Maiden Lithium & Rubidium MRE

NEWS RELEASE | 21 July 2026

Maiden Lithium & Rubidium Mineral Resource Estimate for Conchas Project

Berkeley Energia Limited (Berkeley or the Company) is pleased to announce the maiden Mineral Resource Estimate (MRE) for its 100% owned Conchas Project (Conchas or the Project), as part of the Company's Critical Minerals Exploration Initiative in Spain.

Highlights:

·      Shallow, thick zones of lithium (Li) and rubidium (Rb) mineralisation, with accessory tin (Sn), caesium (Cs), beryllium (Be), niobium (Nb) and tantalum (Ta) hosted within a muscovitic leucogranite unit

·      Maiden MRE of 11.8Mt at 0.41% Li₂O & 0.21% Rb₂O

o  Totals ~49,000t of contained Li₂O & ~25,200t of contained Rb₂O

o  100% of MRE classified in the Inferred Mineral Resource category

o  Prepared by independent consultants, Maja Mining Limited, and reported in accordance with the JORC Code (2012 Edition)

·      Mineralisation from surface and remains open at depth, supporting resource growth potential

·      MRE amenable to bulk-tonnage, open-pit mining

·      Preliminary metallurgical testing demonstrated very good recoveries of Li and Rb at acceptable grades using flotation and magnetic separation methods

·      MRE demonstrates Conchas hosts a globally significant Rb₂O resource

·      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, Japan and NZ have both classified Rb as a Critical Mineral due to its strategic importance and growing demand in high-tech applications. It is also of strategic importance in Europe and Canada.

·      Li is designated as both a Critical and Strategic Material for the European Union as batteries are central to decarbonisation, energy security, and industrial competitiveness.

Berkeley Executive Director, Mr Robert Behets, commented:

"This initial Mineral Resource Estimate is a significant milestone for the Company's Critical Minerals Exploration Initiative in Spain and clearly demonstrates the significant potential of the Conchas Project.

The MRE milestone follows two successful drilling campaigns and a positive initial assessment of the metallurgical characteristics of the multi-commodity mineralisation at Conchas which confirmed that very good recoveries of Li and Rb can be achieved using flotation and magnetic separation methods.

The resource commodity mix which includes rubidium, a high value critical metal used in high-tech applications in key sectors such as defence and military, and lithium, a Critical and Strategic Material for the EU, highlights the potential strategic importance of Conchas. 

The Company will continue to systematically advance the Project's development, with additional infill drilling to increase the resource classification, and a second phase of metallurgical test work to optimise the flotation and magnetic separation processes."

For further information please contact:

Robert Behets                                      Francisco Bellón         

Executive Director                                 Chief Operations Officer

+61 8 9322 6322                                    +34 923 193 903

[email protected]

Conchas Mineral Resource Estimate (MRE) Summary

The maiden Inferred MRE for Conchas totals 11.8Mt at 0.41% Li₂O & 0.21% Rb₂O for ~49,000t of contained Li₂O and ~25,200t of contained Rb₂O (above a US$100/t Net Smelter Return (NSR) cut-off).

The MRE is constrained by an open pit Whittle optimisation pit shell using appropriate mining and processing costs, processing recovery, and metal concentrate payability and revenue values.

The MRE has been prepared by independent consultants, Maja Mining Limited, and is reported in accordance with the JORC Code (2012 Edition).

As per ASX Listing Rule 5.8 and the JORC reporting guidelines, a summary of the material information used to estimate the MRE is detailed below.

Project Location

The Conchas Investigation Permit (Conchas IP) covers an area of 31km² in the southwest of the province of Salamanca, close to the Portuguese border (Figure 1). The Project is located ~21km from Ciudad Rodrigo and ~110km from Salamanca, in the municipalities of Espeja and Fuentes de Oñoro, and is readily accessible from established roads.

Geology and Geological Interpretation

Regional Geology

The Conchas IP is in the central part of one of the most important and extensive geological zones of the Iberian Peninsula: The Central Iberian Zone. Li mineralisation is common in the Central Iberian Zone and, to a lesser extent, in the Galizia-Trás-Os-Montes Zone of Spain and Portugal, occurring along a ∼500km long north-northwest to south-southeast striking belt.

There are different styles of Li mineralisation along this belt, mainly associated with aplite-pegmatite bodies and, to a much lesser extent, with veins of quartz and phosphate. Li mineralisation is related to differentiation of peraluminous melts, which were generated by partial melting of metasedimentary rocks during the Variscan orogeny. Based on paragenesis and chemical composition, the pegmatitic fields and Li mineralisation associated with granitic cupolas record the highest fractionation levels.

