REG - Berkeley Energia - Quarterly Report March 2026
29/04/2026 07:00
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RNS Number : 3729C Berkeley Energia Limited 29 April 2026
NEWS RELEASE | 29 April 2026
Quarterly Report March 2026
Highlights:
· Conchas Project
During the quarter, Berkeley Energia Limited (Berkeley or Company) continued
to advance its ongoing exploration initiative targeting critical minerals in
Spain at its Conchas project (Conchas or the project).
· 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.
· Preliminary metallurgical testing on representative samples of
the mineralisation has demonstrated very good recoveries at acceptable grades
using flotation and magnetic separation methods
o Flotation test work results demonstrated very good recoveries of Li (78%
overall recovery) and Rb (63% overall recovery) can be achieved at acceptable
grades for -150µm grind size material.
o Magnetic separation testing on -300µm +150µm material showed 77% of
the Li and 58% of the Rb (stage recoveries) reported to the magnetic product.
This result may present an opportunity for magnetic separation of the coarser
fraction followed by flotation of the finer material.
o Next steps include a mineralogical study on samples obtained from the
flotation and magnetic separation test work (underway) and a second phase of
metallurgical test work to optimise the flotation and magnetic separation
processes.
· 3D modelling of all drilling data 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, was completed.
· A comprehensive geological model integrating all available data
including surface mapping, soil geochemistry, drilling, and recent geophysical
(Electrical Resistivity Tomography) surveys, has also been developed to
support further work.
· 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 (Respondent) before the International Centre for Settlement of
Investment Disputes (ICSID).
In February 2026, the Company filed a Memorial of Claim at the ICSID in
Washington, D.C. alleging that the Respondent's actions against BME and the
Salamanca project (Salamanca Project) have violated multiple provisions of the
Energy Charter Treaty (ECT), and therefore BEL is seeking compensation in the
order of US$1.25 billion (US$1,250,000,000) for these violations.
The Memorial of Claim included:
· Factual background to the Salamanca Project and the dispute;
· A detailed statement of the legal basis for the claim brought
against Respondent;
· A number of key witness statements; and
· Reports from several independent experts covering technical and
regulatory aspects, and an assessment of damages.
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:
· Almaraz Nuclear Power Plant Closure
o In October 2025, Iberdrola, ENDESA and Naturgy, the owners of the Almaraz
nuclear power plant in Extremadura, submitted a formal request that the
Ministry for Ecological Transition and Demographic Challenge (MITECO) modify
the operating licence for both Almaraz units so they could continue operating
until June 2030, instead of closing in November 2027 under the current
schedule.
o MITECO subsequently referred the modification request to the Spanish
Nuclear Safety Council (NSC) for the required preceptive report on nuclear
safety, radiological and physical protection.
o In December 2025, the NSC Plenary agreed to issue a supplementary
technical instruction requiring the operator to submit additional
documentation needed for the assessment.
o In February 2026, the NSC said it had received the requested supplementary
information and would proceed with the evaluation needed to issue its
mandatory report which remains pending.
· Juzbado Nuclear Fuel Fabrication Plant
o In April 2026, the NSC issued a favourable report to renew the operating
authorisation of the Juzbado nuclear fuel plant in Salamanca for a further ten
years. The approved report included twelve limits and conditions that cover
several operational and safety areas which will now be sent to MITECO for its
consideration.
· Nuclear Fuel Agreements
o In April 2026, Poland's Synthos Green Energy announced that it had signed
cooperation agreements with Spanish nuclear fuel manufacturers Enusa
Industrias Avanzadas SA and GNF Enusa Nuclear Fuel SA to support the
deployment of small modular reactors across Europe.
· Nuclear debate continues in Spain
o With Spain still scheduled to begin reactor closures at Almaraz from 2027
under the current phase-out plan, debate over the future role of nuclear power
intensified after the Iberian blackout in April 2025 that plunged much of
Spain and Portugal into darkness and exposed vulnerabilities in the Iberian
has intensified. Following the Iberian blackout, industry representatives
highlighted nuclear energy's contribution to system inertia and grid
stability.
o Adding to the debate, the European Commission has urged member states,
including Spain, to avoid the premature closure of nuclear power plants that
can still produce reliable, cheap, and low-emission electricity. This comes
within the framework of the new AccelerateEU energy plan, communicated in
April 2026, through which Brussels aims to strengthen security of supply and
reduce dependence on imported fossil fuels amidst international instability in
energy markets.
· Balance Sheet
The Company is in a strong financial position with A$64 million in cash
reserves and no debt.
For further information please contact:
Robert
Behets
Francisco Bellón
Executive 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 Conchas Project 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.
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).
Geophysical Survey - Electrical Resistivity Tomography (ERT)
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.
