Bradda Head Lithium Ltd Announces Unaudited Interim Results for the 3 and 9 months

BRITISH VIRGIN ISLANDS - Bradda Head Lithium Ltd (AIM:BHL), the North America-focused lithium development group, is pleased to announce that it has published its unaudited financial results for the three and nine months ended 30 November, 2022 and the Management's Discussion and Analysis for the same period.

Both of the above have been posted on the Company's website www.braddaheadltd.com and are also available on SEDAR at www.sedar.com.

Financial and operational highlights for the third quarter

Commenced an updated Mineral Resource Estimate ('MRE') based on a 1,200m sonic drill programme at Basin East ('BE'), with the updated resource being announced post period end on January 16, 2023.

The updated MRE added 65 kt of LCE to the Mineral Resource, for an updated total LCE content of 371 kt.

Drilling continued at the San Domingo pegmatite project, with lithium-bearing minerals being identified in the first hole at this programme, including spodumene and lepidolite.

Completed an initial soil sampling programme covering an initial 3km2, identifying a potential >3km lithium-bearing trend and highly-prospective follow-up drill targets.

Cash balances and total assets stood at US$ 10,603,037 and US$ 19,584,569 respectively.

On November 10, 2022, completed a dual listing on the TSX-Venture Exchange.

Ian Stalker, Chairman of Bradda Head, commented:

'The third quarter of the financial year has been very busy for the Company. Drilling continued at our San Domingo pegmatite asset, with lithium-bearing minerals being identified in the first drill hole. Post quarter end, the Company also updated its Mineral Resource Estimate at Basin East and highlighted the significant exploration potential that remains within this large, mineralised location. The pace of development will continue through the final quarter and into the next financial year, and we look forward to updating our shareholders as we receive the exploration results.'

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ('MAR'), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

Contact:

Bradda Head Lithium Limited

Charlie FitzRoy

CEO

T: [phone]

Denham Eke

Finance Director

Beaumont Cornish

Nomad

James Biddle

Roland Cornish

T: [phone]

Peterhouse

Charles Goodfellow

Duncan Vasey

Lucy Williams

Joint Broker

T: [phone]

Shard Capital

Damon Heath

Isabella Pierre

Joint Broker

T: [phone]

Red Cloud

Joe Fars

North American Broker

T: [phone]

Tavistock

PR

Nick Elwes

Adam Baynes

T: + 44 20 7920 3150

E: [e-mail]

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 21.2 Mt at an average grade of 891 ppm Li and 3.5% K for a total of 100 kt LCE and an Inferred Mineral Resource of 73.3 Mt at an average grade of 694 ppm Li and 3.2% K for a total of 271 kt LCE. In the rest of the Basin Project SRK has estimated an Exploration Target of between 300 to 1,300 Mt of material grading between 600 to 850 ppm Li which is equivalent to a range of between 1 to 6 Mt 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, on the TSX Ventures exchange with a ticker of BHLI, and on the US OTCQB market with a ticker of BHLIF.

Management discussion and analysis for the three and nine-month period ended November 30, 2022

This management's discussion and analysis ('MD&A') reports on the operating results and financial condition of the Company for the three and nine months ended November 30, 2022, and is prepared as of January 27 ,2023. The MD&A should be read in conjunction with Bradda Head Lithium Limited's (the 'Company' or 'Bradda Head') unaudited consolidated financial statements for the three and nine months ended November 30, 2022, and the audited annual consolidated financial statement for the years ended February 28, 2022, and February 28, 2021, and the notes thereto which were prepared in accordance with International Financial Reporting Standards ('IFRS').

All dollar amounts referred to in this MD&A are expressed in United States dollars except where indicated otherwise.

Overview

Bradda Head Lithium Limited was incorporated on October 28, 2009, in the British Virgin Islands under the British Virgin Islands Companies Act with registered number 1553975 with the name Copper Development Corporation. On October 5, 2015, the Company changed its name from Copper Development Corporation to Life Science Developments Limited, and on April 18, 2018, the Company changed its name to Bradda Head Holdings Limited. On September 15, 2021, the Company changed its name to Bradda Head Lithium Limited.