There are a several textural and mineralogical indicators guiding Li exploration in the Central Iberian Zone and in the Galizia-Trás-Os-Montes Zone, including highly evolved peraluminous granites and pegmatites, the development of albite-rich and muscovite-rich assemblages, the occurrence of Li-bearing phosphates and silicates, and enrichment in incompatible elements that are commonly associated with LCT (Li-Cs-Ta) pegmatite systems.

Project Geology

The Conchas deposit is situated within the Central Iberian Zone of the Iberian Massif which is characterised by pegmatite fields and Li enrichment in apical zones of highly fractionated granitic intrusions. The mineral occurrence is related to the outer rim of the eastern edge of the Guarda granitic batholith, where muscovite-rich leucogranite hosts the elements of economic interest (Rb, Li, Cs, Be, Ta, Sn, Nb) which have been explored for via the utilisation of geochemical, geophysical, and general geological exploration techniques of mapping, surface sampling and subsurface drilling (Figure 2).

Figure 2: Conchas Geological Map

The primary host rock is muscovite leucogranite, which is consistently associated with the observed mineralisation. Interbedded with this unit, particularly towards the western part of the deposit, are thicker and more frequent occurrences of regional granite, generally regarded as barren material.

Six lithologies have been identified over the deposit from historical mapping and more recent drilling activities:

·    Mineralised Muscovitic Leucogranite (LGM) composed primarily of quartz, plagioclase, potassium feldspar and muscovite

·    Biotitic Porphyritic Granite - Coarse, Regional (GMG) composed primarily of quartz, biotite and feldspar

·    Biotitic Porphyritic Granite - Fine, Regional (GMF) composed primarily of quartz, biotite and feldspar

·    Muscovitic Granite (GMO) composed primarily of quartz, muscovite and biotite

·    Fine Grain Cupuliform Granite (GCF) composed of quartz, feldspar, muscovite and biotite

·    Quartz Dykes (FQG)

Detailed core analyses reveal diverse mineralogical compositions. Muscovite, appearing as fine white flakes, is dispersed throughout the rock and often difficult to detect unless under reflecting light. Dark-coloured micas, likely biotite or possibly zinnwaldite, occur irregularly in clusters. Cassiterite has been positively identified within the LGM, and the presence of other minerals, such as rubellite or lepidolite, was inferred based on small, coloured crystals found in hydrothermally altered zones.

Structural features indicate some structural complexity. Contacts between the LGM and GMG are typically sharp and highly fractured, affecting both lithologies. Xenoliths of leucogranite are frequently observed in core, often displaying reddish alteration halos.

Geological Interpretation

Since 2021, the Company has completed systematic exploration on the Conchas IP, including soil sampling (2021, 2022), geological mapping (2024), geophysics (2025), and drilling over two campaigns in 2022 (5 reverse circulation (RC) holes for 282m) and 2024 (33 RC holes for 1,857m and 3 diamond (DD) holes for 230m for metallurgical sampling), which has provided subsurface data with which to develop 2D and 3D geological and mineralisation interpretations which have fed into the evaluation of Mineral Resources.

Drilling activities have delineated sub-horizontal layers of the different lithotypes, with altered igneous basement (CSG), mineralised LGM and non-mineralised regional GMG the dominant lithologies modelled, along with zones of intercalated GMG/LGM (Figure 3). 

Mineralised LGM vertical thicknesses range from 8m to 45m over southern and central portions of the deposit, thickening up to 70m to the north. The surface boundary of the LGM is defined based on the most recent (2025) geological mapping. This contact is generally steep, tending towards vertical, but with a slight dip inward.

Data collected over the Project to date supports the hypothesis of a multi-feeder system creating and controlling the spatial position of mineralised bodies as well as their thicknesses. An alternative interpretation posits the influence of tectonic processes, with blocks having been uplifted or downthrown, leading to variations in erosion and preservation of mineralised material. Although direct evidence for such tectonic block movements is limited, the presence of highly tectonised zones and inferred fault structures lends some support to this model.

Figure 3: Conchas Cross Section

Drilling Techniques

RC and DD drilling methods have been employed at Conchas to date.

RC drilling used a 140mm diameter face sampling hammer to collect a single sample for each metre drilled (Figure 4). Drillholes intercepted the mineralised horizons and up to 10m into barren regional granite. RC drilling rig utilised suitably sized compressors to ensure dry samples were collected, where possible. Plastic sample bags are strapped to the cyclone to maximise sample recovery. Sample logs record whether the sample is dry, moist or wet.

