Quarterly Report September 2026

Berkeley Energia advances Spanish uranium and lithium projects, but key outcomes remain long-dated.

What the company is saying

Berkeley Energia Limited highlights progress on its Salamanca uranium project in Spain, emphasizing a Mineral Resource of 89.3 million pounds uranium, with over two thirds in the Measured and Indicated categories. The company frames Salamanca as a potential world-leading low-cost uranium producer, referencing a 2016 Definitive Feasibility Study but without updated cost or cash flow figures. It stresses the ongoing international arbitration against Spain, seeking US$1.25 billion in compensation for alleged Energy Charter Treaty violations, and details the bifurcated ICSID process with a jurisdictional hearing scheduled for mid-2027. The company also announces a maiden Mineral Resource Estimate at the Conchas lithium-rubidium project—11.8Mt at 0.41% Li2O and 0.21% Rb2O, all Inferred, with contained ~49,000t Li2O and ~25,200t Rb2O—and notes completion of a close-spaced drilling program with assays pending. Berkeley underscores its strong financial position with A$60 million in cash and no debt, and points to the appointment of José Bogas Gálvez, former Endesa CEO, as Non-Executive Director, leveraging his 40 years of nuclear and electricity sector experience. The tone is confident, focusing on project potential, legal recourse, and board strength, while reiterating openness to dialogue with Spanish authorities.

What the data suggests

The Salamanca Project holds a sizable uranium resource at 89.3Mlb, but the absence of updated economic or permitting progress means no near-term production is likely. Arbitration with Spain is at an early stage, with US$1.25 billion sought but no award or settlement imminent; the next procedural milestone is a mid-2027 hearing on jurisdictional objections. The Conchas Project's maiden resource is entirely Inferred, with 11.8Mt at 0.41% Li2O and 0.21% Rb2O, translating to ~49,000t contained Li2O and ~25,200t Rb2O, but no economic studies or detailed metallurgical recoveries are disclosed. Drilling at Conchas is complete but assays are pending, so resource confidence and economic viability remain untested. The company’s cash position is strong at A$60 million with no debt, providing runway for ongoing legal and exploration activities. The appointment of a high-profile director adds sector credibility but does not alter project fundamentals. Overall, the data shows early-stage project advancement, legal positioning, and financial stability, but no immediate value catalysts.

Analysis

The announcement provides detailed factual updates on mineral resources, legal proceedings, and board changes, but much of the positive narrative is forward-looking and not yet realised. The Salamanca Project's DFS and claims of being a lowest-cost producer are based on a 2016 study, with no updated cost or cash flow figures disclosed. The arbitration with Spain is ongoing, with a hearing not scheduled until mid-2027, making any potential compensation long-dated and highly uncertain. The Conchas Project's maiden resource is entirely Inferred, and while drilling has advanced, assay results are pending and no economic studies are presented. The company highlights a strong cash position, but there is no evidence of near-term revenue or profitability. The tone is measured, but the gap between narrative (potential for world-class, low-cost production and large arbitration award) and current reality (permitting impasse, early-stage exploration, legal uncertainty) is significant.

Risk flags

• ●Permitting risk at Salamanca is acute: despite over 120 permits and favorable reports, the project remains stalled due to unresolved regulatory issues, and no timeline for resolution is disclosed.
• ●Legal risk is significant: the US$1.25 billion arbitration claim against Spain is subject to a bifurcated ICSID process, with a jurisdictional hearing not scheduled until mid-2027, making any compensation highly uncertain and distant.
• ●Resource confidence at Conchas is low: the entire maiden resource is classified as Inferred, with no Indicated or Measured material, and economic viability is untested pending assay results and metallurgical studies.
• ●Operational risk is present: the company is pre-revenue, with no disclosed pathway to near-term cash flow from either Salamanca or Conchas, making it reliant on cash reserves and external outcomes.
• ●Execution risk is heightened by the reliance on external parties—Spanish authorities for permitting and ICSID for arbitration—over which the company has limited control.

