REG - Berkeley Energia - Quarterly Report June 2025
31/07/2025 07:01
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RNS Number : 3130T Berkeley Energia Limited 31 July 2025
NEWS RELEASE | 31 July 2025
Quarterly Report June 2025
Summary:
· Exploration at Conchas Project
During the quarter, Berkeley Energia Limited (Berkeley or Company) continued
with activities at is Conchas project (Conchas Project), as part of its
ongoing exploration initiative targeting critical minerals in Spain.
· Thick zones of lithium and rubidium mineralisation, hosted within
a muscovitic leucogranite, have been intersected at shallow depths in
drilling.
· Drill intercepts from the most recent RC program include:
o 14m @ 0.95% Li(2)O & 0.39% Rb(2)O (from 40m)
o 18m @ 0.55% Li(2)O & 0.23% Rb(2)O (from surface)
o 61m @ 0.50% Li(2)O & 0.21% Rb(2)O (from surface)
o 56m @ 0.48% Li(2)O & 0.21% Rb(2)O (from surface)
o 27m @ 0.44% Li(2)O & 0.21% Rb(2)O (from surface)
· Preliminary metallurgical test work is underway on representative
samples obtained from three diamond holes, with results anticipated in the
September 2025 quarter.
· 3D modelling of the available drilling data is also being
undertaken to refine the geological interpretation of the lithium and rubidium
mineralisation.
· Rubidium 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 rubidium 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.
Subsequent to 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:
During and subsequent to the end of the quarter, there have been a number of
important recent developments regarding the nuclear industry in Spain,
including:
· Proposal to Reverse Spain's Nuclear Phase-out Approved by
Parliament
o In February 2025, a Plenary Session of the Spanish Congress approved a
non-binding proposal presented by the right-wing People's Party (PP) calling
for the government to implement a series of measures that would reverse
Spain's decision to phase out nuclear power.
o Subsequently in April 2025, the PP registered a bill in the Congress to
extend the useful life of nuclear power plants, arguing that it is "necessary"
to keep them operational for the long-term.
o During the quarter, the bill was debated, and in a Plenary session of
Parliament held in June 2025, the bill was approved with 171 votes in favour,
166 against, and 7 abstentions. The proposed bill has now been referred to an
internal parliamentary commission to review and to provide any potential
amendments of the bill for Congress to consider.
· Spanish Power Blackouts Reignites Debate over Nuclear Power in
Spain
o The unprecedented blackout that struck mainland Spain and Portugal in
April 2025 has reignited the cultural and political battle over the future of
nuclear energy. Spain's current energy roadmap outlines a gradual phase-out of
the country's five nuclear power plants. However, the conservative PP and
far-right Vox parties have long championed nuclear power and vehemently oppose
the government's decommissioning plans.
o Spanish Prime Minister, Pedro Sánchez, was quoted as stating that
"Spain does not have uranium and it will have to be imported" during a
Parliamentary session held in May 2025. The comments were made during a debate
in the Spanish Parliament following the fallout from the catastrophic blackout
that affected most of Spain and Portugal and lasted 9-10 hours in many regions
of the countries. The Minister for Ministry for Ecological Transition and
Demographic Challenge (MITECO), in response to questions from PP in a
subsequent Senate plenary session, clarified the Prime Minister's words and
specified that there is natural uranium in Spain, but not enriched uranium.
The Salamanca Project currently hosts a Mineral Resource of 89.3Mlb uranium,
with more than two thirds in the Measured and Indicated categories.
· Nuclear Power Generated ~20% of electricity production in Spain
in 2024
o Spain's nuclear power plants generated almost 20% of its 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 2025
highlights nuclear's role in providing inertia and stability to the
electricity system, it said.
· Nuclear Industry Manifesto
o Companies representing the Spanish nuclear industry have signed a
manifesto calling for the long-term operation of the country's nuclear power
plants. Under current plans, Spain's power reactors are all scheduled to shut
by 2035.
