Bradda Head Lithium Limited (AIM:BHL, OTCQB:BHLIF, TSX-V:BHLI) said it has an exploration target range of between 1 million tonnes (Mt) to 6Mt of lithium carbonate equivalent (LCE) for its Basin projects in Arizona.

In commentary accompanying full-year results, the company said it is gearing up for a series of catalysts in the second half of 2023 and the first half of 2024, which includes the development of its assets and the completion of drilling at Basin.

Further amplifying the company's momentum, Bradda has mobilised a drill rig for its second drill programme at San Domingo within a year. The primary aim is to delineate a resource.

Last October, a follow-up drill programme led to a 22% increase in the company's resource base to 371,000 LCE.

A significant financial highlight of the period under review was the company's successful fundraising effort, which netted US$13 million. This capital injection is playing a pivotal role in fast-tracking the company's drilling programmes.

For the 12 months ended 28 February 2023, the company posted a loss of US$3.9 million as it invested in exploration work. More importantly, it exited the period with US$7.75 million on the balance sheet.

Bradda Head is developing a new source of lithium, a key component in EV batteries, relatively close to car and power-plant makers.

Chief executive Charles FitzRoy noted: "Multiple lithium end users are located in the Western states close to the company's projects, most notably the Tesla's Gigafactory in Nevada and, by 2025, LG Chem will be producing EV batteries at its US$ 5.5 billion Arizona battery complex.

"Tesla this year broke ground at its lithium refinery in Corpus Christi in Texas where it plans to produce battery grade lithium hydroxide, a sign of the increasing demand in the US for raw materials, like 6% spodumene concentrate, which is typically shipped from Australia to China for processing to lithium hydroxide, an EV battery pre-cursor chemical."