TIDMBKY
RNS Number : 7918X
Berkeley Energia Limited
28 April 2023
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 U(3) O(8) 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 U(3) O(8) 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
info@berkeleyenergia.com
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 31km(2) 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:
Hole Down Hole Intercept From Depth
No. (Down Hole)
CCR0001 7m @ 0.12% Li(2) O & 0.14% surface
Rb(2) O
------------------------------ -------------
CCR0002 25m @ 0.56% Li(2) O & 0.22% surface
Rb(2) O 28m
10m @ 0.20% Li(2) O & 0.11% 41m
Rb(2) O
7m @ 0.18% Li(2) O & 0.12%
Rb(2) O
------------------------------ -------------
CCR0003 70m @ 0.14% Li(2) O & 0.15% surface
Rb(2) O
------------------------------ -------------
17m @ 0.29% Li(2) O & 0.13%
Rb(2) O
incl. 11m @ 0.41% Li(2) 3m
CCR0004 O & 0.17% Rb(2) O 7m
------------------------------ -------------
CCR0005 44m @ 0.31% Li(2) O & 0.19% surface
Rb(2) O
------------------------------ -------------
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 5km(2) and the IP application ("IPA") "Ampliación los Bélicos",
with an area of 44km(2) , 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
6km(2) , 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; Sb(2) O(3) ). 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 EUR10,000 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) EUR20,000, in respect of IP Los
Bélicos; (b) EUR60,000, in respect of IPA Ampliación Los Bélicos
(once granted); and (c) EUR20,000, 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
Deposit Resource Tonnes U(3) O(8) U(3) O(8)
Category
Name (Mt) (ppm) (Mlbs)
-------------------------- ------------ -------- ----------- -----------
Retortillo Measured 4.1 498 4.5
Indicated 11.3 395 9.8
Inferred 0.2 368 0.2
--------------------------------------- -------- ----------- -----------
Total 15.6 422 14.5
--------------------------------------- -------- ----------- -----------
Zona 7 Measured 5.2 674 7.8
Indicated 10.5 761 17.6
Inferred 6.0 364 4.8
--------------------------------------- -------- ----------- -----------
Total 21.7 631 30.2
--------------------------------------- -------- ----------- -----------
Alameda Indicated 20.0 455 20.1
Inferred 0.7 657 1.0
--------------------------------------- -------- ----------- -----------
Total 20.7 462 21.1
--------------------------------------- -------- ----------- -----------
Las Carbas Inferred 0.6 443 0.6
Cristina Inferred 0.8 460 0.8
Caridad Inferred 0.4 382 0.4
Villares Inferred 0.7 672 1.1
Villares North Inferred 0.3 388 0.2
-------------------------- ------------ -------- ----------- -----------
Total Retortillo
Satellites Total 2.8 492 3.0
-------------------------- ------------ -------- ----------- -----------
Villar Inferred 5.0 446 4.9
Alameda Nth Zone 2 Inferred 1.2 472 1.3
Alameda Nth Zone 19 Inferred 1.1 492 1.2
Alameda Nth Zone 21 Inferred 1.8 531 2.1
-------------------------- ------------ -------- ----------- -----------
Total Alameda Satellites Total 9.1 472 9.5
-------------------------- ------------ -------- ----------- -----------
Gambuta Inferred 12.7 394 11.1
-------------------------- ------------ -------- ----------- -----------
Salamanca Project
Total Measured 9.3 597 12.3
Indicated 41.8 516 47.5
Inferred 31.5 395 29.6
--------------------------------------- -------- ----------- -----------
Total (*) 82.6 514 89.3
======================================= ======== =========== ===========
Appendix 2: Summary of Mining Tenements
As at 31 March 2023, the Company had an interest in the
following tenements:
Location Tenement Name Percentage Status
Interest
--------------- ----------------------------- ----------- ----------
Spain
Salamanca D.S.R Salamanca 28 (Alameda) 100% Granted
D.S.R Salamanca 29 (Villar) 100% Granted
E.C. Retortillo-Santidad 100% Granted
E.C. Lucero 100% Pending
I.P. Abedules 100% Granted
I.P. Abetos 100% Granted
I.P. Alcornoques 100% Granted
I.P. Alisos 100% Granted
I.P. Bardal 100% Granted
I.P. Barquilla 100% Granted
I.P. Berzosa 100% Granted
I.P. Campillo 100% Granted
I.P. Casta ñ os 100% Granted
2
I.P. Ciervo 100% Granted
I.P. Conchas 100% Granted
I.P. Dehesa 100% Granted
I.P. El Á guila 100% Granted
I.P. El Vaqueril 100% Granted
I.P. Espinera 100% Granted
I.P. Horcajada 100% Granted
I.P. Lis 100% Granted
I.P. Mailleras 100% Granted
I.P. Mimbre 100% Granted
I.P. Pedreras 100% Granted
E.P. Herradura* 100% Granted
C á ceres I.P. Almendro 100% Granted
I.P. Ibor 100% Granted
I.P. Olmos 100% Granted
--------------- ----------------------------- ----------- ----------
Badajoz I.P. Los Bélicos 100% Granted**
I.P.A. Ampliación 100% Pending**
Los Bélicos
Ciudad Real I.P.A. La Majada 100% Pending**
--------------- ----------------------------- ----------- ----------
*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 B é licos, IPA
Ampliación Los B é licos, 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:
Activity $000
------------------------------------------------- -----
Radiological protection and monitoring 37
Permitting related expenditure (including legal
dispute expenses) 332
Consultants and other expenditure 303
Solar Farm initiative 141
Payment/(return) of VAT in Spain 120
Total as reported in the Appendix 5B 933
------------------------------------------------- -----
There were no mining or production activities and expenses
incurred during the quarter ended 31 March 2023.
