REG - Bradda Head Lithium - Posting of Circular and Notice of General Meeting
30/01/2026 15:30
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RNS Number : 1615R Bradda Head Lithium Ltd 30 January 2026
30 January 2026
Bradda Head Lithium Ltd
("BHL" or the "Company")
Posting of Circular and Notice of General Meeting
Bradda Head Lithium Ltd (AIM: BHLL), the North America-focused lithium
development group, is pleased to announce that further to it's announcement
regarding the binding and definitive 'Option to Joint Venture' agreement (the
"Agreement") entered into with Kennecott Exploration Inc.- part of the Rio
Tinto Mining Group of Companies ("KEX") made on 27 January 2026 ("Prior
Announcement"), it has today published a circular and notice of general
meeting ("Circular"). The Circular is also being posted to shareholders today.
Terms defined in the Prior Announcement shall, unless otherwise stated, have
the same meaning in this announcement.
The Circular contains details of the Agreement, the Whistlejacket Project and
the CLAs, as well as the notice of general meeting of the Company to be be
held at 4.00 p.m. at The Claremont Hotel, 18-22 Loch Promenade, Douglas, Isle
of Man, IM1 2LX on 17 February 2026 ("General Meeting"). The Circular is
available on the Company's website at
https://www.braddaheadltd.com/investors#ShareholderDocuments
(https://www.braddaheadltd.com/investors#ShareholderDocuments) .
The Circular contains two resolutions, as follows:
· Resolution 1: To approve the Earn-in Acquisition. Resolution 1 shall
be proposed as an ordinary resolution and all Shareholders shall be entitled
to vote in respect thereof.
· Resolution 2: To approve the issue of Ordinary Shares to Galloway
Limited and Promaco Limited pursuant to the Convertible Loan Agreements for
the purposes of Regulation 24.1(e) and Regulation 24.2(a) of the Articles.
Resolution 2 shall be proposed as an ordinary resolution to be taken on a poll
of Independent Shareholders only.
The letter from the Ian Stalker, Executive Chair of the Company, which is
contained in the Circular is set out in Appendix I to this announcement.
Appendix II to this announcement contains defined terms and a glossary of
technical terms used in Appendix I.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET
ABUSE REGULATION (EU No. 596/2014) AS IT FORMS PART OF UK DOMESTIC LAW BY
VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018. UPON THE PUBLICATION OF
THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INSIDE
INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN AND SUCH PERSONS
SHALL THEREFORE CEASE TO BE IN POSSESSION OF INSIDE INFORMATION.
For further information, please contact:
Bradda Head Lithium Limited Shard Capital
Beaumont Cornish Tavistock
Company Nomad Broker Investor Relations
Ian Stalker, Executive Chair James Biddle / Damon Heath / Isabella Pierre Nick Elwes /
Denham Eke, Finance Director Roland Cornish Josephine Clerkin
+44 1624 639 396 +44 20 7628 3396 +44 207 186 9927 + 44 20 7920 3150
braddahead@tavistock.co.uk
Qualified Person (Bradda Head)
Don Hains, P.Geo.,President of Hains Engineering Company Limited, has reviewed
and approved the technical information disclosed in the Circular (including
the information in the appendix below). He is a registered as a Professional
Geoscientist in Ontario (Licence #0494) and is a Qualified Person/Competent
Person as defined in National Instrument NI-43-101 and AIM regulations. He has
over 45 years' experience in mineral exploration, including over 25 years'
experience in lithium pegmatite, lithium brine and lithium clay exploration.
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 Basin West Project) and the San Domingo
Project.
The Basin East Project has a Measured Mineral Resource of 20 Mt at an
average grade of 929 ppm Li for a total of 99 kt LCE and an Indicated
Mineral Resource of 122 Mt at an average grade of 860 ppm Li and an
Inferred Mineral Resource of 499 Mt at an average grade of 810 ppm Li for a
total of 2.81 Mt LCE (https://www (https://www)
.accesswire.com/883697/uthor-head-lithium-ltd-announces-updated-mineral-resource-expansion-basin-project).
The Group intends to continue to develop its three phase one projects
in Arizona, whilst endeavoring to unlock value at its other prospective
pegmatite and brine assets in Arizona, Nevada, and Pennsylvania. All of
Bradda Head's licenses are held on a 100% equity basis and are in close
proximity to the required infrastructure. Bradda Head is quoted on the AIM of
the London Stock Exchange with the ticker of BHL.
Nominated Advisor
Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated
Adviser and is uthorized and regulated by the FCA. Beaumont Cornish's
responsibilities as the Company's Nominated Adviser, including a
responsibility to advise and guide the Company on its responsibilities under
the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed
solely to the London Stock Exchange. Beaumont Cornish is not acting for and
will not be responsible to any other persons for providing protections
afforded to customers of Beaumont Cornish nor for advising them in relation to
the proposed arrangements described in this announcement or any matter
referred to in it.
Forward Looking Statements
This announcement contains forward-looking statements relating to expected or
anticipated future events and anticipated results that are forward-looking in
nature and, as a result, are subject to certain risks and uncertainties, such
as general economic, market and business conditions, competition for qualified
staff, the regulatory process and actions, technical issues, new legislation,
uncertainties resulting from potential delays or changes in plans,
uncertainties resulting from working in a new political jurisdiction,
uncertainties regarding the results of exploration, uncertainties regarding
the timing and granting of prospecting rights, uncertainties regarding the
Company's ability to execute and implement future plans, and the occurrence of
unexpected events. Actual results achieved may vary from the information
provided herein as a result of numerous known and unknown risks and
uncertainties and other factors.
This announcement contains inside information for the purposes of the UK
Market Abuse Regulation and the Directors of the Company are responsible for
the release of this announcement.
