REG - Berkeley Energia - Quarterly Report September 2025
31/10/2025 07:00
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RNS Number : 6640F Berkeley Energia Limited 31 October 2025
NEWS RELEASE | 31 October 2025
Quarterly Report September 2025
Summary:
· Conchas Project
During the quarter, Berkeley Energia Limited (Berkeley or Company) announced
positive results of a preliminary metallurgical test work program completed on
representative samples from the Conchas Project (Conchas or the Project), as
part of the Company's Critical Minerals Exploration Initiative in Spain.
· Conchas hosts shallow, thick zones of lithium (Li) and rubidium (Rb)
mineralisation, with accessory tin (Sn), caesium (Cs), beryllium (Be), niobium
(Nb) and tantalum (Ta) within a muscovitic leucogranite unit
· SLR Consulting Ltd (SLR) was engaged to undertake metallurgical
testing on representative samples obtained from three diamond core holes
drilled in 2024
· The preliminary metallurgical test work program, designed to assess
the potential recovery of Li, Rb, and the other elements of economic interest,
comprised head sample characterisation, mineralogical analysis, gravity,
flotation and magnetic test work
· Flotation test work results demonstrated that very good recoveries
of Li (78% overall recovery) and Rb (63% overall recovery) can be achieved at
acceptable grades for -150µm grind size material
· Magnetic separation testing on -300µm +150µm material showed 77%
of the Li and 58% of the Rb (stage recoveries) reporting to the magnetic
product. This result may present an opportunity for magnetic separation
processing of the coarser fraction followed by flotation of the finer material
· Next steps include 3D modelling of the drilling data to refine the
geological interpretation of the Li and Rb mineralisation as a precursor to
resource estimation, and a second phase of metallurgical test work to optimise
the flotation and magnetic separation processes
· Rb is a critical raw material for advanced technology and industrial
applications used in key sectors including defence and military, aerospace,
communications, medical and renewable energy. The U.S. and Japan have both
classified Rb as a Critical Mineral due to its strategic importance and
growing demand in high-tech applications.
· International Arbitration against Spain
In May 2024, Berkeley advised that its wholly owned subsidiary, Berkeley
Exploration Limited (BEL), had filed a Request for Arbitration (Request) for
its investments in Spain through its Spanish subsidiary, Berkeley Minera
España SA (BME), initiating arbitration proceedings against the Kingdom of
Spain (Spain) before the International Centre for Settlement of Investment
Disputes (ICSID).
As part of its Request, BEL alleges that Spain's actions against BME and the
Salamanca project (Salamanca Project) have violated multiple provisions of the
Energy Charter Treaty (ECT), and that BEL is seeking preliminary compensation
in the order of US$1 billion (US$1,000,000,000) for these violations.
During the quarter, the timetable and arbitration rules were established by
the Tribunal, with the Company's Statement of Claim due to be filed in early
2026.
Notwithstanding the investment dispute, BEL remains committed to the Salamanca
Project and continues to be open to a constructive dialogue with Spain. BEL is
ready and open 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.
· Spanish Nuclear Power Industry:
· Nuclear debate continues post blackout in Spain
o Spain is preparing to close its first nuclear power plant in 2027,
reigniting a debate over the country's energy future mere months after the
April 2025 blackout plunged much of Spain and Portugal into darkness and
exposed vulnerabilities in the Iberian grid.
o Nuclear power plants generated ~20% of Spain's total net electricity
production in 2024 and became its second largest source of electricity
production, according to the country's nuclear industry forum ForoNuclear. The
blackout that struck the Iberian Peninsula in April highlights nuclear's role
in providing inertia and stability to the electricity system, it said.
o Iberdrola, ENDESA and Naturgy, the owners of the Almaraz nuclear power
plant in Extremadura, have informed the Ministry for Ecological Transition of
their intention to submit a formal request to extend the operational life of
the Extremadura facility beyond 2027.
The formal request, which will be submitted before the end of October, is the
first necessary step for the continuity of the facility's operation beyond the
planned closure dates to be studied.
· Balance Sheet
The Company is in a strong financial position with A$71 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 Operations Officer
+61 8 9322
6322
+34 923 193 903
info@berkeleyenergia.com (mailto:info@berkeleyenergia.com)
Critical Minerals Exploration Initiative
During the quarter, the Company continued to advance its exploration
initiative targeting Li, Rb, Sn, Ta, Nb, tungsten (W), and other battery and
critical metals, within its existing tenements in western Spain. 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 opportunities.
Conchas Project
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 Sn and W mining was undertaken.
Figure 1: IP Conchas Location Plans and Geology / Drill Hole Location Plan
Berkeley conducted a small drill program comprising five broad spaced reverse
circulation (RC) holes for a total of 282m in 2022 to test a Sn-Li soil
sampling anomaly. Anomalous results for Li, Sn, Rb, Cs, Nb and Ta obtained
from multi-element analysis of drill samples were reported in 2023,
demonstrating Conchas' potential for several critical and strategic raw
materials included in the European Commission's Critical Raw Materials Act
(CRMA). The drill results included 25m @ 0.56% Li(2)O & 0.22% Rb(2)O from
surface (CCR0002).
A follow-up RC and diamond core drilling program was completed in 2024. The
drilling program comprised 33 RC holes for 1,857m drilled on a 100m by 100m
grid, with depths ranging from 16m to a maximum of 169m. In addition, three
diamond core holes for 230m were drilled to collect samples for metallurgical
test work purposes.
All drill holes intersected muscovitic leucogranite hosted mineralisation with
select intercepts including 61m @ 0.50% Li(2)O & 0.21% Rb(2)O from surface
(CCR0012), 56m @ 0.48% Li(2)O & 0.21% Rb(2)O from surface (CCR0025), 27m @
0.44% Li(2)O & 0.21% Rb(2)O from surface and 14m @ 0.95% Li(2)O &
0.39% Rb(2)O from 40m (CCR0006) and 18m @ 0.55% Li(2)O & 0.23% Rb(2)O from
surface (CCR0017).
