Bradda Head Lithium reports positive six-month results

Financial and operational highlights:

• Completed an oversubscribed secondary fundraise during April 2022 for total gross proceeds of approximately US$12.3 million, issuing approximately 73.1 million new ordinary shares and warrants on a 1:1 basis.
• Updated mineral resource estimate for the Basin East Project in Arizona, resulting in a 65% increase in contained lithium carbonate equivalent (LCE) tonnes, and the identification a 1 million to 6 million t LCE exploration target within the Basin Project district.
• Commenced drilling at the San Domingo pegmatite project, with the 30-hole diamond core drill programme expected to be completed during 4Q22.
• Cash balances and total assets stood at approximately US$13.3 million and approximately US$20.8 million respectively.

Ian Stalker, Chairman of Bradda Head, comments:

“The first half of the financial year has been both busy and rewarding for the company. Following the completion of an oversubscribed secondary fundraise during April 2022, the company continued to push ahead with work, developing its key projects, most notably with the commencement of drilling at our San Domingo lithium bearing pegmatite project.

“The company also updated its mineral resource estimate at Basin East and highlighted the significant exploration potential that remains within this large, mineralised location. The pace of development will continue through the second half of the financial year, and we look forward to updating our shareholders as we receive the exploration results.”

Read the article online at: https://www.globalminingreview.com/mining/01112022/bradda-head-lithium-reports-positive-six-month-results/