Bradda Head Lithium Ltd (AIM:BHL, OTC:BHLIF, TSX-V:BHLI) said the past six months had seen meaningful progress at both its Basin and San Domingo projects in Arizona.
This included an updated resource totalling 2.8 million tons contained LCE at Basin North, exceeding the final LRC royalty agreement threshold triggering the final royalty payment of US$3 million.
Ian Stalker, chair, added: "The six months in question saw the company continuing to put the building blocks in place to progress Bradda Head's transition from an explorer to a near term potential producer from its San Domingo Pegmatite Project.
“The programmes we have undertaken have not only expanded our 43- 101 compliant resource base at Basin, they have also allowed us to make meaningful progress at San Domingo that has fed into our exploration plans post-period end.
"Whilst challenges have persisted in the market, we remain optimistic on the long-term outlook for lithium; it is pleasing to note that we are seeing the inklings of positive movement in sentiment across exploration for lithium in the US.
“Our belief that our portfolio can be developed into a world-class lithium resource source for the US battery market remains steadfast.”
Losses in the six months to end of August 2024 were £2.17 million (2023: Loss £2.23 million).