NEWS RELEASE | 31 January 2025

Quarterly Report December 2024

Summary:

·     Exploration at Conchas Project

Subsequent to the end of the quarter, Berkeley Energia Limited (Berkeley or Company) announced the results of the recent reverse circulation (RC) and diamond drilling program completed at the Conchas project (Conchas Project), as part of its ongoing exploration initiative targeting critical minerals in Spain. Highlights included:

·     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 (Spain) before the International Centre for Settlement of Investment Disputes (ICSID).

As part of its Request, BEL alleges that Spain's actions against BME and the Salamanca project (Salamanca Project) have violated multiple provisions of the Energy Charter Treaty (ECT), and that BEL is seeking preliminary compensation in the order of US$1 billion (US$1,000,000,000) for these violations.

During the quarter, the Registration of the Arbitration was published on the ICSID website and the proceedings advanced to the current phase which involves tribunal members being selected and appointed, thereby formally establishing the tribunal.

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.

·     Global Nuclear Power and Uranium Market:

The uranium spot price weakened during the quarter and closed down at US$73 per pound. The two longer term uranium price indicators also weakened in the quarter as the 3-yr Forward price decreased to US$88.00 per pound while the 5-yr Forward Price declined to US$95 per pound. The Long-Term Price remained fairly stable at US$79.00 per pound.

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

·      Spain - Demonstrations

o  According to figures from Spain's Civil Guard, approximately 7,000 people attended a demonstration against the planned closure of the Almaraz nuclear power plant in Extremadura as part of the country's nuclear phase-out policy.

The demonstration was called by the municipalities in the area of influence of the Almaraz nuclear power plant and the citizens' platform "Yes to Almaraz, Yes to the Future" to demand the continuation of the activity of the Extremadura plant in light of the closure planned by the central government.

The Mayor of Almaraz was quoted as saying the nuclear plant is the "most necessary industry in Extremadura", while insisting that "not a minute can be wasted in defending its continuity [if you want to avoid job loss and increased depopulation]." "Today the fight begins, and I ask the Government of the nation to rectify it, because it is brave to recognise mistakes," the Mayor said about the plant.

·      Spain - Nuclear Power Plant Continuation

o  One of Spain's nuclear operators, said it has received notification of the ministerial order extending the operating permit for the Trillo nuclear power plant until November 2034. The Ministry for Ecological Transition and the Demographic Challenge (MITECO) had considered the favourable report issued on by the Nuclear Safety Council (NSC) in its decision to grant the operating extension.

·      Google

o  Google and Kairos Power, a nuclear technology, engineering and manufacturing company focused on commercialisation of the fluoride salt-cooled, high-temperature reactor, executed a Master Plant Development Agreement for the deployment of advanced nuclear power projects totalling 500 MW by 2035.

·      Amazon

o  Amazon agreed to anchor a Series C-1 financing round of ~US$500 million to support the completion of X-energy's reactor design and licensing, as well as fund the first phase of the TRISO-X fuel fabrication facility. In addition, the two companies are collaborating to bring more than 5 GW of new power projects online across the U.S. by 2029.

·      Facebook

o  Facebook owner Meta seeks up to 4 GW nuclear capacity. Meta is the latest tech company to seek nuclear as an energy source for its growing data needs as it seeks proposals for as much as 4 GW of nuclear capacity in the U.S. by the early 2030s.

·      U.S.

o  Constellation Energy (Constellation) will supply U.S. federal sector nuclear power under a record contract. The ten-year, US$840 million contract to supply electricity to 13 federal facilities is the first-ever long-term multi-agency purchase of electricity by the U.S. General Services Administration, and will support licence extensions and capacity uprates at Constellation's nuclear plants.

o  Constellation will also sell the power to Microsoft, for its artificial intelligence (AI) data centres as part of a 20-year power deal with the tech company. Constellation plans to invest US$1.6 billion to restart a reactor for this purpose.