The multi-element mineralisation is largely associated with a sub-horizontal
muscovitic leucogranite unit that locally outcrops at surface. The muscovitic
leucogranite has a mapped extent of ~2km (in a NE-SW orientation) by ~1.2km
(on average in a NW-SE orientation) (Figure 1) and varies in thickness from 7m
to over 170m in the drill holes (Figure 2).
Figure 2: IP Conchas 4,492,225 North Cross Section
Preliminary Metallurgical Test Work Program Results
The Company engaged SLR to undertake metallurgical testing on representative
samples obtained from three diamond core holes drilled in the 2024 program at
the Conchas Project.
The preliminary metallurgical test work program was designed to assess the
potential recovery of Li, Rb and the other elements of economic interest, and
comprised:
· Head Sample Characterisation;
· Scanning Electron Microscope (SEM) Mineralogical Analysis;
· Gravity Test Work;
· Flotation Test Work; and
· Magnetic Test Work.
Head Sample Characterisation - Head Assay
A representative sub-sample was submitted to SLR's in-house analytical
laboratory for head assay to determine the levels of target elements present
in the composite sample. A sub-sample was also submitted to ALS Global for ICP
multi-element analysis. The results of the SLR in-house assay and selected
elements of the ALS analysis are given below in Table 1.
Analyte SLR ALS
Li (%) 0.22 0.23
Li(2)O (%) 0.56 0.59
Rb (ppm) 2,094 1,960
Rb(2)O (ppm) 2,291 2,144
Ta (ppm) 53.1 47.5
Nb (ppm) 86.0 71.8
Be (ppm) 76.1 76.5
Cs (ppm) 145.5
Sn (%) 0.051 0.064
Fe (%) 0.77 0.86
Table 1 - Summary of Head Assay Results
Head Sample Characterisation - Particle Size Distribution
A representative sub-sample of the -2mm feed material was subjected to
particle size analysis by screen. The sample was wet screened at 53µm, the
fractions dried and the +53µm fraction screened to generate mass data by
fractions. The results, which determined a D(80) particle size of 1,453µm,
are summarised below in Figure 3.
Figure 3 - Graph of -2mm Feed Particle Size Distribution
Head Sample Characterisation - Class Size Analysis
A 2kg sample was ground to nominally generate a D(80) size of 300µm and sized
to generate five fractions for size-by-size analysis and sub-samples for
mineralogical investigation. Representative sub-samples of the fractions were
pulverised and submitted to SLR in-house laboratory for Li, Rb, Ta, Nb, Be,
Sn, Iron (Fe) and Ce assay. Cs assays were subcontracted to ALS Global
analytical services. The results are summarised below in Table 2.
Fraction Weight % Assay
µm
Li % Li(2)O % Rb ppm Ta ppm Nb ppm Be ppm %Sn %Fe Ce ppm Cs ppm
+300 17.5 0.27 0.57 2,148.8 56.6 72.1 60.2 0.044 0.69 0.50 152.00
-300+150 32.9 0.23 0.49 1,949.5 38.3 48.1 74.9 0.038 0.43 0.80 147.50
-150+53 27.9 0.23 0.49 1,847.5 108.4 44.1 74.7 0.072 0.33 0.50 169.50
-53+11 15.2 0.18 0.40 1,638.1 152.0 176.6 66.4 0.113 0.63 1.00 136.00
-11 6.5 0.17 0.37 1,491.6 86.5 47.7 64.8 0.016 0.74 2.90 105.50
Feed 100.0 0.22 0.48 1,878.8 81.4 70.7 70.3 0.058 0.50 0.83 149.93
Fraction Weight % Distribution %
µm
Li Li(2)O Rb Ta Nb Be Sn Fe Ce Cs
+300 17.5 20.7 20.7 20.0 12.2 17.9 15.0 13.2 24.4 10.5 17.7
-300+150 32.9 33.4 33.4 34.2 15.5 22.4 35.1 21.2 28.3 31.7 32.4
-150+53 27.9 28.4 28.4 27.4 37.1 17.4 29.6 34.4 18.4 16.8 31.5
-53+11 15.2 12.5 12.5 13.3 28.4 38.0 14.4 29.4 19.3 18.3 13.8
-11 6.5 5.0 5.0 5.2 6.9 4.4 6.0 1.8 9.7 22.7 4.6
Feed 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
Table 2 - Results of Class Size Analysis
The results generally show that elemental distributions followed the relative
trends observed in the fraction mass distributions, with greater distributions
present in the -300 +150µm fractions and the least in the -11µm fines
fraction. Li distributions ranged from 33.4% in the -300 +150µm fraction to
5.0% in the -11µm fraction and Rb ranged from 34.2% to 5.2% in the respective
fractions.
SEM Mineralogy Analysis
The target mineral phases identified include cassiterite, Nb-Ta oxides,
polylithionite and muscovite. Muscovite was the most abundant target phase,
maintaining relatively consistent concentrations across all size fractions
(Figure 4).
The Li minerals were clustered in the polylithionite group which covers a
range of minerals between zinnwaldite and lepidolite depending on the Fe and
fluorine (F) contents. Cassiterite and Nb-Ta oxides were both present in trace
quantities. The gangue material was primarily composed of plagioclase and
quartz, present in nearly equal proportions. Plagioclase content increases in
the finer size fractions, whereas quartz becomes less abundant. K-feldspar
appears as a minor phase, while other phases, including phosphates, kaolinite,
accessory minerals, tourmaline, sulphides, and topaz occur only in trace
amounts.
