Claim 50% Off TipRanks Premium
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Stay ahead of the market with the latest news and analysis and maximize your portfolio's potential
An update from Bradda Head Lithium Limited ( (GB:BHL) ) is now available.
Bradda Head Lithium has signed a definitive option-to-joint-venture agreement with Rio Tinto unit Kennecott Exploration to earn up to a 60% stake in the Whistlejacket lithium-bearing pegmatite project in Arizona, expanding its hard-rock lithium footprint near its existing Basin and San Domingo assets. The earn-in, which is subject to shareholder approval at a forthcoming general meeting, requires Bradda Head to spend at least US$750,000 in the first year and up to US$5.5m over three years to secure an initial 51% interest, with a further US$12m over the following three years needed to lift its stake to 60%, while Kennecott retains options to buy back Bradda Head’s interest or sell its remaining stake. Historic drilling and exploration by Kennecott have confirmed lithium-bearing spodumene pegmatites across the 4,486-acre property but no mineral resource has yet been defined; Bradda Head plans an aggressive drilling campaign leveraging this dataset once the deal completes. To support near-term funding needs for the earn-in and working capital, the company has arranged a US$1.275m convertible loan facility from major shareholder Galloway Limited, controlled by director Jim Mellon, and from Promaco Limited, controlled by executive chair Ian Stalker, highlighting both the capital intensity of the programme and insider backing for the transaction.
More about Bradda Head Lithium Limited
Bradda Head Lithium Ltd is a North America-focused lithium development group with a portfolio of hard-rock and clay-hosted lithium projects in Arizona, including its Basin and San Domingo properties. The company targets the growing battery metals market by exploring and advancing lithium assets in what it describes as one of the most attractive mining jurisdictions in the world, aiming to build an integrated position in the US lithium supply chain.
Average Trading Volume: 1,488,085
Technical Sentiment Signal: Buy
Current Market Cap: £6.64M
For an in-depth examination of BHL stock, go to TipRanks’ Overview page.