New Risk • Mar 13
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 13% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m. Minor Risk Share price has been volatile over the past 3 months (13% average weekly change). Announcement • Jan 29
Berkeley Energia Limited Announces Update on Conchas Project Ber Berkeley Energia Limited 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. SLR Consulting Ltd. undertook metallurgical testing on representative samples from three diamond core holes during the quarter. The preliminary metallurgical test work program, designed to assess the potential recovery of Li, Rb, and the other elements of economic interest, comprised head sample characterisation, mineralogical analysis, gravity, flotation and magnetic test work. Flotation test work results demonstrated that very good recoveries of Li (78% overall recovery) and Rb (63% overall recovery) can be achieved at acceptable grades for -150um grind size material. Magnetic separation testing on -300um +150um material showed 77% of the Li and 58% of the Rb (stage recoveries) reporting to the magnetic product. This result may present an opportunity for magnetic separation processing of the coarser fraction followed by flotation of the finer material. Next steps include 3D modelling of the drilling data to refine the geological interpretation of the Li and Rb mineralisation as a precursor to resource estimation, and a second phase of metallurgical test work to optimise the flotation and magnetic separation processes. Rb is a critical raw material for advanced technology and industrial applications used in key sectors including defence and military, aerospace, communications, medical and renewable energy. The U.S. and Japan have both classified Rb as a Critical Mineral due to its strategic importance and growing demand in high-tech applications. 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 Espana SA ("BME"), initiating arbitration proceedings against the Kingdom of Spain (" Spain") before the International Centre for Settlement of Investment Disputes ("ICSID"). BEL alleges that Spain's actions against BME and the Salamanca project ("Salanca Project") have violations multiple provisions of the Energy Charter Treaty ("ECT"), and that BEL is seeking preliminary compensation in the order of USD 1 billion for these violations. The timetable and arbitration rules have been established by the Tribunal, with the Company's Statement of Claim due to be filed in the coming weeks. 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 Industry:Almaraz Nuclear Power Plant Closure: Iberdrola, ENDESA and Naturgy, the owners of the Almaraz nuclear power plant in Extremadura, submitted a formal request in October 2025 to the Ministry for Ecological Transition and Demographic Challenge (" MITECO") to extend the operational life of the Extremadura facility beyond 2027 to June 2030. The formal request is the first necessary step for the continuity of the facility's operation beyond the planned closure dates to be studied. Subsequent to the request, MITECO asked the Spanish Nuclear Safety Council ("NSC") to issue a preceptive report regarding the modification of the operating license of the Almaraz nuclearpower plant. The Plenary Session of the NSC has agreed to issue a Supplementary Technical Instruction to the operator of the Almaraz nuclear Power plant as part of the process related to the application for a modification of the plant's operating licence, which was submitted in November. The purpose of this instruction is to require the operator of Almaraz to submit additional documentation to carry out the necessary assessments and issue the corresponding mandatory report. The requested information must be submitted to the regulator as soon as soon as soon as soon As soon as possible and no later than February 2026. Announcement • Oct 29
Berkeley Energia Limited Announces Positive Preliminary Metallurgical Test Work Results at Conchas Berkeley Energia Limited announced the positive results of a preliminary metallurgical test work program completed on representative samples from the Conchas Project, as part of the Company's Critical Minerals Exploration Initiative in Spain. Highlights: Conchas hosts shallow, thick zones of lithium ("Li") and rubidium ("Rb") mineralisation, with accessory tin ("Sn"), caesium ("Cs"), beryllium ("Be"), niobium ("Nb") and tantalum ("Ta") within a muscovitic leucogranite unit. SLR Consulting Ltd. ("SLR") was engaged to undertake metallurgical testing on representative samples obtained from three diamond core holes drilled in 2024. The preliminary metallurgical test work programs, designed to assess the potential recovery of Li, Rb, and the other elements of economic interest, comprised head sample characterisation, mineralogical analysis, gravity, flotation and magnetic test work. Flotation test work results demonstrated that very good recoveries of Li (78% overall recovery) and Rb (63% overall recovery) can be achieved at acceptable grades for -150um grind size material. Magnetic separation testing on -300um +150um material showed 77% of the Li and 58% of the Rb (stage recoveries) reporting to the magnetic product. This result may present an opportunity for magnetic separation processing of the coarser fraction followed by flotation of the finer material. Next steps include 3D modelling of the drilling data to refine the geological interpretation of the Li and Rb mineralisation as a precursor to resource estimation, and a second phase of metallurgical test work to optimise the flotation and magnetic separation processes. Rb is a critical raw material for advanced technology and industrial applications used in key sectors including defence and military, aerospace, communications, medical and renewable energy. The USA and Japan have both classified Rb as a Critical Mineral due to its strategic importance and growing demand in high-tech applications. Berkeley continues to advance its exploration initiative targeting Li, Rb, Sn, Ta, Nb, tungsten ("W"), and other battery and critical metals, within the Company's existing tenements in western Spain. The Investigation Permit ("IP") Conchas is located in the very western part of the Salamanca province, close to the Portuguese border. The tenement covers an area of ~31km2 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. 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% Rb2 O from surface (CCR0002). A follow-up RC and diamond drill results showed 77% of the Li, Sn, Rb (stage recoveries") reporting to the magnetic product. Announcement • Oct 03
