TIDMBHL
RNS Number : 4659A
Bradda Head Lithium Ltd
22 January 2024
22 Janaury 2024
Bradda Head Lithium Ltd
("Bradda Head", "Bradda", or the "Company")
Unaudited Interim Results for the nine and three-months ended 30
November 2023
Bradda Head Lithium Ltd (AIM:BHL, TSX-V:BHLI), the North
America-focused lithium development group, is pleased to announce
that it has today published its unaudited financial results for the
nine and three-months ended 30 November 2023, 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
-- The Company released an updated Mineral Resource Estimate
("MRE") on 28 September 2023, which includes a total Inferred LCE
content of 1.0 Mt.
-- The total new MRE now comprises 17.0 million tonnes in the
Indicated category at 940 ppm carrying 85kt LCE, and 210 million
tonnes in the Inferred category at 900 ppm, carrying 1,000 kt
LCE.
-- The average in situ grade of the Inferred Basin East Mineral
Resource has increased from 694 to 900 ppm Li, a 30% increase.
-- Following the release of an updated MRE and as per the
Royalty Agreement with the Lithium Royalty Corporation ("LRC"),
Bradda Head formally requested payment of US$ 2.5 million from LRC,
with funds being received during October 2023.
-- Drilling continued at our San Dominog pegmatite asset, with
first assay results being received where grades of up to 0.83% Li2O
over 6.35m and 1.03% Li2O over 3.05m were identified.
Ian Stalker, Chairman of Bradda Head, commented:
"This quarter has been one that reflects the efforts we are
putting into all our USA Lithium Projects, with positives steps
made at our San Domingo lithium in pegmatite asset, our Basin
Sedimentary Lithium Clay Project and a re-evaluation of our Lithium
in Oli Brines in Texas and Pennsylvania. This project effort is
allied to our own house keeping efforts to ensure Bradda Head
treasury is solid going forward. Staff numbers have been reduced
without impact on our operational performance and unnecessary
corporate expenditure reduced or removed. The Board recognizes that
the quality of the Projects we own in the USA demand that we
prepare ourselves in such a way as to be ready to move quickly and
efficiently for the undoubted next wave of Lithium demand and
uptick in pricing. We are well set to achieve this strategy.
Drilling continued through the quarter at San Domingo with the
first set of assay results highlighting the potential of the area.
These results increased our knowledge of the intriguing
spodumene-rich pegmatite district, and the drill hole geochemistry
provides an improved understanding of the pegmatite characteristics
and mineralogical zoning at San Domingo, particularly at the
Midnight Owl and Bolt targets. Assay results received post period
end support our view of the near surface potential spodumene
lithium resource in the Central section of our San Domingo
property.
Over at our lithium in clay Basin Project, we are moving closer
to finalising the next drill programme, expected to commence during
H1 2024.
The pace of development will continue, and we look forward to
updating our shareholders as we receive exploration results."
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF THE MARKET ABUSE REGULATION (EU No.596/2014) AS IT FORMS PART OF
UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT
2018. UPONTHE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY
INFORMATION SERVICE, THIS INSIDE INFORMATION IS NOWCONSIDERED TO BE
IN THE PUBLIC DOMAIN AND SUCH PERSONS SHALL THEREFORE CEASE TO BE
IN POSSESSION OF INSIDEINFORMATION.
For further information please visit the Company's website:
www.braddaheadltd.com
For further information, please contact:
Bradda Head Lithium Limited +44 (0) 1624 639 396
Ian Stalker, Executive Chairman
Denham Eke, Finance Director
Beaumont Cornish (Nomad)
James Biddle/Roland Cornish +44 20 7628 3396
Panmure Gordon (Joint Broker) +44 20 7886 2500
John Prior
Hugh Rich
Shard Capital (Joint Broker) +44 207 186 9927
Damon Heath
Isabella Pierre
Red Cloud (North American Broker) +1 416 803 3562
Joe Fars
Tavistock (PR) + 44 20 7920 3150
Nick Elwes braddahead@tavistock.co.uk
Adam Baynes
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 Project, and the Basin West
Project) and the Wikieup Project.
The Basin East Project has an Indicated Mineral Resource of 17
Mt at an average grade of 940 ppm Li and 3.4% K for a total of 85
kt LCE and an Inferred Mineral Resource of 210 Mt at an average
grade of 900 ppm Li and 2.8% K (potassium) for a total of 1.0 Mt
LCE. In the rest of the Basin Project SRK has determined an
Exploration Target of 250 to 830 Mt of material grading between 750
to 900 ppm Li, which is equivalent to a range of between 1 to 4 Mt
contained 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 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
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release. 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.
Bradda Head Lithium Limited
Management discussion and analysis for the nine and three-month
period ended November 30, 2023
This management's discussion and analysis ("MD&A") reports
on the operating results and financial condition of the Company for
the nine and three-month period ended November 30, 2023, and is
prepared as of January 22, 2024. The MD&A should be read in
conjunction with Bradda Head Lithium Limited's (the "Company" or
"Bradda Head") audited consolidated financial statements for the
year ended February 28, 2023, and the notes thereto which were
prepared in accordance with International Financial Reporting
Standards ("IFRS").
All dollar amounts referred to in this MD&A are expressed in
United States dollars except where indicated otherwise.
(a) Overview
Bradda Head Lithium Limited (the "Company") is a company
domiciled in the British Virgin Islands. The address of the
Company's registered office is Craigmuir Chambers, Road Town,
Tortola, British Virgin Islands. The Company and its subsidiaries
together are referred to as the "Group". The Company has one
business segment, being mineral exploration. The Company is focused
on appraising and developing lithium mining projects within North
America and currently has interests in a variety of projects in the
United States.
