(Alliance News) - Bradda Head Lithium Ltd announced on Tuesday that its interim losses had substantiality widened due to mounting costs but forecast a busy second half of trading.
For the first half ended August 31 the North America-focused lithium development group reported a pretax loss of GBP1.8 million, up from GBP229,000 a year before. This was mainly due to significant rises in general and administrative expenses.
Bradda decided against a dividend payout this year.
Looking forward, Bradda noted that demand for US-based lithium production is forecast to reach 353 kilo tonnes per annum by 2030. This would skyrocket lithium demand which currently only stands 5ktpa.
As a result, Bradda said it believes it is in a unique position to take advantage of the significant growth in future demand.
"The first half of the financial year has been both busy and very exciting, with the company raising funds of over USD9.0 million as part of a pre-IPO and AIM IPO fundraises. The funds have been strategically deployed to fast-track our Burro Creek drilling programme, significantly increase our landholding in Arizona, and strengthen our team members with key senior appointments. The second half of the financial year is going to be just as busy, and we will keep our shareholders updated as we receive exploration results," Chair Ian Stalker said.
Shares in Bradda closed up 3.3% at 7.75 pence on Tuesday in London.
By Heather Rydings; heatherrydings@alliancenews.com
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Bradda Head Lithium (BHL)