Business
Audited Final Results for year ending 29 Feb 2024
Audited Final Results for year ending 29 Feb 2024.
About this update from Bradda Head Lithium Limited
[{"type":"text","content":"\n\n27 June 2024\nBradda Head Lithium Ltd\n(\"Bradda Head\", \"Bradda\", or the \"Company\")\nAudited Final Results for the financial year ending 29 February 2024\n \nBradda Head Lithium Ltd (AIM: BHL, TSXV:BHLI), the North America-focused lithium development group, is pleased to announce its audited financial results for the year ending 29 February 2024.\n \nFinancial and operational highlights\n· Successful completion of the Basin drill programme in August 2023, which preceded an upgraded Mineral Resource Estimate (\"MRE\") for a total Inferred Lithium Carbonate Equivalent (\"LCE\") content of 1.0Mt.\n· Receipt of US$2.5 million royalty payment following MRE update.\n· Conclusion of the Phase 3 drill programme at San Domingo highlighting encouraging assay results, and expansion of project area with an additional 8km2 of new lode claims staked.\n· Recorded net loss of US$ 1,503,858 (28 February 2023: US$3,887,588)\n· Cash and cash deposit balances at year end stand at US$ 1,664,662 (28 February 2023: US$ 7,746,519).\n \nIan Stalker, Chairman of Bradda Head, commented:\n \n\"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.\n \n\"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, facilitat...