Corporate and Exploration Highlights
Exploration Highlights
Set forth in this section is a description of the Company's
material mineral projects. All scientific and technical data
contained in this MD&A has been reviewed and approved by Joey
Wilkins, B.Sc., P.Geo., who is Chief Operating Officer at Bradda
Head and a Qualified Person as defined by National Instrument
43-101 - Standards of Disclosure for Mineral Projects ("NI
43-101").
Arizona Sedimentary Hosted Lithium Projects
Basin Project
Following completion of the drill programme, as announced on
August 23, 2023, the drill results were fed into an updated Mineral
Resource Estimate, released on 28 September 2023.
Based on 2,355.20m of sonic drilling completed as part of the
2023 Basin drill programme, Bradda Head added 729 kt of Lithium
Carbonate Equivalent ("LCE") to the Inferred Mineral Resource, for
an updated total Inferred LCE content of 1.0 Mt. The total new
Mineral Resource now comprises 17.0 million tonnes in the Indicated
category at 940 ppm carrying 85kt LCE, and 210 million tonnes in
the Inferred category at 900 ppm, carrying 1,000 kt LCE.
Mineral Resource Statement for Basin East, Basin East Extension
and Basin North effective 1 September 2023
Classification Domain Tonnes Mean Grade Contained Metal
Mt Li (ppm) K (%) LCE (kt) K (kt)
------- --------- ------ --------- -------
Indicated Upper Clay 11 720 3.5 42 380
--------------- ------- --------- ------ --------- -------
Upper Clay HG 6 1350 3.2 43 190
-------------------------------- ------- --------- ------ --------- -------
Lower Clay - - - - -
--------------- ------- --------- ------ --------- -------
SubTotal 17 940 3.4 85 570
-------------------------------- ------- --------- ------ --------- -------
Inferred Upper Clay 143 790 2.7 600 3,800
--------------- ------- --------- ------ --------- -------
Upper Clay HG 48 1290 3.1 330 1,500
-------------------------------- ------- --------- ------ --------- -------
Lower Clay 19 690 2.8 70 530
-------------------------------- ------- --------- ------ --------- -------
SubTotal 210 900 2.8 1,000 5,800
-------------------------------- ------- --------- ------ --------- -------
-- Mineral Resource statement has an effective date of 1 September 2023.
-- The Mineral Resource is reported using a cut-off grade of 550
ppm Li and is constrained to an optimised open pit shell, which was
generated using the following assumptions: lithium carbonate metal
prices of 22,000 USD/tLCE; State of Arizona royalty (selling cost)
of 6%; operating costs of 40 USD/ tore; Li recovery of 72%; mining
dilution and recovery of 0% and 100%; and pit slope angle of
45deg.
-- Tonnages are reported in metric units.
-- Rounding as required by reporting guidelines may result in
apparent summation differences between tonnes, grade and contained
metal content which are not considered material.
-- Conversion factor of Li metal to LCE = 5.323
-- The figures above are reported on a gross basis given
Bradda's 100% interest in the property
The average in situ grade of the Inferred Basin East Mineral
Resource has increased from 694 to 900 ppm Li, a 30% increase.
SRK were selected to complete the Mineral Resource Update
analysis and applied a stringent approach to both the in-situ
density measurement and the cut-off grade utilised. A lower in situ
density and higher cut-off grade than previously reported resulted
in a more robust estimate. A significant and pragmatic building
block to develop the on-going test-work plan.
The recent drill results on BEE and BN solidify Bradda Head's
belief in a widespread and continuous lithium-rich stratigraphic
sequence, with potential further into BN and across to BW that the
Company believes will lead to significant resource growth and
opportunity to become a Tier 1 lithium deposit. More drilling is
being planned at BN where a low impact Notice of Intent level
exploration permit is in place and BW upon receipt of the
Environmental Assessment ("EA") from the Bureau of Land Management,
expected during in H2 2024. The area being permitted is over 11km
(2) , which is considerably larger than BE, BEE, and BN combined
(c.6km (2) ).
Wikieup Project
No significant work has been undertaken on this project during
the 3-month period.
Arizona Pegmatite District
San Domingo Project
On November 13, 2023, the first set of assay results was
released from core drilling at San Domingo. Assays were received
from only 14 holes totalling 993m, with grades of up to 0.83% Li
(2) O over 6.35m and 1.03% Li (2) O over 3.05m identified.
Table 1 : San Domingo North Drill Hole Highlights
Hole From To Int (m) Li (2) Ta (2) Sn (ppm) Target
O % O (5)
Midnight
SD-DH23-048 19.42 36.24 16.82 73 Owl
------- ------- -------- ------- ------- --------- ---------
26.3 26.3 9.12 105
------- ------- -------- ------- ------- --------- ---------
Midnight
SD-DH23-049 87.33 93.67 6.35 0.83 Owl
------- ------- -------- ------- ------- --------- ---------
89.18 94.34 5.16 80
------- ------- -------- ------- ------- --------- ---------
97.9 102.17 4.27 82
------- ------- -------- ------- ------- --------- ---------
98.6 101.65 3.05 1.03 71
------- ------- -------- ------- ------- --------- ---------
Midnight
SD-DH23-050 98.02 101.89 3.87 70 Owl
------- ------- -------- ------- ------- --------- ---------
SD-DH23-057 18.07 42.73 24.65 0.24 47 Bolt
------- ------- -------- ------- ------- --------- ---------
34.35 39.62 5.27 0.51 58
------- ------- -------- ------- ------- --------- ---------
SD-DH23-059 2.80 40.23 39.37 37
------- ------- -------- ------- ------- --------- ---------
27.13 28.35 1.22 0.17
------- ------- -------- ------- ------- --------- ---------
47.43 52.97 5.54 92 Bolt
------- ------- -------- ------- ------- --------- ---------
68.03 79.86 11.8 0.32 42
------- ------- -------- ------- ------- --------- ---------
68.03 73.91 5.87 0.48 43
------- ------- -------- ------- ------- --------- ---------
SD-DH23-061 134.57 136.25 1.52 0.52 Bolt
------- ------- -------- ------- ------- --------- ---------
134.57 138.56 4.00 72
------- ------- -------- ------- ------- --------- ---------
SD-DH23-065 1.52 9.45 7.93 0.10 45
------- ------- -------- ------- ------- --------- ---------
3.35 4.88 1.52 0.31 Bolt
------- ------- -------- ------- ------- --------- ---------
SD-DH23-066 28.9 32.13 3.23 127 Bolt
------- ------- -------- ------- ------- --------- ---------
These results increased our knowledge of the intriguing
spodumene-rich pegmatite district. This initial batch of drill hole
geochemistry provides an improved understanding of the pegmatite
characteristics and mineralogical zoning at San Domingo,
particularly at the Midnight Owl and Bolt targets.