Following a successful ERT trail survey, which demonstrated that the technique
clearly distinguished the two key geological units at Conchas, namely
mineralised muscovite leucogranite (LGM) and the underlying barren regional
granite (GMG), a comprehensive survey was undertaken by Spanish geophysical
consultants, Análisis y Gestión del Subsuelo AGS, in late 2025.
The survey comprised nine profiles totalling 5,820 linear metres, ranging from
350m to 1,070m in length, with uniform 10m electrode spacing and maximum
investigation depth reaching 153.5m (Figure 3). This systematic approach
generated ~35,900 individual measurement points across the Conchas
Investigation Permit (IP).
The survey results were received and interpreted early in 2026, with the
mineralised LGM unit consistently imaged at shallow depths across all
profiles.
Detailed review of the nine new ERT profiles resulted in the interpreted scale
and geometry of the host LGM unit being modified (Figure 3). ERT profiles
located in the central part of the deposit e.g. Profile 2 (Figures 3 and 4)
appear to confirm the presence of the host LGM and underlying regional GMG,
while profiles outside that central zone e.g. Profile 4 extend and/or confirm
possible LGM occurrences beyond the previously known limits (Figure 3). The
LGM attains a maximum thickness of ~100m within a prominent NNE-SSW band in
the middle of the project area and pinches to 5-10m towards the tenement
boundaries.
Comparison of the ERT profiles with drillhole data confirms reliable
geophysical-lithological correlation. The survey dataset has been incorporated
into 3D modelling (Figure 5), significantly refining the mineralised zone
boundaries and contact geometry. This integrated geophysical framework
substantially de-risks drill targeting within the LGM. In addition, the
potential presence of additional LGM units at depth opens up new target zones
that will be factored into the planning for follow-up drill campaigns.
Geological Modelling
3D modelling of the drilling data was completed during the quarter. The 3D
modelling was undertaken by mining consultants, Maja Mining Limited, 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.
The new 3D block model forms the key input into a preliminary open pit
optimisation exercise, which has commenced and is being undertaken by Spanish
mining consultants, Mining Sense Global SL.
A comprehensive geological model which integrates all available data including
surface mapping, soil geochemistry, drilling, and recent geophysical surveys,
has also been developed to support further work.
Preliminary Metallurgical Test Work
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, 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, 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.
In summary, the 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.
Mineralogy
A new mineralogical study on samples obtained from flotation concentrates and
magnetic separation from the preliminary metallurgical test work program is
being undertaken to the lithium deposit specialist team at the University of
the Basque Country (UPV).
Four mounts from the floated fraction and one from magnetic separation were
prepared for analysis. The mounts were sent to the Raimond Castaing
Microcharacterisation Centre of Toulouse (France) for electron microprobe
analysis (EMPA) of major elements and to the Scientific Instrumentation Centre
at the University of Granada (Spain) for laser ablation ICP-MS (LA-ICP-MS)
trace element analysis.
The final report combining results from both methods is expected to be
completed in the June quarter.
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.
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.
Berkeley management met with the mining authorities of Badajoz province during
the quarter, who confirmed that the IP application for Ampliación de Los
Bélicos (Oliva project) is currently under environmental review, with the
final grant of the IP expected in the coming months.
Regarding the IP application for La Majada, the mining authorities of Ciudad
Real province have confirmed that sectoral reports required as part of the
environmental review process have been completed and are all favourable. The
next step is for the Rehabilitation Plan to 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.
Salamanca Project Update
The Company continues with its commitment to health, safety and the
environment as a priority.
During the quarter, an assessment of the Environmental Aspects according to
ISO 14001 Standards and Sustainable Mining Management Indicators according to
UNE 22470/80 Standards of the Company's 2025 activities was conducted.
The assessment highlighted a 44% reduction in fuel consumption (equivalent to
saving ~3,150 litres of fuel), a 68% reduction in paper consumption (~23 kilos
less paper than prior year) and a significant reduction in toner and
medication waste, have been achieved.
The Company's external contributions grew by 45%, demonstrating Berkeley's
commitment to activities of public and social interest within its
socioeconomic sphere of influence. Furthermore, the purchase of consumables
from within the sphere of influence increased by 20%, reaching 98.6% of total
purchases. This clearly demonstrates that most consumables acquired by
Berkeley are purchased in Salamanca, thus fostering the socioeconomic
development of the province. This is the Company's best result since records
began in 2012.
In 2025, the Company's direct energy consumption was reduced by 31%, thus
contributing to lower greenhouse gas emissions. Likewise, CO(2) equivalent
emissions into the atmosphere decreased by 44% (equal to a reduction of 7.9
tons of CO(2) equivalent compared to 2024). This is partly thanks to the fact
that the Company has an energy supplier at the Retortillo offices that holds a
Guarantee of Origin (GO) certification from the National Markets and
Competition Commission (CNMC), ensuring that the electricity supply is 100%
renewable.