·      Russia

o  In November 2024, the Russian Federation government passed a decree rescinding TENEX's (Russian nuclear fuel export agency) general license to export low enriched uranium (LEU) to the U.S, effective through December 2025; reportedly in retaliation for the U.S. legislation signed into law (H.R. 1042 "Prohibiting Russian Uranium Imports Act"; August 2024). This decree bans the importation of Russian-sourced LEU subject to U.S. Department of Energy waivers, which may be granted through December 2027 when the ban will be fully enforced.

TENEX is now required to apply for specific export licenses issued by the Federal Service for Technical and Export Control, which may be on a case-by-case basis under the current suspension.

·      International Atomic Energy Agency (IAEA)

o  IAEA published a new report, Climate Change and Nuclear Power 2024, which focused on the financial requirements to pursue increased nuclear power capacity. The report concluded that in order to reach the 2050 high case nuclear capacity forecast (2.5 times current global nuclear capacity) contained in the agency's recent projection, the annual global investment in nuclear power reactor maintenance and new build would need to increase from the average of US$50 billion/year experienced 2017-2023, up to US$125 billion/year. Tripling current nuclear capacity would necessitate annual investment of US$150 billion.

·      United Nations Climate Change Conference (COP29)

o  COP29 convened in Baku, Azerbaijan during November 2024. The IAEA reported that nuclear power was highlighted during the gathering observing that "Reaching global decarbonisation targets by 2050 will require a significant expansion of nuclear power." During the international conference, an additional six countries added their support to the Declaration to Triple Nuclear Energy, bringing the total to 31 signatory countries.

·     Balance Sheet

The Company is in a strong financial position with A$79 million in cash reserves and no debt.

Classification: 2.2 This announcement contains inside information

For further information please contact:

Robert Behets                                            Francisco Bellón         

Acting Managing Director                            Chief Operations Officer

+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 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.

Figure 1: Location of the Salamanca Project, Spain

Salamanca Project Update

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

External audits of the Company's Environmental Management System according to ISO 14001 Standards, and Sustainable Mining Management System according to UNE 22470/80 Standards, were completed by independent consultant AENOR during the quarter. No non-compliance issues were identified during the audit and the final report noted that BME continues to improve its climate change and sustainability processes. AENOR concluded that the Environmental Management System and Sustainable Mining Management System meet the requirements of the Standards and the audit criteria.

The Company was also certified under the ISO 45001:2023 its Occupational Health and Safety Management System during the quarter. The Company has as one of its fundamental pillars the search for excellence in the execution of its activities, which go beyond strict regulatory compliance. In the past the Company was certified in OSHA:18001 for the Health and Safety Management System but has now obtained certification under ISO 45001:2023, its successor, which demonstrates the Company's commitment to continuous improvement. The certificate has been issued by AENOR.

Regarding CO₂ footprint, the Company submitted all the required documentation for the Registration of Berkeley's Carbon Footprint for 2023 to MITECO. The objective of this registration is to get the "Calculo y Reduzco" ("I measure and reduce") stamp for 2023.

Exploration

During the quarter, the Company continued with its exploration program focusing on critical minerals in Spain. The exploration initiative is targeting lithium, rubidium, tin, tantalum, niobium, tungsten, 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 Project.

Conchas Project

The Investigation Permit (IP) Conchas is located in the very western part of the Salamanca province, close to the Portuguese border (Figure 2).  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 and stream sediment sampling programs.

Figure 2: IP Conchas Location Plans and Geology / Drill Hole Location Plan

Billiton PLC undertook exploration on the IP Conchas between 1981 and 1983, with a focus on tin and tantalum (lithium, rubidium and other elements were 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 soil sampling programs and information gleaned from a review of the available historical data, a small initial drilling program was implemented in 2022 to test the tin-lithium anomaly.

The drill program comprised five broad spaced RC holes for a total of 282m. Anomalous results for lithium (Li), tin (Sn), rubidium (Rb), cesium (Cs), niobium (Nb) and tantalum (Ta) obtained from multi-element analysis of drill samples were reported in April 2023, demonstrating Conchas' exploration 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% Li₂O and 0.22% Rb₂O from surface (CCR0002).

