.

Cash Flow Overview

Cash flows from operating activities resulted in a net positive of $54,521. Investing activities led to a net cash outflow of $1,191,931, and financing activities contributed a net inflow of $7,185.

Cash Position

As a result, cash and cash equivalents decreased to $534,437 by the end of the period, down from $1,664,662 at the beginning of the period.

Company Structure

Bradda Head Lithium Ltd, domiciled in the British Virgin Islands, focuses on lithium exploration projects in the USA. The company operates through its subsidiaries, including Zenolith (USA) LLC, Verde Grande LLC, Gray Wash LLC, and San Domingo LLC, all of which hold lithium licenses and permits in the USA.

Reporting and Obligations

The financial statements are prepared in accordance with IAS 34 Interim Financial Reporting. The group has obligations to expend minimum amounts on exploration works on mining tenements, totaling approximately $434,704 over the next 12 months.

Post-Reporting Events

On July 1, 2024, Bradda Head Lithium Ltd announced a new Mineral Resource Estimate at its Basin Project in Arizona, USA, exceeding the 2.5Mt threshold set in its Royalty Agreement. This triggered a $3.0 million payment from the Lithium Royalty Company, received on July 8, 2024.

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