REG - Berkeley Energia - Quarterly Report March 2024
26/04/2024 07:00
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RNS Number : 1379M Berkeley Energia Limited 26 April 2024
NEWS RELEASE | 26 April 2024
Quarterly Report March 2024
Summary:
· Commencement of International Arbitration against Spain
Subsequent to the end of the quarter, Berkeley Energia Limited (Berkeley or
Company), through its wholly owned subsidiary, Berkeley Exploration Limited
(BEL), announced that it will refer its investment dispute with the Kingdom of
Spain (Spain) to international arbitration under the International Centre for
Settlement of Investment Disputes (ICSID).
In November 2022, BEL submitted a written notification of an investment
dispute to the Prime Minister of Spain and the Ministry for the Ecological
Transition and the Demographic Challenge (MITECO) informing them of the nature
of the dispute and the Energy Charter Treaty (ECT) breaches, and that it
proposed to seek prompt negotiations for an amicable solution pursuant to
article 26.1 of the ECT. To date, the Spanish government has not engaged in
any discussions related to the dispute and Berkeley has had no option but to
take action and enforce its rights at the Salamanca project through
international arbitration. BEL has engaged specialist teams at Herbert Smith
Freehills Spain LLP and LCS Abogados to jointly prepare and submit the
'Request for Arbitration' to the ICSID, and represent it in these proceedings.
Notwithstanding the investment dispute, Berkeley remains committed to the
Salamanca project and continues to be open to a constructive dialogue with
Spain. Berkeley is ready to collaborate with the relevant Spanish authorities
to find an amicable resolution to the permitting situation and remains hopeful
discussions can take place in the near term.
· Global Nuclear Power and Uranium Market:
Following a high of US$107 per pound in February 2024, spot uranium prices
demonstrated continued volatility and ended the quarter down at US$88 per
pound following declined transaction activity.
Since December 2023 the longer price indicators have continued to strengthen
during the quarter, with the three and five year forward prices increasing to
US$97 per pound and US$108 per pound respectively. The Long-Term Price
continued to rise incrementally reaching US$75 per pound at the end of March
2024.
The outlook for nuclear power and the uranium market continued to strengthen
during the quarter, with a number of important recent developments, including:
· Spain
o Catalonia's Ascó I, Ascó II and Vandellós II nuclear power plants
generated electricity in 2023, accounting for up to 59% of the energy consumed
in the region. The plant operator said this contribution to the electrical
system is also equivalent to covering 30% of the electrical energy consumption
of nearly 19 million Spanish homes. It noted the joint production of the three
plants resulted in emissions savings of 8.3 million tonnes of CO(2) equivalent
last year.
· European Union
o The European Investment Bank's new president has signalled openness to
fund new nuclear projects. In an interview with the Financial Times, Nadia
Calviño, a former Spanish economy minister who recently took over the EIB
presidency, laid out several areas where she would differ from her
predecessor. Previously the bank had stayed clear of investments in new
nuclear plants and was "notoriously risk-averse" while Calviño said Europe
"needs to be active because it cannot be behind the curve" on "modular
reactors".
o France announced that legislation will be introduced for the construction
of eight new nuclear reactors in addition to the six units announced by
President Macon in early 2022. The bill will include a further eight plants
that had until now been discussed as an option by the government.
· USA
o The US Administration's 2025 budget request includes nearly USD$1.6
billion for the Department of Energy's Office of Nuclear Energy, with support
for securing supplies of high-assay low-enriched uranium, developing new
reactor technologies, supporting R&D, advancing the use of additive
manufacturing and AI, and deploying US reactors overseas.
· COP28
o In March 2024, The United Nations Framework Convention on Climate Change
(UNFCCC) and the International Energy Agency (IEA) have announced a new phase
of cooperation to drive progress on the energy commitments made at COP28 in
Dubai with the goal of limiting global warming to 1.5°C. Under the new phase
of cooperation, the UNFCCC and IEA will focus on three key areas - tracking
and reporting on the energy-related outcomes of the first Global Stocktake at
COP28, building consensus on actions to deliver 1.5°C-aligned energy
transitions and supporting the next round of Nationally Determined
Contributions under the Paris Agreement. In addition, the two organisations
will deepen their existing cooperation on data and capacity building.
