Business
Audited Final Results for Year Ending 28 Feb 2022
Audited Final Results for Year Ending 28 Feb 2022.
About this update from Bradda Head Lithium Limited
[{"type":"text","content":"\n \n \n 29 July 2022\n \n \n Bradda Head Lithium Ltd\n \n \n (\"Bradda Head\", \"Bradda\", or the \"Company\")\n \n \n \n Audited Final Results for the Financial Year Ending 28 February 2022\n \n \n \n \n \n \n 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 28th February 2022. A copy of these Final Results is available on the Company's website \n \n \n www.braddaheadltd.com\n \n \n .\n \n \n \n \n \n \n Financial and Operational Highlights\n \n \n \n ·\n Completed an over-subscribed AIM IPO in July 2021, raising gross proceeds of US$8.5 million, and followed this up with a fundraise completed during April 2022, raising gross proceeds of US$12.9 million\n \n \n ·\n Completed a fast-tracked diamond core drilling programme at Basin East, resulting in an updated MRE released in March 2022,\n highlighting a current resource of 305kt of lithium carbonate equivalent at a 400ppm cut-off\n \n \n ·\n SRK, the renowned independent geology consultancy group, identified an exploration target of between 1Mt to 6Mt of LCE, covering the claims at BN, BE, BEE and BW and BWE\n \n \n ·\n Concluded a royalty agreement with the Lithium Royalty Corporation for a 2% Gross Overriding Royalty over the Company's sedimentary lithium claims in Central Arizona \n \n \n ·\n Commenced 30 hole exploration drilling on the Company's extensive pegmatite target at San Domingo, Arizona, in July this year, opening up two exploration fronts for the Company, being pegmatite and clay mineralisation targets\n \n \n ·\n Work also underway at Wilson and Eureka, with a shallow drilling programme already commenced at Eureka in Q2 2O22 and a brine drilling programme planned for Wilson in H2 2022\n \n \n \n \n \n \n Ian Stalker, Chairman of Bradda Head Lithium, commented\n \n :\n \n \n \n \"The financial year has been both busy and very exciting, with the Company raising gross funds of over US$8 million as part of a successful AIM IPO. The funds have been strategically deployed to fast-track and complete our Basin East drilling programme, resulting in a 65% increase in the MRE to 305kt of lithium carbonate equivalent, and an exploration target of between 1Mt to 6Mt of LCE over the Company's Basin projects. ...