BERKELEY ENERGIA LIMITED

NEWS RELEASE | 28 April 2023

Quarterly Report March 2023

Highlights:

·     Project Update

Subsequent to the end of the quarter, Berkeley Energia Limited ("Berkeley" or "Company") announced that following notification from the Ministry for Ecological Transition and the Demographic Challenge ("MITECO") in relation to the rejection of the administrative appeal filed by the Company's wholly owned Spanish subsidiary, Berkeley Minera España  ("BME"), against MITECO's rejection of the Authorisation for Construction for the uranium concentrate plant as a radioactive facility ("NSC II") at the Salamanca project, BME had submitted a contentious-administrative appeal before the Spanish National Court.

MITECO's rejection of BME's administrative appeal concluded the administrative process however, in accordance with the law in Spain, BME has now submitted its contentious-administrative appeal in the Spanish Courts in an attempt to overturn the MITECO decision denying NSC II.

In the Company's strong opinion, MITECO has rejected the NSC II application and the administrative appeal without following legally established procedure, including taking into account the various 'Improvement Reports' that supplemented BME's initial NSC II application, which implies the rejection is not legal.

Whilst the Company's focus is on resolving the current permitting situation, and ultimately advancing the Salamanca project towards production, the Company and BME will continue to strongly defend its position and take all necessary actions to preserve its rights.

Initiation of the contentious-administrative appeal is necessary to preserve BME's rights however, the Company reiterates that it is prepared to collaborate with the relevant authorities and remains hopeful that the permitting situation can be resolved amicably.

·     Global Nuclear Power and Uranium Market:

Spain's Nuclear Safety Council ("NSC") published a manifesto during the quarter setting out the strategic importance of the country's nuclear power plants and warned that there will be no turning back if current closure plans are allowed to go ahead.

"I applaud the initiative of the NSC and the professionals that make it up," World Nuclear Association Director General Sama Bilbao y Léon said. "It is time for Spain to recognise the extremely important role that nuclear power has played for decades, as well as the absolutely essential role that it continues to play today. At a critical moment worldwide, in which more and more countries plan to use nuclear energy as a pillar of decarbonisation, energy independence and economic development, it makes no sense for Spain to get rid of this clean and reliable source of energy."

The International Energy Agency ("IEA") has criticised European Union ("EU") Member States opposed to nuclear energy, including Spain. "When the war in Ukraine is over, the anti-nuclear EU member states will have to sit down and do some serious self-criticism," said the Director of the IEA, at a conference in Paris in April 2023. "…the mistake was being cold on nuclear matters. As for the [EU] Member States, some are guilty of putting their eggs in the same basket, namely Russia."

The outlook for nuclear power and the uranium market continued to strengthen during the quarter. Demand for nuclear power is stable to growing through life extensions and new construction as follows:

·      France

o  Due to a long-standing policy based on energy security, 70% of France's electricity is now from nuclear energy.

o  In March, President Macron's office announced funding for six reactors across the country, a US$50bn proposal for the nation's new-build reactor program which will be presented to the government by the end of 2023.

·      Finland

o  Five operating reactors and another planned which will take nuclear contribution to 60%.

o  In February, Finland's government issued operating license extensions until the end of 2050 for Units 1 and 2 at the Loviisa nuclear plant, which had previously been set to expire in 2027 and 2030.

·      Sweden

o  Swedish state run utility, Vattenfall, is considering adding up to 2,800 MWe to the Ringhal nuclear power plant's current capacity of 2,190 MWe.

o  Vattenfall is also advancing plans for small modular reactors, each with an output power between 300 MWe to 400 MWe.

·      Belgium

o  The Belgian federal government announced that an agreement had been reached to extend the operating life of two reactors which had been scheduled for final shut-down in 2025. Both reactors will now be allowed to operate for a further ten years.

·      Netherlands

o  In 2021, Netherlands announced plans to build two nuclear reactors by 2035, which should supply up to 13% of the country's total electricity production.

o  The government has earmarked US$5.3bn in funding, and construction for reactors is expected to commence in 2028.