Appendix I
Part I of the Circular
LETTER FROM THE CHAIRMAN
BRADDA HEAD LITHIUM LIMITED
Incorporated and registered in the British Virgin Islands with registered
number 1553975
Directors: Registered Office:
John (Ian) Stalker, Executive Chairman Craigmuir Chambers
James (Jim) Mellon, Non-Executive Deputy Chairman Road Town
Denham Hervey Newall Eke, Finance Director & Company Secretary Tortola
Michael (Alex) Alexander Borrelli, Independent Non-Executive Director British Virgin Islands
Euan William Jenkins, Independent Non-Executive Director
30 January 2026
Dear Shareholder,
NOTICE OF GENERAL MEETING
PROPOSED ACQUISITION OF UP TO 60 PER CENT INTEREST IN WHISTLEJACKET LITHIUM
PROJECT
NEW CONVERTIBLE LOAN AGREEMENTS AND APPROVAL OF FUTURE ISSUE OF SHARES
1 INTRODUCTION
I am writing to you with good news and to explain the background to and
reasoning for the proposed Earn-in Acquisition and the Resolutions to be voted
on at the General Meeting which will be held at 4.00 p.m. at The Claremont
Hotel, 18-22 Loch Promenade, Douglas, Isle of Man, IM1 2LX on 17 February
2026.
The Company has been in negotiation with respect to the Whistlejacket Project
for some time. It is a project that dovetails very nicely with our own San
Domingo Project, also in Arizona, and, we believe, creates a much more
substantial lithium pegmatite exploration/development opportunity for the
Company in the USA.
Rio Tinto, through its US subsidiary, Kennecott Exploration, has undertaken a
limited but very professional exploration program over the last two years or
so that highlighted the opportunity at the Whistlejacket Project. Whilst not
fitting into the "Tier 1" demands of Rio Tinto, it fits right into the
wheelhouse of Bradda Head and complements the work done and knowledge gained
by the Company at San Domingo. The distance between the Whistlejacket Project
and the Basin Project is 11 kilometers and it is 80 kilometers to the San
Domingo Project, so synergies between the projects are high and will enable
the Company to leverage this position.
On 27 January 2026, the Company announced that it had entered in the Earn-in
Agreement regarding the proposed Earn-in Acquisition. Further information
regarding the Earn-in Acquisition is set out in in paragraph 4 below.
Commencement of the Earn-in Acquisition pursuant to the Earn-in Agreement is
subject only to the approval of Shareholders at the General Meeting.
The Company has been advised that the Earn-in Acquisition will not amount to a
Reverse Transaction under the AIM Rules. However, given the size of the
Earn-in Acquisition and the financial commitment required to develop the
Whistlejacket Project the Company recognises that it is a sufficiently large
enough commitment to be put to Shareholders for approval. To assist
Shareholders in considering the proposal, the Company has had the CPR prepared
which is summarised in paragraph 5 below and available on the Company's
website. Furthermore, details of how the Company proposes to finance the
Earn-in Acquisition are summarised in paragraph 6 below. Accordingly, the
purpose of this document is to provide the background and technical overview
of the Whistlejacket Project, provide an overview of the current assets and
operations of the Enlarged Group, to explain the terms of the Earn-In
Acquisition and to set out the reasons why your Board believes that the
Earn-in Acquisition and the Resolutions are in the best interests of the
Company and its Shareholders as a whole.
Concurrent with the entering into of the Earn-In Agreement, Galloway Limited,
a company owned by Director Jim Mellon, and Promaco Limited, a company owned
by Director Ian Stalker, have agreed to provide the Company with convertible
loans of US$1.025 million and US$0.25 million respectively to fund the costs
of the Year One Commitment under the Earn-In Agreement ($750,000) and general
working capital (the "New Facilities"). The terms of the New Facilities are
summarised in paragraph 6 below.
Shareholders should read this document in its entirety. In particular, you
should consider carefully the "Risk Factors" set out in Part II of this
document and the Competent Person's Report. Part IV of this document is the
Notice of General Meeting.
2 INFORMATION ON THE COMPANY AND ITS EXISTING PROJECTS
Bradda Head 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 San Domingo Project, Basin Project,
(Basin East Project, and the Basin West Project) and the Wikieup Project. The
main focus to date has been on the Company's flagship pegmatite and
sedimentary assets in Arizona, together with the Group's two prospective brine
projects in Nevada and lithium brine assets in Pennsylvania and Texas. The
Group also leverages its US based and experienced team led by Joey Wilkins
(COO) to find new lithium projects and unlock value from our portfolio through
continued land acquisition through claim staking or Arizona State Land leases
and M&A within the US.
The Basin East Project has a Measured Mineral Resource of 20 Mt at an average
grade of 929 ppm Li for a total of 99 kt LCE and an Indicated Mineral Resource
of 122 Mt at an average grade of 860 ppm Li and an Inferred Mineral Resource
of 499 Mt at an average grade of 810 ppm Li for a total of 2.81 Mt LCE. Whilst
the immediate focus will be on Whistlejacket project, the Group intends,
subject to the availability, of finance to continue developing its existing
projects all of which are held on a 100 per cent equity basis and are in close
proximity to the required infrastructure.
A summary of the Group's Existing Projects is set out in Part III of this
document.
3 BACKGROUND TO AND REASONS FOR THE EARN-IN ACQUISITION
Our introduction to the Whistlejacket Project originates from a good
relationship the Company has with Rio Tinto (Kennecott Exploration Company)
from their original interest in the Company's own San Domingo Project. Rio
Tinto reached out to the Company in November of 2024 to determine our interest
in an undisclosed pegmatite project they discovered in Arizona. The Company
signed an NDA and their data was shared with our technical team. Once the data
was received and a site visit was completed, the Company saw the potential to
discover a commercially viable lithium resource and requested a meeting with
their commercial manager to discuss terms of acquisition.
The Whistlejacket Project is located only 11 kilometers southeast of the
Company's Basin Project, 80 kilometers from the Company's San Domingo Project,
and 3 kilometers south of the small mining town of Bagdad. Bagdad is also home
to the Freeport McMoRan Bagdad porphyry copper-molybdenum open pit mine, which
is useful for infrastructure and a pro-mining culture.
The Whistlejacket area had never previously been known to contain spodumene
bearing pegmatites; thus, is a virgin discovery by Kennecott Exploration. All
mineral rights to the property are on Arizona State Land Department lands and
they control 4,486.07 acres of state mineral rights referred to as MEP's or
Mineral Exploration Permits. Once Kennecott obtained the mineral rights, they
acquired an exploration permit, granting them rights to conduct surface
exploration. Following that phase, they obtained a drilling permit and
commenced drilling. They conducted two short programs of core drilling,
identifying significant drill hole intercepts in several holes. Nearly every
drill hole contains lithium mineralization, presenting an excellent
opportunity to continue drilling and exploring with the intent of defining a
maiden Mineral Resource.