As announced on January 16, 2024, the drill programme completed
on December 2, 2023, with final assays results being received,
supporting our view of a near surface potential spodumene lithium
resource in the Central section of our San Domingo property.
Nevada Lithium Brine Projects
Wilson Project
No significant work has been undertaken on this project during
the 3-month period.
Eureka Project
No significant work has been undertaken on this project during
the 3-month period.
Corporate Highlights
On 8 September 2023, the Company's principal Canadian regulator,
the British Columbia Securities Commission, withdrew the Management
Cease Trade Order it had previously granted to the Company on 29
June 2023, under National Policy 12-203 - Management Cease Trade
Orders, as the Company successfully completed all requisite filings
for its audited financial statements for the year ended 28 February
2023 and interim financial statements for the quarter ended 31 May
2023.
On 28 September 2023, the Company announced an updated Mineral
Resource Estimate ("MRE") at the Company's Basin Project, Arizona.
As per the Gross Overriding Royalty Agreement with the Lithium
Royalty Company ("LRC"), this new contained LCE Tonnage, which was
well over the contracted threshold of 1 million tonnes LCE, enabled
the Company to trigger the payment of US$2.5 million from LRC,
which was received by the Company on 5 October 2023.
Post period-end on 1 January 2024, the Company delisted from the
US OTCQB Market, due to share trading liquidity expectations not
having been met and cost saving in this current market environment.
The Company's shares continue to trade on the London AIM Market and
on the Canadian TSX Venture Exchange.
(b) Selected Financial Information
The following table sets forth selected financial information
with respect to the Company for the nine and three-month period
ended November 30, 2023 and the year ended February 28, 2023. The
selected financial information has been derived from the audited
financial statements for the period indicated. The following should
be read in conjunction with the said financial statements and
related notes that are available on the Company's website -
www.braddaheadltd.com.
The annual financial statements and interim financial statements
are presented in US dollars and are prepared in accordance with
IFRS, See "Summary Financial Data" and "Currency Information".
Nine-month period ended Three-month period ended Year ended February 28,
November 30, 2023 November 30, 2023 2023
(Unaudited) (Unaudited) (Audited)
(US$) (US$) (US$)
---------------------------- ---------------------------- ----------------------------
Statement of Operations:
---------------------------- ---------------------------- ----------------------------
Total Operating Expenses (3,304,233) (983,509) (3,899,858)
---------------------------- ---------------------------- ----------------------------
Other income 2,370,127 2,370,127 -
---------------------------- ---------------------------- ----------------------------
Net Finance income 114,529 23,657 12,270
---------------------------- ---------------------------- ----------------------------
Net (Loss)/Profit (819,577) 1,410,275 (3,887,588)
---------------------------- ---------------------------- ----------------------------
(Loss)/profit per Share
(cents) (0.21) 0.36 (1.018)
---------------------------- ---------------------------- ----------------------------
Balance Sheet Data:
---------------------------- ---------------------------- ----------------------------
Cash & cash equivalents,
including cash deposits 2,906,004 2,906,004 7,746,519
---------------------------- ---------------------------- ----------------------------
Total Assets 16,629,616 16,629,616 18,198,559
---------------------------- ---------------------------- ----------------------------
Total Liabilities (283,631) (283,631) (1,213,619)
---------------------------- ---------------------------- ----------------------------
Accumulated Deficit (14,270,388) (14,270,388) (13,631,433)
---------------------------- ---------------------------- ----------------------------
Total Shareholder's Equity 16,345,985 16,345,985 16,984,940
---------------------------- ---------------------------- ----------------------------
MANAGEMENT DISCUSSION AND ANALYSIS: QUARTERED NOVEMBER 30,
2023
(c) Introduction
(d) This interim Management Discussion and Analysis (the
"interim MD&A") should be read in conjunction with the audited
financial statements of the Company for the year ended February 28,
2023, and related notes. This MD&A is made as of January 22,
2024.
(e) Results of Operations for the nine and three-months ended November 30, 2023
The Company's net loss after tax for the nine-month period to
November 30, 2023 was US$ 819,577, compared to a loss of US$
3,074,862 f or the comparative period ended November 30, 2022. The
major expenses for the nine-month period ended November 30, 2023
were operational expenses incurred on the Company's exploration
projects, and are broken down in the respective projects as
follows:
Project Expensed Exploration Expenditure
Nine-Month Period Ended November 30, 2023 Three-Month Period Ended November 30, 2023
(Unaudited) (Unaudited)
US$ US$
------------------------------------------ -------------------------------------------
Basin Project 598,598 24,723
------------------------------------------ -------------------------------------------
San Domingo Project 792,740 183,315
------------------------------------------ -------------------------------------------
Wikieup Project 17,144 4,720
------------------------------------------ -------------------------------------------
Other projects 9,459 4,720
------------------------------------------ -------------------------------------------
TOTAL 1,417,941 217,478
------------------------------------------ -------------------------------------------
During this nine-month time period, the Company incurred and
capitalised exploration expenditures of US$ 3,673,417, compared to
US$ 2,434,450 for the comparative nine-month period to November 30,
2022.