Figure 4 - Mineral Phase Abundance
Gravity Test Work
The four fractions generated for the class size analysis were subjected to
gravity release analysis (GRA) by treating each of the fractions separately on
the Mozley super panner, generating six products for assay. The products were
dried, weighed and representative sub-samples prepared and submitted for Li,
Rb, Ta, Nb, Be, Sn and Fe assay.
Cumulative Li recoveries into the combined concentrates and middling product
ranged from 28.0% at a grade of 0.16% Li (-53 +11µm) to 65.8% at a grade of
0.24% Li (0.52% Li(2)O) in the -150 +53µm fraction. Cumulative Rb recoveries
into the combined concentrates and middling product ranged from 22.2% at a
grade of 2,358ppm Rb (+300µm) to 66.1% at a grade of 2,049ppm Rb (2,242ppm
Rb(2)O) in the -150 +53µm fraction.
The results showed optimum liberation size for the Conchas composite was in
the -150 +53µm fraction.
Flotation Test Work
A short programme of flotation testing was performed on the Conchas composite
to evaluate potential grades and recoveries at two grind sizes.
Two rougher tests were conducted at the 300µm (FT1-300) and 150µm (FT2-150)
primary grind sizes to identify the better flotation performance, and one
cleaner test was then conducted at the better performing grind size to
evaluate the effect of kinetic cleaning on grades and recoveries.
The results of the rougher tests confirmed that the finer 150µm grind was the
better performing test and was therefore used for cleaner flotation testing
(FCT1-150). Cleaner flotation achieved 87.2% Li stage recovery, representing
77.5% overall recovery at a grade of 1.04% Li (2.23% Li(2)O), 70.9% Rb stage
recovery representing 62.7% overall recovery at a grade of 0.79% Rb (0.87%
Rb(2)O), and 78.5% Cs recovery at a grade of 661ppm Cs (Figure 5).
Flotation testing of the Conchas material demonstrated that very good
recoveries of target minerals could be achieved at acceptable grades.
Figure 5 - Summary of Flotation Test Work Results for Li, Rb and Cs
Magnetic Test Work
Representative sub-samples of the 300µm and 150µm primary grinds were
subjected to magnetic separation testing to evaluate potential grades and
recoveries at the two grind sizes.
The 300µm sub-sample was screened at 150µm and the two fractions treated
separately. The +150µm fraction was treated on an Eriez Log 1.4-disc
separator, the -150µm treated on a Bunting Wet High Intensity Magnetic
Separator (WHIMS) 500 jaw magnetic separator and the results combined to
generate the overall performances. The 150µm sub-sample was treated on the
Bunting WHIMS 500 jaw magnetic separator.
The initial magnetic test intensity was 4,000 Gauss with testing conducted in
1,000 Gauss increments up to 15,000 Gauss.
Magnetic separation testing on the <300µm +150µm material showed 76.6% of
the Li and 57.7% of the Rb reporting to the magnetic product grading 2.34%
Li(2)O and 0.73% Rb. This result may present an opportunity for magnetic
separation processing of a coarser +150µm fraction followed by flotation of
the finer -150µm material.
Magnetic separation on the <300µm +150µm material also showed 43.5% of
the Ta and 50.9% of the Nb reported to the combined 4,000, 6,000 and 9,000
Gauss magnetic concentrates grading 1,161ppm Ta and 1,551ppm Nb.
Summary
Metallurgical testing of the Conchas mineralisation tested demonstrated very
good recoveries at acceptable grades using flotation and magnetic separation
methods.
The recommended next steps, from a metallurgical test work perspective,
include more detailed flotation testing to optimise the rougher and cleaner
flotation reagent schemes, optimisation of the magnetic separation on the
coarse fractions, and mineral content variability testing to understand how
variability affects the beneficiation methods.
Geological Modelling
3D modelling of the drilling data is being undertaken to refine the geological
interpretation and assess volumes, average grades, and grade distributions for
the Li and Rb mineralisation at different cut-offs, as a precursor to resource
estimation.
An updated geological model based on all available data, including surface
mapping, soil geochemistry and drilling, is also being developed.
Trial Geophysical Survey - Electrical Resistivity Tomography (ERT)
A trial geophysical survey to determine the applicability of ERT to
differentiate and map the key geological units at Conchas was undertaken
during the quarter.
ERT is a geophysical method used to determine the electrical resistivity
distribution of the subsurface. By measuring resistivity variations, it is
possible to generate a detailed resistivity profile of the underground
environment. This technique is widely used in geotechnical engineering,
environmental and geological investigations due to its effectiveness in
mapping subsurface materials.
The primary objective of the trial survey was to determine the effectiveness
of ERT in mapping the host muscovitic leucogranite and underlying regional
granite, and in turn provide an indication of the geometries, thicknesses,
variations, intercalations etc. of the two granite units.
The trial survey was conducted by Spanish geophysical consultants, Análisis y
Gestión del Subsuelo (AGS), and involved measurements along two profiles,
each ~700m long, with electrodes spaced 10m apart, allowing data collection
down to 150m depth (Figure 6).
The two ERT profiles obtained have shown that the technique clearly
distinguished, in the subsurface, two materials with a sufficient resistivity
contrast to confirm the existence of two distinct lithological units (Figures
7 and 8). These ERT results were subsequently compared with proximal drill
hole data, demonstrating good correlation with the mineralised muscovite
leucogranite and the underlying barren regional granite.
The findings of this initial trial survey provided encouragement (results of
the initial trial are not considered material) to plan a more comprehensive
ERT survey covering most of the surface area mapped as muscovite leucogranite.
This second survey was conducted in late October 2025, with the results
pending.
Figure 6: Location of ERT Profiles
Figure 7: ERT Trial Profile 1
Figure 8: ERT Trial Profile 2
Conchas Portugal
Given the interpreted continuity of the host muscovite leucogranite at Conchas
into Portugal, the Company has submitted an application for the granting of
prospecting and exploration rights for copper (Cu), lead (Pb), zinc (Zn),
silver (Ag), gold (Au), antimony (Sb), Sn, W, Ta, Li, and other minerals,
within an area referred to herein as "Conchas Portugal" to the Directorate
General for Energy and Geology of the Ministry of Environment and Energy of
Portugal.
