Bradda Head Lithium Ltd (AIM:BHL, OTC:BHLIF, TSX-V:BHLI) was a good riser as it exuded confidence that recent drilling at its Basin Project in Nevada would trigger a US$3 million milestone payment from partner Lithium Royalty (LRC).
Shares were up 13% as the junior said all eight holes in its latest programme encountered lithium with the best showing almost 100m (99.82m) at 839 ppm.
Currently, the resource at Basin is 1.08Mt of lithium carbonate, but Bradda Head needs that to rise to 2.5Mt to trigger the milestone payment.
“We tripled the resource last year and are optimistic we may achieve something similar with the conclusion of this 2024 program,” said Ian Stalker, Bradda head’s executive chair.
Shares rose 0.2p at 1.75p.