As noted above, Bradda Head has several other projects of merit and will
continue working on them as funds and time allow. Lithium bearing pegmatites
are by far the most studied and well known for their simplicity in mining and
processing, which is why the Company wishes to search and explore pegmatites,
especially those in proximity to our San Domingo pegmatite project. The
Whistlejacket Project is a perfect example of the kind of project Bradda Head
is looking for to complement San Domingo and it has the characteristics that
we believe makes it an excellent project for the Company.
In particular, the Board would highlight the following key details about the
Whistlejacket Project which makes the Earn-in Acquisition particularly
appealing:
· All 19 drill holes drilled for a total of 4,188 meters have
encountered spodumene mineralization
· Highlights from excellent drill hole intercepts are 19.47 meters
at 1.65% Li2O in hole WSTL0008 and with 41 meters at 1.22% Li2O in hole
WSTL0009
· There are many pegmatites on the property that have never been
drilled and contain an abundance of spodumene and high lithium values,
highlighting the opportunity for the Company
· The spodumene is mostly medium to coarse grained, an excellent
characteristic of simple processing
· The project has an excellent dataset that includes surface
mapping, geochemical sampling, airborne geophysics, and collected high
resolution air photographs over much of the property
· Excellent access, proximity to pavement, and the pro-mining town
of Bagdad
· Simple ASLD land to manage, explore, and potentially mine
· The geology of the pegmatites is classic LCT style with anomalous
cesium and tantalum
· There are no environmental or social impediments, to our
knowledge
The Company firmly believes this project has significant merit and has the
potential to become an economic deposit and feasible for open pit mining. If
that happens and the fact lithium is a critical metal, the Company believes it
could be "fast tracked" for permitting by the State of Arizona.
4 PRINCIPAL TERMS OF THE EARN-IN ACQUISITION
On 26 January 2026, the Company entered into the Earn-in Agreement with the
Earn-in Partner, pursuant to which it has conditionally agreed to earn up to a
60 per cent interest in the Whistlejacket Project. The Earn-in Acquisition
will be carried out in two phases and will come into effect in the event that
Resolution 1 is passed at the General Meeting. A summary of the principal
terms of the Earn-in Agreement is set out below.
Phase One
Phase One of the Earn-in Acquisition will occur over 3 years, consisting of
work expenditures of US$750,000, US$2,000,000, and US$2,750,000 in exploration
activities per year over a 3-year period for a cumulative total of
US$5,500,000 on the Whistlejacket property held by the Earn-in Partner upon
completion of the Earn-in Agreement. Of the Phase One Commitment, only the
Year One Commitment to spend US$750,000 is firmly committed by BHL. If BHL
elects to terminate the Option prior to the first anniversary of the execution
of the Definitive Agreement, or if BHL fails to timely satisfy the Phase One
Commitment, the Company will pay to the Earn-in Partner in cash the difference
between expenditures actually incurred and US$750,000. Upon completion of the
requisite Phase One Commitment, the Company will acquire a 51 per cent
interest in the Whistlejacket Project.
First Buy-back Option
Notwithstanding that completion of Phase One may have occurred, the Earn-in
Partner will hold a buy-back option (the "First Buy-Back Option") for 90 days
after the Company's exercise and completion of Phase One, which shall begin to
run from the date the Company gives written notice and documentation of
completion of Phase One and confirmation on whether the Company plans to
proceed or not proceed with Phase Two, which the Earn-in Partner may exercise
by paying to the Company an amount equal to two and one-half (2.5) times the
amount of the Company's documented expenditures incurred to date to increase
the Earn-in Partner's stake in the project back from 49% to 100%. Upon the
Earn-in Partner's exercise of the First Buy-Back Option, the Earn-in Agreement
will terminate and the Company will cease to have any interest in the
Whistlejacket Project.
Phase Two
Within thirty (30) days of exercise and completion of Phase One, the Company
shall be required to provide written notice to the Earn-in Partner on whether
the Company intends to proceed to Phase Two (subject to the First Buy-back
Option being exercised). If the Company completes Phase One and does not elect
to pursue Phase Two, and provided that the Earn-in Partner does not timely
exercise the First Buy-back Option, a contractual joint venture arrangement
will be established of which 51% shall be held by the Company and the
remaining 49% shall be held by the Earn-in Partner.
In the event that the notice of intention to proceed to Phase Two is given and
the First Buy-back Option is not exercised, Bradda Head may acquire an
additional 9 per cent for a total of 60 per cent, by completing annual work
expenditures of US$3,750,000, US$3,750,000, and US$4,500,000 per year over a
second 3-year period for a cumulative Phase Two total of US$12,000,000. Upon
completion of the requisite Phase Two expenditures, the Company will acquire a
further 9 per cent interest in the Whistlejacket Project.
Second Buy-back Option
Notwithstanding that completion of Phase Two may have occurred, the Earn-in
Partner will hold a buy-back option (the "Second Buy-Back Option") for 90 days
after the Company's exercise and completion of Phase Two, which shall begin to
run from the date the Company gives written notice and documentation of
completion of Phase Two, which the Earn-in Partner may exercise by paying to
the Company an amount equal to three (3) times the amount of the Company's
documented expenditures incurred to date to increase the Earn-in Partner's
stake in the project from 40% to 100%. Upon the Earn-in Partner's exercise of
the Second Buy-Back Option, the Earn-in Agreement will terminate and the
Earn-in Partner will own the Whistlejacket Project in full.
Applicable Expenditures
For the purposes of contributing towards the Earn-in Acquisition, the
following expenditures shall be included (Applicable Expenditures):
· exploration (drilling, assays, geophysics),
· environmental studies,
· permitting,
· resource calculation studies,
· metallurgical studies; and
· surveying and mapping (geological, geochemical and geophysical).
The Earn-in Partner shall have the right to audit the Applicable Expenditures.