The Conchas Portugal application, which covers an area of 219 km², is located
in the District of Guarda and includes the municipalities of Sabugal and
Almeida (Figure 9).
Figure 9: Conchas Portugal IP Application Location Plans
Oliva and La Majada Projects
These projects comprise three tenements within two project areas in Spain
which are considered prospective for W, Sb, cobalt (Co) and other metals.
The Company has designed exploration programs for both projects, communicated
with the relevant authorities, and conducted the required studies e.g. a
birdlife study at the La Majada Project, to progress the pending grant of the
IPs for two of the tenements.
An updated Exploration Program for the La Majada Project, together with the
birdlife study and rehabilitation plan, was submitted to the relevant
authorities during the year. The Exploration Program was updated to align it
to new legislation recently introduced for the Castilla La Mancha Region.
The submitted documentation is currently being reviewed by the relevant
authorities. Once the review is completed, the IP applications for two of the
tenements (La Majada and Ampliación de los Bélicos) will be subjected to a
public consultation period.
Salamanca Project Summary
The Salamanca Project is being developed in a historic uranium mining area in
Western Spain about three hours west of Madrid.
The Company has received more than 120 European Union and National level
approvals and favourable reports required for the initial development of the
project to date.
The project has the potential to generate measurable social and environmental
benefits in the form of jobs and skills training in a depressed rural
community. It can also make a significant contribution to the security of
supply of Europe's zero carbon energy needs.
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 could be one of the world's lowest cost producers,
capable of generating strong after-tax cash flows.
Figure 10: Location of the Salamanca Project, Spain
Salamanca Project Update
The Company continues with its commitment to health, safety and the
environment as a priority.
During the quarter, an internal audit of the Environmental and Sustainable
Mining Management System was completed to assess the System's compliance with
the requirements of ISO Standards 14001:2015 "Environmental Management" and
UNE 22480/70:2019 "Sustainable Mining Management".
The audit concluded that the Environmental and Sustainable Mining Management
System remains in full compliance with the relevant ISO Standards with no
"Non-Compliance" items identified.
International Arbitration Dispute
In May 2024, the Company's wholly owned subsidiary, BEL, filed the Request for
its investments in Spain through its Spanish subsidiary, BME, initiating
arbitration proceedings against the Spain before ICSID.
As part of its Request, BEL alleges that Spain's actions against BME and the
Salamanca Project have violated multiple provisions of the ECT, and that BEL
is seeking preliminary compensation in the order of US$1 billion
(US$1,000,000,000) for these violations.
In November 2022, BEL submitted a written notification of an investment
dispute to the Prime Minister of Spain and the MITECO informing them of the
nature of the dispute and the ECT breaches, and that it proposed to seek
prompt negotiations for an amicable solution pursuant to article 26.1 of the
ECT. The Spanish government has not engaged in any discussions related to the
dispute to date, and BEL filed its Request in order to enforce its rights at
the Salamanca Project through international arbitration.
During the quarter, the timetable and arbitration rules were established by
the Tribunal, with the Company's Statement of Claim due to be filed in early
2026.
Notwithstanding the investment dispute, BEL remains committed to the Salamanca
Project and continues to be open to a constructive dialogue with Spain. BEL is
ready and open 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.
Background to Dispute
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's wholly owned subsidiary, BME, 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 are now not allowed under the aforementioned new law.
In November 2021, BME 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 an unfavourable report for the grant
of NSC II issued by the Board of the NSC in July 2021.
BEL strongly refutes the NSC's assessment and, in its 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.
BME submitted documentation, including an 'Improvement Report' to supplement
its 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 BME,
with strongly supported arguments, dismantled all of the technical issues used
by the NSC as justification to issue the unfavourable report. BME 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, BME 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
BME following receipt of these files, it is clear that BME, 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, BEL
considers that the NSC has acted in a discriminatory and arbitrary manner when
assessing the NSC II application for the Salamanca Project.
In BEL's strong opinion, MITECO has rejected BME'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 BME.
In this regard, BEL believes that MITECO have infringed regulations on
administrative procedures in Spain but also under protection afforded to BEL
under the ECT, which would imply that the decision on the rejection of BME's
NSC II Application is not legal.
In April 2023, BME submitted a contentious-administrative appeal before the
Spanish National Court in an attempt to overturn the MITECO decision denying
NSC II.
Further, the BME 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 BME 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.
BME 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, BME has withdrawn the appeals to preserve BEL's rights
under international arbitration.
Issue of Unlisted Options
The Company advises that it has issued 3,300,000 unlisted incentive options
exercisable at A$0.80 each on or before 30 September 2028 to key employees and
consultants.
Following the issue of unlisted options, Berkeley has the following securities
on issue:
· 445,796,715 ordinary fully paid ordinary shares;
· 2,000,000 unlisted options exercisable at A$0.40 each on or
before 31 December 2025;
· 7,600,000 unlisted options exercisable at A$0.65 each on or
before 30 June 2026; and
· 3,300,000 unlisted options exercisable at A$0.80 each on or
before 30 September 2028.