The capitalied exploration costs for the nine-month period ended
November 30, 2023 have been allocated amongst the Company's
exploration projects in approximately the following amounts:
Project Capitalised Capitalised Capitalised Capitalised
exploration costs expenditures for exploration costs expenditires for
licences and permits licences and permits
Nine-month period Nine-month period Three-Month Period Three-Month Period
ended November 30, ended November 30, Ended November 30, Ended November 30,
2023 (Unaudited) 2023 (Unaudited) 2023 2023
US$ US$ (Unaudited) (Unaudited)
US$ US$
---------------------- ---------------------- ----------------------- ----------------------
Basin Project 933,358 229,750 22,975 (17,433)
---------------------- ---------------------- ----------------------- ----------------------
San Domingo Project 2,079,708 178,760 1,289,063 59,783
---------------------- ---------------------- ----------------------- ----------------------
Wikieup Project - 101,640 - -
---------------------- ---------------------- ----------------------- ----------------------
Other Project - 150,200 - 12,161
---------------------- ---------------------- ----------------------- ----------------------
TOTAL 3,013,066 660,350 1,312,038 54,511
---------------------- ---------------------- ----------------------- ----------------------
The exploration expenditures have been primarily costs
associated with drilling, assaying, resource and mining
consultants, metallurgical testing, environmental studies, project
team fees, acquisition of new leases, and annual renewal of
existing leases.
General and administrative expenses for the nine-month period to
November 30, 2023 totalled US$ 3,479,824, compared to US$ 4,242,520
for the comparative nine-month period to November 30, 2022. General
and administrative expenses are broken down as follows:
Project General and administrative expenditures
Nine-month period ended November 30, Three-Month Period Ended November 30,
2023 (Unaudited) 2023
US$ (Unaudited)
US$
------------------------------------- --------------------------------------
Auditors' fees 36,040 19,600
------------------------------------- --------------------------------------
Directors and management fees and
salaries 437,083 145,926
------------------------------------- --------------------------------------
Legal and accounting 261,987 60,403
------------------------------------- --------------------------------------
Contractor costs 1,460,641 246,663
------------------------------------- --------------------------------------
Professional and marketing costs 565,428 160,876
------------------------------------- --------------------------------------
Other administrative costs 718,645 252,428
------------------------------------- --------------------------------------
TOTAL 3,479,824 885,896
------------------------------------- --------------------------------------
During the nine-month period to November 30, 2023, there have
been no changes in financial performance or other elements that
relate to non-core business activities and operations.
(f) Cash flows
During the nine-month period ended November 30, 2023, the
Company had net cash outflows of US$ 6,346,605, compared to inflows
of US$ 4,531,077 during the comparative nine-month period to
November 30, 2022. Net cash outflows for the current three-month
period ended November 30, 2023, include placing cash amounts on
short term deposits and receipt of cash from matured deposits,
totalled US$ 104,227. The cashflows for the two periods are shown
below:
Nine-month period ended November 30, Three-Month Period Ended November 30,
2023 (Unaudited) 2023
US$ (Unaudited)
US$
Statement of cashflows
------------------------------------- --------------------------------------
Cash flows from operating activities (1,531,261) 1,256,488
------------------------------------- --------------------------------------
Cash flows from investing activities (3,423,783) (1,304,870)
------------------------------------- --------------------------------------
Cash flows from financing activities * (1,391,561) (55,845)
------------------------------------- --------------------------------------
Net cash flows during the period (6,346,605) (104,227)
------------------------------------- --------------------------------------
Cash balances at beginning of the
period 7,746,519 1,504,141
------------------------------------- --------------------------------------
Cash balances at the end of the period 1,399,914 1,399,914
------------------------------------- --------------------------------------
* includes net US$ 1,506,090 placed on short term deposit during
the nine-month period ended November 30, 2023, and net US$ 79,502
placed on short term deposit during the three-month period ended
November 30, 2023.
(g) Liquidity and Capital Resources
As at November 30, 2023, the Company had cash and cash
equivalents (including short term cash deposits) of US$ 2,906,004,
and a working capital surplus of US$ 2,740,574. As of February 28,
2023, the Company had cash and cash equivalents of US$ 7,746,519,
and a working capital surplus of US$ 7,135,119.
(h) Outstanding Share Data
As of November 30, 2023, the following securities were
outstanding:
Shares 390,609,439
Warrants 81,698,305
------------
Stock options 35,021,052
------------
Fully diluted shares outstanding 507,328,796
------------
The Company's objectives when managing capital are to safeguard
its ability to continue as a going concern, so that it can continue
to provide returns for shareholders, benefits for other
stakeholders and to maintain an optimal capital structure to reduce
the cost of capital.
The capital structure of the Company includes cash and cash
equivalents, equity attributable to equity holders comprised of
contributed equity, reserves and accumulated losses. In order to
maintain or adjust the capital structure, the Company may issue new
shares, sell assets or adjust the level of activities undertaken by
the Company.
The Company monitors capital based on cash flow requirements for
operational, exploration and evaluation expenditures. The Company
has no debt or other borrowings as at the date of this Application.
The Company will continue to use capital market issuances to
satisfy anticipated funding requirements.
The availability of equity capital, and the price at which
additional equity could be issued, is dependent upon the success of
the Company's exploration activities, and upon the state of the
capital markets generally. Additional financing may not be
available on terms favourable to the Company or at all. If the
Company does not receive future financing, it may not be possible
for the Company to advance the exploration and development of its
mineral exploration properties. If the Company is not able to fund
these minimum expenditures, it may not be able to maintain part or
all of its mineral exploration property interests. See "Risk
Factors".
(i) Off-Balance Sheet Arrangements
The Company does not have any off-balance sheet
arrangements.
