Bradda Head clarifies Canadian filing delay

Bradda Head Lithium clarified information related to the change of auditor and the management cease trade order (MCTO) issued by the British Columbia Securities Commission (BCSC) in Canada on Friday, due to the late filing of its audited financial statements for the year ended 28 February.

The AIM-traded firm said the MCTO had no impact on general trading in its shares on AIM or the TSX-V.

It said the only individuals affected by the order were the chief executive and chief financial officers.

Additionally, Bradda Head assured shareholders that it remained in compliance with all AIM rules.

Bradda Head explained that the change in auditor was necessary to adhere to the requirement of the TSX-V for an auditor recognised by the Canadian Public Accountability Board, which the previous auditors did not meet.

As a result, the new auditors required additional time to fulfil their new responsibilities, leading to a short extension in filing the audited financial statements.

The TSX-V granted Bradda Head Lithium a filing deadline extension to 28 August, aligning with the requirement under AIM Rule 19 to publish its financial statements by 31 August.

Bradda Head said it expected to publish its financial statements in late July or early August - well ahead of the AIM deadlines and the extended filing date granted pursuant to the MCTO.

“The company remains well funded with a strong cash balance of £5.4m as at 31 March, and has an extensive drill programme planned to start shortly at its San Domingo pegmatite district in Arizona that the board believe will generate material catalysts for the company,” said chief executive officer Charles FitzRoy.

“Drilling is also underway at the company's lithium-in-clay Basin project in Arizona which will lead to a further significant resource upgrade in H2 of this year.”

At 1519 BST, shares in Bradda Head Lithium were down 2.5% at 3.9p.

Reporting by Josh White for Sharecast.com.