·      Japan

o  In February, Japan's Cabinet approved nuclear reactors to operate beyond the current 60-year statutory limit.

o  Further, Japan is aiming to restart an additional seven reactors by mid 2023.

·      South Korea

o  Nuclear power plants currently account for 30% of South Korea's total power generation with the government aiming to increase this to 32.4% by 2030.

o  In line with this policy, South Korea has taken the decision to pursue restarting construction of two reactors. Construction activities were suspended in 2017 in accordance with the previous administration's nuclear phase-out policy which has been reversed by the recently elected Yoon Suk Yeol government.

·      India

o  Installed nuclear capacity is set to more than triple by 2031, and nuclear power plants are likely to generate about 9% of the country's electricity by 2047, according to Minister of State Jitendra Singh.

Other developments in the nuclear power and uranium market during the quarter included:

·      Spain's Centrales Nucleares Almaraz-Trillo announced it will apply to MITECO for the renewal of the operating license of the Trillo nuclear power plant to extend it by ten years, to November 2034. It said the studies that accompany its application, specifically the Integrated Management Plan and the Periodic Safety Review, show the good condition of the plant from a safety point of view for the extended period of use.

·      Uranium has been included in a list of mineral deposits deemed to be of strategic importance for the sustainable development of Ukraine's economy that are to be offered for development under the terms of production sharing agreements.

·      Ramp up at Cameco's McArthur River project continues with target annual output of 15 million pounds of U₃O₈ in 2023 and 18 million pounds in 2024 (vs 1.1 million pounds in 2022).

·      Spot market activity reportedly increased in the March quarter with the Sprott Physical Uranium Trust purchasing a total of 2.3 million pounds of U₃O₈ in February alone. This saw the uranium spot increase to US$51.00 per pound in February before settling at US$50.00 per pound by the end of March.

Spot uranium prices ended the quarter at US$50.00 per pound. Longer-term uranium price indicators continued to remain stable and closed at the end of March 2023 at US$53.00 per pound (Long-Term); US$57.00 per pound (3-year forward price); and US$61.00 per pound (5-year forward price).

·     Balance Sheet

The Company is in a strong financial position with A$78 million in cash reserves and no debt at 31 March 2023.

Classification: 2.2 This announcement contains inside information

For further information please contact:

Robert Behets                                            Francisco Bellón         

Acting Managing Director                            Executive Director

+61 8 9322 6322                                          +34 923 193 903

[email protected]

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 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 may be one of the world's lowest cost producers, capable of generating strong after-tax cash flows.

In 2021, the Company received formal notification from MITECO that it had rejected the NSC II application at Salamanca. This decision followed the unfavourable NSC II report issued by the NSC in July 2021.

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 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 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.

In addition, the Company 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 the Company following receipt of these files, it is clear that Berkeley, 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, the Company considers that the NSC has acted in a discriminatory and arbitrary manner when assessing the NSC II application for the Salamanca project.

In Berkeley's strong opinion, MITECO has rejected the Company'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 the Company.

In this regard, the Company believes that MITECO have infringed regulations on administrative procedures in Spain but also under protection afforded to Berkeley under the Energy Charter Treaty ("ECT"), which would imply that the decision on the rejection of the Company's NSC II Application is not legal.

During the quarter, BME submitted a contentious-administrative appeal before the Spanish National Court in an attempt to overturn the MITECO decision denying NSC II.

Whilst the Company's focus is on resolving the current permitting situation, and ultimately advancing the Salamanca project towards production, the Company and BME will continue to strongly defend its position and take all necessary actions to preserve its rights.

Initiation of the contentious-administrative appeal is necessary to preserve BME's rights however, the Company reiterates that it is prepared to collaborate with the relevant authorities and remains hopeful that the permitting situation can be resolved amicably.

Salamanca Project Update

During the quarter, the Company continued with its commitment to health, safety and the environment as a priority.

