Bradda Head Lithium Ltd (AIM:BHL), in its annual results statement, highlighted that a £2.28 million post-year-end fundraise has strengthened its balance sheet as it accelerates drilling at its Whistlejacket and San Domingo lithium projects in Arizona.
The North America-focused developer ended February with US$870,221 in cash, compared with US$1.09 million a year earlier, and recorded a US$2.92 million net loss versus a US$1.10 million profit previously. The prior-year result benefited from a US$2.94 million gain triggered by a Lithium Royalty Corporation milestone payment.
During the year, Bradda signed an option-to-joint-venture agreement with Rio Tinto subsidiary Kennecott Exploration, giving it the right to earn up to 60% of Whistlejacket. Phase 3 drilling is now underway as the company seeks to demonstrate the continuity and scale of spodumene mineralisation ahead of a maiden mineral resource estimate.
San Domingo also advanced, with regulatory approval for two Notices of Intent and preliminary ore-sorting studies indicating scope to upgrade hypothetical run-of-mine material grading 0.80% Li₂O to above 2.0% Li₂O.
Executive chairman Ian Stalker said Bradda is “well-funded, with an active exploration programme”, with proceeds from the July raise earmarked for programmes at Whistlejacket and San Domingo designed to support initial NI 43-101 technical reports and maiden mineral resource estimates.
