Bradda Head Lithium happy with cash position after $2.5mln payment

Bradda Head Lithium Limited (AIM:BHL, OTCQB:BHLIF, TSX-V:BHLI) executive chairman Ian Stalker speaks to Thomas Warner from Proactive London after the exploration company announced an updated mineral resource estimate for its Basin Project in Arizona.

The new resource estimate is 17 million tonnes in the indicated category at 940 parts per million (ppm) carrying 85,000t LCE (lithium carbonate) and 210 million tonnes in the inferred category at 900 ppm, carrying 1 million tonnes of LCE. The figures have triggered a payment of $2.5 million from the Lithium Royalty Company (LRC).

Stalker explains that the money has helped consolidate Bradda Head Lithium’s financial position to such an extent that there is no imminent need to raise funds. He adds that the company has so far explored only a small proportion of the total 41 square kilometre package, indicating significant growth potential. International mining consultancy firm SRK, a renowned consultancy engineering group, has confirmed the robustness of the numbers so far.

The next milestone is achieving 2.5 million tonnes of LCE, which would result in another $3 million payment.

Additionally, Stoker touched on their San Domingo pegmatite project, highlighting its potential and the ongoing drilling activities saying its there that Bradda Head is “chasing to some extent the dream”. He also mentioned the recruitment of a new CEO and hinted at upcoming positive news for the company.

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