Overview
Bradda Head Lithium Restricted was integrated on October 28, 2009, within the British Virgin Islands below the British Virgin Islands Corporations Act with registered quantity 1553975 with the identify Copper Growth Company. On October 5, 2015, the Firm modified its identify from Copper Growth Company to Life Science Developments Restricted, and on April 18, 2018, the Firm modified its identify to Bradda Head Holdings Restricted. On September 15, 2021, the Firm modified its identify to Bradda Head Lithium Restricted.
The Firm has one enterprise phase, being mineral exploration. The Firm is concentrated on appraising and growing lithium mining tasks inside North America and at present has pursuits in quite a lot of tasks in the USA.
Company and Exploration Highlights
Exploration Highlights
Set forth on this part is an outline of the Firm’s materials mineral tasks. All scientific and technical information contained on this MD&A has been reviewed and accepted by Joey Wilkins, B.Sc., P.Geo., who’s Chief Working Officer at Bradda Head and a Certified Individual as outlined by Nationwide Instrument 43-101 – Requirements of Disclosure for Mineral Initiatives (“NI 43-101”).
Arizona Sedimentary Hosted Lithium Initiatives
Basin Mission
Following the profitable completion of a follow-up sonic drill programme in March 2022, which consisted of 14 holes overlaying 1,200m of drilling, the Firm up to date its Basin East MRE, on 16 January 2023, leading to a 22% enhance in LCE tonnes. The Indicated class of the MRE, a lot of which is positioned within the higher a part of the deposit, has elevated by 17%. Following completion of the Basin East Step Out drill programme, a complete of 1.4km2 of Bradda’s 46km2 of sedimentary claims been drill-tested.
The up to date MRE contains:
– an Indicated Mineral Useful resource of 21.2 Mt at a median grade of 891 ppm Li and three.5% Okay (potassium) for a complete of 100 kt LC, and
– an Inferred Mineral Useful resource of 73.3 Mt at a median grade of 694 ppm Li and three.2% Okay (potassium) for a complete of 271 kt LCE.
Basin East 2023 Mineral Useful resource Estimate
|
Classification |
Area |
Tonnes |
Imply Grade |
Contained Steel |
||
|
Mt |
Li (ppm) |
Okay (%) |
LCE (kt) |
Okay (Mt) |
||
|
Indicated |
Higher Clay |
16.0 |
738 |
3.6 |
63 |
0.6 |
|
Higher Clay HG |
5.2 |
1,354 |
3.0 |
38 |
0.2 |
|
|
Decrease Clay |
– |
– |
– |
– |
– |
|
|
Sub Whole |
21.2 |
891 |
3.5 |
100 |
0.7 |
|
|
Inferred |
Higher Clay |
31.7 |
767 |
3.6 |
129 |
1.2 |
|
Higher Clay HG |
2.3 |
1,448 |
3.5 |
18 |
0.1 |
|
|
Decrease Clay |
39.3 |
592 |
2.9 |
124 |
1.1 |
|
|
Sub Whole |
73.3 |
694 |
3.2 |
271 |
2.4 |
|
|
Whole |
94.5 |
738 |
3.3 |
371 |
3.1 |
|
– Mineral Useful resource assertion has an efficient date of 13 October 2022.
– A Mineral Useful resource is reported utilizing a cut-off grade of 300 ppm Li and constraining the mannequin to an optimised open pit shell, which was generated utilizing the next assumptions: lithium carbonate metallic costs of 18,000 USD/tLCE; State of Arizona royalty (promoting price) of 6%; working prices of 5,000 USD/ tLCE or 27 USD/ tore; Li restoration of 75%; mining dilution and restoration of 5% and 95%; and pit slope angle of 45°.
– Tonnages are reported in metric models.
– Rounding as required by reporting pointers might end in obvious summation variations between tonnes, grade and contained metallic content material.
– Conversion issue of Li metallic to lithium carbonate equal (LCE) = 5.323
Wikieup Mission
No vital work has been undertaken on this venture in the course of the 3-month interval.
