REG - Bradda Head Lithium - Canadian Filing Extension

Bradda Head LithiumAnnouncement

30/06/2023 07:00

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RNS Number : 4689E  Bradda Head Lithium Ltd  30 June 2023

 

30 June 2023

Bradda Head Lithium Ltd

("Bradda Head", "Bradda", "BHL" or the "Company")

Canadian Filing Extension for Audited Annual Financial Statements Granted

 

Bradda Head Lithium Ltd. (AIM:BHL, TSXV:BHLI, OTCQB:BHLIF) ("Bradda Head" or
the "Company"), the North America-focused lithium development company, is
pleased to provide more information in respect of the information included in
its press releases of 13 June 2023, announcing its change of auditor, and of
29 June 2023, announcing that the British Columbia Securities Commission
("BCSC") has issued a management cease trade order (the "MCTO") in relation to
the late filing of the Company's audited financial statements for the year
ended 28 February 2023 ("Financial Statements") which resulted due to the
required change of auditor.

 

The Board wishes to make clear that the MCTO has no effect on general trading
in the Company's shares, either on AIM or the TSX-V. The only individuals
affected are the Company's CEO and the CFO. Equally, the Company is not in
breach of any AIM rules. As previously stated, the only reason for a change in
auditor was to comply with the TSX-V requirement for an auditor to be
recognised by the Canadian Public Accountability Board which our previous
auditors were not. As a result of this change, the Company's new auditors
understandably required additional time to complete this new assignment, hence
the need for a short extension.

 

The newly granted TSX-V filing deadline of 28 August 2023 aligns with the
requirement under AIM Rule 19 to publish the Financial Statements by 31 August
2023.  The Company currently expects to publish the Financial Statements in
late July/early August 2023, well ahead of AIM deadlines and the extended
filing date granted pursuant to the MCTO.

 

 

Charles FitzRoy, CEO of Bradda Head Lithium, Commented

 

"The Company remains well funded with a strong cash balance of £5.4 million
as at 31 March 2023, and has an extensive drill programme planned to start
shortly at its San Domingo pegmatite district in Arizona that the Board
believe will generate material catalysts for the Company.

 

"Drilling is also underway at the Company's lithium-in-clay Basin project in
Arizona which will lead to a further significant resource upgrade in H2 of
this year."

 

 

 

For further information please visit the Company's website:
www.braddaheadltd.com (http://www.braddaheadltd.com) .

 

For further information, please contact:

 

 Bradda Head Lithium Limited        +44 (0) 1624 639 396
 Charlie FitzRoy, CEO

 Denham Eke, Finance Director

 Beaumont Cornish (Nomad)           +44 20 7628 3396

 James Biddle/Roland Cornish

 Panmure Gordon (Joint Broker)      +44 20 7886 2500
 John Prior

 Hugh Rich

 Shard Capital (Joint Broker)       +44 207 186 9927
 Damon Heath

 Isabella Pierre

 Red Cloud (North American Broker)  +1 416 803 3562
 Joe Fars

 Tavistock (PR)                     + 44 20 7920 3150
 Nick Elwes                         braddahead@tavistock.co.uk

 Adam Baynes

 

 

 

About Bradda Head Lithium Ltd.

Bradda Head Lithium Ltd. is a North America-focused lithium development group.
The Company currently has interests in a variety of projects, the most
advanced of which are in Central and Western Arizona: The Basin Project (Basin
East Project, and the Basin West Project) and the Wikieup Project.

 

The Basin East Project has an Indicated Mineral Resource of 21.2 Mt at an
average grade of 891 ppm Li and 3.5% K for a total of 100 kt LCE and an
Inferred Mineral Resource of 73.3 Mt at an average grade of 694 ppm Li and
3.2% K for a total of 271 kt LCE. In the rest of the Basin Project SRK has
estimated an Exploration Target of between 300 to 1,300 Mt of material grading
between 600 to 850 ppm Li which is equivalent to a range of between 1 to 6 Mt
LCE. The Group intends to continue to develop its three phase one projects in
Arizona, whilst endeavouring to unlock value at its other prospective
pegmatite and brine assets in Arizona, Nevada, and Pennsylvania. All of Bradda
Head's licences are held on a 100% equity basis and are in close proximity to
the required infrastructure.