· Ukraine
o Ukraine expects to commence construction of four new nuclear reactors in
2024 as the country seeks to compensate for lost energy capacity due to the
war with Russia. Two reactors will be based on Russian-design technology,
which Ukraine wants to import from Bulgaria, while the other two will use
Westinghouse technology.
· UK
o The British government released it's "Civil Nuclear Roadmap" setting forth
plans for the quadrupling of nuclear capacity by 2050, representing about 25%
of the country's projected electricity demand. The government stated that "the
roadmap will give industry certainty of the future direction of the UK's
ambitious nuclear programme, on top of the government's historic commitment
and world-leading competition to develop small modular reactor technology."
The roadmap includes a government ambition and make nuclear investment
decisions every five years from 2030 to 2044 on new nuclear projects.
· Balance Sheet
The Company is in a strong financial position with A$78 million in cash
reserves and no debt.
Classification: 2.2 This announcement contains inside information
For further information please contact:
Robert
Behets
Francisco Bellón
Acting Managing Director
Chief Operating Officer
+61 8 9322
6322
+34 923 193 903
info@berkeleyenergia.com (mailto:info@berkeleyenergia.com)
Salamanca Project and Background to Dispute
The Salamanca project is being developed in a historic uranium mining area in
Western Spain about three hours west of Madrid.
The Project hosts a Mineral Resource of 89.3Mlb uranium, with more than two
thirds in the Measured and Indicated categories. In 2016, Berkeley published
the results of a robust Definitive Feasibility Study (DFS) for Salamanca
confirming that the Project may be one of the world's lowest cost producers,
capable of generating strong after-tax cash flows.
In April 2021, the Spanish Government approved an amendment to the draft
climate change and energy transition bill relating to the investigation and
exploitation of radioactive minerals (e.g. uranium). The Government reviewed
and approved the amendment to Article 10 under which: (i) new applications for
exploration, investigation and direct exploitation concessions for radioactive
materials, and their extensions, would not be accepted following the entry
into force of this law; and (ii) existing concessions, and open proceedings
and applications related to these, would continue as per normal based on the
previous legislation. The new law was published in the Official Spanish State
Gazette and came into effect in May 2021.
The Company currently holds legal, valid and consolidated rights for the
investigation and exploitation of its mining projects, including the 30-year
mining licence (renewable for two further periods of 30 years) for the
Salamanca project, however any new proceedings opened by the Company is now
not allowed under the aforementioned new law.
In November 2021, the Company received formal notification from MITECO that it
had rejected the construction of the plant as a radioactive facility (NSC II)
at the Company's Salamanca project following and unfavourable report for the
grant of NSC II issued by the Board of the Nuclear Safety Council (NSC) in
July 2021.
Berkeley strongly refutes the NSC's assessment and, in the Company's opinion,
the NSC adopted an arbitrary decision with the technical issues used as
justification to issue the unfavourable report lacking in both technical and
legal support.
Berkeley submitted documentation, including an 'Improvement Report' to
supplement the Company's initial NSC II application, along with the
corresponding arguments that address all the issues raised by the NSC, and a
request for its reassessment by the NSC, to MITECO in July 2021.
Further documentation was submitted to MITECO in August 2021, in which the
Company, with strongly supported arguments, dismantled all of the technical
issues used by the NSC as justification to issue the unfavourable report. The
Company again restated that the project is compliant with all requirements for
NSC II to be awarded and requested its NSC II Application be reassessed by the
NSC.
In addition, the Company requested from MITECO access to the files associated
with the Authorisation for Construction and Authorisation for Dismantling and
Closure for the radioactive facilities at La Haba (Badajoz) and Saelices El
Chico (Salamanca), which are owned by ENUSA Industrias Avandas S.A., in order
to verify and contrast the conditions approved by the competent administrative
and regulatory bodies for other similar uranium projects in Spain.
Based on a detailed comparison of the different licensing files undertaken by
the Company following receipt of these files, it is clear that Berkeley, in
its NSC II submission, has been required to provide information that does not
correspond to: (i) the regulatory framework, (ii) the scope of the current
procedural stage (i.e., at the NSC II stage), and/or (iii) the criteria
applied in other licensing processes for similar radioactive facilities).
Accordingly, the Company considers that the NSC has acted in a discriminatory
and arbitrary manner when assessing the NSC II application for the Salamanca
project.