(j) Transactions with Related Parties
The Company has conducted transactions with officers, directors
and persons or companies related to directors or officers and paid
or accrued amounts as follows:
Edgewater Associates Limited ("Edgewater")
During the nine-month period ended 30 November 2023, Directors
and Officers insurance was obtained through Edgewater, which is a
100% subsidiary of Manx Financial Group ("MFG"). James Mellon and
Denham Eke are Directors of MFG and Denham Eke is a Director of
Edgewater.
During the period, the premium payable on the policy was US$
88,824 (year ended 28 February 2023: US$ 49,318), of which US$
22,325 was prepaid as at the period end (28 February 2023: US$
14,497).
(k) Critical Accounting Estimates
The preparation of financial statements in conformity with IFRS
requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial
statements and reported amounts of revenues and expenses during the
reporting period. Such estimates and assumptions affect the
carrying value of assets, and impact decisions as to when
exploration and development costs should be capitalized or
expensed.
As at November 30, 2023, the Company had incurred total
capitalised exploration expenditures, including capitalised licence
and permit costs, of US$ 13,247,683. Changes in management's
judgment as to the prospective nature, assessment of the existence
or otherwise of economically recoverable reserves, technical
feasibility and/or commercial viability of the relevant tenements
and the Company's intentions with respect to the relevant
tenements, could affect the assessment of the recoverable
amount.
The Company regularly reviews its estimates and assumptions:
however, actual results could differ from these estimates and these
differences could be material.
Bradda Head Lithium Limited
Unaudited Condensed Consolidated Interim Financial
Statements
For the nine and three-month period ended November 30, 2023
Condensed Interim Consolidated Statement of Comprehensive
Income
for the period ended 30 November 2023
Nine-month period Nine-month period Three-month period Three-month period
ended 30 November ended 30 November ended 30 November ended 30 November
2023 2022 2023 2022
(unaudited) (unaudited) (unaudited) (unaudited)
Notes US$ US$ US$ US$
Operating expenses
General and
administrative 2 (3,479,824) (4,242,520) (885,896) (1,690,543)
Share based payment
and warrant
expense 11 (180,622) (1,285,743) - (91,539)
Foreign exchange
gain/(loss) 161,649 (1,255,343) (34,142) (944,005)
-------------- -------------- -------------- --------------
Operating loss (3,498,797) (6,783,606) (920,038) (2,726,087)
Other income
Other income 3 2,370,127 - 2,370,127 -
Warrant fair value
re-measurement 12 210,061 3,711,264 - 880,920
Unrealised
gain/(loss) on
investment (15,497) (2,520) (63,471) -
Finance income 114,529 - 23,657 -
-------------- -------------- -------------- --------------
(Loss)/profit
before income tax (819,577) (3,074,862) 1,410,275 (1,845,167)
Income tax expense - - - -
-------------- -------------- -------------- --------------
(Loss)/profit for
the period (819,577) (3,074,862) 1,410,275 (1,845,167)
Other comprehensive
income - foreign - - - -
currency
translation reserve
-------------- -------------- -------------- --------------
Total comprehensive
(loss)/profit for
the period (819,577) (3,074,862) 1,410,275 (1,845,167)
Basic and diluted
(loss)/profit per
share (US cents) 13 (0.21) (0.81) 0.36 (0.49)
The notes on pages 12 to 19 form an integral part of these
condensed consolidated interim financial statements.
Condensed Interim Consolidated Statement of Financial
Position
as at 30 November 2023
Notes 30 November 2023 28 February 2023
(unaudited) (audited)
US$ US$
Non-Current assets
Deferred mining and exploration costs 4 10,474,918 7,461,851
Exploration permits and licences 5 2,772,765 2,112,415
Plant and equipment 9 91,282 79,602
Advances and deposits 8 190,183 104,192
Investment 76,264 91,761
-------------- --------------
Total non-current assets 13,605,412 9,849,821
-------------- --------------
Current assets
Cash and cash equivalents 1,399,914 7,746,519
Cash deposits 1,506,090 -
Advances and deposits 8 - 385,624
Trade and other receivables 8 118,200 216,595
-------------- --------------
Total current assets 3,024,205 8,348,738
-------------- --------------
Total assets 16,629,616 18,198,559
Equity
Share premium 10 30,616,373 30,616,373
Retained deficit (14,270,388) (13,631,433)
-------------- --------------
Total equity 16,345,985 16,984,940
-------------- --------------
Current liabilities
Trade and other payables 7 263,491 983,418
Warrant liability 12 20,140 230,201
-------------- --------------
Total current liabilities 283,631 1,213,619
-------------- --------------
Total equity and liabilities 16,629,616 18,198,559
The notes on pages 12 to 19 form an integral part of these
condensed consolidated interim financial statements.
These financial statements were approved by the Board of
Directors on 22 January 2024 and were signed on their behalf
by:
Denham Eke
Director
Condensed Interim Consolidated Statement of Changes in
Equity
for the period ended 30 November 2023
Share premium Retained deficit Total
US$ US$ US$
Balance at 1 March 2023 (audited) 30,616,373 (13,631,433) 16,984,940
Total comprehensive loss for the period
Loss for the period - (819,577) (819,577)
-------------- -------------- --------------
Total comprehensive loss for the period - (819,577) (819,577)
Transactions with owners of the Company
Equity settled share-based payments
(note 11) - 180,622 180,622
-------------- -------------- --------------
Total transactions with owners of the
Company - 180,622 180,622
-------------- -------------- --------------
Balance at 30 November 2023 (unaudited) 30,616,373 (14,270,388) 16,345,985
The notes on pages 12 to 19 form an integral part of these
condensed consolidated interim financial statements.
