20 May
2024
Bradda Head Lithium
Ltd
("Bradda Head",
"BHL" or the "Company")
Bradda Head Reaches Settlement Agreement over
Fraudulent payment
Bradda Head Lithium Ltd (AIM:BHL, TSX-V:BHLI),
the North America-focused lithium development group, is pleased to
announce that it has come to a settlement regarding the fraudulent
payment first notified on 29 March 2022 and subsequently disclosed
in the audited financial statements for the years ending February
2022 and February 2023.
Bradda Head has signed a settlement agreement
("Agreement") pursuant to which it will be partially reimbursed for
the fraudulent funds transfer. The partial settlement is consistent
with Company's expectations at the time of initiating enforcement
proceedings with gross recovery of approximately 40% of total
misappropriated funds. Bradda Head confirms that the Agreement
provides for no admission of liability by either party involved and
the full commercial terms of the settlement are subject to strict
confidentiality obligations on both parties so it will not be
making any further comment on this matter.
Bradda Head is pleased that this matter is now
settled and closed, with full attention focused on completing the
ongoing Basin Project drilling programme, with an update provided
on 17 April 2024.
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 visit the
Company's website: www.braddaheadltd.com.
ENDS
Contact:
Bradda Head Lithium
Limited
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+44 (0) 1624 639 396
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Ian Stalker, Executive Chairman
Denham Eke, Finance Director
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Beaumont Cornish
(Nomad)
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+44 (0) 2076 283 396
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James Biddle / Roland Cornish
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Panmure Gordon
(Joint Broker)
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+44 (0) 2078 862 500
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Hugh Rich
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Shard Capital (Joint
Broker)
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+44 (0) 2071 869 927
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Damon Heath / Isabella Pierre
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Red Cloud (North
American Broker)
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+1 416 803 3562
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Joe Fars
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Tavistock (Financial
PR)
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+ 44 20 7920 3150
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Nick Elwes / Adam Baynes
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braddahead@tavistock.co.uk
|
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 17 Mt at an average grade of
940 ppm Li and 3.4% K for a total of 85 kt LCE and
an Inferred Mineral Resource of 210 Mt at an average grade of
900 ppm Li and 2.8% K (potassium) for a total of
1.09 Mt LCE. In the rest of the Basin Project SRK
has determined an Exploration Target of 250 to 830 Mt of
material grading between 750 to 900 ppm Li, which is equivalent to
a range of between 1 to 4 Mt contained 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. Bradda Head is
quoted on the AIM of the London Stock Exchange with the
ticker of BHL and on the TSX Venture Exchange with a
ticker of BHLI.
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 SEDARplus. 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.
Beaumont Cornish Limited ("Beaumont Cornish") is the Company's
Nominated Adviser and is authorised 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.