Bradda Head Lithium remains well funded, drilling programme poised to start

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Bradda Head Lithium Limited (AIM:BHL, OTCQB:BHLIF, TSX-V:BHLI) has assured shareholders that it remains well funded, is not in breach of any AIM rules and that general trading in its shares is not being affected after a delay in the publishing of its results.

It was confirmed today that company management have been temporarily barred from trading in the shares until its final numbers are published, under Canadian exchange rules.

This reporting lag, as was flagged earlier in the week, is due to its change of auditor as part of its listing on the TSX Venture Exchange.

In a statement, Bradda Head chief executive Charles FitzRoy said: “The company remains well funded with a strong cash balance of £5.4mln as at 31 March 2023, and has an extensive drill programme planned to start shortly at its San Domingo pegmatite district in Arizona that the board believe will generate material catalysts for the company.

He said drilling is also underway at the lithium-in-clay Basin project in Arizona, which the company expects to lead to a further significant resource upgrade in the second half of the year.

The British Columbia Securities Commission has issued a management cease trade order (MCTO) and a TSX-V filing deadline of 28 August 2023 has been granted, which Bradda said aligns with the requirement under AIM Rule 19 to publish the financial statements by 31 August 2023.

The company said it currently expects to publish results in late July or early August.