When the drillholes pass through zones with a significant water inflow, the sample bags are pierced to release the amount of water from the cyclone. In this operation, a part of the finest fraction is lost, resulting in a poorer recovery. However, no material grade variation was observed across mineralised intervals that went from dry to wet.

DD drilling used to collect core sample for metallurgical testwork was of PQ (85.4mm core diameter) orientated using the REFLEXT ACT III tool. Due to challenging grounds conditions (hardness) core diameter was reduced to T101 (82.6mm core diameter) that did not allow for core orientation. HQ (63.5mm core diameter) was used at the end of hole. Drilling was via 3m drill runs.

The length of each run is measured directly on the core and compared with the start and end depths recorded by the drillers. Recovery for each run is calculated in a spreadsheet, along with the overall core recovery for each diamond drillhole. Core recovery exceeds 96%.

Figure 4: RC Drilling at Conchas (Drillhole CCR019)

Sampling Techniques

RC drill samples were collected at 1m intervals. RC intervals were sampled by splitting dry samples in the core shed to 3-5kg using three-tier riffle splitter and further split to 0.7-1kg using a one-tier riffle splitter. Wet samples were split using a cone and quarter method.

Core samples of 5m intervals were sent for metallurgical testing. Core was cut in half using a diamond water saw, with care taken to ensure minimal ore loss. One half was placed into individually labelled bags numbered by metre, while the other half remained in the core boxes for future reference. Quarter core was submitted for metallurgical testwork.

Sample Analysis Methodology

Analysis

RC drill samples were sent to ALS Laboratory (Seville, Spain) for preparation and to ALS (Loughrea, Ireland) for analysis. Samples were dried, fine crushed down to 70% below 2mm and pulverised with at least 85% of the sample passing 75µm. 10g of sample was used for multi element analysis by the ALS ME-MS89L™ Super Trace analysis method, considered appropriate for the style of mineralisation.

This method combines a sodium peroxide fusion with inductively coupled plasma-mass spectrometry (ICP-MS) instrumentation utilising collision/reaction cell technologies to provide the lowest detection limits available. A prepared sample (0.2g) is added to sodium peroxide flux, mixed well and then fused in at 670°C. The resulting melt is cooled and then dissolved in 30% hydrochloric acid. This solution is then analysed by ICP-MS and the results are corrected for spectral inter-element interferences. The final solution is then analysed by ICP-MS, with results corrected for spectral inter-element interferences.

DD core samples were sent to Oviedo University (Asturias, Spain) and SLR laboratory (former Wardell Armstrong International, Cornwall, United Kingdom) for preliminary metallurgical testwork including crushing, grinding, head sample characterisation, scanning electron microscope (SEM) mineralogical analysis, gravimetry, flotation, and magnetic separation.

Quality Assurance and Quality Control (QAQC)

A QAQC program was in place during all drilling activities to monitor accuracy and precision of analytical results, including the submission of field duplicate samples and blanks samples comprising 13% of total sampling (2022 campaign) and 9% (2024 campaign).

Monitoring for accuracy was only achieved via review of laboratory internal certified reference materials (CRM's), which show good correlation to certified values. External CRM's were not submitted due to the inability to source appropriate element-specific CRMs for the mineralisation style and elemental suite. As such, there is some uncertainty in relation to the laboratory accuracy. Additional measures are to be implemented in the next phase of drilling to ensure accuracy can be assessed.

For 2022 data, analysis of duplicate control plots suggests good correlation with correlation coefficients above 0.96 for Ta, Sn and Nb, and above 0.99 for Li, Rb and Cs.

Analytical results for 2022 blank samples show some instances of relative elevations and trends are noted, particularly for Li and Rb, and Cs and Nb. The Competent Person (CP) notes that blank sample material is sourced from shales used in previous Company drilling campaigns, where low-level grades are detected. The CP is of the opinion that the elevated grades observed are not significant and do not represent contamination. Additional blank samples will be sourced for future drilling campaigns.

For 2024 data, quality control plots were generated using a ±10% deviation threshold between the duplicate and the original sample. Except for Sn, the duplicate results are consistent, with correlation coefficients above 0.98 and very few samples falling outside the defined limits. Relatively poor Sn correlation may be attributed to the irregular distribution of cassiterite and its higher nugget effect compared to the other elements.

The CP considers that analytical results show acceptable precision and that there has been no sample contamination.

Density

A total of 50 density determinations were taken from representative intervals within the three PQ DD holes. Measurements were undertaken on samples representing the principal lithological units present within the resource area, including muscovitic leucogranite, altered muscovitic leucogranite, regional muscovitic granite and locally developed weathered material.