In Berkeley's strong opinion, MITECO has rejected the Company's NSC II
Application without following the legally established procedure, as the
Improvement Report has not been taken into account and sent to the NSC for its
assessment, as requested on multiple occasions by the Company.
In this regard, the Company believes that MITECO have infringed regulations on
administrative procedures in Spain but also under protection afforded to
Berkeley under the ECT, which would imply that the decision on the rejection
of the Company's NSC II Application is not legal.
In April 2023, the Company's wholly owned Spanish subsidiary, Berkeley Minera
Espana (BME) submitted a contentious-administrative appeal before the Spanish
National Court in an attempt to overturn the MITECO decision denying NSC II.
Given the current permitting situation at the Salamanca project, the Company
applied for, and has been granted with a temporary suspension of activity work
at the C.E Retortillo-Santidad ('Retortillo mining licence') whilst the NSC II
contentious-administrative appeal is ongoing. All environmental, health and
safety measures will continue to maintained by the Company.
Further, the Company received formal notifications in December 2023 which
upheld appeals submitted by a non-governmental organisation, Plataforma Stop
Uranio, and the city council of Villavieja de Yeltes (the appellants) to
revoke the first instance judgements related to the Authorisation of
Exceptional Land Use (AEUL) and the Urbanism License (UL), which annuled both
the AEUL and UL.
The AEUL and the UL were granted to the Company in July 2017 and August 2020
by the Regional Commission of Environment and Urbanism, and the Municipality
of Retortillo respectively.
The appellants subsequently filed administrative appeals against the AEUL and
the UL at the first instance courts in Salamanca. The administrative appeals
against the AEUL and UL were dismissed in September 2022 and January 2023
respectively.
One of the appellants subsequently lodged appeals before the High Court of
Justice of Castilla y León (TSJ), with the TSJ delivering judgements in
December 2023 to revoke the first instance judgements and declare the AEUL and
the UL null.
The Company strongly disagrees with the fundamentals of the TSJ's judgement
and having previously submitted cassation appeals against the TSJ judgements
before the Spanish Supreme Court, the Company has withdrawn the appeals to
preserve its rights under international arbitration.
Salamanca Project Update
During the quarter, the Company continued with its commitment to health,
safety and the environment as a priority.
During the quarter, an assessment of the Environmental Aspects according to
ISO 14001 Standards and Sustainable Mining Management Indicators according to
UNE 22470/80 Standards of the Company's activities at the project in 2023 has
been carried out. Further, work continued to achieve the Company's
Sustainability Goals set in 2023 with the next internal and external
operational audits now scheduled for second half of the year.
Progress towards achievement of the 2023 Sustainability Goals has included
completion of the Sustainable Eco-Garden and Beekeeping initiative and the
Carbon Footprint goal (Company was issued a Carbon Footprint Registry
certificate as evidence of the control and reduction of its CO(2) emissions in
2022). The Solar Farm project, ISO 45001 recertification, and Communication
with Stakeholders goals are also nearing completion (>75% complete).
Solar Power System Study
As previously reported, Berkeley initiated a study evaluating the design,
permitting, construction and operation of a solar power system at the Project.
This study has been finalised, a formal application submitted to the relevant
authorities in Salamanca, and the permitting process continued during the
quarter.
The Project's location has a natural abundance of sunlight which is conducive
to solar power generation, which will become a reliable source of low cost and
carbon-free energy for the Project. In addition to making a significant
contribution to reduce carbon emissions, the proposed solar power system will
potentially contribute to reducing the Project's power related operating
costs.
The proposed facility will have an installed power of 20.1MW and will be able
to supply up to 75% of the power requirements at the Project. There is
flexibility with regard to storage capacity versus capital and operational
costs to ensure the optimal outcome for the Project.
The engineering, design, and cost estimation workstreams were completed and
the overall project was delivered in late 2023. The environmental studies are
well advanced, and once the scope of the environmental document is confirmed
by the Administration, the Environmental Assessment will be formally
submitted.
The decision to pursue a solar power system is in line with Berkeley's ongoing
commitment to environmental sustainability and to continue to have a positive
impact on the people, environment and society surrounding the mine.