Condensed Interim Consolidated Statement of Changes in
Equity
for the period ended 30 November 2023 (continued)
Share premium Retained deficit Total
US$ US$ US$
Balance at March 1, 2022 (audited) 23,434,385 (11,177,220) 12,257,165
Total comprehensive loss for the period
Loss for the period - (3,074,862) (3,074,862)
------------ -------------- --------------
Total comprehensive loss for the period - (3,074,862) (3,074,862)
Transactions with owners of the Company
Issue of ordinary shares (note 10 and note 12) 7,581,351 - 7,581,351
Share issue costs capitalised (note 10) (547,916) - (547,916)
Equity settled share-based payments (note 11) - 1,285,743 1,285,743
------------ -------------- ------------
Total transactions with owners of the Company 7,033,435 1,285,743 8,319,178
------------ -------------- ------------
Balance at November 30, 2022 (unaudited) 30,467,820 (12,966,339) 17,501,481
The notes on pages 12 to 19 form an integral part of these
condensed consolidated interim financial statements.
Condensed Interim Consolidated Statement of C ash Flows
for the period ended 30 November 2023
Nine-month Nine-month Three-month Three-month
period ended period ended 30 period ended period ended
30 November November 2022 30 November 30 November
2023 (unaudited) 2023 2022
Notes (unaudited) (unaudited) (unaudited)
US$ US$ US$ US$
Cash flows from operating activities
(Loss)/profit before income tax (819,577) (3,074,862) 1,410,275 (1,845,167)
Adjusted for non-cash and
non-operating items:
Depreciation 9 38,320 23,708 13,699 9,532
Unrealised fair value gain on
investment 15,497 2,520 63,471 -
Equity settled share based payments
expense 11, 12 180,622 1,285,743 - 91,539
Warrant fair value re-measurement 12 (210,061) (3,711,264) - (880,920)
Unrealised FX on cash balances - 1,255,343 - 944,005
Cash interest income (114,529) - (23,657) -
-------------- -------------- -------------- --------------
(909,728) (4,218,812) 1,463,788 (1,681,011)
Change in trade and other receivables 98,393 (487,103) 40,868 (26,609)
Change in trade and other payables (719,926) (26,070) (248,168) 717,835
-------------- -------------- -------------- --------------
Net cash flows from operating
activities (1,531,261) (4,731,985) 1,256,488 (989,785)
Cash flows from investing activities
Amounts paid for deferred mining and
exploration costs 4 (3,013,066) (1,728,158) (1,312,038) (1,452,815)
Amounts paid for licences and permits 5 (660,350) (706,292) (54,511) (16,495)
Cash received for bonding deposits 299,633 - 61,679 -
Equipment purchased 9 (50,000) (58,672) - -
-------------- -------------- -------------- --------------
Net cash flows from investing
activities (3,423,783) (2,493,122) (1,304,870) (1,469,310)
Cash flows from financing activities
Cash received from shares and warrants
issued 10 - 12,304,100 - -
Share issue costs paid 10 - (547,916) - -
Cash interest income 114,529 - 23,657 -
Short term deposits (placed)/returned (1,506,090) - (79,502) -
-------------- -------------- -------------- --------------
Net cash flows from financing
activities (1,391,561) 11,756,184 (55,845) -
(Decrease) / increase in cash and cash
equivalents (6,346,605) 4,531,077 (104,227) (2,459,095)
Cash and cash equivalents at
beginning of period 7,746,519 7,327,303 1,504,141 14,006,137
Effect of foreign exchange on cash
balances - (1,255,343) (944,005)
-------------- -------------- -------------- --------------
Cash and cash equivalents at end
of period 1,399,914 10,603,037 1,399,914 10,603,037
The notes on pages 12 to 19 form an integral part of these
condensed consolidated interim financial statements.
1 Reporting Entity
The Company is a lithium exploration Group focused on developing
its projects in the USA.
These interim financial statements have been prepared in
accordance with IAS 34 Interim Financial Reporting and should be
read in conjunction with the last annual consolidated financial
statements as at and for the year ended 28 February 2023 ("last
annual financial statements"). They do not include all of the
information required for a complete set of IFRS financial
statements. However, selected explanatory notes are included to
explain events and transactions that are significant to an
understanding of the changes in the Group's financial position and
performance since the last annual financial statements.
The financial information in this report has been prepared in
accordance with the Company's accounting policies and in
consistency with the last annual financial statements. Full details
of the accounting policies adopted by the Company are contained in
the financial statements included in the Company's annual report
for the year ended 28 February 2023, which is available on the
Group's website: www.braddheadltd.com . These unaudited condensed
consolidated interim financial statements should be read in
conjunction with the audited Consolidated Financial Statements for
the year ended 28 February 2023.
2 General and administrative
The Group's general and administrative expenses include the
following:
Nine-month period Nine-month period Three-month period Three-month period
ended 30 November ended 30 November ended 30 November ended 30 November
2023 2022 2023 2022
(unaudited) (unaudited) (unaudited) (unaudited)
US$ US$ US$ US$
Auditors' fees 36,040 114,508 19,600 13,067
Directors and
management fees and
salaries 437,083 402,231 145,926 132,955
Legal and accounting 261,987 422,228 60,403 247,291
Contractor costs 1,460,641 1,979,619 246,663 719,097
Professional and
marketing costs 565,428 942,495 160,876 332,928
Other administrative
costs 718,645 381,439 252,428 245,205
-------------- -------------- -------------- --------------
Total 3,479,824 4,242,520 885,896 1,690,543
3 Other income
On 21 December 2021, the Company completed a royalty agreement
with the Lithium Royalty Corporation ("LRC"). Key terms of the
royalty agreement are:
- LRC will pay to the Company upon closing the sum of US$ 2.5
million for granting of the Royalty. LRC will pay to the Company an
additional US$ 2.5 million upon the Company publicly reporting a 1
million tonne lithium carbonate equivalent (LCE) Mineral Resource
with a minimum lithium grade of 800 parts per million (ppm). LRC
will pay to the Company an additional US$ 3 million upon the
Company publicly reporting a 2.5 million tonne LCE Mineral Resource
with a minimum lithium grade of 800ppm.
On 28 September 2023, the Company announced an updated MRE at
its Basin East project, hitting the next 1 million tonne LCE. This
triggered the next milestone payment of US$ 2.5 million from LRC,
with the cash funds being received on 24 October 2023.