Dry bulk density measurements were determined using the Archimedes immersion method, whereby the dry mass of each sample was measured in air and subsequently weighed while submerged in water to determine sample volume by fluid displacement. This method is considered appropriate for competent, low-porosity drill core samples.

To verify the accuracy and stability of the weighing system, three control measurements were completed for each drillhole; one at the start, one in the middle and one at the end of each hole. A total of nine control measurements were undertaken across the three drillholes. The control measurements demonstrated consistent performance of the weighing system throughout the density determination program.

The measured density dataset returned largely consistent results for the dominant lithologies hosting mineralisation. Average dry bulk density values of 2.644g/cm³ and 2.643g/cm³ were obtained for the muscovitic leucogranite and regional granite respectively. Altered muscovitic leucogranite returned a slightly lower average density of 2.529g/cm³, while completely weathered material returned an average density of 1.575g/cm³.

The density data demonstrate that the principal mineralised lithologies display remarkably consistent density characteristics, with average values effectively identical between the muscovitic leucogranite and regional granite units. These lithologies account for the vast majority of the mineralised volume incorporated within the MRE. Completely weathered material represents only a minor component of the geological model and is largely restricted to shallow near-surface zones.

Data Verification

The CP, visited the Project between 15 January and 17 January 2026 during which time the following activities were completed:

·    Discussions with technical personnel and received presentations related to geological setting and exploration activities completed by the Company

·    Ground truthing and visits to drillhole collar locations

·    Review of hand specimens collected over the Project and review of RC chips (holes CCR-005, CCR-025)

·    Inspection of drill core material and review of geological logging information (holes CCD-007, CCD-021, CCD-028)

·    Inspection of storage facilities containing RC sample rejects and pulp samples.

The CP reviewed sample preparation, analysis and security protocols and procedures used by Berkeley and sighted RC samples and chip trays during the site visit. The sampling and assaying QAQC program in place during the drilling campaigns was reviewed, including procedures, QAQC datasets, plots and graphs and spot checks undertaken of digital assay data against laboratory certificates.

It is the opinion of the CP that the adequacy of the sample preparation, security and analytical procedures and the results of the QAQC program suggest data is of sufficient confidence, particularly precision, for downstream use in Mineral Resource evaluation. However, accuracy cannot be assessed since external standard reference material was not included in the sample stream since relevant standards could not be sourced. A review of internal laboratory QAQC suggests no issues in relation to accuracy and precision confidence.

Estimation Methodology

The drillhole database, relevant surface digital terrain models, and geology volume models were supplied by the Company. The elements estimated in the MRE were Be, Cs, Li, Rb (recovered in a Mica float) and Nb, Ta and Sn (recovered as gravity concentrate). The CP determined appropriate mineralisation domains, completed statistical analysis, grade estimation, reasonable prospects for eventual economic extraction (RPEEE) and mineral resource classification based on the guidelines defined in the JORC Code (2012).

Data used for MRE

Sub-surface drilling data and surface geochemical data was used in the interpretation of geology domains.

Digital wireframe surfaces and wireframe volumes generated by the Company were reviewed and modified as appropriate for the purposes of Mineral Resource evaluation. Finalised domains include the topography surface digital terrain model (DTM), base of CSG, mineralised LGM and the regional GMG. Nine internal GMG waste zones were modelled within the LGM.

Due to the number of potential saleable elements hosted in the muscovite leucogranite, a conceptual net smelter return (NSR) value was estimated from the in-situ grade of the seven elements of interest. Revenue, process recovery and element saleable percentages, and operating costs were estimated by the Company and are considered conceptual.

For Li, Rb, Cs and Be, the NSR model assumes recovery into a mica concentrate as the saleable product. Given the early-stage nature of the Project and the absence of established commercial terms for such a concentrate, conservative saleability assumptions were applied to the contained metal value. These assumptions were adopted to provide a prudent basis for Mineral Resource reporting and conceptual pit optimisation and are considered appropriate for demonstrating RPEEE.

All elements were converted to their saleable oxide molecules. A total NSR including partial NSRs was estimated. The partial NSRs were estimated based on the mica concentrate (N_Mica) and heavy mineral gravity concentrate (N_HM).

A selective compositing process (CompSE) was run for both N_Mica and N_HM NSR values at a range of NSR cut-off values. This process was used to determine the spatial continuity both downhole and between drillholes to define coherent zones of mineralisation based on a range of NSR cut-off values.

Internal waste zones (gaps in the CompSE composites) were interpreted and estimated as a separate domain.

