Proposed Acquisition

Bradda Head Lithium Ltd

15 September 2026

 

15 September 2026

Bradda Head Lithium Ltd

(“Bradda”, "BHL" or the "Company")

Proposed Acquisition of six prospecting Uranium licences in Tanzania

Bradda Head Lithium Ltd (AIM: BHL), the North America-focused lithium development Group, is pleased to announce that it has entered into a conditional, definitive and binding asset purchase agreement with Zeus Resources (T) Limited (“Zeus”), and its parent company, US1 Critical Minerals Ltd (ASX:USC) (“US1”) (the “Asset Purchase Agreement”), pursuant to which a newly formed wholly owned subsidiary Company of Bradda Head, BHL Tanzania Limited (“BHL Tanzania”), will acquire from Zeus the entire rights and interests in six prospecting Uranium licences (the “Licences”), including the Mkuju Project (referred to as the “Transaction”).

This acquisition marks a natural extension of Bradda Head's strategy as it evolves into a diversified critical minerals company. Uranium, like lithium, is a foundational input to the global energy transition and to Western efforts to secure supply chains for the metals and fuels that underpin clean power generation. The Tanzania licences bring an established, exploration-ready resource base into the Company at a modest initial capital outlay, with the majority of consideration tied to future milestones. Importantly, this transaction complements rather than competes with the Company's core lithium portfolio in the United States: it broadens Bradda Head's critical minerals exposure and diversifies its jurisdictional and commodity risk, while the flagship Whistlejacket project in Arizona remains its primary near-term value driver.

Ian Stalker, Executive Chair, commented:

“This transaction represents a logical next step in our journey toward becoming a broader critical minerals company. Uranium sits alongside lithium as a vital building block of the clean energy future and adds to our efforts to strengthen and secure supply chains in the West. By bringing in the Tanzanian licences we secure a solid, drill-ready project at limited upfront cost, with the majority of the consideration dependent on future project success. The acquisition sits comfortably alongside our established US lithium assets rather than overlapping them, giving us wider commodity and geographic reach, while our Arizona flagship Whistlejacket project continues to drive near-term progress.”

Highlights of the Asset Purchase Agreement include:

-          100% acquisition of the following Prospecting Licences - PL 11703/2021, PL 11704/2021, PL 11705/2021, PL 11708/2021, PL 11709/2021 and PL 12354/2023 (together referred to as the “Licences” or “PL Licences”);

-          Total consideration under the Asset Purchase Agreement shall be US$ 1,800,000, which shall be paid on the following payment dates:

o         US$ 1,000,000 in cash on the Completion Date (“Cash Consideration”), as defined below;

o         US$ 300,000 in cash or by issue of shares in the Company (as determined by the Company) on the First Instalment Payment Date, being when Bradda Head produces either an Indicated or Measured (or a combination of both) mineral resource of at least 25,000,000 pounds of U308, in accordance with NI 43-101;

o         US$ 500,000 in cash or by issue of shares in the Company (as determined by the Company) on the Second Instalment Payment Date, being upon completion of a definitive feasibility study on the Project in accordance with NI 43-101 and Bradda Head making a formal decision to build an operating uranium mine sourcing U308 from any one of the Licences; and

o         For the First and Second Instalment Payments, the number of shares to be issued by the Company shall be determined by dividing the relevant instalment amount by the 30-day volume-weighted average price of the Company’s shares on AIM on the trading day immediately prior to the satisfaction.

-          In addition, the Company shall pay to Zeus an exclusivity fee of US$120,000 (“Exclusivity Fee”) in order for upcoming rents due in respect of the Licences to be settled prior to completion and which shall be immediately repayable in the event Completion does not occur by 15 October 2026. If the Exclusivity Fee is not repaid when due, the Company may elect to convert the Exclusivity Fee into US1 shares at the price per US1 share equal to the 30 day volume weighted average price of US1 shares on the date of such election. Any portion of the Exclusivity Fee not utilised to satisfy annual rent payments is to be repaid or otherwise may be deducted by the Company from the Cash Consideration due at completion.