Joint Venture
Upon completion of the Earn-in (and subject to the Earn-in Partner not
exercising its buy-back options), the joint venture will proceed with weighted
expenditures based upon percentage of ownership, 60% by the Company and 40% by
the Earn-in Partner. A joint venture committee will be formed consisting of
two people from the Company and two people from the Earn-in Partner. Work
programs and expenditure budget proposals will be tabled on an annual basis to
the joint venture committee for approval. If a joint venture partner is
unwilling or unable to subsidize their share of the entire proposed budget,
their ownership percentage will be reduced by standard and industry accepted
reduction equations. If a joint venture partner's ownership falls below 10%
due to inability to contribute to approved annual budgets and expenditures or
to contribute to the cash calls within the deadline set by the manager, their
ownership will be reduced to a 2.0% NSR (Net Smelter Royalty). The
non-defaulting joint venture partner can provide cover payments for the
default and subsequently can elect to adjust the ownership proportions based
on initial contributions made in the joint venture partner's equity account.
If the cover payment is repaid, there will be not be any adjustment made to
the equity account or ownership share.
Purchase option in favour of the Company
On completion of Phase One, the Company will have the option to acquire the
remaining 49 per cent interest in the Whistlejacket Project still owned by the
Earn-in Partner for US$7,500,000 (provided the Earn-in Partner does not
exercise the First Buy-back Option). If the option is not exercised after
completion of Phase One, but the Company proceeds with Phase Two of the
earn-in, it shall have the option to acquire the remaining 40 per cent
interest in the Whistlejacket Project still owned by the Earn-in Partner after
completion of Phase Two for US$10,000,000. Exercise of either of the Company's
purchase options shall at all times require the consent of the Earn-in Partner
and if the Earn-in Partner agrees to proceed with such sale, they will also be
granted a 1% net smelter royalty over the Whistlejacket Project.
Termination rights
The Earn-in Acquisition may be terminated (and the obligation on the Company
under the Earn-in Agreement shall cease without liability) at any time during
the term of the Earn-in Agreement, except the first payment due under Phase
One (US$0.75M) shall still be required to be paid as a minimum (to the extent
not already paid). Termination thereafter, if desired and by either party,
requires notification by email and letter and reciprocal confirmation of
receipt. Any termination would require leaving license in good standing and no
liabilities.
Management of the Whistlejacket Project
Not later than 30 days after the entry into the Earn-in Agreement, the Parties
will form a technical committee (the "Technical Committee") comprised of four
members, with two members appointed by each Party. The Technical Committee
will govern the technical, logistical and budgetary matters applicable to the
development of and operations on the Property until the formation of the Joint
Venture, at a minimum of 51%/49% ownership. The Technical Committee will
direct the operator with respect to the structure and requirements of any
approved budget and program. The affirmative vote of a majority of the members
of the Technical Committee will constitute the decision and action of the
Technical Committee. Failure to obtain the affirmative vote of a majority of
the members of the Technical Committee (including in the event of a deadlock)
shall mean that a decision or action is not adopted. If no decision is made,
the Technical Committee will negotiate at "good will" until an agreeable
program is adopted. The Technical Committee will meet semi-annually in person
or by telephone or videoconference, to review technical results, expenditures,
status of tenements and any applications, work programs & budgets.
Throughout the term of the Earn-in Agreement and thereafter, the Company's
subsidiary Zenolith (USA) LLC will be the initial manager and operator of the
Whistlejacket Project. The operator's duties shall include the adoption of a
work programme and budget, maintenance of the Whistlejacket Project in good
standing, maintain accounts and records for the Whistlejacket and provide the
same to the Earn-in Partner, develop a rigid health and safety environment to
prevent accidents and environmental incidents and conduct field activities,
such as drilling and road construction, with highest BMP's (Best Management
Practices).
The Company or the Earn-in Partner, whoever has a majority joint venture
interest, will be solely responsible for the operation of the Whistlejacket
Project. In consideration for acting as manager after the completion of the
Earn-in, the manager shall be entitled to a management fee equal to 10% of the
applicable expenditures during the exploration stage, 5.0% for all
expenditures during the development stage, and 2.0% of all expenditures during
the mining operation stage.
Governing law
The Earn-in Agreement and joint venture shall at all times be subject to
Arizona law.
5 cpr SUMMARY INFORMATION ON THE WHISTLEJACKET PROJECT
Location and Geography
The Whistlejacket Project is located in Yavapai County, Arizona. It located
immediately south of the town of Bagdad, the site of the Bagdad copper mine
owned by Freeport Copper Corporation. The approximate centre of the property
is located at UTM 300000 E, 3825000N (NAD83, Zone 12). The project is readily
accessed via US Highway 93 from Wickenburg and then State Highways 97 and 96.
Access to the property claims is via a network of gravel roads and trails. The
majority of the property is accessible by 4WD vehicles. Figure 1 illustrates
the location of the property.
Licences comprising the Whistlejacket Project
The Whistlejacket Project is held as a series of Mineral Exploration Permits
(MEPs) registered in the name of Kennecott Exploration Company ("Kennecott"),
a subsidiary of Rio Tinto. Rio Tinto Exploration (RTX) manages the permits on
behalf of Kennecott (and ultimately Rio Tinto). All of the MEPs are reported
to be in good standing as of the date of this document and as detailed below.
MEPs must be renewed annually for a period of up to a maximum of five years,
at which time they statutorily expire. If renewal is required after the five
year period, the applicant must apply for a new MEP prior to the end of the
statutory expiration date.
Annual renewal fees are US$500/application, plus US$ 1.00/acre annual rent. In
addition, annual renewals require submission of an affidavit and documentation
to the ADSL confirming the required exploration expenditures, or
alternatively, payment in lieu thereof of US$ 10/acre for the first two annual
periods (after the first year) and US$ 20/acre for the remaining two annual
periods, and $US 20/acre for any renewal in subsequent years. Finally, MEP
holders are required to maintain certain insurance coverages. The available
data indicate all required annual fees have been paid and receipted (or
payment is being processed by the ADSL) and that the required liability
insurance coverage is in place as approved by the ADSL on July 15, 2025.
Details of the Annual Fees and Expenditures are fully set out in Table 3 of
the CPR.
Proposed Exploration Budget - Year 1 of Option Agreement
Bradda Head Limited has proposed an exploration budget for the initial year of
exploration under the terms of the option agreement as detailed in Table ES-1
contained in the CPR and set out below. The author of the CPR has reviewed
this budget in consultation with senior BHL staff and considers the proposed
exploration program and budget to be reasonable.
Activities undertaken to date
Rio Tinto has undertaken preliminary exploration on the property, including
drilling and mineralogical evaluation. 19 drill holes have been completed for
a total of 4,188 m. No resource estimate has been prepared as of the date of
this CPR.