An assessment of the Environmental Aspects ("EA") according to ISO 14001 Standards and Sustainable Mining Management Indicators ("SMMI") according to UNE 22470/80 Standards of the Company's activities was carried out during the quarter, and work continued on the achievement of the Sustainability Goals set in 2022. Significant progress and improvements continue to be made and the conclusions of the assessment will be reported in detail in the Annual Sustainability Report planned to be published in late June.

As previously reported, Berkeley has initiated a study evaluating the design, permitting, construction and operation of a solar power system at the Project.

The Project's location has a natural abundance of sunlight which is conducive to solar power generation, which will become a reliable source of low cost and carbon-free energy for the Project. In addition to making a significant contribution to reduce carbon emissions, the proposed solar power system will potentially contribute to reducing the Project's power related operating costs.

The proposed facility will have an installed power of 20.1 MW and be able to supply up to 75% of the power requirements at the Project. Detailed analysis is underway, evaluating storage capacity versus capital and operational costs, to ensure the optimal outcome for the Project.

During the previous quarter, contracts for the engineering and design, and environmental studies were awarded to Salamanca based companies who specialise in the design of solar power systems and environmental studies, and work commenced.

Engineering and design is now at 60% completion. This work, as well as preparation of all documentation required for submission to relevant authorities, is forecasted to be completed during the June quarter, after which the permitting process can commence.

The decision to pursue a solar power system is in line with Berkeley's ongoing commitment to environmental sustainability and to continue to have a positive impact on the people, environment and society surrounding the mine.

Additional Information on the Global Nuclear Power and Uranium Market

The outlook for nuclear power and the uranium market continued to strengthen during the quarter, with a number of important recent developments, including:

·      A poll conducted by Estonia's State Chancellery found that 75% of Estonians support the construction of a nuclear power plant in the country. Of those who support the construction of a nuclear power plant, 47% cited energy security as the reason of support while 46% cited cheaper electricity prices.

·      The majority of Belgians support the use of nuclear energy, according to a polls which found that 7 out of 10 Belgians say they are in favour of the continued operation of two reactors, 6 out of 10 prefer an extension of all Belgian nuclear power plants, while 5 out of 10 support the construction of new reactors in Belgium. In response to the poll's findings, the Belgian Nuclear Forum called on the government to "take the necessary decisions as a matter of urgency in order to adapt or even abolish the 'Nuclear Exit Law' dating from 2003", under which the country's three remaining operating reactors are scheduled to shut down in 2025.

Further, the Belgian government has requested an investigation into whether the operation of the country's three oldest reactors can be extended until 2027. The reactors are currently scheduled to shut down in 2025.

·      According to the latest survey by Energiateollisuus (Finnish Energy), support for nuclear power in Finland is currently at its highest level for the past 40 years. The poll showed that 68% of Finns are supportive of nuclear power, up from 60% in 2022. The main factor behind the popularity of nuclear power is climate reasons, with 69% of respondents considering nuclear power to be an important means of combating climate change. Only 6% of respondents had a negative opinion of nuclear power, down from 11% last year.

·      The USA and the EU intend to work together to reduce dependency on Russia for nuclear materials, they said in a joint statement issued after the tenth meeting of the US-EU Energy Council in Brussels in April. "The Council intends to intensify cooperation to reduce dependency on Russia for nuclear materials and fuel cycle services, and it supports ongoing efforts by affected EU Member States to diversify nuclear fuel supplies, as appropriate," they said. The statement also said the USA and EU will later this year co-organise a High-Level Small Modular Reactors Forum on transatlantic cooperation in the field of SMRs and other advanced nuclear reactors.

·      France's parliament voted with a large majority in favour of the government's plan for nuclear investment in March, according to EU Reporter. With 402 votes for and 130 against, the nuclear renewal plan was approved. Its key component is the construction of six reactors. Prime Minister Elisabeth Borne tweeted: "After the Senate last month, the lower house tonight by a large majority voted for the nuclear plan ... the result of a co-construction, which aims to combat climate change and ensure our energy sovereignty".