The manifesto signed by 32 companies says: "We urge the initiation of a
dialogue and renegotiation of the 2019 agreement on the phased shutdown of
nuclear power plants. This agreement was made under an industrial,
geopolitical, social and economic context that is vastly different from
today's reality."
The signatories call on the Spanish government and relevant authorities to
revise the National Integrated Energy and Climate Plan to incorporate measures
ensuring the continuity of nuclear energy. "This energy source must be
recognised as reliable, efficient and competitive, with low carbon emissions,
and should receive fair treatment to encourage investment," they say.
· Balance Sheet
The Company is in a strong financial position with A$74 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)
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 1: 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, the Company published a report on the Performance of the
2023-2024 Sustainability Plan. The Report was prepared to transparently
communicate Berkeley's sustainability performance to all stakeholders, and to
define the Sustainability Goals for 2025. The Report can be viewed on the
Company's website.
The Company also obtained the "Calculo y Reduzco" (Calculate and Reduce) seal
and certificate by the Carbon Footprint Registry of the MITECO during the
quarter. Registration in the Carbon Footprint Registry is evidence of
Berkeley's efforts to control and reduce of its CO(2) emissions in 2023. The
planned measures to reach the Carbon Footprint Goal were achieved.
Berkeley has previously been awarded with the Carbon Neutrality Certificates
for the years 2020, 2021, and 2022, by MITECO. This represents an important
step in the Company's journey to combat climate change and continue
contributing to sustainability.
An assessment of the Environmental Aspects, according to ISO 14001 Standards,
and the Sustainable Mining Management Indicators, according to UNE 22470/80
Standards, of the Company's activities in 2024 was carried out during the
quarter.
2025 Sustainability Goals
Based on an analysis of risks and opportunities, the following goals and
improvements in sustainability have been defined for 2025:
o Maintaining AENOR Certifications (ISO 14001, UNE 22480/70 and ISO 45001
Standards)
o Adaptation of the Environmental and Sustainable Mining Management System
to the new UNE 22480/70:2025 Standard
o Retortillo project development
o Research of new Mineral Resources
o Ongoing transparent communication with stakeholders
o Calculation of the Carbon Footprint for 2024
Berkeley, in its commitment to fighting climate change, contributes to the
following Sustainable Development Goals:
Exploration
During the quarter, the Company continued with its exploration program
focusing on critical minerals in Spain. The exploration initiative is
targeting lithium, rubidium, tin, tantalum, niobium, tungsten, and other
battery and critical metals, within the Company's existing tenements in
western Spain that do not form part of Berkeley's main undertaking being the
development of the Salamanca Project.
Conchas Project
The Investigation Permit (IP) Conchas is located in the very western part of
the Salamanca province, close to the Portuguese border (Figure 2). 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.
Figure 2: IP Conchas Location Plans and Geology / Drill Hole Location Plan
Billiton PLC undertook exploration on the IP Conchas between 1981 and 1983,
with a focus on tin and tantalum (lithium, rubidium and other elements were
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.
A small drill program comprising five broad spaced RC holes for a total of
282m was subsequently implemented in 2022 to test the tin-lithium anomaly.
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 April 2023, demonstrating Conchas' exploration
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 and 0.22% Rb(2)O from surface (CCR0002).
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 1.2km (on average in a NW-SE orientation) (Figure
2) and varies in thickness from 7m to over 170m in the drill holes (Figure 3).
A number of mineralogical studies were undertaken during 2023 to determine the
mineral species present and understand their characteristics and properties.
Results of these studies indicate the mineralised muscovitic leucogranite is
composed mainly of plagioclase (average content of 55%) and quartz (average
content of 25%), with potassium feldspar, muscovite mica, and Li-mica making
up remainder of the rock. The samples have an average Li-mica content of 3%.
