REG - Berkeley Energia - Quarterly Report December 2023
30/01/2024 07:15
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RNS Number : 2989B Berkeley Energia Limited 30 January 2024
BERKELEY ENERGIA LIMITED
NEWS RELEASE | 30 January 2024
Quarterly Report December 2023
Summary:
· Project Update
During the quarter, Berkeley Energia (Berkeley or Company) received formal
notifications from the High Court of Justice of Castilla y León (TSJ) which
upheld the 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 Authorization of
Exceptional Use of the Land (AEUL) and the Urbanism Licence (UL), and annules
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 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 it will submit appeals against the TSJ judgements before the Supreme Court
under Spanish law to defend its position and take all necessary actions to
preserve its rights.
The Company has also previously submitted a contentious-administrative appeal
before the Spanish National Court following notification from the Ministry for
Ecological Transition and the Demographic Challenge (MITECO) in relation to
the rejection of the administrative appeal filed by the Company against
MITECO's rejection of the Authorisation for Construction for the uranium
concentrate plant as a radioactive facility (NSC II) at the Salamanca project.
Whilst the Company's focus is on resolving the current permitting situation,
and ultimately advancing the Salamanca project towards production, the Company
will continue to strongly defend its position and take all necessary actions
to preserve its rights.
· Global Nuclear Power and Uranium Market:
Spot uranium prices continued to demonstrate extreme upside as the near-term
price indicator increased by 27% during the quarter and ended December at
US$91 per pound. In January 2024 the uranium price surpassed US$100 per pound
and is currently ~US$100 per pound.
Price indicators reflecting the longer-term uranium market strengthened over
the quarter as the 3-year forward price increased to US$96 per pound with the
5-year forward price increasing to US$101 per pound by the end of December.
The Long-Term Price continued to rise incrementally reaching US$68 per pound
at the end of December.
The outlook for nuclear power and the uranium market continued to strengthen
during the quarter, with a number of important recent developments, including:
· European Union
o The European Parliament adopted its official position on the proposed
Net-Zero Industry Act (NZIA), which is designed to support Europe's
manufacturing output in technologies needed for decarbonization. The Members
of the European Parliament included nuclear fission and fusion amongst the
list of 17 technologies addressed by the legislation.
o The NZIA sets a target for Europe to produce 40% of its annual deployment
needs in net zero technologies by 2030 and to capture 25% of the global market
value for these technologies.
· COP28
o During the World Climate Action Summit of the 28th Conference of the
Parties to the U.N. Framework Convention (COP28), more than 20 countries lead
by the United States, France, Japan Republic of Korea, United Arab Emirates
and the United Kingdom, launched the Declaration to Triple Nuclear Energy. The
Declaration "recognizes the key role of nuclear energy in achieving global
net-zero greenhouse gas emissions by 2050 and keeping the 1.5-degree goal
within reach."
· Sweden
o The Swedish government presented its climate policy action plan to meet
net zero by 2045. The climate action plan contains some 70 "concrete
proposals" to achieve emission reductions in all sectors and says "expanded
nuclear power is the single most important measure" to reduce emissions
through electrification, with the government's recently published roadmap for
new nuclear "one crucial piece of the puzzle.
The government also tabled a proposed amendment to the country's nuclear
energy regulations (Environmental Code) which would remove the current
stipulation that any new nuclear reactor can only be authorized if it replace
a permanently closed reactor and must be built on a site where one of the
existing reactors is located. The recently-elected government is also pursuing
legislation which would address the potential development of small modular
reactors.
· Finland
o Finnish utility, TVO, initiated an environmental impact assessment for the
possible operating license extension and potential power uprating of reactors
which currently supply 15% of Finland's annual electricity needs. The reactors
can operate until the end of 2038 and TVO is considering applying for a
further 10-year extension.
· Balance Sheet
The Company is in a strong financial position with A$75 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 Executive
Director
+61 8 9322 6322
+34 923 193 903
info@berkeleyenergia.com (mailto:info@berkeleyenergia.com)
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 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 2021, the Company received formal notification from MITECO that it had
rejected the NSC II application at Salamanca. This decision followed the
unfavourable NSC II report issued by the NSC in July 2021.
Berkeley strongly refutes the NSC's assessment and, in the Company's opinion,
the NSC has 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 Energy Charter Treaty (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
España (BME) submitted a contentious-administrative appeal before the Spanish
National Court in an attempt to overturn the MITECO decision denying NSC II.
Whilst the Company's focus is on resolving the current permitting situation,
and ultimately advancing the Salamanca project towards production, the Company
and BME will continue to strongly defend its position and take all necessary
actions to preserve its rights.
Initiation of the contentious-administrative appeal is necessary to preserve
BME's rights however, the Company reiterates that it is prepared to
collaborate with the relevant authorities and remains hopeful that the
permitting situation can be resolved amicably.