Bottom line

Berkeley Energia’s update confirms it holds a large uranium resource at Salamanca and a new lithium-rubidium resource at Conchas, but both projects are far from generating revenue. The US$1.25 billion arbitration claim against Spain is a potential windfall but is years from resolution and faces substantial legal hurdles. Conchas offers early-stage critical minerals exposure, but with only Inferred resources and no economic studies, its value is speculative. The company’s A$60 million cash balance and debt-free status provide financial stability for now, but the absence of near-term catalysts means investors are betting on long-term legal and permitting outcomes. The addition of a seasoned Spanish energy executive to the board strengthens local relationships but does not guarantee regulatory or legal success. Investors should focus on progress in the arbitration process, permitting developments at Salamanca, and assay results from Conchas as the next material events.

Announcement summary

(LSE:DI) Berkeley Energia Limited released its Quarterly Report for September 2026, providing updates on its Salamanca Project, international arbitration proceedings, critical minerals exploration, and corporate developments. The Salamanca Project in Western Spain hosts a Mineral Resource of 89.3 million pounds (Mlb) uranium, with more than two thirds in the Measured and Indicated categories. In 2016, a Definitive Feasibility Study confirmed the project could be one of the world's lowest cost uranium producers, capable of generating strong after-tax cash flows. The project has received over 120 permits and favourable reports, including nine from the Spanish Nuclear Safety Council (NSC), and is developed to international standards with certifications in Sustainable Mining (UNE 22470-80), Environmental Management (ISO 14001), and Occupational Health and Safety (ISO 45001) from AENOR. Berkeley's wholly owned subsidiary, Berkeley Exploration Limited (BEL), filed a Request for Arbitration against the Kingdom of Spain before the International Centre for Settlement of Investment Disputes (ICSID) in May 2024, and in February 2026 filed a Memorial of Claim seeking compensation of US$1.25 billion (US$1,250,000,000) for alleged violations of the Energy Charter Treaty. The arbitration proceedings have been bifurcated, with a hearing on jurisdictional objections scheduled for mid-2027, and customary written submissions exchanged between parties. During the quarter, BEL also responded to a request for security for costs in relation to the proceedings. The company remains open to constructive dialogue with Spanish authorities to resolve the permitting situation. In critical minerals exploration, Berkeley advanced its Conchas Project in Spain, announcing a maiden Mineral Resource Estimate (MRE) in July 2026 of 11.8 million tonnes (Mt) at 0.41% Li2O and 0.21% Rb2O, totaling approximately 49,000 tonnes of contained Li2O and 25,200 tonnes of contained Rb2O, all classified as Inferred Mineral Resource. The MRE is amenable to bulk-tonnage, open-pit mining, with mineralisation from surface and open at depth, and preliminary metallurgical testing demonstrated very good recoveries of lithium and rubidium at acceptable grades. A close-spaced reverse circulation drilling program of 18 holes for 722 metres was completed after quarter-end, with assay results pending. During the quarter, Mr José Bogas Gálvez, former CEO of Endesa S.A., was appointed as a Non-Executive Director, bringing over 40 years of experience in the Spanish and EU nuclear and electricity sector. The company reported a strong financial position with A$60 million in cash reserves and no debt. In the Spanish nuclear sector, the Almaraz nuclear power plant's operating authorisations were extended until June 2030, and the Juzbado Nuclear Fuel Fabrication Plant's authorisation was renewed for ten years. Nuclear power accounted for approximately 19% of Spain's electricity production in 2025. Poland's Synthos Green Energy signed cooperation agreements with Spanish nuclear fuel manufacturers Enusa Industrias Avanzadas SA and GNF Enusa Nuclear Fuel SA in April 2026. The European Commission introduced AccelerateEU measures in April 2026 to strengthen energy security and reduce reliance on imported fossil fuels. The company continues to progress towards its 2026 Sustainability Goals, with an internal audit in June 2026 confirming effective implementation of its Environmental and Sustainable Mining Management System.

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