Mr. Ian Stalker reports

BRADDA HEAD LITHIUM LTD ANNOUNCES SIGNIFICANT MINERAL RESOURCE EXPANSION AT BASIN

Bradda Head Lithium Ltd. has released an updated mineral resource estimate (MRE) at the company's Basin project, Arizona (see the table entitled "Mineral resource statement for Basin East, Basin East extension and Basin North, effective Sept. 1, 2023). The updated MRE was prepared in accordance with Canadian National Instrument 43-101 -- Standards of Disclosure for Mineral Projects (NI 43-101). As per the gross overriding royalty agreement with the Lithium Royalty Company (LRC), this new contained LCE (lithium carbonate equivalent) tonnage, which is well over the contracted threshold of one million tonnes (Mt), has enabled the company to trigger the payment of $2.5-million (U.S.) from LRC. The company has requested this payment be made.

Highlights:

• Based on a further 2,355.2 metres of sonic drilling, completed in 2023, Bradda Head has added 729,000 of lithium carbonate equivalent to the inferred mineral resource, for an updated total inferred LCE content of one Mt. The total new mineral resource now comprises 17 million tonnes in the indicated category at 940 parts per million (ppm) carrying 85,000 t (tonnes) LCE and 210 million tonnes in the inferred category at 900 ppm, carrying one Mt LCE.
• As per the royalty agreement, Bradda Head has formally requested payment of $2.5-million (U.S.) from LRC -- documentation has been submitted per verification by SRK Consulting (U.K.) Ltd.
• The continued stepout drilling success at Basin East extension and Basin North has increased the company's confidence levels in achieving the next milestone of 2.5 Mt of LCE in situ that enables Bradda Head to receive a further $3-million (U.S.) payment from the royalty agreement.
• SRK applied a new cut-off grade of 550 ppm Li to report mineral resources and demonstrate reasonable prospects of eventual economic extraction (RPEEE). This cut-off grade is higher than the cut-off grade used to report the previous mineral resource (300 ppm -- effective Oct. 13, 2022). This higher cut-off grade more accurately reflects the recognized metallurgical processing input parameters and takes into account operating costs presented in the public domain by more advanced peer group projects.
• The average in situ grade of the inferred Basin East mineral resource has increased from 694 ppm to 900 ppm Li (lithium), a 30-per-cent increase.
• The results of the 2023 drilling program demonstrate extensive lateral continuity of the Basin East clay package, as well as impressive consistency in the stratigraphic position and grade profile of a high-grade clay-rich subunit, over an approximately 2.7-kilometre by 1.8 km area. It is important to note that the upper clay unit includes a continuous high-grade layer which has an average grade of approximately 1,300 ppm Li, and is, on average, 15 metres thick. This higher-grade portion of the upper clay unit is strategic as it could potentially form part of a phased mining processing operation, and would clearly enhance early stages of mining and overall project economics.
• Mineralization is open to the north of the MRE model in the Basin East and Basin North licence blocks, and geological mapping and surface Li samples. Geological mapping and geophysical surveys indicate that similar clay strata may also be present across the majority of the Basin West licence block. The previous drilled area only covered 1.4 square km of Bradda's total 41 square km of sedimentary claims in Basin and Wikieup. The 2023 resource expansion drill program has increased this drilled area to 2.5 square km, or 14 per cent of Bradda Head's claims in the Basin district only. The next phase of drilling is planned for early 2024 at Basin North under an existing notice of intent (NOI) permit. Bradda is also permitting an 80-hole program at BWE and BW with the BLM (Bureau of Land Management), where it expects significant resource growth stemming from geological work done to date by its geologists. BW and BWE cover an 11 square km area, which is considerably larger than the BE (1.5 square km), BEE (2.3 square km) and BN (2.3 square km).
• SRK was selected to complete the mineral resource update analysis, and applied a stringent approach to both the in situ density measurement and the cut-off grade utilized. A lower in situ density and higher cut-off grade than previously reported resulted in a more robust estimate. A significant and pragmatic building block to develop the continuing test work plan.
• The table entitled "Grade-tonnage sensitivity to cut-off grade" highlights the grade versus tonnage relationship with the orebody, and reflects a significant amount of flexibility in potential open-pit mining scenarios.
• The full study completed by SRK will be available on the company's website and SEDAR before Nov. 10, 2023.

Ian Stalker, chairman of Bradda Head, commented:

"The increase in LCE at Basin East extension and into Basin North highlights the impressive potential that we have always believed is inherent at the Basin project. The total drilled area at Basin East/Basin East extension/Basin North still only covers 2.5 square km of our 41 square km licence area at Basin and Wikieup.

"We believe that 2024 is going to be another exciting year of resource growth for Bradda Head, hopefully in both projects areas -- San Domingo pegmatites and the Basin clays. We remain well funded; even more so following the royalty payment. More drilling is already planned at Basin North and Basin West upon receipt of the environmental assessment (EA) from the BLM in H2 2024. The area we are permitting is over 11 square km, which is considerably larger than BE, BEE and BN combined (approximately six square km). BHL is excellently placed to take full advantage of the near-term resource growth potential at our sedimentary lithium assets in Arizona. The BHL team on site has done a remarkable job and showed persistence in delineating the Basin project to date.

"We have a compelling 12 months ahead with what we believe are a number of material catalysts, and we look forward to providing further updates in 2023, including our ongoing work at our San Domingo pegmatite district, as well as in 2024, in what we believe is going to be another exciting year of resource growth for Bradda both at San Domingo and Basin."