Arizona Pegmatite District
San Domingo Mission
Throughout February 2023, the Firm introduced that vital excessive grade lithium bearing minerals have been intercepted at a number of areas, following the preliminary set of outcomes from its first diamond core drilling programme on the Firm’s 23km2 San Domingo pegmatite district in Arizona. That is the primary intensive drilling marketing campaign undertaken at San Domingo because the 1950’s and is the maiden program for the Firm on this district.
Highlights embrace:
· 31.85m @ 1.60% Li2O (together with 3.90m @ 2.88% Li2O, and 20.03m @ 1.97% Li2O (together with 7.06m @ 1.92% Li2O, 3.21m @ 3.74% Li2O and three.81m @ 3.25% Li2O)) in SD-DH22- 024
· 9.75m @ 0.78% Li2O (together with 5.36m @ 1.20% Li2O) in SD-DH22-003
· 4.27m @ 1.86% Li2O in SD-DH22-005
· 2.44m @ 1.63% Li2O in SD-DH22-001
The progamme was accomplished throughout March 2023, and has solely examined simply over 1% of the 23km2 that Bradda Head holds in Arizona.
Nevada Lithium Brine Initiatives
Wilson Mission
No vital work has been undertaken on this venture in the course of the 3-month interval.
Eureka Mission
No vital work has been undertaken on this venture in the course of the 3-month interval.
Company Highlights
On 20 February 2023, the Firm appointed Joseph (“Joey”) Wilkins as Chief Working Officer. Joey is a highly-regarded geologist with vital expertise of working in Arizona and Nevada.
On 26 January 2023, senior administration of the the Firm opened buying and selling on the TSX Enterprise Change, following the itemizing on November 10, 2022.
Issuance of Inventory Choices
On 21 December 2022, the Firm introduced that’s awarded a complete of 1,000,000 choices to amass unusual shares (the “Choices”) at an train worth of £0.105 to its Impartial Non-Govt Administrators, Euan Jenkins and Alex Borrelli. The choices are topic to the next circumstances:
– Choices vest instantly;
– The choices don’t have any efficiency or non-performance circumstances hooked up to them;
– Are exercisable for a interval of 5 years from date of problem; and
– The choices issued to every participant ought to lapse upon any participant now not being an worker or related individual remunerated by the Firm.
Administrators included within the award are detailed within the desk beneath:
|
Director |
Whole choices awarded and held at February 28, 2023 |
Whole shares held at February 28, 2023 |
Whole diluted proportion holding at February 28, 2023 |
|
Euan Jenkins |
500,000 |
2,198,934 |
0.53% |
|
Alex Borrelli |
500,000 |
343,329 |
0.17% |
|
Whole |
1,000,000 |
2,542,263 |
0.70% |
Chosen Monetary Data
The next desk units forth chosen monetary info with respect to the Firm for the years ended February 28, 2023, and February 28, 2022. The chosen monetary info has been derived from the audited monetary statements for the durations indicated. The next needs to be learn along with the stated monetary statements and associated notes which are accessible on the Firm’s web site – www.braddaheadltd.com.
The annual monetary statements and interim monetary statements are offered in US {dollars} and are ready in accordance with IFRS, See “Abstract Monetary Information” and “Foreign money Data“.
|
Assertion of Operations: |
Yr ended February 28, 2023 (Audited) |
Yr ended February 28, 2022 (Audited) |
||||||
|
Whole income |
– | 2,413,228 | ||||||
|
Whole working bills |
(3,899,858 | ) | (3,521,636 | ) | ||||
|
Web finance prices |
– | (32,832 | ) | |||||
|
Web finance revenue |
12,270 | – | ||||||
|
Web loss |
(3,887,588 | ) | (3,554,468 | ) | ||||
|
Loss per share (cents) |
(1.018 | ) | (2.855 | ) | ||||
|
Stability Sheet Information: |
||||||||
|
Money & money equivalents |
7,746,519 | 7,327,303 | ||||||
|
Whole belongings |
18,198,559 | 13,354,840 | ||||||
|
Whole liabilities |
1,213,619 | 1,097,675 | ||||||
|
Collected deficit |
(13,631,433 | ) | (11,177,220 | ) | ||||
|
Whole Shareholder’s Fairness |
16,984,940 | 12,257,165 | ||||||
MANAGEMENT DISCUSSION AND ANALYSIS: QUARTER ENDED FEBRUARY 28, 2023
Introduction
This interim Administration Dialogue and Evaluation (the “interim MD&A“) needs to be learn along with the audited monetary statements of the Firm for the 12 months ended February 28, 2023, and associated notes. This MD&A is made as ofAugust 25,2023.