The Company has one business segment, being mineral exploration. The Company is focused on appraising and developing lithium mining projects within North America and currently has interests in a variety of projects in the United States.

Corporate and Exploration Highlights

Exploration Highlights

Set forth in this section is a description of the Company's material mineral projects. All scientific and technical data contained in this MD&A has been reviewed and approved by Joey Wilkins, B.Sc., P.Geo., who is Head of North American Operations at Bradda Head and a Qualified Person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects ('NI 43-101').

Arizona Sedimentary Hosted Lithium Projects

Basin Project

Geological consultants, SRK Consulting (UK) ('SRK'), commenced an updated Mineral Resource Estimate based on a 1,200m sonic drill programme at Basin East ('BE'). This is planned as an interim update whilst we prepare to drill at Basin East Extension ('BEE') and Basin North ('BN'). The programme consisted of infill and expansion drilling (14 holes total, 8 infill and 6 expansion). The initial results from the programme showed that mineralization is open to the north at BE, as well as the west and northwest as previously identified.

Permitting efforts continued at Basin for permission to drill at BEE and BN. Permission was awarded on May 2, 2022 to drill at BN, with final permitting at BEE still in progress. Efforts now are focused on ensuring that we access the areas with as little disturbance as possible, with an expected drilling start date at BN during Q1 2023.

Permitting is ongoing for the Plan of Operations permit at Basin West ('BW') and Basin West Extension ('BWE'), and we expect a decision on this in the second half of 2023. This is for an 80-hole drill programme to test the resource potential at the c.11km2 area covered by BW and BWE.

Wikieup Project

Analysis is ongoing at Wikieup for a follow-up drill programme in 2023, building on the initial sonic drill programme which finished in early 2022.

Arizona Pegmatite District

San Domingo Project

Progress at the first diamond core scout programme at San Domingo continued over the quarter, with good progress seen after an initially mixed start due to adverse weather conditions over the Arizona monsoon season. The Company has now moved assay labs to SGS Canada Inc, following excessive delays (up to 17 weeks) from the previous lab. As a result, assays are expected to be received in a more consistent manner from now.

Visible lithium-bearing minerals were identified in the first hole at this programme, including spodumene and lepidolite. To confirm mineralogy, X-ray Diffraction ('XRD') was carried out on 8 samples from the intersections, identifying spodumene and lepidolite in all holes.

The commencement of drilling followed positive results from a recent SRK 3D mapping exercise, increasing potential pegmatite outcrops by 190%. Following this, Bradda Head increased its staked claims at San Domingo by 75% (press release dated 08 August 2022). This first programme is expected to be finished in late January/early February 2023, with final assays expected back before the end of March 2023.

In late November, the Company released the results from a soil sampling programme, covering c.11% of the San Domingo pegmatite claims in Arizona. Results identified highly prospective follow-up lithium targets over a 3km2+ strike, with the same elemental signatures that have been seen at known lithium mineralisation locations globally. The soil geochemistry suggests that the pegmatite swarm is largely of the lithium-caesium-tantalum (LTC) mineralisation type, the most significant for lithium deposits and what is commonly associated with economic occurrences of lithium and tantalum. LCT-type pegmatites are found in the Western Australian pegmatite district, like Tianqi and Albemarle's joint-venture Greenbushes lithium mine.

Bradda Head carried out the soil sampling programme covering just under 3km2 of the northern claim block at San Domingo to support future drill hole targeting and to better understand our 23km2 pegmatite district in Arizona. Importantly, ratios present in the soils of elements associated with pegmatites and lithium mineralization highlight targets for potential follow-up. The maps below show the areas of interest and, crucially, demonstrate a 9km2 NE-SW trend, which may continue through the remainder of the San Domingo 20km2 of claims and state MEPs in Arizona, which have not had detailed soil sampling.

Alongside the current drill programme, a follow-up field observation, soil sampling, and channel sampling programme is now underway across the full 23km2 San Domingo pegmatite district.

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