-          Zeus and US1 have provided extensive warranties in relation to, amongst other matters, title to the PL Licences, validity and good standing of the PL Licences, compliance with licence obligations, absence of encumbrances, litigation and environmental matters;

-          Zeus and US1 shall indemnify the Company and BHL Tanzania against environmental liabilities relating to the PL Licences to the extent arising from acts or omissions occurring on or prior to Completion Date; and

-          Completion of the Transaction is conditional upon the Mining Commission consenting to and registering the assignment of the PL Licences to BHL Tanzania, the payment of all applicable statutory fees and taxes, and compliance with all applicable regulatory requirements; the Company will notify once these conditions have been satisfied and the Completion is effective on the Completion Date.

Figure 1. Location of the Projects.

Details on the Licenses

Mkuju Project

-          Includes the Likuyu North deposit, the Likuyu South target and the Mtonya-SWC corridor within 4 contiguous permits totaling 725km2. The area is underlain by sandstone dominated formations of the Triassic aged Lower Karoo Supergroup; the 125 Mlb (U3O8) Nyota deposit (Uranium One) located approximately 20 km to the north is also hosted by Karoo Supergroup formations. The project benefits from a large amount of previous exploration, including drilling and geophysics.

Likuyu North Deposit

-          JORC (2012) Mineral Resource Estimate dated April 2022, of 4.6 Mlb U3O8 at an average grade of 267ppm U3O8 (100ppm cut-off grade, Inferred and Indicated categories) (Table 1). Up to 8 extensive ‘stacked’ layers, gently dipping, hosted by permeable coarse-grained sandstones, within 150 m of surface;

-          An assessment by ERM (Perth) in 2024 suggest it likely to be well-suited to recovery by In-Situ Recovery (“ISR”) which can bring significant economic and environmental advantages. Over 50% of the world’s uranium is mined by this method. 

 Mtonya-SWC Corridor

-          A roll-front target. Roll-front uranium deposits are amongst some of the most important globally;

-          A 14 km long corridor which has many surface uranium ‘shows’ and primary uranium drillhole intersections at depth, likely to be ‘tail/lateral’ zones or relics of older ‘nose’ zones; and

-          Analysis based on historic and recent work by US1 and others suggests that the main ‘nose’ zone may be to the southwest of the area drilled to date.

Likuyu South Target

-          A 15 km long trend of radiometric anomalies with very little historical drilling completed.

Eland Project

-          Large quartz syenite intrusion with zones of high Nb, Ta, Uranium;

-          2022 Rock-chip samples with up to 4,120ppm Nb2O5, 571ppm Ta2O5 and 832ppm U3O8; and

-          Channel sampling (rock saw cut grooves) completed October 2024.

Foxy Project

-          Radiometric anomaly on a ridge with sub-cropping Karoo Supergroup sandstones;

-          Drilling of 19 holes by Western Metals Limited in 2008;

-          Best line of drilling open to the northwest, FRC014 intersected 6m with average of 217ppm U3O8 (by assay) including 2m with 405ppm U3O8;

-          Most holes ended at 70m depth;

-          Drilling required to step-out in the historic intersections.

Figure 2. Map of the Mkuju Project showing radiometric data and targets and deposits referred to in text.

Further details on the tenure of the Licenses along with historic exploration data associated with the Licenses will be notified as the Company completes its further technical due diligence. Bradda Head expects to undertake preliminary exploration work on the Licences within 12 months of Completion Date.

The Transaction is subject to customary closing conditions, including receipt of applicable Tanzanian regulatory approvals.

There is no assurance that all conditions to closing will be satisfied or waived or that the Transaction will be completed on the terms described herein or at all.

Schedule Four Disclosure

In the US1 Accounts for the period ending 31 December 2025, the Licenses were carried at AU$ Nil and AU$ Nil was incurred by the company on the Licenses in the 12 months ended 31 December 2025. Funds raised in July 2026 for the drilling and exploration work at San Domingo have been assigned to the Cash Consideration and therefore the Company will need to raise additional capital in due course for general working capital purposes as well as to fund the proposed work programme at San Domingo and intended exploration work over the Licenses.

The payment of the Cash Consideration will not have any impact on the ongoing drilling at the Whistlejacket Project.

