Bradda Head Lithium reports interim results from a 'busy and rewarding' period
Bradda Head Lithium Limited (AIM:BHL, OTCQB:BHLIF) has released its unaudited interim results for the six-month period ending 31 August 2022, during which time the company commenced drilling at its San Domingo pegmatite project, with a 30-hole diamond core drill programme expected to be completed during the fourth quarter of 2022.
In a statement, Ian Stalker, chairman of Bradda Head, commented: "The first half of the financial year has been both busy and rewarding for the company. Following the completion of an oversubscribed secondary fundraise during April 2022, the company continued to push ahead with work, developing its key projects, most notably with the commencement of drilling at our San Domingo lithium-bearing pegmatite project.
"The company also updated its Mineral Resource Estimate at Basin East and highlighted the significant exploration potential that remains within this large, mineralised location. The pace of development will continue through the second half of the financial year, and we look forward to updating our shareholders as we receive the exploration results."
At the period end, Bradda Head's cash balances and total assets stood at US$13,312,892 and US$20,808,040 respectively. The oversubscribed secondary fundraise completed during April 2022 was for total gross proceeds of US$12,304,100, with the company issuing 73,195,560 new ordinary shares and warrants on a one-for-one basis.
During the six-month period ended 31 August 2022, the company recorded a loss of US$1,165,319 (2021 loss: US$ 2,052,675).
TSX-V Exchange trading to commence
The company also announced that it has received approval to list its shares on the Canadian TSX-V Exchange, with trading expected to commence during November 2022. The TSX-V listing will have significant advantages when combined with its AIM and OTCQB listings as the TSX-V has an investor base with a long history of understanding lithium and resource exploration companies, it said.
"Given our asset base in Arizona and Nevada, we believe that Bradda Head will be a very attractive proposition to a new pool of investors on the TSX-V, and to our existing US and Canadian shareholders with a North American trading platform," Bradda Head noted.
The company's chairman Stalker pointed out: "The demand for US-based lithium production is forecast to reach over 350 ktpa LCE by 2030, being a 7,000% increase from the current USA annual production of only 5ktpa LCE. Lithium has been classified as a critical element in the USA, with the Biden-Harris administration announcing awards of US$2.8bn to accelerate US manufacturing of batteries for electric vehicles and electric grids."
"We believe that Bradda Head, with its diversified portfolio of projects located in the USA, is in a unique position to take advantage of this significant growth in lithium demand, thereby enhancing value for shareholders," he concluded.