·      Nuclear 'partially' included in EU's Net-Zero Industry Act. The European Commission has proposed the Net-Zero Industry Act to scale up manufacturing of clean technologies in the EU and make sure it is well-equipped for the clean-energy transition.

·      Energy ministers from 11 EU member states have called for a strengthening of European cooperation in the field of nuclear energy. The call came during an informal Council of Energy Ministers in Stockholm, Sweden, to discuss the energy market and energy supply, focusing on preparations for next winter and beyond.

·      The UK government is committed to a programme of new nuclear projects beyond Sizewell C, giving the industry and investors the confidence they need to deliver projects at speed, according to a new policy paper Powering Up Britain. It describes nuclear as "the critical baseload of the future energy system."

·      Britain's Rolls-Royce has signed memorandums of understanding to explore the deployment of its small modular reactor in Finland and Sweden, as well as to help post-war recovery in Ukraine.

·      The Canadian budget underlines government support for inclusion of nuclear in clean energy with an investment tax credit plus making it eligible for a range of other tax incentives which show the Government of Canada's "clear and strong" support for nuclear's indispensable role in the clean energy transition, according to the Canadian Nuclear Association.

·      For the first time since the 2011 accident at the Fukushima Daiichi plant, the majority of respondents in an annual survey conducted were in favour of Japan's nuclear power reactors being restarted. Rising energy costs following Russia's invasion of Ukraine in 2022 was a factor that influenced their opinion.

·      Brazil will establish a new body within the Ministry of Mines and Energy to coordinate the nuclear sector, Minister Alexandre Silveira told a meeting of nuclear industry representatives. Silveira said that the focus is on the "efficient management of public resources, working, for example, on the conclusion of important structuring works so that we can advance in the balance of the Brazilian energy matrix". The new body will come under the Ministry's Executive Secretariat.

·      Texas-based enCore Energy Corporation has secured its fourth uranium sales agreement with the addition of a multi-year purchase sales agreement with a US utility commencing in 2027. It covers firm deliveries of 650,000 pounds of uranium, with an option to acquire up to 400,000 pounds of uranium under a two year extended term, if exercised. enCore said the agreement supports its business strategy to provide a domestic uranium supply commencing at its 100%-owned South Texas In-Situ Recovery uranium processing plants

·      BHP Group's Xplor programme to support promising minerals explorers will expand to include prospective uranium and lithium projects from September 2023, Reuters has reported. "We will be looking not just at copper and nickel, but at uranium and lithium and so on," Xplor programme head Sonia Scarselli told a commodities conference in Singapore.

Exploration

During the quarter, the Company continued with its initial exploration program focusing on battery and critical metals in Spain.

The exploration initiative is targeting lithium, cobalt, tin, tungsten, rare earths, 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 uranium project. 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 regional consolidation opportunities.

Investigation Permit Conchas

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. In addition, several mineral occurrences (tin, tungsten, titanium, lithium) have been identified during historical mapping of stream sediment sampling programs.

Billiton PLC undertook exploration on the IP Conchas between 1981 and 1983, with a focus on tin and tantalum (lithium was 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.

Based on the results of the Company's soil sampling programs and information gleaned from a review of the available historical data, a small initial drilling program was designed and implemented to test the tin-lithium anomaly.

The drill program comprised only five broad spaced reverse circulation ("RC") holes for a total of 282m. Drill samples were submitted for multi-element analysis with the assay results recently received and verified. The multi-element suite included 51 elements, with anomalous results (which are not considered material) for lithium ("Li"), tin ("Sn"), rubidium ("Rb"), cesium ("Cs"), niobium ("Nb") and tantalum ("Ta") reported in Appendix 5.

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 0.4km (in a NW-SE orientation) and varies in thickness from 7m to over 70m in the drill holes.

Mineralogical studies are currently being undertaken on samples from the drilling to determine the mineral species present and understand their characteristics and properties.