Using a combination of the geology, mineralisation, internal waste wireframes and the topography DTM, a 3D block model was constructed (Figure 5). A boundary defining the limits of mineralisation based on 80m influence from the nearest drillhole (80m is roughly equivalent to the average drill spacing). A constraining waste boundary based on the maximum possible open pit dimensions was also interpreted to reduce the overall size of the final block model.

Figure 5: 3D Perspective View looking NW showing Volume Block Model

Drillhole samples were coded with ROCK and the Mica and HM mineralisation domains. The process was designed so that the Mica and HM domains could be independent if considered necessary. Analysis of both the spatial distributions and correlation between the elements led to the decision to use the Mica domain boundary for both Mica and HM mineralisation domains.

All samples are 1m length. Any non-assayed intervals downhole have been set to absent grades, which means the results from the neighbouring drillholes will be used to inform the grades proximal to the missing data.

Population statistics were reviewed for all grade estimation domains, including top capping requirements which were required as spatially isolated high-grade outliers are present. This prevents local overestimation of high grades and is particularly important with wide spaced mineral resource drilling, as the local overestimation can have a material impact on mine planning and project economics.

Mineralisation is hosted in two product groups - Mica, containing Rb, Cs, Li and Be; and Heavy Minerals (HM) made up of Sn, Ta and Nb. Both groups generally fall within the same common spatial mineralisation domain.

The Mica group currently has the greatest economic value, so the Mica domain has been used to define the main zones (North and South) of economic interest for both groups.

Rb has the best-behaved lognormal distribution within the Mica group with a very low coefficient of variation. Both Li and Cs show a good correlation with Rb, with Be having a very low correlation with Rb.

Rb was used for the variography modelling for the Mica group, with Li and Cs being linked to Rb for grade estimation to maintain the grade correlation between the three major Mica elements. Be was treated independently.

Nb was used for the variography modelling for the HM group, with Sn and Ta being linked to Nb for grade estimation.

Variograms were modelled for Rb, Be and Nb to determine spatial continuity parameters for grade estimation using ordinary kriging (OK).

Nugget effect for both Mica domains is around 15-20% which indicates that the area closest to each sample will be strongly influenced by the local grade, i.e. less smoothing required and reasonable reliability for local grade estimates. The nugget for the HM domains at around 5% demonstrates very good confidence in local grade estimates.

In the Mica group, around 60% of the deposit variability occurs with a 60-100m range, demonstrating that a drill pattern of around 40m spacing will produce a high confidence grade estimate. Note that the grade continuity of the HM group elements is slightly higher than the Mica group elements.

Generally, the Northern domain has slightly better continuity than the Southern domain.

The shape and nature of the variograms combined with the reasonably well-behaved sample grade populations support the use of OK for grade estimation.

All block grade estimates were completed using OK for the main mineralisation domains and internal waste/low-grade domain. The surface CSG, bulk waste LGM and bulk waste regional CMG units were all estimated using inverse distance to the power of 2 (ID2) due to lack of adequate sample data to model variograms and the fact that these zones are not part of the MRE but will be required for mine planning.

Grades were estimated into parent blocks with a panel size of 40m (N) by 40m (S) by 5m (Elev). Block discretisation using 2 by 2 by 5 was applied to the estimation panels. No octant search parameters were used as OK is the best declustering algorithm and successfully resolves any sample clustering issues within the given search ellipse.

The block model was validated both visually and statistically.

Swath plots were calculated which show the comparison between model grades and sample grades within a grid, horizontal, east-west and south-north. Global comparison of average domain sample grades with block model grades is excellent, with no apparent bias shown in the block model grade estimate.

Visual review shows expected grade trends when compared to the sample data.

The measured density dataset returned largely consistent results for the dominant lithologies hosting mineralisation. Average dry bulk density values of 2.644g/cm³ and 2.643g/cm³ were obtained for the muscovitic leucogranite and regional granite respectively. Altered muscovitic leucogranite returned a slightly lower average density of 2.529g/cm³, while completely weathered material returned an average density of 1.575g/cm³.

The density data demonstrate that the principal mineralised lithologies display remarkably consistent density characteristics, with average values effectively identical between the muscovitic leucogranite and regional granite units. These lithologies account for the vast majority of the mineralised volume incorporated within the MRE.

Completely weathered material represents only a minor component of the geological model and is largely restricted to shallow near-surface zones. Given its limited volumetric contribution to the mineralised domains, the lower density values associated with weathered material are not considered material to the global MRE.