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 1.2km (on average in a NW-SE orientation) (Figure 2) and varies in thickness from 7m to over 170m in the drill holes (Figure 3).

A number of mineralogical studies have been undertaken to determine the mineral species present and understand their characteristics and properties. Results of these studies indicate the mineralised muscovitic leucogranite is composed mainly of plagioclase (average content of 55%) and quartz (average content of 25%), with potassium feldspar, muscovite mica, and Li-mica making up remainder of the rock. The samples have an average Li-mica content of 3%.

2024 Drilling Program

A follow-up RC and diamond core drilling program focused on improving confidence in the geology, continuity, and grade distribution of the zone of multi-element mineralisation was completed in late 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, confirming and improving upon the results obtained in the 2022 drilling campaign. Select intercepts include:

Based on geological logging of all drill holes and the assay results returned from the RC holes, the following observations were made regarding geology, continuity, and grade distribution: 

·      the mineralised muscovite leucogranite is very homogeneous in terms of mineralogy

·      the distribution of Rb mineralisation is the most consistent among all anomalous elements within the zone of mineralisation

·      there is a strong positive correlation between Li and Rb grades, which may be associated with the varying presence of micas

·      there is a positive correlation between Nb and Ta grades, which appears to be associated with the presence of columbo-tantalite and/or cassiterite

·      the southern zone of mineralisation contains the highest grades overall, with individual assay values exceeding 2.5% Li₂O. In this area, all holes penetrated the host muscovitic leucogranite and ended in the underlying regional granite (Figure 3)

·      In the northeast, the muscovite leucogranite is significantly thicker (>169m in CCR020) and all holes returned Rb₂O grades exceeding 1,000ppm (Figure 4) however, Li₂O grades are lower than in the south and northwest areas

·      None of the northeastern most holes reached the underlying regional granite, suggesting a potential feeder zone

·      Drilling in the northwest recorded the highest grades of both Li₂O and Rb₂O, as well as the highest grades of other elements

Surface geological mapping was also conducted as part of the recent exploration activities. Based on field observations, the surface area occupied by the muscovitic leucogranite is greater than indicated by historical mapping, which when combined with the drilling results, expands the scale of the host unit.

Figure 3: IP Conchas 4,492,225 North Cross Section

Figure 4: IP Conchas 4,492,925 North Cross Section

Next Steps

Representative samples obtained from the three diamond core holes drilled in the 2024 program have been sent to the Oviedo School of Mines' laboratory for preliminary metallurgical test work.

The metallurgical testwork program has been designed to assess the potential recovery of Li, Rb and the other elements of economic interest, and will comprise crushing and grinding (bond index calculation), gravity (jigs, shaking tables and multi gravity separator), high intensity wet and dry magnetic separation on the concentrates, froth flotation, and characterisation of the samples.

3D modelling of the drilling data will also be undertaken to refine the geological interpretation and assess volumes, average grades and grade distributions for the Li and Rb mineralisation at different cut-offs.

Rubidium^1,2,3,4,5

Rubidium is a critical raw material with growing significance in advanced technology and industrial applications, including in the defence and military, aerospace, communications, biomedical and renewable energy sectors.

Its unique properties make it indispensable for producing special crystals used in night-vision equipment and fibre-optic telecommunications systems. Other applications include precision timekeeping in atomic clocks, which are vital for global positioning systems (GPS), telecommunications, and space exploration.

Rubidium compounds play a key role in the production of specialty glasses, cutting-edge electronics, radiation detection devices and medical imaging technologies, ensuring their relevance across multiple high-growth sectors.

Specialty glasses, currently the largest market for rubidium, are utilised in night vision equipment and fibre-optic telecommunications systems. Rubidium carbonate is used as an additive to these types of glass, lowering electrical conductivity and improving stability and durability.