Exploration work to date has identified a series of pegmatite dykes containing
spodumene as the principal lithium-bearing mineral. The pegmatites are
generally oriented in a SW-NE strike direction, with some oriented in an E-W
or N-S direction. The pegmatites intrude the mafic to intermediate
metavolcanic rocks of the Bridle Formation and dip from sub-horizontal to
sub-vertical. The pegmatites form swarms or clusters, of which seven have been
tested by drilling and/or surface sampling. A significant N-S oriented
volcanic tuff zone separates the Bridle Formation rocks and the pegmatites
into two zones, with the eastern side predominating in terms of the number of
pegmatite showings.
Exploration results by RTX demonstrated the sampled pegmatites contained
relatively medium to coarse-grained spodumene grading approximately 1.1% -
1.2% Li2O and that dense media separation (DMS) could potentially produce a
commercial quality (5.5% - 6.0% Li2O) concentrate. Core assay results show
lithium hydroxide mineralization in all 19 holes, including 41.0 meters at
1.22% Li2O in hole WSTL0009 and 19.47 meters at 1.65% Li2O in hole WSTL0008
Description of Resources and Reserves
No mineral resources or mineral reserves are reported in this CPR. An
exploration target has been defined for between 12 M tonnes to 15 M tonnes
grading between 0.7% to 1.1% Li2O. Results from the core drilling, surface
geochemistry and geological mapping show potential to expand the pegmatite
mineralization laterally and at depth, whilst many pegmatites have not been
drill tested and contain several rock chip samples at >2.0% Li2O.
Conclusions
In general, the exploration results to date have been positive in identifying
a prospective spodumene deposit. Additional work is justified to better
delineate the resource potential of the Whistlejacket project area and better
understand the potential economics of developing the project. Future
exploration programs are expected to comprise a range of exploration
techniques, with a focus on surface mapping and sampling, trenching, drilling,
geophysical surveys, and mineralogical and metallurgical test work.
In the opinion of the Qualified Person for this CPR the available exploration
data are sufficient to support an "exploration target" as such is defined by
the Canadian Institute of Mining and Metallurgy ("CIM") mineral resource and
mineral reserve definitions, of between 12 million tonnes to 15 million tonnes
mineralization grading between 0.7% Li2O to 1.1% Li2O.
Exploration efforts should focus on additional surface mapping and sampling to
identify additional pegmatites and their orientation; structural analysis to
better understand the relationship between the sub-horizontal and sub-vertical
pegmatite swarms, and follow-up drilling to develop the data necessary for a
resource estimate. Additional mineralogical and metallurgical test work to
assess the potential for DMS processing of the spodumene is also required.
6 CURRENT FINANCIAL POSITION AND FUNDING OF THE ENLARGED
GROUP
As announced by the Company on 25 September 2025, the Company entered into a
short-term loan facility agreement ("Existing Galloway Facility") with
Galloway Limited, a related party. The funding was provided in connection with
the undertaking made by Galloway Limited as noted in the statutory accounts
for the year ending 28 February 2025 to provide support for the Company to
maintain its good standing and will be used for general working capital
purposes. The Existing Galloway Facility was for US$500,000 and has been drawn
in full. Accordingly, as at 31 December 2025, the Company has existing cash
balances of US$54,000.
In order to fund the Year One Commitment, the Company has entered into new
convertible facility agreements with each of Galloway Limited, a company owned
by Jim Mellon, and Promaco Limited (a company owned by Ian Stalker) pursuant
to which Galloway Limited and Promaco Limited will provide an unsecured
convertible loans in the amount of US$1,025,000 ("New Galloway Facility") and
US$250,000 ("Promaco Loan Facility") respectively (together the "New
Facilities"). The New Facilities are subject to equivalent terms and shall
accrue interest at a rate of 10% per annum of the principal amount
outstanding. It is intended that the Existing Galloway Facility will be rolled
into the New Loan Facility such that the total outstanding principal amount of
indebtedness owing to Galloway under these arrangements shall be US$1,525,000
("Total Galloway Loan Amounts"), and that such amounts shall be capable of
conversion into Ordinary Shares.
The Company shall repay the Total Galloway Loan Amounts and the Promaco Loan
Facility on the earlier of (i) the date on which the parties agree that the
Total Galloway Loan Amounts and the Promaco Loan Facility shall be repaid,
(ii)the 2(nd) anniversary of the drawdown of the New Facilities (or such later
date as may be agreed in writing between the Company and each of Galloway
Limited and Promaco Limited, and (iii) on the occurrence of an event of
default (in line with industry norms). The Total Galloway Loan Amounts and the
Promaco Loan Facility shall be automatically converted into Ordinary Shares
upon the completion of a qualifying fundraise of not less than £2 million
(gross) carried out by the Company, in which case the conversion price shall
be at a 10% discount to the amount paid by each investor in the qualifying
fundraise.
Galloway Limited and Promaco Limited shall each have the option to convert
some or all of the Total Galloway Loan Amount and/or the Promaco Loan Facility
(together with all accrued but unpaid interest) into Ordinary Shares in the
Company by issuing a conversion notice under the convertible loan agreements.
In such circumstance, the conversion will take place at a price per share
equal to a 10% discount to 30 day volume weighted average price of the
Ordinary Shares as at the close of trading on the trading day immediately
prior to the date of issue of a conversion notice.
The provision of funding pursuant to the New Loan Facilities, as well as the
existing cash balances held as set out above, means that the Company is able
to meet its firm obligations under the Earn-in Agreement and to fund the
operations of the Company in the short term.
It should be noted that at this stage the Company does not have funding for
the Whistlejacket Project beyond the first year of Phase One and will need to
raise finance in the form for equity or debt or possible direct participation
in this and/or other of its projects to fund the future years of the
Whistlejacket Project.