Ian Stalker and Jim Mellon, directors of the Company, currently hold 10,951,567 and 23,123,096 shares respectively, representing 1.1% and 2.3% of US1 issued share capital. Further details can be found here - https://wcsecure.weblink.com.au/pdf/GLA/02781208.pdf

Table 1: April 2022 (JORC 2012) Mineral Resource Estimate for the Likuyu North deposit

1. Effective date 27 April 2022
2. Note that these are not in addition to each other, the 200 ppm cut-off MRE is a portion of the 100 ppm cut-off MRE.
3. The MRE assumes open pit mining within a conceptual pit shell based on a USD70/lb U3O8 and 88% recovery.
4. Figures have been rounded to the appropriate level of precision for the reporting of Mineral Resources, totals may not add-up exactly
5. The MRE are stated as in situ dry metric tonnes.

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. UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN AND SUCH PERSONS SHALL THEREFORE CEASE TO BE IN POSSESSION OF INSIDE INFORMATION.

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

ENDS

Contact:

Bradda Head Lithium Limited	Beaumont Cornish	Shard Capital	Tavistock
Company	Nomad	Broker	Investor Relations
Ian Stalker, Executive Chair Denham Eke, Finance Director	James Biddle / Roland Cornish	Damon Heath / Isabella Pierre	Nick Elwes / Josephine Clerkin
[phone]	[phone]	[phone]	+ 44 20 7920 3150 [e-mail]

About Bradda Head Lithium Ltd.

Bradda Head Lithium Ltd is a North America-focused lithium development group. The Company's principal interests include the Basin Project, comprising Basin East and Basin West, and the San Domingo Project in Arizona.

The Basin East Project has a Measured Mineral Resource of 20 Mt at an average grade of 929 ppm Li, containing 99 kt LCE; an Indicated Mineral Resource of 122 Mt at an average grade of 860 ppm Li; and an Inferred Mineral Resource of 499 Mt at an average grade of 810 ppm Li. Together, these categories contain 2.81 Mt LCE. A plan of operations for the Basin West area was approved by the Bureau of Land Management in 2025, and the Company is progressing the associated Environmental Assessment.

The San Domingo Project comprises 248 claims covering approximately 1,850 acres, located primarily on Bureau of Land Management land, together with two Arizona State Land Department claims. To date, 108 drill holes totalling 13,089 m have been completed across three drilling campaigns. More than 1,000 pegmatites have been mapped across the project area; 18 have been identified as priority targets and six have been drill-tested. Two Notices of Intent are active, and updated drilling plans may be implemented once the required permits have been secured. The next exploration phase is intended to further delineate prospective areas and assess their potential to support a Mineral Resource Estimate prepared in accordance with NI 43-101.

The Whistlejacket Project comprises nine Arizona State Land Department Mineral Exploration Permits covering 2,010.7 hectares. The project is subject to a definitive option-to-joint-venture agreement with Kennecott Exploration Company and targets spodumene-bearing pegmatites. 

Kennecott's previous exploration included 19 diamond drill holes totalling 4,188 m, all of which intersected lithium mineralisation. Reported results include 51.0 m at 1.11% Li₂O in hole WSTL0009 and 19.47 m at 1.66% Li₂O in hole WSTL0008. Surface mapping, sampling, airborne geophysics and high-resolution aerial imagery have also contributed to the geological dataset for the project.

The Group intends to continue advancing its three principal projects in Arizona while seeking to realise value from its other prospective pegmatite and brine assets in Arizona, Nevada and Pennsylvania.

Qualified Person (Bradda Head)

Andrew Pedley, M.Sc. (Geology), Pr. Sci. Nat., is an external consultant and the Qualified Person who reviewed and approved the technical disclosures in this news release relating to the uranium licenses in Tanzania. Mr Pedley has 25 years of experience in mineral exploration, largely for uranium, and is a qualified person under the AIM Rules and a Qualified Person as defined under NI-43-101. Mr Pedley consents to the inclusion of the technical information in this release and context in which it appears.

Nominated Adviser Statement

Beaumont Cornish Limited ("Beaumont Cornish"), is the Company's Nominated Adviser and is authorised and regulated in the United Kingdom by the Financial Conduct Authority. 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 person for providing the protections afforded to customers of Beaumont Cornish nor for advising them in relation to the transaction and arrangements described in the announcement or any matter referred to in it.

Glossary

Mt	Million tons
Mlb	Million pounds
ppm	Parts per million
U3O8	Triuranium octoxide
Nb2O5	Niobium pentoxide
Ta2O5	Tantalum pentoxide

 

END