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 Statements
The information in this report that relates to Exploration Results (the
Electrical Resistivity Tomography Survey) 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. Mr Martínez is
Berkeley's Geology Manager and a holder of shares and options in Berkeley. Mr
Martínez has sufficient experience which is relevant to the style of
mineralisation and type of deposit under consideration and to the activity
which he is undertaking to qualify as a Competent Person as defined in the
2012 Edition of the 'Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves'. Mr Martínez consents to the inclusion in
the report of the matters based on his information in the form and context in
which it appears
The information in this announcement that relates to Exploration Results
(drilling results at Conchas) is extracted from an announcement dated 29
January 2025, entitled 'Shallow, thick zones of lithium and rubidium
mineralisation intersected in drilling at Conchas Project', which is available
to view 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 announcement that relates to Metallurgical Test Work
is extracted from an announcement dated 28 October 2025, entitled 'Positive
Preliminary Metallurgical Test Work Results at Conchas', which is available to
view 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 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 30 September 2025, 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**
I.P. Anchuras 100% Pending(#)
Zaragoza I.P. Moros-Ateca 100% Pending(#)
I.P. Alvón 100% Pending(#)
Portugal I.P Conchas Portugal 100% Pending(V)
*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.
**Exploracion de Recuros Minerales S.L.U (ERM), a wholly owned subsidiary of
the Company, has entered into a Tenement Sale and Purchase Agreement and
Royalty Deed to acquire I.P. Los Bélicos, I.P.A. Ampliación Los Bélicos,
and I.P.A. La Majada.
^The Company has applied for an Exploitation Concession from the existing I.P.
Almendro.
(#)The Company has applied for three I.P.s covering areas prospective for Sb
as part of its Critical Minerals Exploration Initiative.
(V)The Company has applied for an I.P. covering an area prospective for Li, Rb
and other metals in Portugal as part of its Critical Minerals Exploration
Initiative.
Appendix 3: Related Party Payments
During the quarter ended 30 September 2025, the Company made payments of
$81,000 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 30 September 2025, the Company made the following
payments in relation to exploration and development activities:
Activity A$000
Permitting related expenditure (including legal costs) 200
Assay costs, radiological protection and monitoring 3
Consultants and other expenditure 198
Payment/(return) of VAT and other social taxes in Spain 23
Total as reported in the Appendix 5B 424
There were no mining or production activities and expenses incurred during the
quarter ended 30 September 2025.
Appendix 5 - JORC Code, 2012 Edition - Table 1
Section 1 Sampling Techniques and Data - Electrical Resistivity Tomography
Survey
Criteria JORC Code explanation Commentary
Sampling techniques Nature and quality of sampling (eg cut channels, random chips, or specific A trial of Electrical Resistivity Tomography ("ERT") was conducted at the
specialised industry standard measurement tools appropriate to the minerals Conchas Project in July 2025. The trial survey was carried out by Análisis y
under investigation, such as down hole gamma sondes, or handheld XRF Gestión del Subsuelo ("AGS"). The trial survey was supervised and coordinated
instruments, etc). These examples should not be taken as limiting the broad by Berkeley Minera España ("BME").
meaning of sampling.
The measurements were taken using a Syscal Pro 72 geophysical unit
manufactured by IRIS Instruments (Orleans, France). This fully digital
resistivity and induced polarisation system is designed for environmental,
civil engineering, and mineral exploration applications. It features an
internal 250 W transmitter with a maximum output of 800-1000 V and 2.5 A, ten
simultaneous acquisition channels providing up to 1,000 readings per minute,
and automatic switching for up to 72 electrodes. The equipment ensures
high-quality data acquisition and depth penetration suitable for subsurface
investigations.
The six multi-electrode cable reels used in the measurements were either
manufactured by IRIS Instruments itself or by Beijing Harvest Technology Co, a
Chinese company certified by IRIS Instruments as an approved supplier. This
ensures compatibility and quality standards for the geophysical equipment used
during surveys.
Include reference to measures taken to ensure sample representation and the The measurement procedure involved placing 72 electrodes along two profiles,
appropriate calibration of any measurement tools or systems used. each 710m long, with a 10m spacing between electrodes. All electrodes were
connected to the measurement equipment, and a specific sequential program was
used to select which quadrupoles operated at each time and in what
configuration.
The final output is a terrain section displaying resistivity values in
different colours, representing variations in this parameter.
The measurement profiles were referenced at various points with Global
Positioning System ("GPS") to precisely determine their location and to obtain
the terrain topography, which will allow for reprocessing of the data
considering the surface relief.
Aspects of the determination of mineralisation that are Material to the Public The lithium (Li) and rubidium (Rb) mineralisation is associated with a
Report. fine-grained, sub-horizontal muscovite leucogranite, overlaying a regional
granite. Intercalations of the regional granite within the leucogranite are
also present. In various zones of the orebody, limits are not well defined,
and the selected geophysical method can assist in delineating these
boundaries.
In cases where 'industry standard' work has been done this would be relatively The ERT system was applied along two profiles, each 710m long, oriented
simple (eg 'reverse circulation drilling was used to obtain 1 m samples from NE-SW and NW-SE, over the Conchas deposit. These profiles followed two tracks
which 3 kg was pulverised to produce a 30 g charge for fire assay'). In other nearly perpendicular to each other.
cases, more explanation may be required, such as where there is coarse gold
that has inherent sampling problems. Unusual commodities or mineralisation • A maximum electric load of 400 V was applied for both sequences.
types (eg submarine nodules) may warrant disclosure of detailed information.
• Two measurement sequences were used:
o The dipole-dipole sequence, optimised for detecting horizontal resistivity
changes, with 2,921 data points. This method provides high lateral resolution
and is sensitive to horizontal variations in resistivity, making it ideal for
identifying geological boundaries and mineralised zones distributed
horizontally.
o The Schlumberger reciprocal sequence, used for detecting vertical
resistivity changes, with 2,195 data points. This method is more sensitive to
vertical variations and is commonly used for investigating stratified
structures.
• Both sequences utilised a pulse duration of 500ms and a measurement stack
of 2-4, meaning each reading was averaged from 2 to 4 repeated measurements to
ensure data reliability.
