Bradda reaches settlement agreement over fraudulent payment

(Alliance News) - Bradda Head Lithium Ltd on Monday said it will partially reimbursed for misappropriated funds.

The North American-focused lithium explorer disclosed in 2022 that it paid an unidentified party USD600,000 after falling victim to sophisticated electronic wire impersonation fraud.

Since then the company has actively pursued the recovery of the funds while implementing changes to its internal payment and approval policies following a review.

A settlement pursuant to the case has been agreed upon which will see Bradda recover approximately 40% of the misappropriated funds.

The agreement provides for no admission of liability by either party involved and the terms of the settlement are subject to strict confidentiality obligations. Therefore, Bradda said it will not provide any further comment on the matter.

Bradda shares were up 6.0% to 1.59 pence each in London on Monday afternoon.

By Elijah Dale, Alliance News reporter

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Bradda Head Lithium