Bradda Head's Ian Stalker: Uranium 'may well be the icing' alongside lithium 'bread and butter'

So we have got two great projects now in our hands. And I would just mention when you say what's next, I think what's next for us and what's next for our shareholders is a significantly improving share price. I think we've got the timing right in the uranium that we've partially talked about, Stephen.

Hello, you're watching Proactive. I'm joined by Ian Stalker, executive chairman of Bradda Head Lithium.

Ian, good to speak with you again. You recently announced the acquisition of some uranium licenses in Tanzania. Can you explain the rationale given that you have historically been a pure lithium play?

Of course, I can. And thanks for bringing me on the show again. Uh let me just start, if I may, Stephen, by saying that our vision hasn't changed. We remain dedicated and determined to create a very positive project in the USA with our lithium profile. Um we actually have started drilling there as we promised the market not so long ago and on the funds that we raised. and the initial uh signs that we've got are indeed promising. So we're getting more and more excited about the potential of delivering from that part of the world, from the USA, uh a primary lithium uh resource number in the early part of 2027.

However, getting back to your question, um during the road show that I did prior to our fundraising and and even before that, I've always mentioned that, you know, at our size and shape as a little company, we have to be nimble, we have to look at opportunities and we have to be opportunistic as a result. And I've always liked the uranium space, but in more recent times, uh you can see the demand that's growing out there for a whole host of reasons. And of course with the drama we're having in the Middle East and the supply of oil from the Gulf of Hormuz or the Hormuz straight or wherever you want to call it. It's a problem for future deliveries and people are getting more and more insecure regarding the independence of their power supply and their ability to generate power in a sufficient quantity. So uranium is an area that fills that gap. It's not dependent upon the sun or the wind. It is dependent upon base load, which is more and more achievable. There is a growth in the area. So when the this opportunity came up in Tanzania for these uranium licenses, I was delighted to negotiate a deal that I think is extremely attractive for Bradda and therefore Bradda shareholders, and it kind of diversifies our company a little bit in terms of the minerals we're looking at, but still both of them are critical strategic minerals under the American view of life going forward and I think for most people. So I think it's a great opportunity that we've got, but not to deflect and I emphasize that from the work we're doing over in the USA.

Ian, what's the potential of these licenses and what's your plans for them?

Well, what we've been very fortunate in getting, Stephen, is in the licenses in Tanzania, there is already a compliant resource. So historical work done on the ground identified a decent starter kit running at a grade of about 270 PPP, 270 PPM, which is a measure of U308. The interesting thing about that is the comparison in terms of the geological sta style that the uranium was found in, it's the stretches right across the Karoo area from Tanzania, through South Africa, Zambia, Zimbabwe, into Namibia. And if you look at Namibia, where the bulk of the uranium in Africa comes from, there's some also from Niger, of course, you'll find that the grades there tend to be a bit lower than what we have. So, we've got a decent little resource, a grade of 270 that compares favorably with the other competitors in the marketplace that are already mining in this area of Southern Africa. And we believe that there's a real opportunity of growing the resource adjacent to where the initial drilling took place. Historical work again suggested uh there was some more more material around, but it needs a good drilling campaign at the right time. And I'll come back to the drilling campaign, Stephen, if I may. But um, no, we think there's a great opportunity. And the interesting thing, the resource was based on the fact that a report had been done in 2024 highlighting that the area where the drilling had taken place lended itself to in situ leach. Now in situ leach is a much less invasive uh mining approach than say open pit mining, underground mining where you, you do leave a scar in the landscape and you have to go back and remediate it. But with the ISR, of course, you pump solution un underground from a relatively small surface establishment, um and that allows you to recover the uranium via um going into solution via the acid that you're pumping down. What that um resource was calculated on was the basis that it was an open pit. And so the pit dynamics only contained X amount of pounds. When you consider ISR, those kind of pounds can increase in numbers because it's no longer constrained by pit dynamics. It's much more ISR. So there's a a real potential just in the area where we've got the resources to grow more, grow more. There's other areas, we've got six licenses, 100, 1,300 square kilometers under our control now, a real opportunity to to pick up a few more pounds on route. And and it's also interesting to add if I may Stephen, um adjacent to us is an area known as Nyota, and Nyota has existing 125 million pounds of U308 already in uh 43101 compliant resources. That project was initially owned by Mantra uh in the latter part of 2008, 9, 10 when the the the the initial wave of uranium pricing was very positive. And they sold it to a Russian group, Rosatom, um who have held that project since then. Um and then of course Fukushima came along and cooled everything down as no great surprise with that kind of action and attention. But the Russians now are busy on that particular project, the 125 million pound of U308 project. They are developing it. And that is quite a boost for us. It does two things. At one, again, it shows you where we are. We're a long strike in the same geological setting as the Russian deposit. Um so it shows you we're in the right area. We've got the right symptoms and and the fact that someone's developing it, it's hot to trot. But the second benefit for us, Stephen, is the fact that the Russians, uh the owners of the the the mine itself are putting in quite a significant amount of infrastructure. Down there in the southern part of Tanzania, there is limited road access, etc, etc and power, water, but because of the developments going on, a lot of these things have been put in. and of course for us, what it means is that is a cheaper drilling campaign than it was two or three years ago, um because we it's a much easier mobilization, easier to get to and just cheaper all round in terms of access movement and deliveries. So, back to your question, we think there's growth. We think we're in the right spot because, you know, the geology tells us that as well as the our neighbor who's busy developing a uranium mine and the infrastructure has improved dramatically. So we're feeling good about what we have over in Tanzania.