3 Other income (continued)
Reconciliation of gain on sale
Period ended 30 November 2023 (unaudited)
US$
Initial proceeds received from royalty milestone payment 2,500,000
Less: Deferred mine exploration costs disposal (note 7) (105,273)
Less: Exploration permits and licences disposal (note 8) (24,600)
------------
Net amount recognised in profit and loss 2,370,127
4 Deferred mine exploration costs
The schedule below details the exploration costs capitalised to
date:
Total
US$
Cost and net book value
At 28 February 2022 (audited) 4,183,744
--------------
Capitalised during the year 3,278,107
--------------
At 28 February 2023 (audited) 7,461,851
Capitalised during the period 3,118,340
Disposal under royalty agreement * (105,273)
--------------
At 30 November 2023 (unaudited) 10,474,918
Cost and net book value
At 30 November 2023 (unaudited) 10,474,918
At 28 February 2023 (audited) 7,461,851
The recoverability of the carrying amounts of exploration and
evaluation assets is dependent on the successful development and
commercial exploitation or sale of the respective area of interest,
as well as maintaining the assets in good standing. The Group
assessed the DMEC relating to areas for which licenses and permits
are held, for impairment as at 30 November 2023. The Board
concluded that no facts and circumstances have been identified
which suggest the recoverable amount of these assets would not
exceed the carrying amount and, as such, no impairment was
recognised during the period.
During the year ended 28 February 2023, an impairment charge of
US$ Nil was recognised.
5 Exploration permits and licences
The schedule below details the exploration permit and licence
costs capitalised to date:
Total
US$
Cost and net book value
At 28 February 2022 (audited) 1,549,076
Capitalised during the year 582,809
--------------
At 28 February 2023 (audited) 2,112,415
Capitalised during the period 684,950
Disposal under royalty agreement * (24,600)
--------------
At 30 November 2023 (unaudited) 2,772,765
5 Exploration permits and licences (continued)
Cost and net book value
At 30 November 2023 (unaudited) 2,772,765
At 28 February 2023 (audited) 2,112,415
The Group assessed the carrying amount of the licences and
permits held for impairment as at 30 November 2023. The Board
concluded that no facts and circumstances have been identified
which suggest the recoverable amount of these assets would not
exceed the carrying amount and, as such, no impairment was
recognised during the period.
During the year ended 28 February 2023, an impairment charge of
US$ 19,470 was recognised as a result of project licences and
permits that were not renewed.
6 Investment in subsidiary undertakings
As at 30 November 2023, the Group had the following
subsidiaries:
Name of company Place of Ownership Principal activity
incorporation interest
Bradda Head Limited* BVI 100% Holding company of entities
below
Zenolith (USA) LLC USA 100% Holds USA lithium licences
and permits
Verde Grande LLC USA 100% Holds USA lithium licences
and permits
Gray Wash LLC USA 100% Holds USA lithium licences
and permits
San Domingo LLC USA 100% Holds USA lithium licences
** and permits
* Held directly by the Company. All other holdings are
indirectly held through Bradda Head Limited
** Formed on 8 May 2023
As at 28 February 2023, the Group had the following
subsidiaries:
Name of company Place of Ownership Principal activity
incorporation interest
Bradda Head Limited* BVI 100% Holding company of entities
below
Zenolith (USA) LLC USA 100% Holds USA lithium licences
and permits
Verde Grande LLC USA 100% Holds USA lithium licences
and permits
Gray Wash LLC USA 100% Holds USA lithium licences
and permits
* Held directly by the Company. All other holdings are
indirectly held through Bradda Head Limited
The condensed interim consolidated financial statements include
the results of the subsidiaries for the full interim period from 1
March 2023 to 30 November 2023, and up to the date that control
ceases.
7 Trade and other payables
30 November 2023 28 February 2023
(unaudited) (audited)
US$ US$
Trade payables 233,092 904,944
Accrued expenses and other payables 50,539 78,474
-------------- --------------
283,631 983,418
8 Trade and other receivables and advances and deposits
Non-current
30 November 2023 28 February 2023
(unaudited) (audited)
US$ US$
Advances and deposits 190,183 104,192
Current
US$ US$
Trade and other receivables 118,200 216,595
Advances and deposits - 385,624
9 Plant and equipment
Motor vehicle Total
Cost US$ US$
As at 28 February 2022 (audited) 55,718 55,718
Additions during the period 58,672 58,672
------------ ------------
As at 28 February 2023 (audited) 114,390 114,390
Additions during the period 50,000 50,000
------------ ------------
As at 30 November 2023 (unaudited) 164,390 164,390
Motor vehicle Total
Accumulated depreciation US$ US$
As at 28 February 2022 (audited) (1,548) (1,548)
Depreciation charge for the period (33,240) (33,240)
------------ ------------
As at 28 February 2023 (audited) (34,788) (34,788)
Depreciation during the period (38,320) (38,320)
------------ ------------
As at 30 November 2023 (unaudited) (73,108) (73,108)
Carrying amount
As at 30 November 2023 (unaudited) 91,282 91,282
As at 28 February 2023 (audited) 79,602 79,602
10 Share premium
Authorised
The Company is authorised to issue an unlimited number of nil
par value shares of a single class.
Shares Share capital Share premium
Issued ordinary shares of US$0.00 each US$ US$
At 28 February 2022 (audited) 317,413,879 - 23,434,385
Shares issued for cash (note 12) 73,195,560 - 7,729,904
Share issue costs capitalised - - (547,916)
-------------- -------------- --------------
At 28 February 2023 (audited) 390,609,439 - 30,467,820
30 November 2023 (unaudited) 390,609,439 - 30,467,820
11 Equity settled share based payments
The cost of equity settled transactions with certain Directors
of the Company and other participants ("Participants") is measured
by reference to the fair value at the date on which they are
granted. The fair value is determined based on the Black-Scholes
option pricing model.