Berkeley Energia Limited, Annual General Meeting, Nov 28, 2025 Berkeley Energia Limited, Annual General Meeting, Nov 28, 2025. New Risk • Jun 19
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 13% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks High level of non-cash earnings (48% accrual ratio). Revenue is less than US$1m. Minor Risk Share price has been volatile over the past 3 months (13% average weekly change). New Risk • Mar 25
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 12% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks High level of non-cash earnings (48% accrual ratio). Revenue is less than US$1m. Minor Risk Share price has been volatile over the past 3 months (12% average weekly change). New Risk • Nov 13
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: AU$151.6m (US$98.9m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (14% average weekly change). Market cap is less than US$100m (AU$151.6m market cap, or US$98.9m). Announcement • Sep 24
Berkeley Energia Limited, Annual General Meeting, Nov 19, 2024 Berkeley Energia Limited, Annual General Meeting, Nov 19, 2024. Board Change • May 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 2 highly experienced directors. Independent Non-Executive Director Adam Charles Parker was the last director to join the board, commencing their role in 2017. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Apr 27
Berkeley Energia Limited Announces Resignation of Francisco Bellón as Director Berkeley Energia Limited advised that Mr. Francisco Bellón has stepped down as a Director of the company due to personal reasons on April 26, 2024, however he will continue in the executive role as Chief Operating Officer for the Company. New Risk • Oct 06
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: AU$151.6m (US$96.6m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (16% average weekly change). Earnings have declined by 7.1% per year over the past 5 years. Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (AU$151.6m market cap, or US$96.6m). Announcement • Sep 22
Berkeley Energia Limited, Annual General Meeting, Nov 21, 2023 Berkeley Energia Limited, Annual General Meeting, Nov 21, 2023. Agenda: To consider the re-election of Directors. New Risk • Sep 01
New major risk - Revenue and earnings growth Earnings have declined by 4.8% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (17% average weekly change). Earnings have declined by 4.8% per year over the past 5 years. Revenue is less than US$1m (AU$1.1m revenue, or US$683k). New Risk • Jul 25
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Australian stocks, typically moving 17% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (17% average weekly change). Revenue is less than US$1m. Announcement • Nov 15
Berkeley Energia Limited Elects Francisco Bellon as Director Berkeley Energia Limited approved the Election of Francisco Bellon as Director, at its AGM, held on 5 November 2022. Announcement • Sep 20
Berkeley Energia Limited, Annual General Meeting, Nov 15, 2022 Berkeley Energia Limited, Annual General Meeting, Nov 15, 2022. Agenda: To discuss the re-election of Directors. Announcement • Jun 29
Berkeley Energia Limited Appoints Francisco Bellón as an Executive Director, Effective 1 July 2022 Berkeley Energia Limited announced the appointment of Mr. Francisco Bellón as an Executive Director of the Company effective 1 July 2022. Mr. Bellón is a Mining Engineer with more than 25 years of experience in the resources sector, including specialisation in mineral processing. During his career, Mr. Bellón has participated in the construction, commissioning and operation of four mines in Spain, two in South America and two in West Africa, working at an executive level for Toronto, New York or Madrid Stock Exchange listed companies, such as Rio Narcea Gold Mines, Lundin Mining, ENDESA and Duro Felguera. Mr. Bellón who is based in Salamanca, joined Berkeley in 2011 as General Manager of Operations, and was subsequently promoted to Chief Operating Officer in 2017. During this period, Mr. Bellón has been responsible for the Company's day-to-day operations in Spain, and has overseen the development of the Salamanca Project from the Scoping Study stage through to the completion of the Definitive Feasibility Study and Front End Engineering Design. He has also been a Director of the Company'sSpanish subsidiaries since 2011. Mr. Bellón has a Masters Degrees in Mining Engineering and Occupational Health and Safety, Investor Relations Certification from the Madrid Stock Exchange, and is Member of the Australasian Institute of Mining and Metallurgy ("AusIMM"). The appointment of Mr. Bellón will substantially strengthen the Board's technical capacity and Spanish operating experience as the Company continues to focus on resolving the current permitting situation, and ultimately advancing the Salamanca project towards production. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 2 highly experienced directors. Independent Non-Executive Director Adam Charles Parker was the last director to join the board, commencing their role in 2017. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Apr 04