There was also a 45% reduction in toxic or highly toxic substances (~232kg
less than in 2024) resulting from gasoline and diesel consumption. The
generation of other waste was 89% lower than in 2024.
Cooperation agreement with Municipality of Retortillo
During the quarter, the Company executed a new cooperation agreement with the
Municipality of Retortillo which recognises that the exploitation of the
Project involves substantial investments and that these investments will
undoubtedly bring significant benefits to the Municipality.
It is the Parties' intention that Berkeley contributes to the development of
the Municipality, demonstrating its commitment to generating the greatest
possible positive impact within the Project's host municipality, and as part
of its firm environmental, social, and governance (ESG) commitment. Berkeley
will collaborate with the City Council on the development of various social
and common interest initiatives that contribute to improving the quality of
life for the citizens of Retortillo, including a Drinking Water and Sanitation
Project (including the renewal of drinking water pipes), rehabilitation of the
local Heath Centre, installation of a waste classification centre, and other
similar initiatives.
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 Respondent before ICSID.
As part of its Request, BEL alleges that the Respondent's actions against BME
and the Salamanca Project have violated multiple provisions of the ECT.
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.
In February 2026, the Company filed a Memorial of Claim at the ICSID in
Washington, D.C. alleging that the Respondent's actions against BME and the
Salamanca Project have violated multiple provisions of the ECT, and therefore
BEL is seeking compensation in the order of US$1.25 billion for these
violations.
The Memorial of Claim included:
· Factual background to the Salamanca Project and the dispute;
· A detailed statement of the legal basis for the claim brought
against the Respondent;
· A number of key witness statements; and
· Reports from several independent experts covering technical and
regulatory aspects, and an assessment of damages.
Since the Memorial of Claim was submitted, the Respondent has filed a request
to bifurcate the process to address the objections to jurisdiction as a
preliminary question, pursuant to ICSID Convention and arbitration rules. BEL
is currently in process of submitting its objections to the Respondents
bifurcation request.
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.
European Union (EU) Nuclear Power Industry Developments
Several important developments in the EU nuclear power sector occurred during
the quarter including:
· France's Nuclear Policy Council, headed by President Emmanuel
Macron, has reconfirmed the need to revitalise the country's nuclear power
industry in order "to guarantee France's sovereignty, make energy accessible
to the French people and our businesses, and combat climate change".
· Further, France adopted a new energy law which slashes wind and
solar power targets and drops a mandate for state-owned power supplier to
shutter 14 of its 57 nuclear power plants. The French Finance Minister
commented "Nuclear is the backbone of our electricity system." The new 10-year
framework also reduces 2035 targets for wind and solar by 20%.
· The French government also has published the third Multiannual
Energy Programme, setting out the country's energy strategy to address the
challenges of energy consumption and production over the period 2026-2035. It
calls for the construction of six new reactors and the extended operation of
the country's existing nuclear fleet.
· Belgium's energy-intensive industries are calling for an urgent
study into extending the operation of several recently closed or idled nuclear
power reactors. Several organisations, which represent major industrial
electricity consumers in Belgium, has asked the government to halt ongoing
dismantling work at certain plants and commission an independent assessment of
whether they can safely resume operation. It was noted that extending the
operation these power plants could lower wholesale prices by 10 to 20 euros
per megawatt-hour, benefiting both heavy industry and households. Belgian
manufacturers face some of the highest electricity prices in Europe.
· Germany's Economy and Energy Minister called the nuclear
phase-out 'a huge mistake' following a discussion at a conference in the USA
on the likely impact on the country's economy if the Iran conflict continues -
as well as the need for a "correction" to energy policies in Europe.
· The European Commission Chief (Ursula von der Leyen) said
Europe's decision to reduce its nuclear energy sector was a "strategic
mistake." Nuclear power's share of European energy production has fallen from
one-third in 1990 to just 15% today. "This reduction in the share of nuclear
was a choice. I believe it was a strategic mistake for Europe to turn its back
on a reliable, affordable source of low-emissions power."
· Nucleareurope released an action plan aimed at stimulating
Europre nuclear investments. The Brussels-based nuclear trade body
Nucleareurope published an action plan for nuclear which outlines how key
European Union policies can make a decisive contribution to its deployment
across Europe, including the intention to make nuclear investment easier,
faster, and more bankable.
Business Development
The Company is actively assessing and reviewing further opportunities in the
clean energy and critical minerals sectors, as well as other opportunities to
expand and complement its current exploration portfolio. However, no
agreements have been reached or licences granted and the Directors are not
able to assess the likelihood or timing of a successful acquisition or grant
of any opportunities.
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 prior Exploration Results
and Metallurgical Test Work is extracted from an announcements dated 29
January 2025, 28 October 2025, 31 October 2025 and 29 January 2026, which are
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
announcements; b) all material assumptions and technical parameters
underpinning the Exploration Results and Metallurgical Test Work in the
original announcements 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 announcements.