Exploration
During the quarter, the Company continued with its initial exploration program
focusing on battery and critical metals in Spain. The exploration initiative
is targeting lithium, cobalt, tin, tungsten, rare earths, and other battery
and critical metals, within the Company's existing tenements in western Spain
that do not form part of Berkeley's main undertaking being the development of
the Salamanca project. Further analysis of the mineral and metal endowment
across the entire mineral rich province and other prospective regions in Spain
is also being undertaken, with a view to identifying additional targets and
regional consolidation opportunities.
Investigation Permit Conchas
The Investigation Permit (IP) Conchas is located in the very western part of
the Salamanca province, close to the Portuguese border (Figure 1). The
tenement covers an area of ~31km(2) in the western part of the Ciudad Rodrigo
Basin and is largely covered by Cenozoic aged sediments. Only the
north-western part of the tenement is uncovered and dominated by the Guarda
Batholith intrusion. The tenement hosts a number of sites where small-scale
historical tin and tungsten mining was undertaken. In addition, several
mineral occurrences (tin, tungsten, titanium, lithium) have been identified
during historical mapping and stream sediment sampling programs.
Billiton PLC undertook exploration on the IP Conchas between 1981 and 1983,
with a focus on tin and tantalum (lithium was not taken into account).
Billiton's work programs comprised regional and detailed geological mapping,
geochemistry, trenching and limited drilling.
Soil sampling programs completed by Berkeley in the northern and central
portions of the tenement during 2021 (200m by 200m) and 2022 (100m by 100m)
defined a tin-lithium anomaly covering approximately 1.1km by 0.7km which
correlated with a mapped aplo-pegmatitic leucogranite.
Based on the results of the soil sampling programs and information gleaned
from a review of the available historical data, a small initial drilling
program was implemented to test the tin-lithium anomaly. The drill program
comprised five broad spaced reverse circulation (RC) holes for a total of
282m. Anomalous results for lithium (Li), tin (Sn), rubidium (Rb), cesium
(Cs), niobium (Nb) and tantalum (Ta) obtained from multi-element analysis of
drill samples were reported in the March 2023 quarter, demonstrating IP
Conchas' exploration potential for several critical and strategic raw
materials included in the European Commission's Critical Raw Materials Act.
The occurrence of these six elements is observed to be largely associated with
a sub-horizontal muscovitic leucogranite unit that locally outcrops at
surface. The muscovitic leucogranite has a mapped extent of approximately 2km
(in a NE-SW orientation) by 0.4km (in a NW-SE orientation) (Figure 1) and
varies in thickness from 7m to over 70m in the drill holes (Figure 2).
A number of mineralogical studies have subsequently been undertaken to
determine the mineral species present and understand their characteristics and
properties. Results of these studies indicate the mineralised muscovitic
leucogranite is composed mainly of plagioclase (average content of 55%) and
quartz (average content of 25%), with potassium feldspar, muscovite mica, and
Li-mica making up remainder of the rock. The samples have an average Li-mica
content of 3%.
The Company is currently advancing plans for a second drilling campaign at IP
Conchas focused on improving confidence in the geology, continuity, and grade
distribution of the zone of multi-element mineralisation. The drilling
campaign is planned to commence in the June 2024 quarter.
Figure 1: IP Conchas Location Plans and Geology / Drill Hole Location Plan
Figure 2: IP Conchas Cross Section A-A(1)
Oliva and La Majada Projects
These projects comprise three tenements within two project areas in Spain
which are considered prospective for tungsten, cobalt, antimony, and other
metals.
The Company has designed exploration programs for both projects and
communicated with the relevant authorities to progress the pending grant of
the Investigation Permits for two of tenements.
Additional Information on the Global Nuclear Power and Uranium Market
The outlook for nuclear power and the uranium market continued to strengthen
during the quarter, with several important recent developments, including:
· Leaders and representatives from 32 countries at the Nuclear Energy
Summit backed measures in areas such as financing, technological innovation,
regulatory cooperation and workforce training to enable the expansion of
nuclear capacity to tackle climate change and boost energy security.
Alongside the declaration adopted by governments at the inaugural Nuclear
Energy Summit, held in Brussels in March, global nuclear industry associations
have set out the industry's commitment to supporting government objectives to
expand nuclear energy capacity worldwide to achieve climate and energy
security goals.
· UK Prime Minister has announced a package of public and private
investment to reinforce the country's nuclear workforce and support 40,000
expected new jobs in its defence and civil nuclear industry.