A follow-up RC and diamond core drilling program focused on improving
confidence in the geology, continuity, and grade distribution of the zone of
multi-element mineralisation was completed in late 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,
confirming and improving upon the results obtained in the 2022 drilling
campaign. Select intercepts include:
Hole No. Down Hole Intercept From Depth
(Down Hole)
CCR006 27m @ 0.44% Li2O & 0.21% Rb2O surface
14m @ 0.95% Li2O & 0.39% Rb2O 40m
CCR011 55m @ 0.31% Li2O & 0.18% Rb2O surface
CCR012 61m @ 0.50% Li2O & 0.21% Rb2O surface
CCR017 18m @ 0.55% Li2O & 0.23% Rb2O surface
CCR025 56m @ 0.48% Li2O & 0.21% Rb2O surface
CCR033 19m @ 0.35% Li2O & 0.21% Rb2O surface
Based on geological logging of all drill holes and the assay results returned
from the RC holes, the following observations were made regarding geology,
continuity, and grade distribution:
· the mineralised muscovite leucogranite is very homogeneous in
terms of mineralogy
· the distribution of Rb mineralisation is the most consistent
among all anomalous elements within the zone of mineralisation
· there is a strong positive correlation between Li and Rb grades,
which may be associated with the varying presence of micas
· there is a positive correlation between Nb and Ta grades, which
appears to be associated with the presence of columbo-tantalite and/or
cassiterite
· the southern zone of mineralisation contains the highest grades
overall, with individual assay values exceeding 2.5% Li(2)O. In this area, all
holes penetrated the host muscovitic leucogranite and ended in the underlying
regional granite (Figure 3)
· In the northeast, the muscovite leucogranite is significantly
thicker (>169m in CCR020) and all holes returned Rb(2)O grades exceeding
1,000ppm (Figure 4) however, Li(2)O grades are lower than in the south and
northwest areas
· None of the northeastern most holes reached the underlying
regional granite, suggesting a potential feeder zone
· Drilling in the northwest recorded the highest grades of both
Li(2)O and Rb(2)O, as well as the highest grades of other elements
Additional surface geological mapping was also conducted as part of the 2024
exploration activities. Based on field observations, the surface area occupied
by the muscovitic leucogranite is greater than indicated by historical
mapping, which when combined with the drilling results, expands the scale of
the host unit.
Figure 3: IP Conchas 4,492,225 North Cross Section
Figure 4: IP Conchas 4,492,925 North Cross Section
Preliminary metallurgical test work
Representative samples obtained from the three diamond core holes drilled in
the 2024 program have been sent to the Oviedo School of Mines' (Spain) and
Wardell Armstrong International's (England) laboratories for preliminary
metallurgical test work.
The metallurgical test work programs have been designed to assess the
potential recovery of Li, Rb and the other elements of economic interest, and
comprise crushing and grinding (bond index calculation), gravity (jigs,
shaking tables and multi gravity separator), high intensity wet and dry
magnetic separation on the concentrates, froth flotation, and characterisation
of the samples.
Whilst some delays were experienced due to laboratory equipment failure,
multiple workstreams continued to progress during the quarter. Results of the
metallurgical test work programs are now anticipated in the September 2025
quarter
Geological Modelling
3D modelling of the drilling data is also 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.
An updated geological model based on all available data, including surface
mapping, soil geochemistry and drilling, is also being developed.
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, 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 March 2025 quarter. 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.
International Arbitration Dispute
In May 2024, the Company's wholly owned subsidiary, Berkeley Exploration
Limited (BEL), 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
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 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.
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.
Subsequent to 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.
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 announcement that relates to Exploration Results 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 the Mineral Resource
Estimate is extracted from an announcement dated 27 August 2024 entitled
'Annual Report 2024', which is available to view at www.berkeleyenergia.com
(http://www.berkeleyenergia.com) and is based on, and fairly represents
information compiled by Mr Enrique Martínez, a Competent Person who is a
Member of the Australasian Institute of Mining and Metallurgy. Berkeley
confirms that: a) it is not aware of any new information or data that
materially affects the information included in the original announcement; b)
all material assumptions and technical parameters underpinning the Mineral
Resource Estimate in the original announcement continue to apply and have not
materially changed; and c) the form and context in which the relevant
Competent Persons' findings are presented in this announcement have not been
materially modified from the original announcement.