Select intercepts include:

All intersections returned from the drill holes, along with the details of the collar positions, drilling orientations and depths, are summarised in Appendix 5.

Subject to the results of the mineralogical studies currently underway, further work at the IP Conchas may include follow-up drilling focused on improving confidence in the geology, continuity, and grade distribution of the zone of multi-element mineralisation.

Oliva and La Majada Projects Acquisition

During the quarter, the Company acquired the rights to three new tenements within two project areas in Spain which are considered prospective for tungsten, cobalt, antimony and other metals.

Oliva Project

The Oliva project is located 65 km south of the city of Badajoz, near the border with Portugal and approximately 370km southwest of Madrid.

The project comprises the granted IP "Los Bélicos" with an area of 5km² and the IP application ("IPA") "Ampliación los Bélicos", with an area of 44km², which is pending grant approval.

The IP "Los Bélicos" contains the historical Virgen de Gracia tungsten and bismuth mine and there are other indications of small-scale historical mining activity and mineral occurrences of tungsten, bismuth, cobalt, copper and gold reported within the area.¹

The mining history of the area dates back to Roman times, and the Virgen de Gracia mine is first described in literature in 1912. Tungsten and bismuth were exploited by underground mining from the mid-20^th century, reached a peak in the 1960's, and ceased in the mid-1970's.

Mineralisation was observed to be hosted in quartz stockworks and sub-horizontal quartz dykes, interpreted to be associated with subsurface greisenised granite domes. The mineralisation may be located above or near granitic cupolas in flat or sheeted veins in the exocontact zones of metamorphic rocks.¹

Historical exploration activities have included geological mapping, soil sampling, panel sampling of underground workings, and limited drilling. The Company is compiling and verifying this historical data.

The initial phase of exploration work planned for the IP "Los Bélicos" includes soil sampling on a 100m by 100m grid covering the entire tenement, with subsequent infill soils over defined areas of anomalism. Once granted, the Company plans to undertake geological mapping and soil sampling on the "Ampliación los Bélicos" tenement.

La Majada Project

The La Majada project is located 70km southeast of the city of Ciudad Real and 220km south of Madrid.

The project comprises the IPA "La Majada" which has an area of 6km², is centered on the historical "La Nazarena" antimony mines, and is pending grant approval.

The discovery and extraction of antimony (stibnite) in the area dates back to the Renaissance period. The La Nazarena deposit was subsequently discovered in 1784 however, industrial scale mining operations were not developed until the mid-20^th century when economic interest in antimony heightened due to its use in military industry applications. Mining activity in the area ceased in the early 1960's.

At the La Nazarena mine, disseminated stibnite mineralisation is hosted within a series of alternating quartzites and sandy shales of Ordovician age. The mineralisation is associated with intraformational breccias and appears to be strongly lithostratigraphically and structurally controlled. The mineralised zones have a stratiform shape but also appear like veins due to remobilisation towards extensional fractures.²

Other antimony mineral occurrences, showing similar characteristics to the La Nazarena mineralisation and associated with the same controlling structure, have been reported within the project area.³

Following grant of the IP, the Company plans to undertake an exploration work program comprising of acquisition, compilation and verification of all available historical data, geological mapping, soil sampling, and ground geophysical surveys to generate drill targets.

Antimony

Antimony is a silvery, lustrous grey metal that exhibits poor heat and electrical conductivity. It is most commonly used with other metals to form antimony alloys or combined with oxygen to form antimony trioxide (ATO; Sb₂O₃). Metallic antimony is used as a hardening agent for lead and its use in lead storage batteries accounts for around one third of global use. Antimony alloys are also used for manufacturing solder, sheet and pipe metal, ammunition, bearings, castings and pewter.