Outcomes of Operations for the 12-months ended February 28, 2023
The Firm’s internet loss after tax for the 12-month interval to February 28, 2023 was US$ 3,428,194, in comparison with US$ 3,554,468 for the comparative interval ended February 28, 2022. The main bills for the three and 12-month durations ended February 28, 2023 have been operational bills incurred on the Firm’s exploration tasks which haven’t been capitalised, and are damaged down within the respective tasks as follows:
|
Mission |
Expensed Exploration Expenditure | |||||||
|
12-Month Interval Ended February 28, 2023 (Audited) US$ |
Three-Month Interval Ended February 28, 2023 (Unaudited) US$ |
|||||||
|
Basin Mission |
1,241,009 | 276,537 | ||||||
|
San Domingo Mission |
1,276,954 | 501,743 | ||||||
|
Wikieup Mission |
128,522 | 13,134 | ||||||
|
Different tasks |
289,616 | 165,067 | ||||||
|
TOTAL |
2,936,101 | 956,481 | ||||||
Through the 12-month interval to February 28, 2023, the Firm incurred and capitalised exploration expenditures of US$ 3,841,146, in comparison with US$ 3,621,308 for the comparative 12-month interval to February 28, 2022.
The capitalied exploration prices for the three and 12-month durations ended February 28, 2023 have been allotted amongst the Firm’s exploration tasks in roughly the next quantities:
|
Mission |
Capitalisied exploration prices | Capitalised expenditires for licences and permits | ||||||||||||||
|
12-Month Interval Ended February 28, 2023 (Audited) US$ |
Three-Month Interval Ended February 28, 2023 (Unaudited) US$ |
12-Month Interval Ended February 28, 2023 (Audited) US$ |
Three-Month Interval Ended February 28, 2023 (Unaudited) US$ |
|||||||||||||
|
Basin Mission |
276,202 | 45,543 | 79,805 | 9,440 | ||||||||||||
|
San Domingo Mission |
3,078,685 | 1,504,406 | 81,165 | – | ||||||||||||
|
Wikieup Mission * |
(207,387 | ) | – | 70,455 | (19,470 | ) | ||||||||||
|
Different Mission |
130,607 | – | 320,198 | – | ||||||||||||
|
TOTAL |
3,278,107 | 1,549,949 | 551,623 | (10,030 | ) | |||||||||||
* US$ 300,000 was moved in the course of the interval from capitalised exploration expenditures to drilling deposits.
Through the 12-month interval to February 28, 2023, it was recognized that sure tasks confirmed indicators of impairment because the related venture licences and permits weren’t renewed, and thus an impairment cost of US$ 19,470 was recognised in the course of the 12 months ended 28 February 2023 regarding the Wikiuep venture.
The exploration expenditures have been primarily prices related to drilling, assaying, useful resource and mining consultants, metallurgical testing, environmental research, venture group charges, acquisition of recent leases, and annual renewal of present leases.
Normal and administrative bills for the 12-month interval to February 28, 2023 totalled US$ 5,880,205, in comparison with US$ 3,459,272 for the comparative 12-month interval to February 28, 2022. Normal and administrative bills are damaged down as follows:
|
Mission |
Normal and administrative expenditures | |||||||
|
12-Month Interval Ended February 28, 2023 (Audited) US$ |
Three-Month Interval Ended February 28, 2023 (Unaudited) US$ |
|||||||
|
Auditors’ charges |
113,173 | (64,452 | ) | |||||
|
Administrators and administration charges and salaries |
599,824 | 136,892 | ||||||
|
Authorized and accounting |
492,041 | 132,930 | ||||||
|
Contractor prices |
2,933,852 | 954,232 | ||||||
|
Skilled and advertising prices |
1,012,171 | 170,183 | ||||||
|
Different administrative prices |
729,144 | 307,899 | ||||||
|
TOTAL |
5,880,205 | 1,637,684 | ||||||
Through the 12-month interval to February 28, 2023, there have been no adjustments in monetary efficiency or different parts that relate to non-core buisness actions and operations.