The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 as it forms part of UK domestic law by virtue of the
European Union (Withdrawal) Act 2018 ('MAR'). Upon the publication of this
announcement via Regulatory Information Service ('RIS'), this inside
information is now considered to be in the public domain.
Appendix 1: Mineral Resource at Salamanca
Deposit Resource Category Tonnes U(3)O(8) U(3)O(8)
Name (Mt) (ppm) (Mlbs)
Retortillo Measured 4.1 498 4.5
Indicated 11.3 395 9.8
Inferred 0.2 368 0.2
Total 15.6 422 14.5
Zona 7 Measured 5.2 674 7.8
Indicated 10.5 761 17.6
Inferred 6.0 364 4.8
Total 21.7 631 30.2
Alameda Indicated 20.0 455 20.1
Inferred 0.7 657 1.0
Total 20.7 462 21.1
Las Carbas Inferred 0.6 443 0.6
Cristina Inferred 0.8 460 0.8
Caridad Inferred 0.4 382 0.4
Villares Inferred 0.7 672 1.1
Villares North Inferred 0.3 388 0.2
Total Retortillo Satellites Total 2.8 492 3.0
Villar Inferred 5.0 446 4.9
Alameda Nth Zone 2 Inferred 1.2 472 1.3
Alameda Nth Zone 19 Inferred 1.1 492 1.2
Alameda Nth Zone 21 Inferred 1.8 531 2.1
Total Alameda Satellites Total 9.1 472 9.5
Gambuta Inferred 12.7 394 11.1
Salamanca Project Total Measured 9.3 597 12.3
Indicated 41.8 516 47.5
Inferred 31.5 395 29.6
Total (*) 82.6 514 89.3
Appendix 2: Summary of Mining Tenements
As at 30 June 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(#)
*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
antimony as part of its critical minerals exploration initiative.
Appendix 3: Related Party Payments
During the quarter ended 30 June 2025, the Company made payments of $148,000
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 June 2025, the Company made the following payments
in relation to exploration and development activities:
Activity A$000
Permitting related expenditure (including legal costs) 353
Drilling related costs 41
Assay costs, radiological protection and monitoring 5
Consultants and other expenditure 230
Payment/(return) of VAT and other social taxes in Spain (147)
Total as reported in the Appendix 5B 482
There were no mining or production activities and expenses incurred during the
quarter ended 30 June 2025.
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 June 2025
Consolidated statement of cash flows Current quarter Year to date
$A'000
(12 months)
$A'000
1. Cash flows from operating activities - -
1.1 Receipts from customers
1.2 Payments for (482) (2,887)
(a) exploration & evaluation
(b) development - -
(c) production - -
(d) staff costs (374) (1,438)
(e) administration and corporate costs (193) (1,003)
1.3 Dividends received (see note 3) - -
1.4 Interest received 671 3,011
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) (6) (206)
(a) Business Development (816) (2,114)
(b) Arbitration related expenses
1.9 Net cash from / (used in) operating activities (1,200) (4,638)
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 77,958 77,345
4.2 Net cash from / (used in) operating activities (item 1.9 above) (1,197) (4,638)
4.3 Net cash from / (used in) investing activities (item 2.6 above) - -
4.4 Net cash from / (used in) financing activities (item 3.10 above) - -
4.5 Effect of movement in exchange rates on cash held (3,167) 887
4.6 Cash and cash equivalents at end of period 73,594 73,594
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 73,544 77,908
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) 73,594 77,958
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 (148)
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) (1,200)
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) (1,200)
8.4 Cash and cash equivalents at quarter end (item 4.6) 73,594
8.5 Unused finance facilities available at quarter end (item 7.5) -
8.6 Total available funding (item 8.4 + item 8.5) 73,594
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: 31 July 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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