AIM Rule 13
Gallloway Limited is a company indirectly wholly owned by Jim Mellon, and
which is the Company's largest shareholder. Denham Eke is also the Managing
Director of Galloway Limited. Promaco Limited is indirectly wholly owned by
John Ian Stalker, the Executive Chair of the Company. Accordingly, the
provision of the New Loan Facilities (including the roll up of the Existing
Galloway Facility into the New Loan Facility) are related party transactions
under the AIM Rules. Accordingly, the independent director, being Alex
Borrelli and Euan Jenkins, having consulted with the Group's Nominated
Adviser, consider that the terms of the New Facilities are fair and reasonable
insofar as the Company's shareholders are concerned. In forming this view the
independent directors have noted the following:
· the minimum US$750,000 commitment of the Company over the next 12
months (should the Proposed Transaction be approved by shareholders);
· the Board's support for the Proposed Transaction and the
potential benefit the Board believes this will provide all Bradda
shareholders;
· the need to satisfy KEX that the Company has capital to meet the
guaranteed expenditure prior to signing the Agreement;
· the current cash position of the Company and the amounts due
under the existing loan facilities provided by Galloway;
· the need for the Company to complete a Qualifying Fundraise
within the next 12 months, providing
· capital to meet expenditure commitments in year two (and
potentially beyond) under the Agreement;
· planned continued expenditure of the Company on its existing
assets over the next 12 months as well as general working capital
requirements;
· the unsecured nature of the CLN Facility;
· the cost of alternative short-term bridge finance to satisfy KEX
and prior to a Qualifying Fundraise; and
· the positive market message of Galloway Limited, the Company's
largest shareholder, and Promaco Limited, being wholly owned by the Executive
Chair of Bradda Head, providing further financial support to support
management.
Shareholder approval
The Conversion of the Total Galloway Amounts gives rise to certain
considerations under the Company's Articles. As a BVI company, the Company is
not subject to the UK Takeover Code. However, Regulation 24 of the Articles
sets out provisions regulating takeover offers in respect of the Company. In
particular, Regulation 24.2(a) provides that a person must not, whether by
himself or with persons determined by the Board to be acting in concert with
him, acquire an interest in shares which, taken together with shares in
which persons determined by the Board to be acting in concert with him have
become interested, carry 30 per cent. or more of the voting rights
attributable to all the shares of the Company, except as a result of a
"Permitted Acquisition". A "Permitted Acquisition" would either be (i) an
acquisition approved by Shareholders (excluding any Shareholder carrying out
the acquisition together with all persons determined by the Board to be acting
in concert with him) or (ii) an acquisition carried out in accordance with
Rule 9 of the UK Takeover Code (as if such provision applied to the Company),
whereby an offer would need to be made to Shareholders.
Under the Convertible Loan Agreements, a conversion notice shall not be
capable of being served if as a result of the conversion pursuant to that
conversion notice, the lender (being either Galloway Limited or Promaco
Limited), together with persons with which they are acting in concert, would
as a result of the conversion, hold 30% or more of the issued Ordinary Shares
of the Company unless such issuance of Ordinary Shares would constitute a
"Permitted Acquisition" (the "Conversion Condition").
It is not expected that the conversion of the Promaco Loan Facility into
Ordinary Shares will cause Promaco Limited, together with any parties acting
in concert with them (being the IS Concert Party), to hold 30% or more of the
Ordinary Shares in issue. However, as the largest shareholder in the Company,
there is a possibility that the conversion of the Total Galloway Loan Amounts
could cause the shareholding of Galloway Limited, together with parties acting
in concert with Galloway Limited (being the JM Concert Party), to reach 30% or
more of the Ordinary Shares. As the conversion amount is not fixed and remains
subject to determination at the time of conversion, this cannot be known for
sure at this time. Accordingly, it is proposed that the issue of Ordinary
Shares pursuant to the Convertible Loan Agreements be approved by the
Independent Shareholders in the General Meeting for the purposes of Regulation
24.1(e)(i) and Regulation 24.2(a) of the Articles such that the conversion of
the Total Galloway Amounts and the Promaco Loan Facility shall not cause any
requirement for an offer to be made to Shareholders under Regulation 24 of the
Articles.
7 RISK FACTORS
Shareholders and other prospective investors in the Company should be aware
that an investment in the Company involves a high degree of risk. Your
attention is drawn to the risk factors set out in Part II of this document.
8 FURTHER INFORMATION
In the year to 31 December 2024, the Earn-in Partner spent approximately
$51,000 on the Whistlejacket Project with the material assets being the MEP's
over the project. Other than the commitments pursuant to the Earn-in
Agreement, there are no material liabilities connected with the Whistlejacket
Project.
Shareholders should read the whole of this document, which provides additional
information on the Company, the Whistlejacket Project and the Proposals, and
should not rely on summaries of, or individual parts only of, this document.
Your attention is drawn, in particular, to Parts II and III of this document.
9 GENERAL MEETING
You will find set out at the end of this document a notice convening the
General Meeting of the Company to be held at 4.00 p.m. on 17 February 2026 at
The Claremont Hotel, 18-22 Loch Promenade, Douglas, Isle of Man, IM1 2LX at
which the following Resolutions will be proposed:
Resolution 1: To approve the Earn-in Acquisition. Resolution 1 shall be
proposed as an ordinary resolution and all Shareholders shall be entitled to
vote in respect thereof.
Resolution 2: To approve the issue of Ordinary Shares to Galloway Limited and
Promaco Limited pursuant to the Convertible Loan Agreements for the purposes
of Regulation 24.1(e) and Regulation 24.2(a) of the Articles. Resolution 2
shall be proposed as an ordinary resolution to be taken on a poll of
Independent Shareholders only.
10 ACTION TO BE TAKEN
A Form of Proxy and a Form of Instruction for use at the General Meeting are
enclosed with this Document.
Shareholders holding Ordinary Shares in certificated form should complete and
sign the Form of Proxy and return it to Computershare Investor Services
(Jersey) Limited, c/o Computershare Investor Services PLC, The Pavilions,
Bridgwater Road, Bristol BS99 6ZY; to be received not later than 4.00 p.m. on
13 February 2026 or 48 hours before any adjourned meeting.
Depositary Interest holders should complete and sign the Form of Instruction
and return it to Computershare Investor Services PLC, The Pavilions,
Bridgwater Road, Bristol BS99 6ZY; to be received not later than 4.00 p.m. on
12 February 2026 or 72 hours before any adjourned meeting.
The return of a Form of Proxy or Form of Instruction will not, however,
prevent a Shareholder from attending the Meeting of Shareholders and voting in
person, should he/she wish to do so. Shareholders who wish to attend in
person should contact Computershare Investor Services PLC in advance to
confirm what identity documents they should bring with them and to complete a
form of representation (available on request from Computershare Investor
Services PLC) if necessary.