Rubidium's photo-emissive properties lead to its application in motion-sensor devices, night-vision devices, photoelectric cells, and photomultiplier tubes. These applications highlight its importance in advanced electronic devices, particularly in sectors requiring precision and reliability.

Its application in photocells, which convert light into electric currents, is significant. These photocells are primarily used as sensors to regulate lighting in buildings, showcasing rubidium's role in energy-efficient technologies.

Rubidium-based atomic clocks are used in military communication systems, navigation equipment, and precision-guided weapons. The increasing focus on defence modernisation and the need for secure and reliable communication systems are expected to drive the demand for rubidium in the military sector. 

Rubidium is also increasingly used as a key component in advanced batteries, particularly in the development of high-energy-density batteries for electric vehicles and renewable energy applications.

Global production of rubidium is limited, with no rubidium production recorded globally outside of China in 2023.

Due to its strategic importance and growing demand in high-tech applications used in key industry sectors, the United States of America and Japan have both classified rubidium as a Critical Mineral, essential to their economic or national security, and with a supply chain vulnerable to disruption.

Oliva and La Majada Projects

These projects comprise three tenements within two project areas in Spain which are considered prospective for tungsten, cobalt, antimony, 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.

The birdlife study at the La Majada Project has been completed and the Exploration Program is currently being updated to align it to new legislation recently introduced for the Castilla La Mancha Region. This documentation will be submitted to the relevant authorities in the coming quarter.

International Arbitration Dispute

In May 2024, the Company's wholly owned subsidiary, Berkeley Exploration Limited (BEL), 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 (Spain) before International Centre for Settlement of Investment Disputes (ICSID).

As part of its Request, BEL alleges that Spain's actions against BME and the Salamanca Project have violated multiple provisions of the Energy Charter Treaty (ECT), and that BEL is seeking preliminary compensation in the order of US$1 billion (US$1,000,000,000) for these violations.

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.

The Request was jointly submitted by specialist teams at Herbert Smith Freehills Spain LLP and Riano Abogados (previously LCS Abogados) who are representing BEL in the arbitration proceedings.

BEL has received the Notice of Registration from ICSID, and during the quarter, the Registration of the Arbitration was published on the ICSID website. The proceedings have now advanced to the current phase which involves tribunal members being selected and appointed, thereby formally establishing the tribunal.

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.

Background to Dispute

In April 2021, the Spanish Government approved an amendment to the draft climate change and energy transition bill relating to the investigation and exploitation of radioactive minerals (e.g. uranium). The Government reviewed and approved the amendment to Article 10 under which: (i) new applications for exploration, investigation and direct exploitation concessions for radioactive materials, and their extensions, would not be accepted following the entry into force of this law; and (ii) existing concessions, and open proceedings and applications related to these, would continue as per normal based on the previous legislation. The new law was published in the Official Spanish State Gazette and came into effect in May 2021.

The Company's wholly owned subsidiary, BME, currently holds legal, valid and consolidated rights for the investigation and exploitation of its mining projects, including the 30-year mining licence (renewable for two further periods of 30 years) for the Salamanca Project, however any new proceedings opened by the Company is now not allowed under the aforementioned new law.

In November 2021, BME received formal notification from MITECO that it had rejected the construction of the plant as a radioactive facility (NSC II) at the Company's Salamanca Project following an unfavourable report for the grant of NSC II issued by the Board of the NSC in July 2021.

BEL strongly refutes the NSC's assessment and, in its opinion, the NSC adopted an arbitrary decision with the technical issues used as justification to issue the unfavourable report lacking in both technical and legal support.

BME submitted documentation, including an 'Improvement Report' to supplement its 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 BME, with strongly supported arguments, dismantled all of the technical issues used by the NSC as justification to issue the unfavourable report. BME 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, BME 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 BME following receipt of these files, it is clear that BME, 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, BEL considers that the NSC has acted in a discriminatory and arbitrary manner when assessing the NSC II application for the Salamanca Project.