Salamanca Project Update
During the quarter, the Company continued with its commitment to health,
safety and the environment as a priority.
Following the annual Internal Audit (IA) of the Environmental and Sustainable
Mining Management Systems completed in the September quarter, AENOR, an
independent Spanish institution, completed the External Audit (EA) during
November.
The EA successfully verified that the Company's management system complies
with the requirements of ISO Standards 14001:2015 "Environmental Management"
and UNE 22480/70:2019 "Sustainable Mining Management", and remains implemented
in an adequate and effective manner.
The conclusions of the EA highlighted the significant progress made towards
achievement of the Company's 2023 Sustainability Goals including involvement
in the management system at all levels of the organisation and the integration
of Sustainable Development Goals (SDGs) into the Company's strategy.
The certification process to obtain ISO 45001 certification for Health and
Safety Management is ongoing, with the internal audit and the integration of
the SDGs into the Company's strategy being successfully completed.
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 during the prior quarter. 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 uranium 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.
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).
Mineralogical studies have been undertaken on 25 samples from the drilling at
ALS Laboratories (Perth, Australia) and the University of Oviedo (Oviedo,
Spain), to determine the mineral species present and understand their
characteristics and properties.
The results of the mineralogical study carried out by ALS Laboratories on the
samples of mineralised muscovitic leucogranite indicate they are 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%.
Based on the conclusions of the studies carried out at the University of
Oviedo, IP Conchas demonstrates exploration potential for several critical and
strategic raw materials included in the European Commission's Critical Raw
Materials Act(1), particularly Li, Nb and Ta. Results from the mineralogical
study report conclude that the Li-bearing minerals in the mineralised
leucogranite are mainly Li-rich muscovites.
The Department of Geology at the Universidad del País Vasco (Spain) has also
undertaken an optical mineralogy and petrography study on thin sections from
six samples collected from surface outcrops of the Conchas mineralisation.
Four of the collected samples are representative of the main muscovitic
leucogranite and two are the same leucogranite but completely greisenized. The
study concludes that among the mineral phases identified within the
leucogranite and greisen samples, the micas can be considered as aluminum-rich
micas and they are the only minerals to contain Li. The micas also hosting the
highest contents of Rb and Cs.
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.
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.
Permitting
During the quarter, the Company received formal notifications from the TSJ
which upheld the 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 AEUL and
the UL, and annules 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
TSJ, with the TSJ delivering judgements 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 it will submit cassation appeals against the TSJ judgements before the
Supreme Court under Spanish law to defend its position and take all necessary
actions to preserve its rights.
Given the current permitting situation at the Salamanca Project, and following
the recommendation of the regional mining authorities, the Company has applied
for a temporary suspension of activity work at the C.E Retortillo-Santidad
('Retortillo mining licence') whilst the NSC II related and abovementioned
appeals processes are ongoing. All environmental, health and safety measures
will continue to maintained by the Company. The application is pending
resolution by the regional mining authorities.
Spanish Politics
Following a failed vote in Congress for the Partido Popular (PP) leader,
Alberto Núñez Feijóo, to become Prime Minister in September 2023, the
Spanish Socialist Workers' Party (PSOE) leader, Pedro Sánchez, won
parliamentary support during the quarter to be re-elected as Spain's Prime
Minister, after striking a controversial agreement with Catalan separatists.
In exchange for supporting Sanchez's PSOE, nationalists from the Spanish
region of Catalonia secured a commitment from the PSOE to pass an amnesty law
that would pardon those linked to a failed Catalan bid for independence six
years ago. PSOE also struck controversial agreements with other nationalist
parties, including from the Basque Country, to secure their support.
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:
· The International Atomic Energy Agency (IAEA) released its latest
nuclear power forecast up to 2050. The international nuclear regulatory agency
now foresees a high case installed nuclear generating capacity in 2050 of
890GWe (compared with today's 369GWe), an increase over the 2020 forecast of
24%.
Large-scale reactors remain the dominant form of nuclear power in all
scenarios, including advanced reactor designs, but the development of and
growing interest in small modular reactors increases the potential for nuclear
power.
· In response to calls from the nuclear industry, research
community and nuclear safety regulators, the European Commission will
establish an Industrial Alliance dedicated to small modular reactors in early
2024, the European Commissioner for Energy announced.
· The Swedish government unveiled a roadmap which envisages the
construction of new nuclear generating capacity equivalent to at least two
large-scale reactors by 2035, with up to ten new large-scale reactors coming
online by 2045.
The parliament subsequently approved a bill that will clear the way for new
nuclear power in the country by removing the current limit on the number of
nuclear reactors in operation, as well as allowing reactors to be built on new
sites. The amendment entered into force on 1 January 2024.
Sweden and France also signed a declaration of intent to develop long-term
cooperation in the field of nuclear energy.
