25th Aug 2023 12:20
(Alliance News) - Bradda Head Lithium Ltd on Friday said its pretax loss widened in its latest financial year, but that it is "ideally positioned" going forward to benefit from the US government's focus on clean energy.
For the year ended February 28, the Isle of Man-based and US-focused lithium exploration company reported a USD3.9 million pretax loss, widened from USD3.6 million the year before. Its operating loss widened to USD8.5 million from USD5.9 million.
Bradda Head said it incurred and capitalised exploration costs of USD3.8 million in financial 2023, up 6% from USD3.6 million the year before. General and administrative expenses meanwhile increased to USD5.9 million from USD3.5 million. Foreign exchange losses meanwhile surged to USD1.4 million from USD231,613.
Chair Ian Stalker commented: "The financial year has been both busy and exciting, with the company raising gross funds of just under USD13 million as part of a successful UK and North American placement in April 2022.
"The funds were strategically deployed to successfully fast-track our first drill programme at our San Domingo pegmatite resource in Arizona and complete our second Basin East drilling programme since listing in 2021."
Bradda Head did not declare any dividend for financial 2023, unchanged from the year before.
Looking ahead, Chief Executive Officer Charles Fitzroy commented: "Under the Biden administration, clean energy production will be ramped up in the USA, with lithium considered to be a key resource...The company, with its portfolio of assets covering all three main lithium deposit types, is ideally positioned to take advantage of this demand growth."
He added: "The board believes with its current portfolio, coupled with an extremely experienced and motivated team, it is in a strong position to both unlock value from its projects, and create significant value for shareholders."
Shares in Bradda Head were up 0.5% at 3.97 pence in London on Friday.
By Emma Curzon, Alliance News reporter
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