· A new funding programme for nuclear fusion research has been
announced by Germany's Federal Research Minister aimed at paving the way for
the first fusion power plant to be constructed in Germany by 2040.
· A gathering in Madrid of more than 70 representatives from the
European and international young nuclear networks, from 27 countries, heard
the case put against the planned closure of Almaraz nuclear power plant's unit
1.
· The Italian Chamber of Deputies will launch a major inquiry into
how nuclear energy could help Italy reach its energy transition goals. In
March, the chamber's Environment Committee decided to conduct a fact-finding
study on the role of nuclear energy in guiding Italy through the energy
transition, to achieve decarbonisation by 2030 and climate neutrality by 2050.
Italy operated a total of four nuclear power plants from the 1960s but decided
to phase out nuclear power in a referendum that followed the 1986 Chernobyl
accident. It closed its last two operating plants in 1990.
· The lower house of Dutch parliament voted to back a proposal to
draws up plans to construct four large nuclear power reactors, instead of the
two currently envisaged. The two new power reactors that are likely to be
built will produce about 9 -13% of the total electricity generated in the
country.
· A public discussion period ended during the quarter on removing a
ban on uranium mining in Kyrgyzstan which has been in place since 2019.
Lawmakers are set to consider a bill shortly after the end of the discussion
period.
· The U.S. House of Representatives voted to pass the Atomic Energy
Advancement Act which establishes various requirements to accelerate the
deployment of nuclear energy technologies, such as advanced reactors.
Specifically, the bill sets forth requirements that direct the Nuclear
Regulatory Commission (NRC) to efficiently license and regulate nuclear energy
activities. It also reduces certain licensing fees charged by the NRC for
advanced nuclear reactors and authorises the Department of Energy to make
awards that pay for certain licensing fees. The co-leader of the bipartisan
bill, said it "makes critical updates to improve safety and ensure our nuclear
regulations are up-to-date, pushing us closer to a carbon-free energy future".
The bill now goes to the Senate.
· South Korea's President has promised nuclear equipment orders
worth US$2.5 billion which will be placed this year. "The government will
provide its full support to make this year the year that the nuclear industry
takes off once again, going beyond merely normalising the industry," he said.
The government plans to establish a mid-to-long-term plan for nuclear plant
projects spanning until 2050 within this year.
· A new poll in Japan by The Asahi Shimbun found that 50% of
respondents support restarting idled nuclear power reactors, while 35% said
they want them to remain offline.
Further, the Japanese government has decided to include uranium in a list of
critical minerals amid concerns about supply disruptions related to Russian
companies which are "strongly involved" in the enrichment sector. The decision
to include uranium in the list was reached at a cabinet meeting during the
quarter.
· The Indian government plans to increase the country's installed
nuclear generating capacity from the current 7480 MWe to 22,800 MWe by
2031-32, the Union Minister said in a written reply to a question in the Lok
Sabha, the lower house of the Indian parliament. He said in order to increase
nuclear's share of India's electricity generation the government has approved
the construction of ten indigenous 700 MWe pressurised heavy water reactors,
created the Indian Nuclear Insurance Pool, amended the Atomic Energy Act to
enable joint ventures of public sector companies to set up nuclear power
projects, and entered into agreements with foreign countries for nuclear power
cooperation, including supply of fuel.
· The European Commission has launched an Industrial Alliance
dedicated to small modular reactors, aiming to facilitate the development of
SMRs in Europe by the early 2030s. The announcement came as the commission
presented its assessment for a 2040 climate target for the EU.
· The Philippines Department of Energy established a nuclear
development committee to ensure integrated government involvement in the
country's nuclear power program. The Nuclear Energy Program Coordinating
Committee will participate in the process under the Nuclear Energy Program
Inter-Agency Committee. The goal is to implement a nuclear energy program to
activate 2,400 Mwe of nuclear capacity by 2032.
Forward Looking Statements
Statements regarding plans with respect to Berkeley's mineral properties are
forward-looking statements. There can be no assurance that Berkeley's plans
for development of its mineral properties will proceed as currently expected.
There can also be no assurance that Berkeley will be able to confirm the
presence of additional mineral deposits, that any mineralisation will prove to
be economic or that a mine will successfully be developed on any of Berkeley
mineral properties. These forward-looking statements are based on Berkeley's
expectations and beliefs concerning future events. Forward looking statements
are necessarily subject to risks, uncertainties and other factors, many of
which are outside the control of Berkeley, which could cause actual results to
differ materially from such statements. Berkeley makes no undertaking to
subsequently update or revise the forward-looking statements made in this
announcement, to reflect the circumstances or events after the date of that
report.