11 RECOMMENDATION
The Board is of the opinion that the Resolutions are in the best interests of
the Company and its Shareholders as a whole. Accordingly, the Directors
unanimously recommend that Shareholders vote in favour of the Resolution 1, as
the Directors intend to do in respect of their own beneficial shareholdings,
which amount in aggregate to 79,633,714 Existing Ordinary Shares, representing
approximately 20.39 per cent. of the Existing Ordinary Shares. Additionally,
the Independent Directors unanimously recommend that the Independent
Shareholders vote in favour of Resolution 2, as the Independent Directors
intend to do in respect of their own beneficial shareholdings, which amount in
aggregate to 2,666,570 Existing Ordinary Shares, representing approximately
0.68 per cent. of the Existing Ordinary Shares.
Yours faithfully
Ian Stalker
Executive Chairman
Appendix II
Defined Terms and Glossary of Technical Terms
DEFINITIONS
The following definitions apply throughout this document unless the context
otherwise requires:
"AIM" the market of that name operated by the London Stock Exchange;
"AIM Rules" the AIM Rules for Companies and the AIM Rules for Nominated Advisers;
"AIM Rules for Companies" the rules which set out the obligations and responsibilities in relation to
companies whose shares are admitted to AIM as published by the London Stock
Exchange from time to time;
"AIM Rules for Nominated Advisers" the rules which set out the eligibility, obligations and certain disciplinary
matters in relation to nominated advisers as published by the London Stock
Exchange from time to time;
"Articles" the memorandum and articles of association of the Company for the time being;
"Board" or "Directors" the current directors of the Company, whose names are set out on page 4 of
this document;
"BVI" the British Virgin Islands;
"Certificated" or "in Certificated Form" a share or other security recorded on the relevant register of the relevant
company as being held in certificated form and title to which may be
transferred by means of a stock transfer form;
"Company" Bradda Head Lithium Limited, a company incorporated and registered in the BVI
with registration number 1553975;
"Competent Person" Means Hains Engineering Company Limited;
"Competent Person's Report" or "CPR" means the independent technical report prepared by the Competent Person for
the Company in relation to the Whistlejacket Project as summarised in
paragraph 5 of Part I of this document and published on the Company's website;
"Connected Persons" has the meaning set out in the UK Takeover Code and includes a spouse,
children under 18 and any company in which the relevant person is interested
in shares comprising at least one-fifth of the share capital of that company;
"Convertible Loan Agreements" the convertible loan agreements entered into on or around the date of this
circular by the Company with each of Galloway Limited and Promaco Limited
pursuant to which the New Facilities are made available to the Company;
"CREST" the computerized settlement system to facilitate the transfer of title of
shares in uncertificated form operated by Euroclear UK & Ireland Limited;
"CREST Regulations" the Uncertificated Securities Regulations 2001 (SI 2001 No. 3755), as amended;
"Depositary" Computershare Investor Services PLC of The Pavilions, Bridgwater Road, Bristol
BS13 8AE;
"Depositary Interests" or "DIs" the interests representing Ordinary Shares issued through the Depositary
"Earn-in Acquisition" the earn-in acquisition by the Company of up to 60 per cent. Interest in the
Whistlejacket Project, pursuant to the terms of the Earn-in Agreement;
"Earn-in Agreement" the conditional option to JVA dated 26 January 2026 between (1) the Company
and (2) the Earn-in Partner, in relation to the earn-in by the Company to
acquire up to 60 per cent interest in the Whistlejacket Project, further
details of which are set out in paragraph 4 of Part I of this document;
"Earn-in Commitment" the aggregate amount to be paid by the Company pursuant to the Earn-in
Agreement to earn up to 60 per cent of the Whistlejacket Project as set out in
paragraph 4 of Part I of this document;
"Earn-in Partner" Kennecott Exploration Company, a wholly owned subsidiary of Rio Tinto plc;
"Enlarged Group" the Group, as enlarged by the Earn-in Acquisition;
"Existing Galloway Facility" the loan facility of US$500,000 made available to the Company by Galloway
Limited pursuant to a loan agreement entered into on or around 25 September
2025;
"Existing Projects" the projects owned by the Group prior to the Earn-in Acquisition, as
summarised in Part III of this document;
"Financial Conduct Authority" the United Kingdom Financial Conduct Authority;
"Form of Instruction" the form of instruction for use by holders of Depositary Interests in
connection with the General Meeting;
"Form of Proxy" the form of proxy enclosed with this document for use by Shareholders in
connection with the General Meeting;
"FSMA" the Financial Services and Markets Act 2000 of the United Kingdom, as amended;
"General Meeting" the general meeting of the Company, convened for 4.00 p.m. on 17 February
2026, and any adjournment thereof, notice of which is set out at the end of
this document;
"Independent Shareholders" Shareholders other than the members of the JM Concert Party and the IS Concert
Party;
"IS Concert Party" John Ian Stalker, along with his Connected Persons (including Promaco
Limited), being persons presumed to be acting in concert;
"JM Concert Party" James Mellon and Anthony Baillieu along with their Connected Persons
(including Galloway Limited), being persons presumed to be acting in concert;
"London Stock Exchange" London Stock Exchange plc;
"New Facilities" the New Galloway Facility and the Promaco Facility;
"New Galloway Facility" the loan facility of US$1,025,000 to be made available to the Company by
Galloway Limited pursuant to a Convertible Loan Agreement;
"Notice" the notice of the General Meeting set out at the end of this document;
"Ordinary Shares" ordinary shares in the issued share capital of the Company from time to time;
"Phase One Commitment" the obligation of the Company to fund US$5.5 million of Whistlejacket Project
expenditures during the Phase One Period as further explained in paragraph 4
of Part I of this document;
"Phase One Period" the first three years of the Earn-in Agreement;
"Projects" the Existing Projects and the Whistlejacket Project;
"Promaco Facility" the loan facility of US$250,000 to be made available to the Company by Promaco
Limited pursuant to a Convertible Loan Agreement;
"Resolutions" the resolutions to be proposed at the General Meeting, details of which are
set out in the Notice;
"Shareholders" the persons who are registered as holders of the Ordinary Shares;
"Sterling" or "£" the legal currency of the UK;
"Total Galloway Commitments" US$1,525,000, comprising the Existing Galloway Facility and the New Galloway
Facility, each of which shall be governed by the Convertible Loan Agreement
entered into by the Company with Galloway Limited;
"UK" or "United Kingdom" the United Kingdom of Great Britain and Northern Ireland;
UK Takeover Code the City Code on Takeovers and Mergers, as amended from time to time;
"Uncertificated" or "in Uncertificated Form" a share or other security recorded on the relevant register of the relevant
company concerned as being held in uncertificated form in CREST and title to
which, by virtue of the CREST Regulations, may be transferred by means of
CREST;
"US" or "United States" the United States of America, its territories and possessions, any states of
the United States of America and the District of Columbia and all other areas
subject to its jurisdiction;
"US$" the legal currency of the United States;
"VAT" value added tax;
"Whistlejacket Project" the WhistleJacket lithium project located in Yavapai County, Arizona, USA; and
"Year One Commitment" the obligation of the Company to fund US%0.75M in the first year of the
Earn-in Agreement.