• The measurements were taken using a Syscal Pro 72 geophysical unit
manufactured by Iris Instruments. This fully digital resistivity and induced
polarisation system is designed for environmental, civil engineering, and
mineral exploration applications. It features an internal 250 W transmitter
with a maximum output of 800-1000 V and 2.5 A, ten simultaneous acquisition
channels providing up to 1,000 readings per minute, and automatic switching
for up to 72 electrodes.
GPS points were recorded with a Garmin eTrex 32x device at the start and end
of each profile, as well as at the end of each cable segment along the
profile. This ensures precise geolocation for the entire geophysical survey
line using a robust, colour-display handheld GPS capable of tracking both GPS
and GLONASS satellites.
Drilling techniques Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, No drilling was completed.
auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard
tube, depth of diamond tails, face- sampling bit or other type, whether core
is oriented and if so, by what method, etc).
Drill sample recovery Method of recording and assessing core and chip sample recoveries and results No drilling was completed.
assessed.
Measures taken to maximise sample recovery and ensure representative nature of The distribution of the electrodes and the sub-horizontal disposition of
the samples. the mineralisation result in the generated section being perpendicular to the
contacts.
Whether a relationship exists between sample recovery and grade and whether No drilling was completed.
sample bias may have occurred due to preferential loss/gain of fine/coarse
material.
Logging Whether core and chip samples have been geologically and geotechnically logged No drilling was completed.
to a level of detail to support appropriate Mineral Resource estimation,
mining studies and metallurgical studies.
Whether logging is qualitative or quantitative in nature. Core (or costean, The trial survey is treated as qualitative. The is no expected relationship
channel, etc) photography. between the resistivity or ERT anomalies and the grade of mineralisation.
The total length and percentage of the relevant intersections logged No drilling was completed.
Sub- sampling techniques and sample preparation If core, whether cut or sawn and whether quarter, half or all core taken. No drilling was completed.
If non-core, whether riffled, tube sampled, rotary split, etc and whether No drilling was completed.
sampled wet or dry.
For all sample types, the nature, quality and appropriateness of the sample The forward modelling and the detection of two types of rocks with different
preparation technique. resistivity in the surveyed area demonstrate the suitability and effectiveness
of the ERT method for the study. This approach validates the identification of
lithological contrasts and supports further interpretation of subsurface
geological structures.
Quality control procedures adopted for all sub- sampling stages to maximise AGS had an onsite representative during the survey assessing the data quality.
representation of samples.
The measurement equipment is inspected and calibrated by the manufacturer
according to its technical specifications, ensuring measurement reliability,
accuracy, and traceability for all data collected during the geophysical
survey.
After placing all measurement electrodes for each profile, the equipment
checks each electrode for proper connection and acceptable resistivity
reading. Once all electrode resistivity values fall within the instrument's
tolerance limits, measurements can begin.
For each profile, about 5,000 to 8,000 resistivity readings are collected,
with each reading performed in stacks of 2-4 repetitions. If successive
readings deviate beyond tolerance, the instrument repeats the measurement up
to four times, averages the result, and-if within tolerance-moves to the next
reading. This process ensures accurate, reliable data for geophysical
analysis.
Measures taken to ensure that the sampling is representative of the in situ The 10m distance between electrodes and the 710m length of the survey lines
material collected, including for instance results for field ensure a penetration depth of over 150m into the ground.
duplicate/second-half sampling.
Whether sample sizes are appropriate to the grain size of the material being This spacing and length allow for effective subsurface electrical resistivity
sampled. measurements to study geological features at significant depths.
Quality of assay data and laboratory tests The nature, quality and appropriateness of the assaying and laboratory No assaying is conducted. The ERT technique is appropriate for the purpose
procedures used and whether the technique is considered partial or total. used.
For geophysical tools, spectrometers, handheld XRF instruments, etc, the An industry standard ERT survey was carried out by EGS along 710 m lines. The
parameters used in determining the analysis including instrument make and main system parameters included:
model, reading times, calibrations factors applied and their derivation, etc.
• A maximum electric load of 400 V was applied for both sequences.
• Two measurement sequences were used:
o The dipole-dipole sequence, optimised for detecting horizontal resistivity
changes, with 2,921 data points. This method provides high lateral resolution
and is sensitive to horizontal variations in resistivity, making it ideal for
identifying geological boundaries and mineralised zones distributed
horizontally.
o The Schlumberger reciprocal sequence, used for detecting vertical
resistivity changes, with 2,195 data points. This method is more sensitive to
vertical variations and is commonly used for investigating stratified
structures.
• Both sequences utilised a pulse duration of 500ms and a measurement stack
of 2-4, meaning each reading was averaged from 2 to 4 repeated measurements to
ensure data reliability.
• The measurements were taken using a Syscal Pro 72 geophysical unit
manufactured by Iris Instruments. This fully digital resistivity and induced
polarisation system is designed for environmental, civil engineering, and
mineral exploration applications. It features an internal 250 W transmitter
with a maximum output of 800-1000 V and 2.5 A, ten simultaneous acquisition
channels providing up to 1,000 readings per minute, and automatic switching
for up to 72 electrodes.
GPS points were recorded with a Garmin eTrex 32x device at the start and end
of each profile, as well as at the end of each cable segment along the
profile. This ensures precise geolocation for the entire geophysical survey
line using a robust, colour-display handheld GPS capable of tracking both GPS
and GLONASS satellites.
Nature of quality control procedures adopted (eg standards, blanks, AGS has an onsite representative during the survey assessing the data quality.
duplicates, external laboratory checks) and whether acceptable levels of
accuracy (ie lack of bias) and precision have been established. After placing all measurement electrodes for each profile, the equipment
checks each electrode for proper connection and acceptable resistivity
reading. Once all electrode resistivity values fall within the instrument's
tolerance limits, measurements can begin.
For each profile, about 5,000 to 8,000 resistivity readings are collected,
with each reading performed in stacks of 2-4 repetitions. If successive
readings deviate beyond tolerance, the instrument repeats the measurement up
to four times, averages the result, and-if within tolerance-moves to the next
reading. This process ensures accurate, reliable data for geophysical
analysis.