Money flows
Through the 12-month interval ended February 28, 2023, the Firm had internet money inflows of US$ 1,367,824, in comparison with inflows of US$ 7,443,893 in the course of the comparative 12-month interval to February 28, 2022. The cashflows for the 2 durations are proven beneath:
|
Assertion of cashflows |
12-Month Interval Ended February 28, 2023 (Audited) |
Three-Month Interval Ended February 28, 2023 (Unaudited) |
||||||
|
Money flows from working actions |
(7,889,043 | ) | (1,442,322 | ) | ||||
|
Money flows from investing actions |
(3,907,318 | ) | (1,414,196 | ) | ||||
|
Money flows from financing actions |
12,215,577 | – | ||||||
|
Web money flows in the course of the interval |
419,216 | (2,856,518 | ) | |||||
|
Money balances at starting of the interval |
7,327,303 | 10,603,037 | ||||||
|
Impact of international alternate on money balances |
– | – | ||||||
|
Money balances on the finish of the interval |
7,746,519 | 7,746,519 | ||||||
Liquidity and Capital Sources
As at February 28, 2023, the Firm had money and money equivalents of US$ 7,746,519, and a working capital surplus of US$ 7,135,119. As of February 28, 2022, the Firm had money and money equivalents of US$ 7,327,303, and a working capital surplus of US$ 6,327,624.
Excellent Share Information
As of February 28, 2023, the next securities have been excellent:
|
Shares |
390,609,439 |
|
Warrants |
81,698,305 |
|
Inventory choices |
33,031,304 |
|
Totally diluted shares excellent |
505,339,048 |
The Firm’s targets when managing capital are to safeguard its means to proceed as a going concern, in order that it might probably proceed to supply returns for shareholders, advantages for different stakeholders and to take care of an optimum capital construction to scale back the price of capital.
The capital construction of the Firm contains money and money equivalents, fairness attributable to fairness holders comprised of contributed fairness, reserves and gathered losses. With a view to preserve or regulate the capital construction, the Firm might problem new shares, promote belongings to scale back debt or regulate the extent of actions undertaken by the Firm.
The Firm displays capital primarily based on money circulate necessities for operational, exploration and analysis expenditures. The Firm has no debt or different borrowings as on the date of this Software. The Firm will proceed to make use of capital market issuances to fulfill anticipated funding necessities.
The supply of fairness capital, and the value at which further fairness may very well be issued, relies upon the success of the Firm’s exploration actions, and upon the state of the capital markets typically. Further financing will not be accessible on phrases beneficial to the Firm or in any respect. If the Firm doesn’t obtain future financing, it will not be potential for the Firm to advance the exploration and improvement of its mineral exploration properties. If the Firm shouldn’t be in a position to fund these minimal expenditures, it might not be capable to preserve half or all of its mineral exploration property pursuits. See “Danger Elements”.
Off-Stability Sheet Preparations
The Firm doesn’t have any off-balance sheet preparations.
Transactions with Associated Events
The Firm has carried out transactions with officers, administrators and individuals or corporations associated to administrators or officers and paid or accrued quantities as follows:
Edgewater Associates Restricted (“Edgewater”)
Through the 12-month interval ended February 28, 2023, Administrators and Officers insurance coverage was obtained on an arms-length foundation from Edgewater, which is a 100% subsidiary of Manx Monetary Group (“MFG”). James Mellon and Denham Eke are Administrators of each the Firm and MFG.
Through the interval, the premium payable on the coverage was US$ 49,318, of which US$ 14,497 was pay as you go as on the interval finish.