Options and warrants
The total number of share options and warrants in issue as at
the period end is set out below.
Recipient Grant Term Exercise Number at 1 Number Issued Number Lapsed/ Number Number at 30 Fair value
Date in Price March 2023 cancelled/expired Exercised November 2023
years (audited) (unaudited)
Options US$
Directors and
Participants April 2018 5 US$ 0.15668 1,606,304 - (1,460,252) - 146,052 24,028
Directors and
Participants June 2021 5 US$ 0.048 18,000,000 - - - 18,000,000 1,110,556
Directors and
Participants September 2021 5 GBP0.09 3,500,000 - (500,000) - 3,000,000 314,962
Directors and
Participants April 2022 5 GBP0.18 8,925,000 - (550,000) - 8,375,000 1,022,183
Directors and
Participants December 2022 5 GBP0.105 1,000,000 - - - 1,000,000 273,727
Directors and
Participants April 2023 5 GBP0.18 - 4,800,000 (300,000) - 4,500,000 174,978
Warrants
Supplier warrants July 2021 5 GBP0.0550 1,818,182 - - - 1,818,182 124,482
Supplier warrants July 2021 3 GBP0.0825 2,254,545 - - - 2,254,545 8,275
Shareholder December
warrants 2021 2 GBP0.0885 1,185,687 - - - 1,185,687 44,858
Supplier warrants April 2022 2 GBP0.1350 3,244,331 - - - 3,244,331 284,918
-------------- -------------- -------------- -------------- -------------- --------------
41,534,049 4,800,000 (2,810,252) - 43,523,797 3,382,967
11 Equity settled share based payments (continued)
The amount expensed in the income statement has been calculated
by reference to the fair value at grant date of the equity
instrument and the estimated number of equity instruments to vest
after the vesting period.
Nine-month period Nine-month period Three-month period Three-month period
ended 30 November ended 30 November ended 30 November ended 30 November
2023 2022 2023 2022
(unaudited) (unaudited) (unaudited) (unaudited)
US$ US$ US$ US$
Share based payments
charge 180,622 1,285,743 - 91,539
The inputs used in the measurement of the fair values at grant
date of the equity-settled share-based payment plans issued during
the period are as follows:
April 2023 options
Award date and exercise price
Fair value at grant date GBP0.0303
Exercise price GBP0.06
Weight average expected volatility 78.50%
Weighted average expected life (years) 5
Risk-free interest rate (based on comparable companies) 3.82%
Terms of the issued options are as follows:
- 4,800,000 options have been granted that vest fully on grant
date. All un-exercised options expire after a period of 5 years
from admission date. It is assumed that options are exercised
within 5 years from date of grant. The applied volatility is based
on historical volatility.
-
12 Warrants
The cost of equity warrants granted during the period are
measured by reference to the fair value at the date on which they
are granted. The fair value is determined based on the
Black-Scholes option pricing model.
During the nine-month period ended 30 November 2023, no new
warrants were issued (period ended 30 November 2022: 73,195,560
warrants).
The total number of warrants in issue as at the period end is
set out below.
Recipient Grant Term Exercise Warrants at 1 Number of Number of Number of Number of Fair value
Date in Price March 2023 Warrants Warrants Lapsed/ Warrants Warrants at 30
years (audited) Issued cancelled/expired Exercised November 2023
(unaudited)
Warrants US$
Shareholder April
warrants 2022 2 GBP0.2100 73,195,560 - - - 73,195,560 20,140
-------------- -------------- -------------- -------------- -------------- --------------
73,195,560 - - - 73,195,560 20,140
Guidance as per IAS 32: Financial Instruments has been applied
in classifying these as a financial liability. This is due to the
exercise price and the Company's functional currency being
different. As a result, the fair value applied to the shareholder
warrants has been classified as a financial liability. At period
end, the warrant liability has been re-measured to fair value, with
a corresponding entry to profit and loss of US$ 210,061 (period
ended 30 November 2022: US$ 3,711,264) within Warrant Fair Value
Re-Measurement.
Reconciliation of warrant liability fair value:
Fair value
US$
Balance at 1 March 2023 230,201
Fair value re-measurement (210,061)
------------
Balance at 30 November 2023 20,140
13 Basic and diluted loss per share
The calculation of basic profit per share of the Company is
based on the loss for the period of US$ 819,577 (nine-month period
to 30 November 2022: loss of US$ 3,074,862) and the weighted
average number of shares of 390,609,439 (at 30 November 2022:
379,122,544) in issue during the period.
Diluted loss per share is calculated by adjusting the weighted
average number of ordinary shares outstanding to assume conversion
of all dilutive potential ordinary shares such as warrants and
options. An adjustment for the dilutive effect of share options and
warrants in the current period has not been reflected in the
calculation of the diluted loss per share, as the effect would have
been anti-dilutive, due the Company recognising a loss for the
period.
14 Related party transactions and balances
Edgewater Associates Limited ("Edgewater")
During the nine-month period ended 30 November 2023, Directors
and Officers insurance was obtained through Edgewater, which is a
100% subsidiary of Manx Financial Group ("MFG"). James Mellon and
Denham Eke are Directors of MFG and Denham Eke is a Director of
Edgewater .
During the period, the premium payable on the policy was US$
88,824 (year ended 28 February 2023: US$ 49,318), of which US$
22,325 was prepaid as at the period end (28 February 2023: US$
14,497).
15 Commitments and contingent liabilities
The Group has certain obligations to expend minimum amounts on
exploration works on mining tenements in order to retain an
interest in them, which would be approximately US$ 350,000 during
the next 12 months. This includes annual fees in respect of licence
renewals. These obligations may be varied from time to time,
subject to approval and are expected to be filled in the normal
course of exploration and development activities of the
Company.
16 Events after the reporting date
No post balance sheet events have occurred that require
disclosure.
ENDS
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