In BEL's strong opinion, MITECO has rejected BME'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 BME.

In this regard, BEL believes that MITECO have infringed regulations on administrative procedures in Spain but also under protection afforded to BEL under the ECT, which would imply that the decision on the rejection of BME's NSC II Application is not legal.

In April 2023, BME submitted a contentious-administrative appeal before the Spanish National Court in an attempt to overturn the MITECO decision denying NSC II.

Further, the BME received formal notifications in December 2023 which upheld appeals submitted by a non-governmental organisation, Plataforma Stop Uranio, and the city council of Villavieja de Yeltes (the appellants) to revoke the first instance judgements related to the Authorisation of Exceptional Land Use (AEUL) and the Urbanism License (UL), which annuled both the AEUL and UL.

The AEUL and the UL were granted to BME in July 2017 and August 2020 by the Regional Commission of Environment and Urbanism, and the Municipality of Retortillo respectively.

The appellants subsequently filed administrative appeals against the AEUL and the UL at the first instance courts in Salamanca. The administrative appeals against the AEUL and UL were dismissed in September 2022 and January 2023 respectively.

One of the appellants subsequently lodged appeals before the High Court of Justice of Castilla y León (TSJ), with the TSJ delivering judgements in December 2023 to revoke the first instance judgements and declare the AEUL and the UL null.

BME strongly disagrees with the fundamentals of the TSJ's judgement and having previously submitted cassation appeals against the TSJ judgements before the Spanish Supreme Court, BME has withdrawn the appeals to preserve BEL's rights under international arbitration.

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 several other important recent developments in the sector, including:

·      UK government considering a role for small modular reactors in AI expansion. A new AI Energy Council is to be established to study the opportunities for "renewable and innovative energy solutions, including small modular reactors" as part of the UK government's plan for AI.

·      Orano announced that the SOMAIR / Arlit uranium mine in Niger, majority-owned (63.4%) and operated by the company would suspend operations as of the end of October due to escalating project-related financial issues. Orano has been unable to export the facility's production subsequent to the military coup in Niger (July 2023) and that SOPAMIN, the shareholder representing the State of Niger (36.6%), had failed to pay any of its project-related debts.

·      The Nuclear Energy Institute (NEI) convened its annual industry conference, "International Uranium Fuel Seminar - 2024" in October 2024 in Kansas City, Missouri. The gathering drew about 200 participants principally focused on the U.S. nuclear utility sector but with representatives from the global nuclear fuel supply chain in attendance

Several presenters summarised issues in the current and projected global nuclear fuel markets including the UxC Executive V.P., International, who presented a detailed assessment of the current situation with Russian nuclear fuel and concluded that "Russia urgently needs to secure uranium going forward."

Additionally, Kazatomprom's Managing Director, Sales, provided an update on the company's uranium production and transport but also an overview of long-term supply / demand dynamics containing the observation "new potential production is not sufficient to cover demand post-2030."

·      Japan's Nippon.com reports that the Tohoku Electric Power Company brought the number 2 reactor at Onagawa Nuclear Power Station back online, 13 years after the plant was shut-down following the March 2011 Great East Japan Earthquake and subsequent Fukushima Daiichi Nuclear Power Station accident. The reactor initially entered commercial operation in July 1995.

·      Korea Hydro & Nuclear Power (KHNP) initiated construction of the Shin Hanul 3 & 4 reactors in South Korea during the quarter. KHNP applied for construction licenses in 2016 with projected operation in 2022-2023. However, the election of President Moon Jae-in and the government's nuclear phase-out policy resulted in the units being suspended. South Korea's Nuclear Safety and Security Commission issued construction licenses for the reactors in September 2024.

·      Vietnam's National Assembly approved the resumption of the delayed Ninh Thuan Nuclear Power Project. Initially approved in 2005, a siting study resulted in the selection of a coastal site in Ninh Thuan Province for the two-reactor development; however, the government suspended the project in 2016 due to safety, funding and technical issues.