Crucial Accounting Estimates
The preparation of monetary statements in conformity with IFRS requires administration to make estimates and assumptions that have an effect on the reported quantities of belongings and liabilities and disclosure of contingent belongings and liabilities on the date of the monetary statements and reported quantities of revenues and bills in the course of the reporting interval. Such estimates and assumptions have an effect on the carrying worth of belongings, and affect selections as to when exploration and improvement prices needs to be capitalized or expensed.
As at February 28, 2023, the Firm had incurred capitalised exploration expenditures, together with capitalised licence and allow prices, of US$ 9,574,266. Modifications in administration’s judgment as to the possible nature, evaluation of the existence or in any other case of economically recoverable reserves, technical feasibility and/or business viability of the related tenements and the Firm’s intentions with respect to the related tenements, may have an effect on the evaluation of the recoverable quantity
The Firm often critiques its estimates and assumptions: nevertheless, precise outcomes may differ from these estimates and these variations may very well be materials.
Ahead-Trying Statements
Neither TSX Enterprise Change nor its Regulation Companies Supplier (as that time period is outlined in insurance policies of the TSX Enterprise Change) accepts accountability for the adequacy or accuracy of this launch. This Information Launch contains sure “forward-looking statements” which aren’t comprised of historic info. Ahead-looking statements embrace estimates and statements that describe the Firm’s future plans, targets or objectives, together with phrases to the impact that the Firm or administration expects a said situation or consequence to happen. Ahead-looking statements could also be recognized by such phrases as “believes”, “anticipates”, “expects”, “estimates”, “might”, “may”, “would”, “will”, or “plan”. Since forward-looking statements are primarily based on assumptions and deal with future occasions and circumstances, by their very nature they contain inherent dangers and uncertainties. Though these statements are primarily based on info at present accessible to the Firm, the Firm offers no assurance that precise outcomes will meet administration’s expectations. Dangers, uncertainties and different components concerned with forward-looking info may trigger precise occasions, outcomes, efficiency, prospects and alternatives to vary materially from these expressed or implied by such forward-looking info. Ahead trying info on this information launch contains, however shouldn’t be restricted to, following: The Firm’s targets, objectives or future plans. Elements that might trigger precise outcomes to vary materially from such forward-looking info embrace, however aren’t restricted to: failure to establish mineral sources; failure to transform estimated mineral sources to reserves; delays in acquiring or failures to acquire required regulatory, governmental, environmental or different venture approvals; political dangers; future working and capital prices, timelines, allow timelines, the market and future worth of and demand for lithium, and the continuing means to work cooperatively with stakeholders, together with the native ranges of presidency; uncertainties regarding the provision and prices of financing wanted sooner or later; adjustments in fairness markets, inflation, adjustments in alternate charges, fluctuations in commodity costs; delays within the improvement of tasks, capital and working prices various considerably from estimates; an lack of ability to foretell and counteract the consequences of COVID-19 on the enterprise of the Firm, together with however not restricted to the consequences of COVID-19 on the value of commodities, capital market circumstances, restriction on labour and worldwide journey and provide chains; and the opposite dangers concerned within the mineral exploration and improvement trade, and people dangers set out within the Firm’s public paperwork filed on SEDARplus. Though the Firm believes that the assumptions and components utilized in making ready the forward-looking info on this information launch are cheap, undue reliance shouldn’t be positioned on such info, which solely applies as of the date of this information launch, and no assurance will be provided that such occasions will happen within the disclosed time frames or in any respect. The Firm disclaims any intention or obligation to replace or revise any forward-looking info, whether or not on account of new info, future occasions or in any other case, aside from as required by legislation.
This info is offered by RNS, the information service of the London Inventory Change. RNS is accepted by the Monetary Conduct Authority to behave as a Major Data Supplier in the UK. Phrases and circumstances regarding the use and distribution of this info might apply. For additional info, please contact [email protected] or go to www.rns.com.
SOURCE: Bradda Head Lithium Restricted
View supply model on accesswire.com:
https://www.accesswire.com/777016/Bradda-Head-Lithium-Ltd-Declares-MDA-for-the-three-and-12-months-ended-Feb-28-2023