 

 

The Mineral Resource statement for the Basin Project was authored by Martin
Pittuck, CEng, MIMMM, FGS who works for SRK Consulting (UK) Ltd, an
independent mining consultancy. Mr. Pittuck has over 25 years' experience
undertaking and reviewing Mineral Resource estimates and has worked on lithium
clay estimates for over 5 years. Mr. Pittuck consents to the inclusion of the
technical information in this press release and context in which they appear.
 Reference is made to the report entitled "Independent technical report on
the Basin and Wikieup Lithium clay projects, Arizona, USA" dated October 18,
2022 with an effective date of June 10, 2022  was prepared by Martin Pittuck,
CEng, MIMMM, FGS, and Kirsty Reynolds MSci, PhD, FGS and reviewed by Nick Fox
MSc, ACA, MIMMM. The Report is available for review on SEDAR (www.sedar.com
(http://www.sedar.com) ) and the Company's website www.braddaheadltd.com
(http://www.braddaheadltd.com) .

 

Bradda Head is quoted on the AIM of the London Stock Exchange with the ticker
of BHL, on the TSX Venture exchange with a ticker of BHLI, and on the US OTCQB
market with a ticker of BHLIF.

 

Forward-Looking Statements

Neither TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release. This News Release
includes certain "forward-looking statements" which are not comprised of
historical facts.  Forward-looking statements include estimates and
statements that describe the Company's future plans, objectives or goals,
including words to the effect that the Company or management expects a stated
condition or result to occur. Forward-looking statements may be identified by
such terms as "believes", "anticipates", "intends to", "expects", "estimates",
"may", "could", "would", "will", or "plan". Since forward-looking statements
are based on assumptions and address future events and conditions, by their
very nature they involve inherent risks and uncertainties. Although these
statements are based on information currently available to the Company, the
Company provides no assurance that actual results will meet management's
expectations.  Risks, uncertainties and other factors involved with
forward-looking information could cause actual events, results, performance,
prospects and opportunities to differ materially from those expressed or
implied by such forward-looking information. Forward looking information in
this news release includes, but is not limited to, following:  The Company's
objectives, goals or future plans. Factors that could cause actual results to
differ materially from such forward-looking information include, but are not
limited to: failure to identify mineral resources; failure to convert
estimated mineral resources to reserves; delays in obtaining or failures to
obtain required regulatory, governmental, environmental or other project
approvals; political risks; future operating and capital costs, timelines,
permit timelines, the market and future price of and demand for lithium, and
the ongoing ability to work cooperatively with stakeholders, including the
local levels of government; uncertainties relating to the availability and
costs of financing needed in the future; changes in equity markets, inflation,
changes in exchange rates, fluctuations in commodity prices; delays in the
development of projects, capital and operating costs varying significantly
from estimates; an inability to predict and counteract the effects of COVID-19
on the business of the Company, including but not limited to the effects of
COVID-19 on the price of commodities, capital market conditions, restriction
on labour and international travel and supply chains; and the other risks
involved in the mineral exploration and development industry, and those risks
set out in the Company's public documents filed on SEDAR. Although the Company
believes that the assumptions and factors used in preparing the
forward-looking information in this news release are reasonable, undue
reliance should not be placed on such information, which only applies as of
the date of this news release, and no assurance can be given that such events
will occur in the disclosed

 

time frames or at all. The Company disclaims any intention or obligation to
update or revise any forward-looking information, whether as a result of new
information, future events or otherwise, other than as required by law.

 

 

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