Mining and Metallurgy Factors

Metallurgical Testwork

Two studies investigating mineralogy and metallurgical response have been previously completed and disclosed on Conchas sample material:

·    Mineralogy (2023)

·    Scoping Level Metallurgical Testwork (2025)

Mineralogy

In 2023, six representative samples were sent to the Universidad del País Vasco, Department of Geology for mineralogical assessment. Samples were selected from outcrops over Conchas. For each sample, a 30μm thin section was prepared for subsequent petrographic study using a Leica DMPL polarising light microscope with an attached digital camera. The chemical analyses of thin section minerals were carried out at the Scientific-Technical Services of the University of Oviedo, using a CAMECA SX-100 electron microprobe (equipped with five WDS spectrometers, an energy dispersive spectrometer and SE, BSE and cathodoluminescence detectors). Petrography was completed on four samples. 182 mica analyses (129 analyses of leucogranite samples and 53 analyses of greisen samples) and 68 feldspar analyses (on leucogranite) was completed. The study concluded:

·    Among the mineral phases identified, micas are the only ones containing Li

·    The higher the iron (Fe) content, the higher the fluorine (F) content and, therefore, the higher the Li content. In turn, the micas with high F content are also those with the highest Cs and Rb content

·    The secondary phosphates identified are often derived from the alteration of primary phosphates containing Li-Fe-Mn in their composition, so that in unaltered leucogranite samples some phosphates may also contain Li in their composition

Scoping-Level Metallurgical Testwork

SLR Consulting Ltd (SLR) was engaged to undertake scoping-level metallurgical testing on a composited sample of Rb-Li mineralisation from the Conchas deposit in 2025.

The composite consists of 15 samples from the three DD holes drilled in the 2024 campaign. From each drillhole, five samples were selected, each composed of quarter core, with sample weights ranging between 2.57kg and 3.99kg. The total weight was 47.63kg.

The program of work included head sample characterisation, SEM mineralogy, gravity testwork, flotation testwork and magnetic separation testwork.

The sample was crushed to 100% passing 2mm blended and representatively split into 2kg sample lots for the test program. A representative subsample was split out of one of the 2kg samples, pulverised to 80% passing 75μm and split into four equal subsamples. One of the subsamples was submitted to SLR in-house analytical laboratory for head assay and analysed for Li, Rb, Fe, Ta, Nb, Be, and Sn. In addition to the in-house head assay, a representative subsample was also submitted to ALS Global for detailed multi-element analysis.

A representative subsample of the -2mm feed material was subjected to particle size analysis by screen.

A 2kg sample was milled to a nominal D₈₀ of 300µm and sized to generate five fractions for size-by-size analysis and subsamples for mineralogical investigation.

Representative subsamples of the fractions were pulverised and submitted for Li, Rb, Ta, Nb, Be, Sn, Fe, cerium (Ce) and Cs assay.

The target mineral phases identified by SEM mineralogy analysis include cassiterite, Nb-Ta oxides, polylithionite and muscovite. Muscovite was the most abundant target phase, maintaining relatively consistent concentrations across all size fractions. Cassiterite and Nb-Ta oxides were both present in trace quantities. Polylithionite showed overall poor liberation and muscovite exhibits moderate liberation overall.

Gravity release analysis (GRA) was completed on four fractions in the +11 µm size ranges generated. The results show that cumulative Li recoveries into the combined concentrates and middling product ranged from 28.0% at a grade of 0.16% Li (-53 +11 µm) to 65.8% at a grade of 0.24% Li in the -150 +53 µm fraction.

Cumulative Rb recoveries into the combined concentrates and middling product ranged from 22.2% at a grade of 2,358ppm Rb (+300µm) to 66.1% at a grade of 2,049ppm Rb (2,242ppm Rb₂O) in the -150 +53µm fraction.

The results showed optimum liberation size for the Conchas composite was in the -150 +53µm fraction.

A short programme of flotation testing was performed on the Conchas composite to evaluate potential grades and recoveries at two grind sizes.

Two rougher tests were conducted at the 300µm (FT1-300) and 150µm (FT2-150) primary grind sizes to identify the better flotation performance, and one cleaner test was then conducted at the better performing grind size to evaluate the effect of kinetic cleaning on grades and recoveries.

The results of the rougher tests confirmed that the finer 150µm grind was the better performing test and was therefore used for cleaner flotation testing (FCT1-150). Cleaner flotation achieved 87.2% Li stage recovery, representing 77.5% overall recovery (after desliming) at a grade of 1.04% Li (2.23% Li₂O), 70.9% Rb stage recovery representing 62.7% overall recovery at a grade of 0.79% Rb (0.87% Rb₂O), and 78.5% Cs recovery at a grade of 661ppm Cs.

