Highlights

  • Bradda Head may earn up to 60% interest through phased expenditure-based earn-in structure.
  • Whistlejacket drilling data shows lithium mineralization across all completed core holes.
  • Transaction requires shareholder approval via upcoming general meeting and circular.

Bradda Head Lithium Ltd (LSE:BHL) announced the signing of a binding and definitive “Option to Joint Venture” agreement with Kennecott Exploration Inc. (KEX), a subsidiary of the Rio Tinto Mining Group. The agreement outlines the commercial terms under which Bradda Head may earn a majority interest in the Whistlejacket lithium-bearing pegmatite property in Arizona, United States.

Under the proposed transaction, Bradda Head has the option to acquire up to a 60% legal and beneficial interest in the Whistlejacket Project through a phased earn-in structure tied to defined exploration expenditures and milestones.

Earn-In Structure and Options
Phase 1 of the agreement provides Bradda Head the option to earn an initial 51% interest in the project. Phase 2, which is at the company’s discretion, allows for the acquisition of an additional 9%, increasing total ownership to 60%. At the conclusion of each earn-in phase, KEX retains the right to reacquire the interest earned by Bradda Head at a multiple of expenditures incurred. If KEX does not exercise this option, Bradda Head may elect to acquire KEX’s remaining interest in the project.

Project Location and Tenure
The Whistlejacket Project comprises nine Arizona State Lands Department Mineral Exploration Permits covering 4,486.07 acres. The property is located approximately 140 kilometers northwest of Phoenix, 11 kilometers from Bradda Head’s Basin asset, and about 80 kilometers from its San Domingo Project. The site is also located near the operating Bagdad copper-molybdenum mine run by Freeport McMoRan.

Exploration History and Data
KEX has completed extensive exploration activities at Whistlejacket, including 19 diamond drill holes totaling 4,188 meters. Assay results indicate lithium hydroxide mineralization in all drilled holes, with reported intersections including 41.0 meters at 1.22% Li2O and 19.47 meters at 1.65% Li2O. Additional work includes surface mapping, sampling, airborne geophysical surveys, and high-resolution aerial photography.

Shareholder Approval and Next Steps
The proposed transaction does not qualify as a reverse takeover under AIM Rule 14 but remains subject to shareholder approval. Bradda Head will issue a circular containing a notice of general meeting, a Competent Person’s Report, project work program details, funding arrangements, and risk factors.

Share Performance
BHL traded at GBX 1.70 on January 27, 2026.