Bradda Head Lithium Ltd Announces Settlement Agreement Over Fraudulent Payment

BRITISH VIRGIN ISLANDS / ACCESSWIRE / May 20, 2024 / Bradda Head Lithium Ltd (AIM:BHL)(TSX-V:BHLI), the North America-focused lithium development group, is pleased to announce that it has come to a settlement regarding the fraudulent payment first notified on 29 March 2022 and subsequently disclosed in the audited financial statements for the years ending February 2022 and February 2023.

Bradda Head has signed a settlement agreement ("Agreement") pursuant to which it will be partially reimbursed for the fraudulent funds transfer. The partial settlement is consistent with Company's expectations at the time of initiating enforcement proceedings with gross recovery of approximately 40% of total misappropriated funds. Bradda Head confirms that the Agreement provides for no admission of liability by either party involved and the full commercial terms of the settlement are subject to strict confidentiality obligations on both parties so it will not be making any further comment on this matter.

Bradda Head is pleased that this matter is now settled and closed, with full attention focused on completing the ongoing Basin Project drilling programme, with an update provided on 17 April 2024.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET ABUSE REGULATION (EU No. 596/2014) AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018. UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN AND SUCH PERSONS SHALL THEREFORE CEASE TO BE IN POSSESSION OF INSIDE INFORMATION.

For further information please visit the Company's website: www.braddaheadltd.com.

ENDS

Contact:

Bradda Head Lithium Limited	[phone]
Ian Stalker, Executive Chairman Denham Eke, Finance Director
Beaumont Cornish (Nomad)	[phone]
James Biddle / Roland Cornish
Panmure Gordon (Joint Broker)	[phone]
Hugh Rich
Shard Capital (Joint Broker)	[phone]
Damon Heath / Isabella Pierre
Red Cloud (North American Broker)	[phone]
Joe Fars
Tavistock (Financial PR)	+ 44 20 7920 3150
Nick Elwes / Adam Baynes	[e-mail]

About Bradda Head Lithium Ltd.