Competent Persons Statement
The information in this report that relates to Exploration Results is
extracted from the March 2023 Quarterly Report which is available to view on
Berkeley's website at www.berkeleyenergia.com (http://www.berkeleyenergia.com)
. Berkeley confirms that: a) it is not aware of any new information or data
that materially affects the information included in the original announcement;
b) all material assumptions and technical parameters underpinning the
Exploration Results in the original announcement continue to apply and have
not materially changed; and c) the form and context in which the relevant
Competent Persons' findings are presented in this announcement have not been
materially modified from the original announcement.
The information in this report that relates to the Mineral Resource Estimate
is extracted from the announcement dated 30 August 2023 entitled 'Annual
Report 2023', which is available to view on Berkeley's website at
www.berkeleyenergia.com (http://www.berkeleyenergia.com) and is based on, and
fairly represents information compiled by Mr Enrique Martínez, a Competent
Person who is a Member of the Australasian Institute of Mining and Metallurgy.
Berkeley confirms that: a) it is not aware of any new information or data that
materially affects the information included in the original announcement; b)
all material assumptions and technical parameters underpinning the Mineral
Resource Estimate in the original announcement continue to apply and have not
materially changed; and c) the form and context in which the relevant
Competent Persons' findings are presented in this announcement have not been
materially modified from the original announcement.
The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 as it forms part of UK domestic law by virtue of the
European Union (Withdrawal) Act 2018 ('MAR'). Upon the publication of this
announcement via Regulatory Information Service ('RIS'), this inside
information is now considered to be in the public domain.
Appendix 1: Mineral Resource at Salamanca
Deposit Resource Category Tonnes U(3)O(8) U(3)O(8)
Name (Mt) (ppm) (Mlbs)
Retortillo Measured 4.1 498 4.5
Indicated 11.3 395 9.8
Inferred 0.2 368 0.2
Total 15.6 422 14.5
Zona 7 Measured 5.2 674 7.8
Indicated 10.5 761 17.6
Inferred 6.0 364 4.8
Total 21.7 631 30.2
Alameda Indicated 20.0 455 20.1
Inferred 0.7 657 1.0
Total 20.7 462 21.1
Las Carbas Inferred 0.6 443 0.6
Cristina Inferred 0.8 460 0.8
Caridad Inferred 0.4 382 0.4
Villares Inferred 0.7 672 1.1
Villares North Inferred 0.3 388 0.2
Total Retortillo Satellites Total 2.8 492 3.0
Villar Inferred 5.0 446 4.9
Alameda Nth Zone 2 Inferred 1.2 472 1.3
Alameda Nth Zone 19 Inferred 1.1 492 1.2
Alameda Nth Zone 21 Inferred 1.8 531 2.1
Total Alameda Satellites Total 9.1 472 9.5
Gambuta Inferred 12.7 394 11.1
Salamanca Project Total Measured 9.3 597 12.3
Indicated 41.8 516 47.5
Inferred 31.5 395 29.6
Total (*) 82.6 514 89.3
Appendix 2: Summary of Mining Tenements
As at 31 March 2024, the Company had an interest in the following tenements:
Location Tenement Name Percentage Interest Status
Spain
Salamanca D.S.R Salamanca 28 (Alameda) 100% Granted
D.S.R Salamanca 29 (Villar) 100% Granted
E.C. Retortillo-Santidad 100% Granted
E.C. Lucero 100% Pending
I.P. Abedules 100% Granted
I.P. Abetos 100% Granted
I.P. Alcornoques 100% Granted
I.P. Alisos 100% Granted
I.P. Bardal 100% Granted
I.P. Barquilla 100% Granted
I.P. Berzosa 100% Granted
I.P. Campillo 100% Granted
I.P. Castaños 2 100% Granted
I.P. Ciervo 100% Granted
I.P. Conchas 100% Granted
I.P. Dehesa 100% Granted
I.P. El Águila 100% Granted
I.P. El Vaqueril 100% Granted
I.P. Espinera 100% Granted
I.P. Horcajada 100% Granted
I.P. Lis 100% Granted
I.P. Mailleras 100% Granted
I.P. Mimbre 100% Granted
I.P. Pedreras 100% Granted
E.P. Herradura* 100% Granted
Cáceres I.P. Almendro 100% Granted
E.C. Gambuta 100% Pending^
I.P. Ibor 100% Granted
I.P. Olmos 100% Granted
Badajoz I.P. Los Bélicos 100% Granted**
I.P.A. Ampliación Los Bélicos 100% Pending**
Ciudad Real I.P.A. La Majada 100% Pending**
*An application for a 1-year extension at E.P. Herradura was previously
rejected however this decision has been appealed and the Company awaits the
decision regarding its appeal.
