Bradda Head swings to loss; optimistic on lithium demand

Bradda Head Lithium on Thursday reported a swing to annual loss, but maintained a positive outlook for the future.

The North America-focused lithium developer reported a pretax loss of USD2.9 million for the year ended February 28, swinging from a profit of USD1.1 million from the year before. It did not report any revenue, unchanged from a year prior.

Hitting profit, it reported a USD1.0 million impairment of licences. In the prior year, it reported a USD2.9 million gain on sale, something that was not repeated this time.

Looking ahead, Bradda said it will need to incur further expenditure to advance its projects to a stage where their feasibility can be assessed and where they could potentially generate revenue.

The company said it remains optimistic, citing continued US support for domestically sourced critical minerals and growing demand for lithium.

Bradda said its objective remains to become a future domestic supplier of battery-grade lithium.

The company said: "Bradda Head's exposure to multiple lithium deposit types in established US mining jurisdictions positions the company to benefit from improving long-term lithium market fundamentals and increasing demand for domestically sourced critical minerals. In particular, the joint venture agreement with Rio Tinto represents a significant opportunity for the company, and provides a strong platform from which to advance the development of the asset."

Shares in Bradda Head were up 4.6% at 2.30 pence on Thursday morning in London.

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