Bradda Head Lithium Ltd (AIM: BHL) has agreed to acquire six uranium exploration licences in Tanzania for up to US$1.8 million, marking its first move beyond lithium as it builds a broader critical minerals portfolio.
The company will pay US$1 million in cash on completion, with a further US$800,000 linked to future milestones. This includes US$300,000 if the projects reach at least 25 million pounds of U₃O₈ in Indicated or Measured resources, and US$500,000 following completion of a definitive feasibility study and a decision to develop a mine.
The portfolio includes the Mkuju Project, where the Likuyu North deposit has an April 2022 JORC resource of 4.6 million pounds of U₃O₈ at an average grade of 267ppm. The package also includes the largely undrilled Likuyu South target, the 14km Mtonya-SWC corridor and the Eland and Foxy projects.
Executive chair Ian Stalker said the acquisition represents a logical next step in Bradda’s development into a broader critical minerals company.
Bradda stressed that its Whistlejacket lithium project in Arizona remains its primary near-term value driver, with the acquisition payment not expected to affect the current drilling programme.
Completion remains subject to Tanzanian regulatory approvals and registration of the licence transfers.
The company expects initial exploration work within 12 months of completion, but also confirmed that it will need to raise additional capital in due course to fund working capital, its San Domingo programme and exploration of the new Tanzanian uranium assets.
Ian Stalker, Executive Chair, commented:
“This transaction represents a logical next step in our journey toward becoming a broader critical minerals company. Uranium sits alongside lithium as a vital building block of the clean energy future and adds to our efforts to strengthen and secure supply chains in the West. By bringing in the Tanzanian licences we secure a solid, drill-ready project at limited upfront cost, with the majority of the consideration dependent on future project success. The acquisition sits comfortably alongside our established US lithium assets rather than overlapping them, giving us wider commodity and geographic reach, while our Arizona flagship Whistlejacket project continues to drive near-term progress.”