^In the December 2023 quarter, the Company applied for an Exploitation
Concession from the existing IP Almendro.
**In the March 2023 quarter, Exploracion de Recuros Minerales S.L.U (ERM), a
wholly owned subsidiary of the Company, entered into a Tenement Sale and
Purchase Agreement and Royalty Deed with COPROMI, to acquire IP Los Bélicos,
IPA Ampliación Los Bélicos, and IPA La Majada.
Appendix 3: Related Party Payments
During the quarter ended 31 Marc 2024, the Company made payments of $185,000
to related parties and their associates. These payments relate to existing
remuneration arrangements (director and consulting fees plus statutory
superannuation).
Appendix 4: Exploration and Mining Expenditure
During the quarter ended 31 March 2024, the Company made the following
payments in relation to exploration and development activities:
Activity A$000
Permitting related expenditure (including legal costs) 480
Radiological protection, monitoring and other assays 13
Consultants and other expenditure 50
Payment/(return) of VAT and other social taxes in Spain 150
Total as reported in the Appendix 5B 693
There were no mining or production activities and expenses incurred during the
quarter ended 31 March 2024.
Appendix 5B
Mining exploration entity or oil and gas exploration entity
quarterly cash flow report
Name of entity
Berkeley Energia Limited
ABN Quarter ended ("current quarter")
40 052 468 569 31 March 2024
Consolidated statement of cash flows Current quarter Year to date
$A'000
(9 months)
$A'000
1. Cash flows from operating activities - -
1.1 Receipts from customers
1.2 Payments for (693) (2,294)
(a) exploration & evaluation
(b) development - -
(c) production - -
(d) staff costs (269) (868)
(e) administration and corporate costs (195) (886)
1.3 Dividends received (see note 3) - -
1.4 Interest received 899 2,567
1.5 Interest and other costs of finance paid - -
1.6 Income taxes paid - -
1.7 Government grants and tax incentives - -
1.8 Other (provide details if material) (19) (136)
(a) Business Development (84) (84)
(b) Arbitration related expenses
1.9 Net cash from / (used in) operating activities (361) (1,701)
2. Cash flows from investing activities - -
2.1 Payments to acquire or for:
(a) entities
(b) tenements - -
(c) property, plant and equipment - -
(d) exploration & evaluation - -
(e) investments - -
(f) other non-current assets - -
2.2 Proceeds from the disposal of: - -
(a) entities
(b) tenements - -
(c) property, plant and equipment - -
(d) investments - -
(e) other non-current assets - -
2.3 Cash flows from loans to other entities - -
2.4 Dividends received (see note 3) - -
2.5 Other (provide details if material) - -
2.6 Net cash from / (used in) investing activities - -
3. Cash flows from financing activities - -
3.1 Proceeds from issues of equity securities (excluding convertible debt
securities)
3.2 Proceeds from issue of convertible debt securities - -
3.3 Proceeds from exercise of options - -
3.4 Transaction costs related to issues of equity securities or convertible debt - -
securities
3.5 Proceeds from borrowings - -
3.6 Repayment of borrowings - -
3.7 Transaction costs related to loans and borrowings - -
3.8 Dividends paid - -
3.9 Other (provide details if material) - -
3.10 Net cash from / (used in) financing activities - -
4. Net increase / (decrease) in cash and cash equivalents for the period
4.1 Cash and cash equivalents at beginning of period 75,134 78,776
4.2 Net cash from / (used in) operating activities (item 1.9 above) (361) (1,701)
4.3 Net cash from / (used in) investing activities (item 2.6 above) - -
4.4 Net cash from / (used in) financing activities (item 3.10 above) - -
4.5 Effect of movement in exchange rates on cash held 3,414 1,112
4.6 Cash and cash equivalents at end of period 78,187 78,187
5. Reconciliation of cash and cash equivalents Current quarter Previous quarter
at the end of the quarter (as shown in the consolidated statement of cash
$A'000
$A'000
flows) to the related items in the accounts
5.1 Bank balances 78,137 75,084
5.2 Call deposits 50 50
5.3 Bank overdrafts - -
5.4 Other (provide details) - -
5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 78,187 75,134
6. Payments to related parties of the entity and their associates Current quarter
$A'000
6.1 Aggregate amount of payments to related parties and their associates included (185)
in item 1
6.2 Aggregate amount of payments to related parties and their associates included -
in item 2
Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity
report must include a description of, and an explanation for, such payments.