ATO is used in non-metallic products such as paint (pigment and fire retardant), ceramics (opacifier), enamels, rubber, paper, plastics and textiles (fire retardant) and glass (de-gassing). ATO's use as a fire retardant also accounts for about one third of global antimony use. In its purest forms, antimony is used in semiconductor technology, infrared detectors and diodes.⁴

Recent innovation has found a new use for antimony with it now playing an essential role in large-scale renewable energy storage, which is critical to the clean energy movement.

China dominates global production and processing of antimony, essentially controlling both the upstream and downstream ends of the commodity supply chain.⁵

Antimony is regarded as a critical mineral by many advanced economies and has been listed in the European Commission's 2023 Critical Raw Materials for the European Union list, the United States Geological Survey's List of Critical Minerals 2022, Australia's Critical Minerals List 2022, and the British Geological Survey's Critical Minerals List 2021.

Commercial Terms of Acquisition

Exploración de Recursos Minerales, S.L. ("ERM"), a wholly owned subsidiary of the Company, has entered into a Tenement Sale and Purchase Agreement and Royalty Deed with Consultores De Proyectos Mineros, S.L. ("COPROMI"), to acquire 100% of IP Los Belicos, IPA Ampliacion Los Belicos, and IPA La Majada for upfront consideration of €10,000 and contingent consideration by granting a 1.5% net smelter royalty on any future production from the Oliva project and La Majada project.

ERM has the absolute right to withdraw from each IP or IPA individually provided that ERM has satisfied the minimum spend requirements as follows: (a) €20,000, in respect of IP Los Bélicos; (b)     €60,000, in respect of IPA Ampliación Los Bélicos (once granted); and (c) €20,000, in respect of IPA La Majada (once granted).

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 announcement.

Competent Persons Statement

The information in this report that relates to Exploration Results 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. Mr Martínez is Berkeley's Geology Manager and a holder of shares and options in Berkeley. Mr Martínez has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Martínez consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The information in this report that relates to the Mineral Resource Estimate is extracted from the announcement entitled 'Annual Report 2022' dated 31 August 2022, which is available to view on Berkeley's website at 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 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.

References

¹ Gumiel P. (1981). Essai sur la classification typologique des principaux gisements de Sn-W d'Estremadure (Espagne). Chr. Rech. Min. 463, 5-26.; Gumiel P. et al (1983). Contribución al conocimiento de las mineralizaciones de W, Bi del distrito de Oliva de la Frontera (Badajoz), Rev, Mat. Proc. Geol. V. 1, pp 229-248.

² Antimony Deposits of the Iberian Peninsula. P Gumiel and A Arribas, Economic Geology, Vol. 82, 1987, pp 1453-1463

³ Gumiel P. (1982). Metalogenia de los yacimientos de antimonio de la Península Ibérica. Tecniterrae, 54, pp 120

⁴ Australian Resource Reviews: Antimony 2020, Allison Britt and Anthony Senior, Geoscience Australia

⁵ Antimony: A Mineral with a Critical Role in the Green Future, Visual Capitalist 2021

To view this announcement in full, including all illustrations and figures, please refer to https://app.sharelinktechnologies.com/announcement/asx/4938359d8c611e1c4da0f6eae1cfb2cc.

Appendix 1: Mineral Resource at Salamanca

Appendix 2: Summary of Mining Tenements

As at 31 March 2023, the Company had an interest in the following tenements:

*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.

**During the period, ERM, a wholly owned subsidiary of the Company, entered into a Tenement Sale and Purchase Agreement and Royalty Deed with COPROMI, to acquire IP Los Bélicos, IPA Ampliación Los Bélicos, and IPA La Majada.

Appendix 3: Related Party Payments

During the quarter ended 31 March 2023, the Company made payments of $179,000 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 2023, the Company made the following payments in relation to exploration and development activities:

There were no mining or production activities and expenses incurred during the quarter ended 31 March 2023.

Appendix 5: Summary of RC Drilling Intercepts

Appendix 6:  JORC Code, 2012 Edition - Table 1 Report

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Section 2 Reporting of Exploration Results

(Criteria in this section apply to all succeeding sections.)

Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

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:                28 April 2023

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.