Bradda Head Lithium Ltd (AIM: BHL, TSXV:BHLI), the North America-focused lithium development group, is pleased to announce that it has today published its unaudited financial results for the three-months ended 31 May 2024, and the Management's Discussion and Analysis for the same period.
Both of the above have been posted on the Company's website www.braddaheadltd.com and are also available on SEDARplus (www.sedarplus.ca/landingpage).
Financial and operational highlights
Successfully completed a follow-up drill programme at its Basin North lithium in clay project in Arizona, USA. A total of eight holes drilled, with an average hole depth of 285 meters (934 feet) with a range of 231 to 387 meters (757 to 1,269 feet), with a total of 2,353 meters (7,720 feet) drilled;
Thickest Upper Clay unit at 103 meters in the center of the drill pattern discovered at hole BND24-19; Post period end on July 1, 2024, the Company announced a new MRE at the Company's 100% owned Basin Project, with a total of 2.834 MT of LCE;
As per the Gross Overriding Royalty Agreement with the Lithium Royalty Company ('LRC'), the new contained LCE Tonnage surpassed the contracted threshold of 2.5Mt and has enabled the Company to trigger the payment of US$3.0 million from LRC to Bradda Head, with funds being received on 8 July 2024;
Received channel sampling results from its San Domingo program, which included 5.00 meters of 2.33%, 4.10 meters of 2.81%, and 4.00 meters of 1.26% Li2O at the White Ridge Target and 5.30 meters of 1.25% Li2O at Morning Star.
Ian Stalker, Chairman of Bradda Head, commented: 'Bradda Head maintained maintained the Company's aggressive exploration philosophy by drilling 2,353 meters at the Basin project with the intention of expanding the 2023 MRE from 1.08MT LCE to over 2.5MT LCE. We successfully completed eight core holes in strategic locations across Basin North and post period end, the strategy was validated after we released our updated MRE at Basin, surpassing the goal of 2.5MT LCE with an updated MRE of 2.834MT, triggering the final royalty payment from LRC of US$ 3m.
Further exploration on our pegmatite project also kicked-off with excellent channel sample results from our White Ridge, Morning Star, and Midnight Owl targets. The results highlight the surface mineralization that can be leveraged into potential open cut mining in the future and also link-up to nearby drill hole intercept, creating excellent opportunities once a robust resource is potentially defined.
We continue dialog with third parties and examination of our oil brine projects in Pennsylvania and Texas, along with the Nevada brine projects to align with expanding DLE initiatives across the industry. The Company maintained a tight crew to maintain costs across the team whilst running a well-oiled exploration and expansion drilling program.'
Contact:
Bradda Head Lithium Limited
Tel: +44 (0) 1624 639 396
Ian Stalker
Executive Chairman
Tel: +44 (0) 2076 283 396
Hugh Rich
Shard Capital (Joint Broker)
Tel: +44 (0) 2071 869 927
About Bradda Head Lithium Ltd.
Bradda Head Lithium Ltd. is a North America-focused lithium development group. The Company currently has interests in a variety of projects, the most advanced of which are in Central and Western Arizona: The Basin Project (Basin East, Basin North, and Basin West targets) and the Wikieup Project. The Basin East Project has a Measured Mineral Resource of 20 million tonnes consisting of 929ppm lithium for 99kt LCE, an Indicated Mineral Resource of 122 million tonnes at an average grade of 860 ppm lithium for 560 kt LCE and an Inferred Mineral Resource of 506 million tonnes at an average grade of 808 ppm lithium for a total of 2,175 kt LCE. The Group intends to continue to develop its three phase one projects in Arizona, whilst endeavouring to unlock 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 the 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.
Forward-Looking Statements
This News Release includes certain 'forward-looking statements' which are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as 'believes', 'anticipates', 'intends to', 'expects', 'estimates', 'may', 'could', 'would', 'will', or 'plan'. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management's expectations. Risks, uncertainties, and other factors involved with forward-looking information could cause actual events, results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, following: The Company's objectives, goals, or future plans. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to: failure to identify mineral resources; failure to convert estimated mineral resources to reserves; delays in obtaining or failures to obtain required regulatory, governmental, environmental or other project approvals; political risks; future operating and capital costs, timelines, permit timelines, the market and future price of and demand for lithium, and the ongoing ability to work cooperatively with stakeholders, including the local levels of government; uncertainties relating to the availability and costs of financing needed in the future; changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices; delays in the development of projects, capital and operating costs varying significantly from estimates; an inability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to the effects of COVID-19 on the price of commodities, capital market conditions, restriction on labour and international travel and supply chains and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company's public documents filed on SEDARplus. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
Beaumont Cornish Limited ('Beaumont Cornish') is the Company's Nominated Adviser and is authorised and regulated by the FCA. Beaumont Cornish's responsibilities as the Company's Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of Beaumont Cornish nor for advising them in relation to the proposed arrangements described in this announcement or any matter referred to in it.
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