· Norsk Kjernkraft, submitted a proposal to Norway's Ministry of
Oil and Energy for an assessment into the construction of a power plant based
on multiple small modular reactors in the municipalities of Aure and Heim. The
company said it marks the first formal step towards the possible construction
of the country's first nuclear power plant. Once approved by the government
agency, the environmental impact assessment phase could begin.
· Slovenia's Ministry of the Environment, Climate and Energy
presented a draft resolution on the long-term peaceful use of nuclear energy
in the country, which envisages long-term use of nuclear energy, a second
reactor at the Krško nuclear power plant and a secure electricity supply
through a mix of nuclear and renewable energy sources, the Slovenian Press
Agency reported.
· The Estonian government's Nuclear Energy Working Group concluded
that introducing nuclear energy to the country would help to meet climate
goals and increase energy security, with small modular reactors deemed to be
the most suitable for the country.
· The Council of Ministers of Bulgaria have approved the
construction of two additional reactors. The target date for commercial
operation of the first reactor is set at 2033 while the second reactor would
follow 2-3 years later. The planned capacity of the two reactors will total
2,300MWe.
· The British government launched a roadmap for reaching its
ambition for the UK to have 24GWe of nuclear generating capacity by 2050,
representing about 25% of the country's projected electricity demand.
· The EURATOM Supply Agency (ESA) distributed its Annual Report for
2022 which documents various aspects of the nuclear fuel cycle within the
European Union.
According to the ESA's survey of the 103 reactors operating in 13 Member
Countries as of the end of 2022, future uncovered uranium requirements through
2031 range from a minimum of 51.9 million pounds (assuming all current supply
agreements are honoured) and a maximum of 87.5 million pounds (assuming
Russian-sourced agreements are not completed as scheduled).
Total uranium inventories held by EU utilities at the end of 2022 approximated
92.8 million pounds, a decrease from the aggregate inventories held at the end
of 2021 (95.7 million pounds).
During 2022, the purchases of Russian-origin uranium declined by 16% to 5.2
million pounds as compared to 2021 buying levels.
· Kazatomprom released its September 2023 quarter Operations and
Trading Update, which reported a slight decline in Kazakh uranium production
for the first nine months of the year (2023 - 39.8 million pounds. compared to
2022 - 40.2 million pounds), but reconfirming the 2023 guidance at 53.3 - 55.9
million pounds. However, the world's largest producer of uranium cautioned
that "issues associated with limited access to certain key materials, such as
sulfuric acid, remain persistent, and might potentially have a negative impact
on 2024 production."
· Orano took the decision to expand uranium enrichment capacity at
the Georges Besse 2 Uranium Enrichment Plant, located at Tricastin, France.
The facility entered operation in 2011 reaching its current full production
capacity of 7.5 million Separative Work Units (SWU) in 2016, based on
centrifuge technology. The Orano Board approved the planned expansion of 2.5
million SWU at a cost of €1.7 billion.
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.
References
(1) Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL
establishing a framework for ensuring a secure and sustainable supply of
critical raw materials and amending Regulations (EU) 168/2013, (EU) 2018/858,
2018/1724 and (EU) 2019/1020
This announcement has been authorised for release by Mr Robert Behets,
Director.
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 December 2023, 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.
^During 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 December 2023, the Company made payments of
$186,000 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 December 2023, the Company made the following
payments in relation to exploration and development activities:
Activity A$000
Radiological protection, monitoring and other assays 20
Permitting related expenditure (including legal dispute expenses) 476
Consultants and other expenditure 54
Payment/(return) of VAT and other social taxes in Spain 144
Total as reported in the Appendix 5B 694
There were no mining or production activities and expenses incurred during the
quarter ended 31 December 2023.
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 December 2023
Consolidated statement of cash flows Current quarter Year to date
$A'000
(6 months)
$A'000
1. Cash flows from operating activities - -
1.1 Receipts from customers
1.2 Payments for (694) (1,601)
(a) exploration & evaluation
(b) development - -
(c) production - -
(d) staff costs (346) (599)
(e) administration and corporate costs (305) (692)
1.3 Dividends received (see note 3) - -
1.4 Interest received 875 1,668
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) (92) (117)
(a) Business Development
1.9 Net cash from / (used in) operating activities (562) (1,341)
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 80,039 78,776
4.2 Net cash from / (used in) operating activities (item 1.9 above) (562) (1,341)
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 (4,343) (2,301)
4.6 Cash and cash equivalents at end of period 75,134 75,134
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 75,084 79,989
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) 75,134 80,039
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 (186)
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) (562)
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) (562)
8.4 Cash and cash equivalents at quarter end (item 4.6) 75,134
8.5 Unused finance facilities available at quarter end (item 7.5) -
8.6 Total available funding (item 8.4 + item 8.5) 75,134
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: 30 January 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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