Bradda Head Lithium Ltd (AIM:BHL, OTC:BHLIF, TSX-V:BHLI) reiterated its belief that recent drilling at its Basin project in Arizona would trigger the next milestone payment of US$3 million from partner Lithium Royalty.
In a statement with its annual results, Ian Stalker, chairman, said: “We were also highly encouraged by the promising results from our San Domingo drilling programme completed in December 2023, the second large-scale drilling programme completed at this project in a year.
“Despite a challenging year for the lithium market, there is growing optimism that this is changing, driven by the demand for electric vehicles combined with the precariousness of current supply chains.
“Our assets are optimally located to capitalise on these developments, as the US seeks to define a domestic source of lithium supply."
Net losses for the year to 29 February 2024 were US$1.5 million (28 February 2023: US$3.88 million) with cash and deposits of US$1.66 million at the year-end.