Flotation testing of the Conchas material demonstrated that very good recoveries of target minerals could be achieved at acceptable grades

Representative sub-samples of the 300µm and 150µm primary grinds were subjected to magnetic separation testing to evaluate potential grades and recoveries at the two grind sizes.

The 300µm sub-sample was screened at 150µm and the two fractions treated separately. The +150µm fraction was treated on an Eriez Log 1.4-disc separator, the -150µm treated on a Bunting Wet High Intensity Magnetic Separator (WHIMS) 500 jaw magnetic separator and the results combined to generate the overall performances. The 150µm sub-sample was treated on the Bunting WHIMS 500 jaw magnetic separator.

The initial magnetic test intensity was 4,000 Gauss with testing conducted in 1000 Gauss increments up to 15,000 Gauss.

Magnetic separation testing on the -300µm +150µm material, which accounted for 36.4% of the mass, showed 76.6% of the Li (32.2% overall) and 57.7% of the Rb (23.4% overall) reporting to the magnetic product grading 2.34% Li₂O and 0.73% Rb. This result may present an opportunity for magnetic separation processing of a coarser +150µm fraction followed by flotation of the finer -150µm material.

Magnetic separation on the -300µm +150µm material also showed 43.5% of the Ta and 50.9% of the Nb reported to the combined 4,000, 6,000 and 9,000 Gauss magnetic concentrates grading 1,161ppm Ta and 1,551ppm Nb.

Metallurgical testwork completed in 2025 (a scoping-level test program) demonstrates good recoveries for the economic elements of interest, at acceptable grades using flotation and magnetic separation methods.

RPEEE

RPEEE is based on the Project demonstrating a positive conceptual financial return based on the production of two groups of saleable products. The primary product is a Mica float concentrate containing saleable Li, Rb, Cs and Be. A secondary and less valuable product stream is a HM gravity concentrate containing saleable Ta, Sn and Nb.

The deposit is on or close to the surface and is currently drill tested to around 150m depth in the eastern side of the northern mineralisation domain, so open pit mining is planned. Three DD drillholes were completed for metallurgical testwork. A representative sample was composited and submitted to SLR for metallurgical testwork. The work included: 1) sample characterisation; 2) SEM mineralogy; 3) gravity testwork; 4) flotation testwork; and 5) magnetic separation testwork.

Based on the metallurgical testwork and peer review of product markets and potential revenue, an updated NSR algorithm was compiled by mining consultants, Mining Sense Global SL (Mining Sense) based on a 5%, 10% and 50% payability for the elements in the Mica concentrate. Mining and processing costs are accounted for in the Whittle open pit optimisation process so are not included in the NSR calculation. A conceptual breakeven NSR of $18/t was calculated.

The conceptual pit optimisation utilised the most conservative of the NSR scenarios evaluated. A 5% payability assumption was selected to reflect the current uncertainty associated with future concentrate marketing arrangements and to provide a conservative basis for demonstrating RPEEE. Sensitivity analysis indicates that higher payability assumptions result in only limited changes to the optimised pit shell.

Rb 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. Cs is used in the same market space and can be replaced by Rb in many applications, where Cs supply is unavailable or restricted. Both metals are 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 GPS, telecommunications, and space exploration. Li is designated as both a Critical and Strategic Material for the European Union as batteries are central to decarbonisation, energy security, and industrial competitiveness.

Although the market for both Rb and Cs is limited, demand is expected to grow at 3-5% per annum. The long-term outlook for Li demand remains strong. At current market revenues, the calculated breakeven NSR is US$18/t. However; Conchas does have two significant high-grade zones with good mining continuity at the US$100/t NSR cut-off. To reduce the risk of potential market over supply and any future decrease in product revenue, reporting the MRE at the higher NSR cut-off of US$100/t is considered prudent.

Whittle open pit optimisation was used to determine the final RPEEE constraining open pit shell, with sensitivity runs completed based on different concentrate metal payability assumptions. Until a bulk concentrate can be produced and tested on various markets, the payability of the mica-hosted metals is the biggest unknown for the project economics. Whittle runs were completed using 5%, 10% and 50% payability. There is no difference from 10% to 50%, with both open pit shell extracting all available mineralisation. At 5% payability, there is a 40% reduction in mineralisation at the nominal NSR cut-off of US$18/t.

Due to the uncertainty in the mica concentrate payability a conservative 5% factor has been selected to satisfy RPEEE for this maiden MRE. However; once additional process and marketing studies have been completed any increase in the payability value may result in a material increase in the MRE.

Parameters used for the Whittle open pit optimisation runs are summarised Appendix B.