7. Financing facilities Total facility amount at quarter end Amount drawn at quarter end
Note: the term "facility' includes all forms of financing arrangements
$A'000
$A'000
available to the entity.
Add notes as necessary for an understanding of the sources of finance
available to the entity.
7.1 Loan facilities - -
7.2 Credit standby arrangements - -
7.3 Other (please specify) - -
7.4 Total financing facilities - -
7.5 Unused financing facilities available at quarter end -
7.6 Include in the box below a description of each facility above, including the
lender, interest rate, maturity date and whether it is secured or unsecured.
If any additional financing facilities have been entered into or are proposed
to be entered into after quarter end, include a note providing details of
those facilities as well.
Not
app
lic
abl
e
8. Estimated cash available for future operating activities $A'000
8.1 Net cash from / (used in) operating activities (item 1.9) (361)
8.2 (Payments for exploration & evaluation classified as investing activities) -
(item 2.1(d))
8.3 Total relevant outgoings (item 8.1 + item 8.2) (361)
8.4 Cash and cash equivalents at quarter end (item 4.6) 78,187
8.5 Unused finance facilities available at quarter end (item 7.5) -
8.6 Total available funding (item 8.4 + item 8.5) 78,187
8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) >10
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7.
8.8 If item 8.7 is less than 2 quarters, please provide answers to the following
questions:
8.8.1 Does the entity expect that it will continue to have the current
level of net operating cash flows for the time being and, if not, why not?
Answer: Not applicable
8.8.2 Has the entity taken any steps, or does it propose to take any
steps, to raise further cash to fund its operations and, if so, what are those
steps and how likely does it believe that they will be successful?
Answer: Not applicable
8.8.3 Does the entity expect to be able to continue its operations and
to meet its business objectives and, if so, on what basis?
Answer: Not applicable
Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2
and 8.8.3 above must be answered.
Compliance statement
1 This statement has been prepared in accordance with accounting
standards and policies which comply with Listing Rule 19.11A.
2 This statement gives a true and fair view of the matters
disclosed.
Date: 26 April 2024
Authorised by: Company Secretary
(Name of body or officer authorising release - see note 4)
Notes
1. This quarterly cash flow report and the accompanying
activity report provide a basis for informing the market about the entity's
activities for the past quarter, how they have been financed and the effect
this has had on its cash position. An entity that wishes to disclose
additional information over and above the minimum required under the Listing
Rules is encouraged to do so.
2. If this quarterly cash flow report has been prepared in
accordance with Australian Accounting Standards, the definitions in, and
provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and
AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash
flow report has been prepared in accordance with other accounting standards
agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent
standards apply to this report.
3. Dividends received may be classified either as cash flows
from operating activities or cash flows from investing activities, depending
on the accounting policy of the entity.
4. If this report has been authorised for release to the
market by your board of directors, you can insert here: "By the board". If it
has been authorised for release to the market by a committee of your board of
directors, you can insert here: "By the [name of board committee - eg Audit
and Risk Committee]". If it has been authorised for release to the market by a
disclosure committee, you can insert here: "By the Disclosure Committee".
5. If this report has been authorised for release to the
market by your board of directors and you wish to hold yourself out as
complying with recommendation 4.2 of the ASX Corporate Governance Council's
Corporate Governance Principles and Recommendations, the board should have
received a declaration from its CEO and CFO that, in their opinion, the
financial records of the entity have been properly maintained, that this
report complies with the appropriate accounting standards and gives a true and
fair view of the cash flows of the entity, and that their opinion has been
formed on the basis of a sound system of risk management and internal control
which is operating effectively.
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