Bradda Head Lithium Ltd (AIM: BHL), a North America-focused lithium development group, has updated investors on its proposed acquisition of six prospecting uranium licences in Tanzania from Zeus Resources (T) Limited and its parent US1 Critical Minerals Ltd (ASX: USC). The parties have agreed to amend the original asset purchase agreement, restructuring key payment terms to support the ongoing in-country licence transfer process. Completion remains subject to regulatory conditions, including consent from Tanzania's Mining Commission.

Key Points

  • Bradda Head Lithium Ltd (AIM: BHL) is a North America-focused lithium development group with projects in Arizona
  • BHL has amended its purchase agreement for six prospecting uranium licences in Tanzania from Zeus Resources and US1 Critical Minerals (ASX: USC)
  • The initial US$1,000,000 completion payment has been restructured into two instalments of US$500,000 each, with the second due by 31 March 2027; the exclusivity fee repayment deadline extended to 7 February 2027
  • Investors should watch for confirmation that the Mining Commission has consented to and registered the licence assignment to BHL Tanzania

Amended Payment Structure Splits US$1 Million Completion Sum into Two Instalments

Under the revised agreement announced on 10 November 2026, the original single completion payment of US$1,000,000 has been divided into two equal instalments of US$500,000. The first instalment falls due on closing, while the second must be paid by no later than 31 March 2027. Additionally, the deadline for repayment of the US$120,000 exclusivity fee — if repayment is required — has been extended to 7 February 2027. The announcement states that these amendments are designed to support the ongoing process of transferring the licences within Tanzania.

BHL to Acquire Exploration Data and Fixed Assets from US1 Critical Minerals Alongside Licences

Beyond the six prospecting uranium licences themselves, the updated agreement confirms that Bradda Head Lithium will also acquire from US1 Critical Minerals all relevant data associated with the licences, as well as certain fixed assets held by US1 in connection with its prior exploration activities in Tanzania. This broadens the scope of the transaction to include exploration-related physical and data assets, which may carry operational value for any future work programme on the uranium properties. The combined nature of the acquisition — licences, data, and fixed assets — was confirmed explicitly in the company update.

Tanzania Mining Commission Consent Remains the Critical Condition for Transaction Completion

The transaction cannot complete until Tanzania's Mining Commission consents to and registers the assignment of the prospecting licences to BHL Tanzania, all applicable statutory fees and taxes have been paid, and full regulatory compliance has been achieved. The announcement states that both Bradda Head Lithium and US1 Critical Minerals are working co-operatively to close the transaction promptly. BHL has confirmed it will notify the market once all conditions are satisfied and completion becomes effective. Investors will be watching for that regulatory confirmation as the definitive trigger for the deal.

BHL's Core Lithium Assets Remain Its Arizona Projects as Tanzania Deal Progresses

Bradda Head Lithium's principal operations remain focused on its Arizona lithium assets, including the Basin Project — which carries a combined Mineral Resource of 2.81 Mt LCE — the San Domingo Project covering approximately 1,850 acres, and the Whistlejacket Project subject to an option-to-joint-venture agreement with Kennecott Exploration Company. The proposed Tanzanian uranium acquisition represents a diversification beyond the company's established North American lithium focus. The original agreement was first announced on 15 September 2026, and the latest amendment reflects the procedural complexity of completing cross-border resource licence transfers in East Africa.