Uh so what's next for Bradda then Ian?

Well, we continue with lithium. As I mentioned at the start of the interview, Stephen, we still see that if you like as our bread and butter. Um the icing may well be the uranium, but right now, we are working well with our colleagues, RTZ, who were in joint venture with. And RTZ, as everyone knows is a big name in the world. Um and they are, they we had our first meeting, went well. They're coming to site, I'm glad to say. Drilling is is really moving along positively. So I I'm feeling pretty happy about how things are moving over there. We've a good team. So we will continue to develop that, put out some press releases letting everyone know how we're doing and how quickly we're performing and how quickly we're reaching the targets we've set ourselves. And then on the uranium front, I did mention about a potential drilling campaign. It's interesting to note, Stephen, that the the wet season kicks in in Tanzania around about the end of um October, beginning of November, and continues generally through to mid- March. So there is an amount of time we've got to prepare the information that we've picked up, uh really assimilate what documents, reports, background work, drilling that was previously done, get assimilate that into a uh a much more detailed scenario than I have in my head at the moment. I just know it's a good target, a set of targets. Um and then we'll plan a drilling campaign probably the latter part of of March to get make sure we're going there because even though infrastructure is improving, when the rains come, life can become quite challenging. So we have got two great projects now in our hands. And I would just mention when you say what's next, I think what's next for us and what's next for our shareholders is a significantly improving share price. I think we've got the timing right in the uranium that we've partially talked about, Stephen. I think we've got the timing and location right in lithium over in the states where Mr. Trump continues to bang his drum saying he wants his own critical minerals. And by the way, the USA has a relationship with Tanzania. They have a relationship in terms of critical minerals and critical metals. So that's a bonus. Um and so for us, I think the future's looking relatively positive in terms of share price appreciation, uh investment opportunities for investors coming in now, for those who've stuck with us through thick and thin. But for the new investors, the diversification of risk based on and it's always based on the quality of the projects that are in the portfolio and the team that delivers it. And I guess the final comment I'd make Stephen, unless you have another question, of course, is that I have had a history in uranium, a successful one over the years from 2005 through to about 220, uh 2020 when I I I had a project, good, very good uranium project over in Peru. And we've had the success. So, I think for our shareholders, for the new ones coming in, opportunity. People have done it. Jim Mellon who is on our board and is a big supporter of Bradda, has been there as well, been there, done that. So, yeah, it's looking very positive all around, I'm glad to say.

Well, Ian, I hope you'll continue to keep us updated on uh progress on all fronts. Thank you very much for your time today.

Thank you, Stephen.

That's Ian Stalker, Executive Chairman of Bradda Head Lithium.