Conversion of Convertible Note

BERKELEY ENERGIA LIMITED

NEWS RELEASE  |  30 November 2021

Conversion of Convertible Note

Berkeley Energia Limited (Berkeley or Company) advises that it has issued 186,814,815 fully paid ordinary shares at £0.27 each in the capital of the Company to Singapore Mining Acquisition Co Pte Ltd (SGRF) (a subsidiary of the Oman Investment Authority (OIA), formerly the State General Reserve Fund of Oman) following the automatic conversion of the unsecured and interest free convertible note with a principal amount of US$65 million (Convertible Note).

The Convertible Note has been converted in accordance with the terms of the Investment Agreement and Convertible Note entered in with SGRF in 2017.

In relation to the writ for proceedings in the Supreme Court of Victoria at the Melbourne Commercial Court brought against the Company by SGRF (the Claim), the Company will strongly defend the Claim which in the Directors' view has no merit.

Application will be made to the London and Spanish Stock Exchanges for the new ordinary shares, which rank pari passu with the Company's existing issued ordinary shares, to be admitted to trading on the LSE (as depository interests) and to the Spanish Stock Exchanges. Dealings are expected to commence in due course (Admission).

The Company's issued ordinary share capital following Admission will be 445,796,715 ordinary shares.

The above figure of 445,796,715 ordinary shares may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company, under the FCA's Disclosure and Transparency Rules and the CNMVs Listing rules.

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Notice Under Section 708A

Berkeley Energia Limited ("the Company") has today issued 186,814,815 fully paid ordinary shares. The issued shares are part of a class of securities quoted on Australian Securities Exchange ("ASX").

The Company hereby notifies ASX under paragraph 708A(5)(e) of the Corporations Act 2001 (Cwth)(the "Act") that:

1.   the Company issued the securities without disclosure to investors under Part 6D.2 of the Act;

2.   as at the date of this notice, the Company has complied with the provisions of Chapter 2M of the Act as they apply to the Company, and section 674 of the Act; and

3.   as at the date of this notice, there is no information that is "excluded information" within the meaning of sections 708A(7) and (8) of the Act.