·      Sweden is considering taking a stake in the new nuclear power plants it wants the private sector to construct over the coming decades to meet an expected surge in demand for fossil-free electricity. The government wants the equivalent of two large-scale reactors built in the next decade, which will cost ~US$37 billion. A government-appointed commission said the government should be ready to provide loans to cover 75% of the total amount and to guarantee prices for 40 years.

Further, the government inquiry recommends lifting Swedish uranium ban. Sweden should remove its prohibition on uranium mining to allow it to be exploited like other natural resources regulated under the Swedish Minerals Act, a government inquiry has concluded.

·      Romania is resuming uranium production to power its own nuclear reactors as part of the country's energy strategy for 2025-2035 with production of electricity from renewable and nuclear sources for Romania's "green transition".

·      Kazatomprom released its 3Q 2024 operations and trading results on 1 November 2024, reporting that aggregate uranium production for the three months ending 30 September rose 16% year-on-year, reaching 15.3Mlb in 3Q 2024. Total uranium output for the first nine months of 2024 rose to 43.6Mlb, an increase of 9% over the comparable period of 2023.

Full year guidance for uranium production remained at 58.5-61.1Mlb, at an all-in sustaining cost (AISC) of US$27.75-29.25 per pound, which was a slight increase from the 2Q 2024 estimate of US$26.00-27.50 per pound. Both capital expenditures and AISC estimates rose due to changes in the construction schedules of new facilities, including increased development costs for infrastructure at three development projects, coupled with increased prices of construction services and drilling materials.

Further, Kazatomprom announced in the quarter JV partner changes from Russian to Chinese partners. Rosatom sold it's 49.98% share in Zerechnoye (9Mlb in Reserves, completes in 2028) to State Nuclear Uranium Development Co (China). Uranium One is expected to sell it's 30% interests in JV Korasan (86Mlb in Reserves with life until 2038) and Kyzylkum (processing facility) to China Uranium Development.

·      Cameco reported the company's Q3 2024 results on 7 November 2024. Uranium production is now expected to total 37.0Mlb (100%), while Cameco's share should equate to up to 23.1Mlb. The principal contribution to the incremental increase is the anticipated output of the Key Lake mill, which is now forecast to reach 19.0Mlb, as compared to the previous planned 18.0Mlb. However, Cameco now expects that its purchases from JV Inkai (Kazakhstan) will be incrementally reduced as the project appears to be operating below its planned output of 8.3Mlb (100% basis) due to "the differences in the annual mine plan, a shift in acidification schedule for new wellfields, and unstable acid supply throughout the year."

For the first nine months of 2024, Cameco reports an increase in average realised sales price year-on-year, which rose from US$48.62 per pound in 2023 to US$58.28 per pound in 2024.

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 Exploration Results is extracted from an announcement dated 29 January 2025, entitled 'Shallow, thick zones of lithium and rubidium mineralisation intersected in drilling at Conchas Project', which is available to view 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 Exploration Results 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 in this announcement that relates to the Mineral Resource Estimate is extracted from an announcement dated 27 August 2024 entitled 'Annual Report 2024', which is available to view at 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.

References

¹ www.mordorintelligence.com/es/industry-reports/rubidium-market

² www.straitsresearch.com/report/rubidium-market

³ www.marketresearchfuture.com/reports/rubidium-market-27298

⁴ U.S Geological Survey, Mineral Commodity Summaries, January 2024 - Rubidium

⁵ www.usgs.gov/news/national-news-release/us-geological-survey-releases-2022-list-critical-minerals

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.

Appendix 1: Mineral Resource at Salamanca

Appendix 2: Summary of Mining Tenements

As at 31 December 2024, 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.

^The Company has applied for an Exploitation Concession from the existing IP Almendro.

**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 IP Los Bélicos, IPA Ampliación Los Bélicos, and IPA La Majada.

Appendix 3: Related Party Payments

During the quarter ended 31 December 2024, 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 December 2024, 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 December 2024.

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:                     31 January 2025

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.