Bradda Head Lithium says full year was 'both busy and exciting'

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Bradda Head Lithium Ltd chairman Ian Stalker described the financial year ended 28 February 2022 as "both busy and exciting" as the company made its AIM-market debut and advanced its Basin East project in Arizona.

In its July 2021 IPO, the company raised US$8.5mln, followed by a US$12.9mln fundraise in April 2022.

Stalker commented: “The funds have been strategically deployed to fast-track and complete our Basin East drilling programme, resulting in a 65% increase in the MRE [mineral resource estimate] to 305kt of lithium carbonate equivalent and an exploration target of between 1Mt to 6Mt of LCE over the company's Basin projects.

“We also significantly increased our landholding in Arizona and strengthened our team members with key senior appointments.

“We also completed a maiden drill programme at our Wikiuep asset, with assay results pending, which may lead to a maiden MRE later in the year.

“The company is well-funded to carry out its exploration plans and to unlock the full potential of its projects."

The pre-revenue exploration company ended the period with US$7.33mln of cash and reported a US$3.55mln loss as it invested in the project.

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