Canadian Filing Extension

Bradda Head Lithium Ltd

30 June 2023

 

30 June 2023

Bradda Head Lithium Ltd

("Bradda Head", "Bradda", "BHL" or the "Company")

Canadian Filing Extension for Audited Annual Financial Statements Granted

Bradda Head Lithium Ltd. (AIM:BHL, TSXV:BHLI, OTCQB:BHLIF) ("Bradda Head" or the "Company"), the North America-focused lithium development company, is pleased to provide more information in respect of the information included in its press releases of 13 June 2023, announcing its change of auditor, and of 29 June 2023, announcing that the British Columbia Securities Commission ("BCSC") has issued a management cease trade order (the "MCTO") in relation to the late filing of the Company's audited financial statements for the year ended 28 February 2023 ("Financial Statements") which resulted due to the required change of auditor.

The Board wishes to make clear that the MCTO has no effect on general trading in the Company's shares, either on AIM or the TSX-V. The only individuals affected are the Company's CEO and the CFO. Equally, the Company is not in breach of any AIM rules. As previously stated, the only reason for a change in auditor was to comply with the TSX-V requirement for an auditor to be recognised by the Canadian Public Accountability Board which our previous auditors were not. As a result of this change, the Company's new auditors understandably required additional time to complete this new assignment, hence the need for a short extension.

The newly granted TSX-V filing deadline of 28 August 2023 aligns with the requirement under AIM Rule 19 to publish the Financial Statements by 31 August 2023.  The Company currently expects to publish the Financial Statements in late July/early August 2023, well ahead of AIM deadlines and the extended filing date granted pursuant to the MCTO.

Charles FitzRoy, CEO of Bradda Head Lithium, Commented

"The Company remains well funded with a strong cash balance of £5.4 million 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.

"Drilling is also underway at the Company's lithium-in-clay Basin project in Arizona which will lead to a further significant resource upgrade in H2 of this year."

For further information please visit the Company's website: www.braddaheadltd.com.

For further information, please contact:

Bradda Head Lithium Limited	[phone]
Charlie FitzRoy, CEO Denham Eke, Finance Director
Beaumont Cornish (Nomad) James Biddle/Roland Cornish	[phone]
Panmure Gordon (Joint Broker)	[phone]
John Prior Hugh Rich
Shard Capital (Joint Broker)	[phone]
Damon Heath Isabella Pierre
Red Cloud (North American Broker)	[phone]
Joe Fars
Tavistock (PR)	+ 44 20 7920 3150
Nick Elwes Adam Baynes	[e-mail]

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 21.2 Mt at an average grade of 891 ppm Li and 3.5% K for a total of 100 kt LCE and an Inferred Mineral Resource of 73.3 Mt at an average grade of 694 ppm Li and 3.2% K for a total of 271 kt LCE. In the rest of the Basin Project SRK has estimated an Exploration Target of between 300 to 1,300 Mt of material grading between 600 to 850 ppm Li which is equivalent to a range of between 1 to 6 Mt 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 of Bradda Head's licences are held on a 100% equity basis and are in close proximity to the required infrastructure.  

The Mineral Resource statement for the Basin Project was authored by Martin Pittuck, CEng, MIMMM, FGS who works for SRK Consulting (UK) Ltd, an independent mining consultancy. Mr. Pittuck has over 25 years' experience undertaking and reviewing Mineral Resource estimates and has worked on lithium clay estimates for over 5 years. Mr. Pittuck consents to the inclusion of the technical information in this press release and context in which they appear.  Reference is made to the report entitled "Independent technical report on the Basin and Wikieup Lithium clay projects, Arizona, USA" dated October 18, 2022 with an effective date of June 10, 2022  was prepared by Martin Pittuck, CEng, MIMMM, FGS, and Kirsty Reynolds MSci, PhD, FGS and reviewed by Nick Fox MSc, ACA, MIMMM. The Report is available for review on SEDAR (www.sedar.com) and the Company's website www.braddaheadltd.com.

Bradda Head is quoted on the AIM of the London Stock Exchange with the ticker of BHL, on the TSX Venture exchange with a ticker of BHLI, and on the US OTCQB market with a ticker of BHLIF.

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 SEDAR. 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.

 

END