Berkeley Energia Limited Announces Settlement of OIA Claim Berkeley Energia Limited announced that the claims brought against the company by Singapore Mining Acquisition Co Pte Ltd. (a subsidiary of the Oman Investment Authority (OIA), formerly the State General Reserve Fund of Oman) in relation to the investment agreement and convertible note (Claim) are subject to a settlement deed relating to the settlement of the Claim and discontinuation of legal proceedings in the Supreme Court of Western Australia. The settlement of the Claim will become effective upon the sale of 186,814,815 fully paid ordinary shares issued to OIA in November 2021, which is expected to occur later through a fixed price bookbuild at a price of AUD 0.35 per share executed as a Special Crossing on ASX to clients of Argonaut Securities, with the proceeds to be received by OIA who engaged Argonaut Securities to conduct the sell down. To support the sell down, Mr. Ian Middlemas, Chairman, will also participate in the bookbuild for 2.8 million shares in the Special Crossing on the same arm's length terms as other investors participating in the sell down bookbuild. The company will continue to strongly defend its position in relation to the adverse resolution by Ministry for Ecological Transition and the Demographic Challenge ("MITECO") that rejected the Authorisation for Construction for the uranium concentrate plant as a radioactive facility (NSC II) at the company's Salamanca project late in 2021. In Berkeley's strong opinion, MITECO has rejected the Company's NSC II application without following a legally established procedure and the Company believes that MITECO has infringed regulations on administrative procedures in Spain, as well as Berkeley's right of defence, which would imply that the decision on the rejection of the Company's NSC II application is not legal. NSC II is the only key approval required to commence full construction of the Salamanca mine. The company will continue to update the market on any material developments. Announcement • Nov 30
Ministry for Ecological Transition and the Demographic Challenge Rejects the Authorisation for Construction for the Uranium Concentrate Plant as Radioactive Facility ("Nsc II") At the Berkeley Energia Limited's Salamanca Project Berkeley Energia Limited has received formal notification from the Ministry for Ecological Transition and the Demographic Challenge ("MITECO") that it has rejected the Authorisation for Construction for the uranium concentrate plant as a radioactive facility ("NSC II") at the Company's Salamanca project. This follows the unfavourable report for the grant of NSC II issued by the Board of the Nuclear Safety Council ("NSC") announced on 12 July 2021. As previously reported, 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 of the issues raised by the NSC, and a request for its reassessment by the NSC, to MITECO in late July. The Improvement Report was complemented by an Independent Expert's technical opinion on the hydrogeological aspects of the project produced by Prof. Rafael Fernández Rubio, Emeritus Professor of Hydrogeology at the Polytechnic University of Madrid. Further documentation was submitted to MITECO in early August, 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. These submissions to MITECO were made as part of the previously disclosed hearing process in relation to the unfavourable NSC II decision. Is New 90 Day High Low • Dec 16
New 90-day high: AU$0.78 The company is up 5.0% from its price of AU$0.74 on 17 September 2020. The Australian market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Oil and Gas industry, which is up 23% over the same period. Announcement • Dec 15
Spanish Supreme Court Rejects Appeal Filed by Berkeley Energia Limited Berkeley Energia Limited announced that the Spanish Supreme Court has rejected the appeal filed by a group of opposition parties against the uranium concentrate plant as a radioactive facility at the Salamanca project (NSC I). In September 2019, the Spanish National Court fully dismissed a contentious-administrative appeal filed by the group of opposition parties against NSC I. Subsequent to the National Court ruling, the group of opposition parties appealed to the Supreme Court. The Supreme Court has now confirmed all aspects of the ruling of the National Court and thus, has confirmed the legality of NSC I. As noted above, the Ministry for Ecological Transition and the Demographic Challenge (MITECO) has granted renewal of NSC I through until there is a resolution on the uranium concentrate plant as a radioactive facility (NSC II). Is New 90 Day High Low • Oct 22
New 90-day low: AU$0.41 The company is down 26% from its price of AU$0.56 on 24 July 2020. The Australian market is up 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Oil and Gas industry, which is down 8.0% over the same period. Announcement • Oct 11
Nigel Jones Resigns as Director of Berkeley Energia Limited Berkeley Energia Limited announced that Nigel Jones has advised the Company that he will not be standing for re-election as a Director due to corporate governance requirements at Rio Tinto, where he currently holds the position of Managing Director of the Simandou iron ore project, which do not allow Mr. Jones to sit on other publicly listed boards. Mr. Jones will resign as a Director of the Company following the completion of the AGM to be held on 25 November, 2020.