Verification of sampling and assaying The verification of significant intersections by either independent or The anomalies identified during the study carried out by AGS have been
alternative company personnel. confirmed by their technicians. The detected anomalies appear to correspond
well with the two main types of rocks present in the study area when compared
with surface mapping and drillholes near the profiles.
The use of twinned holes. No drilling was completed.
Documentation of primary data, data entry procedures, data verification, data The measurement sequences are generated in advance on a computer using ELECTRE
storage (physical and electronic) protocols. Pro software and uploaded to the field instrument with PROSYS. The instrument
stores all measurement data in its memory, which are then downloaded to a
computer via USB with PROSYS. This software is used for initial data analysis
and filtering, creating *.bin files. These files are exported as *.INV files
to RES2dINV, which allows further analysis and filtering. The final
interpreted profiles, with colour-coded resistivity variations, are saved as
*.DAT files.
Discuss any adjustment to assay data. Data may be levelled and is treated as qualitative.
Location of data points Accuracy and quality of surveys used to locate drill holes (collar and GPS points were recorded with a Garmin eTrex 32x device at the start and end
down-hole surveys), trenches, mine workings and other locations used in of each profile, as well as at the end of each cable segment along the
Mineral Resource estimation. profile. This ensures precise geolocation for the entire geophysical survey
line using a robust, colour-display handheld GPS capable of tracking both GPS
and GLONASS satellites. The Garmin eTrex 32x offers typical location accuracy
within ±3.65m under good conditions.
Specification of the grid system used. The project currently uses the UTM Datum ETRS89 Zone 29 North grid system.
Quality and adequacy of topographic control. Topographic control is based on a digital terrain model with sub metric
accuracy sourced from the Spanish Geographical Institute (Instituto
Geográfico Nacional).
Data spacing and distribution Data spacing for reporting of Exploration Results. A total of 72 electrodes were spaced every 10m along each of two 710m survey
lines.
Whether the data spacing and distribution is sufficient to establish the In ERT surveys, the spacing between electrodes critically affects the spatial
degree of geological and grade continuity appropriate for the Mineral Resource resolution and depth of investigation. A 10m electrode spacing, as used in
and Ore Reserve estimation procedure(s) and classifications applied. this study, provides a suitable balance to demonstrate continuity of lithology
and resolve significant resistivity contrasts at depths beyond 150m. This
spacing is adequate to detect and delineate subsurface features where
mineralisation is oriented perpendicular to the survey lines, ensuring
reliable geophysical imaging of the area.
Whether sample compositing has been applied. No composites reported.
Orientation of data in relation to geological structure Whether the orientation of sampling achieves unbiased sampling of possible Lithologies that are oriented perpendicular to the survey lines will be more
structures and the extent to which this is known, considering the deposit prominent and apparent in the ERT results, making it easier to identify
type. distinct resistivity contrasts and geological boundaries at the scale of
interest during the geophysical survey.
If the relationship between the drilling orientation and the orientation of No relevant bias is expected.
key mineralised structures is considered to have introduced a sampling bias,
this should be assessed and reported if material.
Sample security The measures taken to ensure sample security. During the survey conducted by AGS, the data was kept under their custody.
Berkeley received the interpreted data from AGS after the survey was
completed.
Audits or reviews The results of any audits or reviews of sampling techniques and data. Berkeley evaluated the data and determined that its quality is adequate for
further analysis. The Company notes that there appears to be sufficient
contrast between different lithologies and that the results correlate well
with the existing data, supporting the decision to undertake a broader
geophysical campaign aimed at covering most of the deposit area.
Section 2 - Reporting of Exploration Results - Electrical Resistivity
Tomography Survey
Criteria Explanation Commentary
Mineral tenement & land tenure status Type, reference name/number, location and ownership including agreements or The Conchas Prospect lies on the Conchas I IP 6930 which is 100% owned by
material issues with third parties such as joint ventures, partnerships, Berkeley Minera España, S. L., a wholly owned subsidiary of Berkeley Energia
overriding royalties, native title interests, historical sites, wilderness or Limited under the General Regulations for the Mining Regime established under
national park and environment settings. Royal Decree 2857/1978 of 25 August in Spain.
The Conchas I IP was originally granted in October 2020 for an initial
three-year term. An extension of the Investigation Permit for a second
three-year term (from October 2023) was granted in June 2024.
There are no historical sites, reserves or specially protected areas in the
zone, which is primarily used for livestock grazing and agriculture. The
Conchas Prospect is located adjacent to the village of Fuentes de Oñoro and
close to the border with Portugal.
The security of the tenure held at the time of reporting along with any known Tenure in the form of a granted IP and is considered secure. There are no
impediments to obtaining a licence to operate in the area. known impediments to obtaining a licence to operate in this area.
Exploration done by other parties Acknowledgement and appraisal of exploration by other parties. Mining in the area dates back to the WWII years when, in an artisanal manner,
tin and tungsten were obtained by means of surface excavations and washed by
hand.
Modern exploration at Conchas I was carried out by Billiton PLC between 1981
and 1983. The investigation was focused on tin and tantalum, with lithium,
rubidium etc. not taken into account. Billiton carried out several exploration
work programs which resulted in a regional geological map and another detailed
geological map, a leucogranite bottom isopach map, geochemistry with 85 test
pits, trenches and 20 percussion drill holes, and sectional interpretations of
the different magmatic facies.
SIEMCALSA (Mining Investigation and Exploration Society of Castilla y León,
S.A.) within the European Union project POCTEP, summarized the Billiton data,
making a review of the land and a chip sampling (14 samples) of the types of
rocks existing in the area. Mineralogical and metallogenetic studies of
samples were carried out at the Universities of León (Spain) and Porto
(Portugal) however, Berkeley has not yet obtained access to these
reports/results.