Mineral resource estimation

The updated 2023 mineral resource estimate at Basin, authored by SRK Consulting (U.K.), is reported in accordance with the terminology and definitions given in the JORC (Joint Ore Reserve Committee) code (2012) and the Canadian Institute of Mining, Metallurgy and Petroleum guidelines, comprises: an indicated mineral resource of 17 Mt at an average grade of 940 ppm Li and 3.4 per cent K (potassium) for a total of 85,000 tonnes LCE; and an inferred mineral resource of 210 Mt at an average grade of 900 ppm Li and 2.8 per cent K for a total of one Mt LCE. The statement, presented in the table entitled "Mineral resource statement for Basin East, Basin East extension and Basin North, effective Sept. 1, 2023," was prepared by Mr. Pittuck of SRK, who is considered a qualified person for this style of mineralization.

SRK has applied basic technical and economic assumptions for open-pit mining (mining and selling costs, mining recovery and dilution, and pit slope angles) and processing factors (Li recovery and processing costs) to determine which portion of the block model has reasonable prospects for eventual economic extraction, as required by the JORC code. To achieve this, the mineral resource has been subject to a pit optimization study and cut-off grade analysis.

The 2023 Q3 mineral resource follows the completion of a 14-hole, 2,355.2 m sonic drilling program which was completed in Q2 2023. Drilling covers double the area compared with the previous estimate, giving new relatively wide-spaced intersections in Basin East extension and the southern part of Basin North.

Two thousand twenty-three mineral resource statement

High grade

Over one-third of the contained LCE is in a high-grade zone within the upper clay zone with an average grade of some 1,300 ppm Li. This high-grade zone gives Bradda Head further optionality and could have important economic implications for a potential future mining operation. The shallow nature of the high-grade zone, which crops out in Basin East, would likely result in a low strip ratio, enabling high-grade ore to be scheduled early in a possible mine plan as it sits in the upper part of the deposit.

Exploration potential

The upper clay zone and higher-grade zone show remarkable extent and continuity throughout the drilled parts of the Basin project and remain open to the north, indicating significant exploration potential in the Basin North licence. Geological mapping, surface samples assayed for lithium and geophysical (ground-penetrating radar) survey work also indicate similar clay layers are likely present throughout the majority of the Basin West licence area. As such, with further wide-spaced drilling, Bradda Head sees excellent potential to increase the resource base substantially with the goal of reaching and exceeding 2.5 Mt LCE.

For the prospective parts of Basin East, Basin West, Basin West extension and Basin North claims, SRK has determined a JORC-compliant exploration target of 250 Mt to 830 Mt of additional material grading between 750 ppm to 900 ppm Li. This is equivalent to a range of between one Mt to four Mt contained LCE. This exploration target is based on an assessment of the updated mineral resource LCE per unit area, an estimated range of likely grades based on the MRE, and an assessment of the extent of mapped clay and hangingwall lithologies, together with surface sample Li grades, in the undrilled parts of the Basin project licence areas.

Related table

The table entitled "Grade-tonnage sensitivity to cut-off grade" is for information and context, comparing Q4 2022, Q1 2022 and 2018 totals in relation to the areas on which work had been conducted at each time.

Comparison with updated 2023 to Q4 2022 MRE, to Q1 2022 MRE, to 2018 MRE

Two thousand twenty-three model sensitivity of LCE to cut-off grade.

Other comments

Remarkably, the resource was developed in four separate programs over the span of five years, drilling 62 holes for a total of 6,730 metres, extremely high value for shareholders, resulting in over one Mt of LCE.

Qualified person -- SRK

The mineral resource statement has been authored by Mr. Pittuck, CEng, MIMMM, FGS, who works for SRK Consulting (U.K.), an independent mining consultancy. Mr. Pittuck has over 25 years of experience undertaking and reviewing mineral resource estimates, and has worked on lithium clay estimates for over five years. Mr. Pittuck consents to the inclusion of the technical information in this release and context in which it appears.

Qualified person -- Bradda Head

Joey Wilkins, BSc, PGeo, is head of North America at Bradda Head, and the qualified person who reviewed and approved the technical disclosures in this news release. Mr. Wilkins is a graduate of the University of Arizona with a BSc in geology, with more than 37 years of experience in mineral exploration, and is a qualified person under the AIM (Alternative Investment Market) rules and a qualified person as defined under National Instrument 43-101. Mr. Wilkins consents to the inclusion of the technical information in this release and context in which it appears.

Reference is made to the report entitled "Independent technical report on the Basin and Wikieup lithium clay projects, Arizona, U.S.," dated Oct. 18, 2022, with an effective date of June 10, 2022. The report was prepared by Mr. Pittuck, CEng, MIMMM, FGS, and Kirsty Reynolds MSci, PhD, FGS, and reviewed by Nick Fox, MSc, ACA, MIMMM. The report is available for review on SEDAR+ and the company's website.

About Bradda Head Lithium Ltd.

Bradda Head Lithium is a North America-focused lithium development group. The company currently has interests in a variety of projects, the most advanced of which are in central and western Arizona: the Basin project (Basin East project and the Basin West project) and the Wikieup project.

The Basin East project has an indicated mineral resource of 17 Mt at an average grade of 940 ppm Li and 3.4 per cent K for a total of 85,000 LCE, and an inferred mineral resource of 210 Mt at an average grade of 900 ppm Li and 2.8 per cent K for a total of one Mt LCE. In the rest of the Basin project, SRK has determined an exploration target of 250 Mt to 830 Mt of material grading between 750 ppm to 900 ppm Li, which is equivalent to a range of between one Mt and four Mt contained LCE. The group intends to continue to develop its three phase 1 projects in Arizona, whilst endeavouring to unlock value at its other prospective pegmatite and brine assets in Arizona, Nevada and Pennsylvania. All of Bradda Head's licences are held on a 100-per-cent equity basis and are in close proximity to the required infrastructure.

We seek Safe Harbor.