Cut-Off Grade

At current market revenues, the calculated breakeven NSR is US$18/t. However; Conchas does have two significant high-grade zones with good mining continuity at the US$100/t NSR cut-off (Figure 6). To reduce the risk of potential market over supply and any future decrease in product revenue, reporting the MRE at the higher NSR cut-off of US$100/t is considered prudent.

Figure 6: 3D Perspective View looking NW of MRE blocks >=US$100/t NSR, within RPEEE optimised pit shell (with drillhole collars)

Mineral Resource Classification

The MRE is has been classified based on the guidelines presented in JORC Code (2012 Edition). The whole MRE has been classified as Inferred for the following reasons:

·    Adequate geological understanding based on surface mapping, sampling and drilling

·    Adequate grade continuity and definition of grade domains based on supporting drilling, sampling and assay data with a NSR equivalent for all seven potentially recoverable metals

·    QAQC controls on all drilling, sampling and assaying procedures, appreciating that laboratory accuracy cannot be demonstrated since no external CRMs are included in the QAQC program

·    Adequate in-situ dry bulk density estimation to convert volume to dry metric tonnes

·    Adequate mining and metallurgical testwork to demonstrate the potential mining and processing methods for recovery of both a mica concentrate and gravity concentrate with saleable metal concentrations

·    Good standing of the existing tenement package with appropriate technical support to manage the ongoing advancement of the Project to satisfy legal, social and environmental requirements to develop a mining project in Spain

·    None of the MRE has been classified as Indicated or Measured as additional drilling, bulk density and metallurgical data is required to improve geological, grade, tonnage, recovery and marketing confidence.

The MRE is reported using a NSR breakeven cut-off of US$100/t with all material being constrained to the RPEEE open pit shell. 

MRE Table

The maiden MRE for Conchas is reported as of July 2026 and at a NSR cut-off of US$100/t (Table 1). RPEEE have been satisfied through the application of appropriate revenue, mining and processing parameters.

Table 1: Conchas MRE (July 2026)

Notes:

·     MRE includes all resource model blocks >= US$100/t NSR based on 5% payability of metals within the mica float concentrate.

·     MRE is constrained by an open pit Whittle optimisation pit shell using appropriate mining and processing costs, processing recovery and metal concentrate payability and revenue values.

·     Mineral Resources are not Mineral Reserves - further detailed economic studies and additional modifying factors are required.

·     The MRE was classified following the guidelines presented in JORC Code 2012. The CP is Malcolm Titley of Maja Mining Limited.

·     Totals may not add up due to rounding.

The NSR cut-off and tonnage relationship within the RPEEE constraints based on a breakeven NSR cut-off of US$18/t is presented in Table 2.

Table 2: Conchas NSR Cut-off Grade-Tonnage Tabulation

Next Steps

The Company will continue to systematically advance the Project's development, with additional infill drilling to increase the resource classification, and a second phase of metallurgical test work to optimise the flotation and magnetic separation processes.

Competent Persons Statements

The information in this announcement that relates to Mineral Resources is based on, and fairly represents, information compiled by Mr Malcolm Titley, a Competent Person who is a member of The Australasian Institute of Mining and Metallurgy and member of Australian Institute of Geoscientists. Mr Titley is the principal of Maja Mining Limited, an independent consulting company. Mr Titley has sufficient experience that is relevant to the style of mineralisation and to the activity being undertaken 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 Titley consents to the inclusion in the announcement of the matters based on their information in the form and context in which it appears.

The information in this announcement that relates to Exploration Results including Metallurgical Test Work is extracted from announcements dated 29 January 2025, 28 October 2025 and 29 April 2026, which are 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 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.

To view the announcement in full, including all figures and illustrations, please refer to https://app.sharelinktechnologies.com/announcement-preview/asx/c005901467aa3e87f3c3e73d5ac2f496.

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.

Appendix A: About Rubidium^1,2,3,4,5

Rb 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.

Rb 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 Rb, are utilised in night vision equipment and fibre-optic telecommunications systems. Rb carbonate is used as an additive to these types of glass, lowering electrical conductivity and improving stability and durability.

Rb'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 Rb's role in energy-efficient technologies.

Rb-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 Rb in the military sector. 

Rb 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 Rb is limited, with no Rb 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 Rb as a Critical Mineral, essential to their economic or national security, and with a supply chain vulnerable to disruption.

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

Appendix B: JORC Code, 2012 Edition - Table 1

Section 1 Sampling Techniques and Data

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

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Section 3 Estimation and Reporting of Mineral Resources

(Criteria listed in section 1, and where relevant in section 2, also apply to this section.)