Only public domain historical data has been obtained by Berkeley.
Geology Deposit type, geological setting and style of mineralisation Around the 70% of the permit area is filled by the Cenozoic cover and, only in
the NW, the Fuentes de Oñoro granite can be found. Cenozoic materials have
Oligocene age.
Granites make up the Vilar Formoso-Fuentes de Oñoro area, which in turn
belongs to the Guarda Batholith whose origin is associated with the Hercynian
orogeny. Regionally, coarse to very coarse-grained granodiorites and
porphyritic granites are found, porphyritic and with a considerable amount of
biotite, arranged subparallel to the edge of the batholith and commonly
considered as edge facies.
The monzogranite facies is the one with the greatest superficial development
and constitutes approximately 50% of the outcropping granites. They are
two-mica granites, with a predominance of biotite, fine to coarse grain size
and sometimes porphyry, although the potassium feldspar megacrystals do not
reach the size of those of the previous edge facies.
Aplogranites constitute the mineralised facies of aplo-pegmatitic
leucogranites. This occurs in the vicinity of Fuentes de Oñoro and in front
of the Portuguese town of Poço Velho. Preliminary mineralogy studies indicate
the lithium, rubidium and caesium occurs in micas classified as intermediate
between muscovite and zinnwaldite.
It also presents a millimeter mineralisation of cassiterite, and
columbo-tantalite distributed homogeneously throughout its surface.
Cassiterite normally occurs in angular and heterometric crystals of between
10μm and 1mm. Tantalum and niobium occur in the form of columbo-tantalite,
both in isolated crystals and in inclusions within the cassiterite.
Drill hole information A summary of all information material to the understanding of the exploration No drilling results reported.
results including a tabulation of the following information for all Material
drill holes: easting and northings of the drill hole collar; elevation or RL
(Reduced Level-elevation above sea level in metres of the drill hole collar);
dip and azimuth of the hole; down hole length and interception depth; and hole
length
If the exclusion of this information is justified on the basis that the No drilling results reported.
information is not Material and this exclusion does not detract from the
understanding of the report, the Competent Person should clearly explain why
this is the case
Data aggregation methods In reporting Exploration Results, weighting averaging techniques, maximum No drilling results reported.
and/or minimum grade truncations (e.g. cutting of high-grades) and cut-off
grades are usually Material and should be stated.
Where aggregate intercepts incorporate short lengths of high-grade results and No drilling results reported.
longer lengths of low grade results, the procedure used for such aggregation
should be stated and some typical examples of such aggregations should be
shown in detail.
The assumptions used for any reporting of metal equivalent values should be No drilling results reported.
clearly stated.
Relationship between mineralisation widths & intercept lengths These relationships are particularly important in the reporting of Exploration No drilling results reported.
Results. If the geometry of the mineralisation with respect to the drill hole
angle is known, its nature should be reported.
If it is not known and only the down hole lengths are reported, there should No drilling results reported.
be a clear statement to this effect (e.g. 'down hole length, true width not
known'.
Diagrams Appropriate maps and sections (with scales) and tabulations of intercepts Appropriate diagrams, including a map and ERT profiles are included in the
should be included for any significant discovery being reported. These should main body of this announcement.
include, but not be limited to a plan view of the drill collar locations and
appropriate sectional views.
Balanced reporting Where comprehensive reporting of all Exploration Results is not practicable, Reporting of the ERT data is considered to be balanced.
representative reporting of both low and high-grades and/or widths should be
practiced to avoid misleading reporting of exploration results.
Other substantive exploration data Other exploration data, if meaningful and material, should be reported All substantive results are reported
including (but not limited to: geological observations; geophysical survey
results; geochemical survey results; bulk samples - size and method of
treatment; metallurgical test results; bulk density, groundwater, geotechnical
and rock characteristics; potential deleterious or contaminating substances.
Further work The nature and scale of planned further work (e.g. test for lateral extensions The findings of this initial trial ERT survey provided encouragement to plan a
or depth extensions or large-scale step-out drilling). more comprehensive ERT survey covering most of the surface area mapped as
muscovite leucogranite. This survey was conducted in late October, with the
results pending.
Additional work at Conchas includes 3D modelling of the drilling data to
refine the geological interpretation of the Li and Rb mineralisation as a
precursor to resource estimation, preliminary pit optimisation, and a second
phase of metallurgical test work to optimise the flotation and magnetic
separation processes.
Diagrams clearly highlighting the areas of possible extensions, including the These diagrams are included in the main body of this release.
main geological interpretations and future drilling areas, provided this
information is not commercially sensitive.
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 30 September 2025
Consolidated statement of cash flows Current quarter Year to date
$A'000
(3 months)
$A'000
1. Cash flows from operating activities - -
1.1 Receipts from customers
1.2 Payments for (424) (424)
(a) exploration & evaluation
(b) development - -
(c) production - -
(d) staff costs (265) (265)
(e) administration and corporate costs (334) (334)
1.3 Dividends received (see note 3) - -
1.4 Interest received 652 652
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) (95) (95)
(a) Business Development (1,371) (1,371)
(b) Arbitration related expenses
1.9 Net cash from / (used in) operating activities (1,837) (1,837)
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 73,594 73,594
4.2 Net cash from / (used in) operating activities (item 1.9 above) (1,837) (1,837)
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 (563) (563)
4.6 Cash and cash equivalents at end of period 71,194 71,194
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 71,144 73,544
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) 71,194 73,594
]
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 (81)
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) (1,837)
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) (1,837)
8.4 Cash and cash equivalents at quarter end (item 4.6) 71,194
8.5 Unused finance facilities available at quarter end (item 7.5) -
8.6 Total available funding (item 8.4 + item 8.5) 71,194
8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) >10
No
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.7
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8.
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: 31 October 2025
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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