GLOSSARY OF TECHNICAL TERMS AND MEASUREMENTS
The following table provides an explanation of certain technical terms and
abbreviations used in this document. The terms and their assigned meanings may
not correspond to standard industry meanings or usage of these terms. The
following table provides an explanation of certain technical terms and
abbreviations used in this document. The terms and their assigned meanings may
not correspond to standard industry meanings or usage of these terms.
"ASLD, Arizona State Land Department" the agency within the state of Arizona that manages land, both surface and
subsurface.
"brine" an aqueous solution containing elevated amounts of dissolved chemical salts.
"core drilling" rotational drilling with a core barrel, core tube, and diamond impregnated bit
attached to pipe. The pipe is spun rapidly by a drill rig, which also has a
wireline designed to retrieve the core tube after drilling 5, 10, or up to 20
feet per "run" under optimal conditions. The process also uses water pumped to
the face of the drill bit to maintain lubrication and prevent becoming stuck
in the hole.
"grade(s)" the relative proportion or the percentage of ore-mineral or metal content in a
mineral deposit or mineralised fluid.
"Indicated Mineral Resource" that part of a Mineral Resource for which quantity, grade (or quality),
densities, shape and physical characteristics are estimated with sufficient
confidence to allow the application of modifying factors in sufficient detail
to support mine planning and evaluation of the economic viability of the
deposit. Geological evidence is derived from adequately detailed and
reliable exploration, sampling and testing gathered through appropriate
techniques from locations such as outcrops, trenches, pits, workings and drill
holes, and is sufficient to assume geological and grade (or quality)
continuity between points of observation where data and samples are gathered..
"Inferred Mineral Resource" the part of a mineral deposit for which quantity and grade (or quality) are
estimated on the basis of limited geological evidence and sampling. Geological
evidence is sufficient to imply but not verify geological grade (or quality)
continuity. It is based on exploration, sampling and testing information
gathered through appropriate techniques from locations such as outcrops,
trenches, pits, workings and drill holes. An Inferred Mineral Resource has a
lower level of confidence that that applying to an Indicated Mineral Resources
and must not be converted to an Ore Reserve. It is reasonably expected that
the majority of Inferred Mineral Resources could be upgraded to Indicated
Mineral Resources with continued exploration.
"LCE" lithium carbonate equivalent.
"Li2O" or "Li(2)O" lithium oxide - a unit of grade commonly used for hard rock lithium deposits.
"lithium carbonate equivalent" or "LCE" a method of expressing lithium content in terms of lithium carbonate
equivalent, which is a form of lithium that is commonly traded.
"magnetotelluric or MT" a type of electro-magnetic geophysical survey for determining differences in
conductivity of geological formations hundreds of metres below the surface.
"MEP" Mineral Exploration Permit granted by the Arizona State Land Department (ASLD)
allowing access to mineral rights over 5 year periods, renewable with right of
first refusal after 5 years and as long as the Company maintains required
payments and/or expenditures.
"metallurgical" pertaining to laboratory testwork, undertaken to determine the most
appropriate process route for the economic recovery of valuable
minerals/metals.
"Measured Mineral Resource" That part of a Mineral Resource for which mineralization or other natural
material of economic interest may be classified as a Measured Mineral Resource
when the nature, quality, quantity and distribution of data are such that the
tonnage and grade or quality of the mineralization can be estimated to within
close limits and that variation from the estimate would not significantly
affect potential economic viability of the deposit. This category requires a
high level of confidence in, and understanding of, the geology and controls of
the mineral deposit..
"mg/litre" milligrams per litre - a unit of grade commonly used for brine deposits.
"Mineral Reserves" the smaller subset of Mineral Resources deemed economically viable for
extraction. While Mineral Resources have potential economic value, the
economic viability of extracting these minerals depends on factors such as
market prices, extraction costs, and technological developments
in metallurgy and processing. Mineral Reserves are the portion of Mineral
Resources that can be realistically and economically mined based on location,
quantity, grade, geological characteristics, and any other factor that impacts
end product value.
"Mineral Resource" a concentration or occurrence of solid or liquid material of economic interest
in or on the Earth's crust in such form, grade (or quality), and quantity that
there are reasonable prospects for eventual economic extraction. The location,
quantity, grade (or quality), continuity and other geological characteristics
of a Mineral Resource are known, estimated or interpreted from specific
geological evidence and knowledge, including sampling. Mineral Resources are
sub-divided, in order of increasing geological confidence, into Inferred,
Indicated and Measured categories.
"pegmatite" a body of igneous rock characterised by large to giant crystal sizes; certain
types of pegmatite may contain lithium minerals.
"ppm" parts per million, commonly used to express grade in mineral and brine
deposits (equivalent to one gram per tonne).
"spodumene" a type of pyroxene (a group of rock-forming silicate minerals) containing
lithium with the chemical formula LiAl(Si2O6), commonly mined and concentrated
by hard rock lithium producers.
"unpatented" an unpatented mining claim is a parcel of Federal land where an individual has
asserted a right of possession, which is restricted to the extraction and
development of a mineral deposit, but where no land ownership is conveyed.
"U.S. Bureau of Land Management" or "BLM" the agency within the United States Department of the Interior responsible for
administering public lands.
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