The information in this announcement that relates to the Mineral Resource
Estimate is extracted from an announcement dated 27 August 2025 entitled
'Annual Report 2025', 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.
To view all figures and illustrations, please refer to:
https://app.sharelinktechnologies.com/announcement-preview/asx/dfca067e3ffc9ad6337891a24d461c62
(https://app.sharelinktechnologies.com/announcement-preview/asx/dfca067e3ffc9ad6337891a24d461c62)
Appendix 1: Mineral Resource at Salamanca
Deposit Resource Category Tonnes U(3)O(8) U(3)O(8)
Name (Mt) (ppm) (Mlbs)
Retortillo Measured 4.1 498 4.5
Indicated 11.3 395 9.8
Inferred 0.2 368 0.2
Total 15.6 422 14.5
Zona 7 Measured 5.2 674 7.8
Indicated 10.5 761 17.6
Inferred 6.0 364 4.8
Total 21.7 631 30.2
Alameda Indicated 20.0 455 20.1
Inferred 0.7 657 1.0
Total 20.7 462 21.1
Las Carbas Inferred 0.6 443 0.6
Cristina Inferred 0.8 460 0.8
Caridad Inferred 0.4 382 0.4
Villares Inferred 0.7 672 1.1
Villares North Inferred 0.3 388 0.2
Total Retortillo Satellites Total 2.8 492 3.0
Villar Inferred 5.0 446 4.9
Alameda Nth Zone 2 Inferred 1.2 472 1.3
Alameda Nth Zone 19 Inferred 1.1 492 1.2
Alameda Nth Zone 21 Inferred 1.8 531 2.1
Total Alameda Satellites Total 9.1 472 9.5
Gambuta Inferred 12.7 394 11.1
Salamanca Project Total Measured 9.3 597 12.3
Indicated 41.8 516 47.5
Inferred 31.5 395 29.6
Total (*) 82.6 514 89.3
Appendix 2: Summary of Mining Tenements
As at 31 March 2026, 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 31 March 2026, the Company made payments of $82,000
to related parties and their associates. These payments relate to existing
remuneration arrangements (director and consulting fees plus statutory
superannuation).
Appendix 4: Exploration and Mining Expenditure
During the quarter ended 31 March 2026, the Company made the following
payments in relation to exploration and development activities:
Activity A$000
Assay costs, radiological protection and monitoring 90
Permitting related expenditure (including legal costs) 305
Consultants and other expenditure 272
Payment/(return) of VAT and other social taxes in Spain 92
Total as reported in the Appendix 5B 759
There were no mining or production activities and expenses incurred during the
quarter ended 31 March 2026.
Appendix 5B
Mining exploration entity or oil and gas exploration entity
quarterly cash flow report
Name of entity
Berkeley Energia Limited
ABN Quarter ended ("current quarter")
40 052 468 569 31 March 2026
Consolidated statement of cash flows Current quarter Year to date
$A'000
(9 months)
$A'000
1. Cash flows from operating activities - -
1.1 Receipts from customers
1.2 Payments for (759) (1,901)
(a) exploration & evaluation
(b) development - -
(c) production - -
(d) staff costs (254) (857)
(e) administration and corporate costs (427) (1,157)
1.3 Dividends received (see note 3) - -
1.4 Interest received 460 1,663
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) - (97)
(a) Business Development (1,835) (4,165)
(b) Arbitration related expenses
1.9 Net cash from / (used in) operating activities (2,815) (6,514)
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 (3) (3)
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 (3) (3)
4. Net increase / (decrease) in cash and cash equivalents for the period
4.1 Cash and cash equivalents at beginning of period 68,408 73,594
4.2 Net cash from / (used in) operating activities (item 1.9 above) (2,815) (6,514)
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) (3) (3)
4.5 Effect of movement in exchange rates on cash held (1,594) (3,081)
4.6 Cash and cash equivalents at end of period 63,996 63,996
5. Reconciliation of cash and cash Current quarter Previous quarter
equivalents
$A'000
$A'000
at the end of the quarter (as shown in the
consolidated statement of cash flows) to the
related items in the accounts
5.1 Bank balances 63,946 68,358
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) 63,996 68,408
6. Payments to related parties of the entity and their Current quarter
associates
$A'000
6.1 Aggregate amount of payments to related parties and their associates included (82)
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
$A'000
$A'000
arrangements 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) (2,815)
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) (2,815)
8.4 Cash and cash equivalents at quarter end (item 4.6) 63,996
8.5 Unused finance facilities available at quarter end (item 7.5) -
8.6 Total available funding (item 8.4 + item 8.5) 63,996
8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) >10
No
te
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ty
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8
.7
as
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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: 29 April 2026
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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