Appendix 5: Summary of RC Drilling Intercepts
Drill Easting Northing Elevation Azimuth Dip Depth From Interval Li(2) Rb(2) Rb(2) SnO(2) SnO(2) Cs(2) Cs(2) Nb(2) Nb(2) Ta(2) Ta(2)
Hole To Li(2) O O O O O O(5) O(5) O(5) O(5)
O
ID (m) (m) (m) ((o) ((o) (m) (m) (m) (ppm) (%) (ppm) (%) (ppm) (%) (ppm) (%) (ppm) (%) (ppm)
) ) (m) (%)
-------- ---------- -------- ----- ----- ------ ------- ------ ------ ------
CCR001 684,349 4,492,848 766 360 -90 52 0 7 7 0.12 1,163 0.14 1,357 0.02 197 0.01 83 0.007 68 0.004 43
-------- ---------- -------- ------ ------ ----- ----- --------- ----- ------- ------ ------- ------- ------- ------ ------- ------ ------- ------ -------
CCR002 684,225 4,492,895 766 360 -90 48 0 25 25 0.56 5,584 0.22 2,193 0.07 730 0.02 163 0.009 95 0.005 52
------- -------- ---------- ----------- -------- ------ ------ ----- ----- --------- ----- ------- ------ ------- ------- ------- ------ ------- ------ ------- ------ -------
and 28 38 10 0.20 2,003 0.11 1,069 0.04 351 0.01 101 0.005 47 0.002 21
incl. 29 33 4 0.41 4,069 0.18 1,774 0.08 776 0.01 126 0.009 93 0.005 47
----- ----- --------- ----- ------- ------ ------- ------- ------- ------ ------- ------ ------- ------ -------
and 41 48 7 0.18 1,812 0.12 1,164 0.02 240 0.01 101 0.005 49 0.002 24
Incl. 43 46 3 0.33 3,330 0.17 1,714 0.03 350 0.02 153 0.007 67 0.004 36
------- -------- ---------- ----------- -------- ------ ------ ----- ----- --------- ----- ------- ------ ------- ------- ------- ------ ------- ------ ------- ------ -------
CCR003 684,585 4,492,925 762 360 -90 70 0 70 70 0.14 1,446 0.15 1,511 0.01 67 0.01 87 0.007 71 0.004 40
-------- ---------- ----------- -------- ------ ------ ----- ----- --------- ----- ------- ------ ------- ------- ------- ------ ------- ------ ------- ------ -------
CCR004 684,475 4,492,796 766 360 -90 60 3 20 17 0.29 2,871 0.13 1,306 0.03 344 0.01 140 0.006 55 0.002 23
------- -------- ---------- ----------- -------- ------ ------ ----- ----- --------- ----- ------- ------ ------- ------- ------- ------ ------- ------ ------- ------ -------
incl. 7 18 11 0.41 4,071 0.17 1,729 0.05 468 0.02 192 0.007 73 0.003 32
------- -------- ---------- ----------- -------- ------ ------ ----- ----- --------- ----- ------- ------ ------- ------- ------- ------ ------- ------ ------- ------ -------
CCR005 684,412 4,492,233 765 360 -90 52 0 44 44 0.31 3,061 0.19 1,853 0.05 546 0.01 112 0.009 91 0.006 60
-------- ---------- ----------- -------- ------ ------ ----- ----- --------- ----- ------- ------ ------- ------- ------- ------ ------- ------ ------- ------ -------
Appendix 6: JORC Code, 2012 Edition - Table 1 Report
Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections.)
Criteria JORC Code explanation Commentary
-------------------------------------------
Sampling Nature and quality of sampling Berkeley reverse circulation (RC)
techniques (eg cut channels, random chips, drill samples are collected over
or specific specialised industry 1m intervals. All samples are placed
standard measurement tools appropriate into individually labelled, consecutively
to the minerals under investigation, numbered sample bags. The RC samples
such as down hole gamma sondes, obtained are considered representative
or handheld XRF instruments, of the material drilled.
etc). These examples should
not be taken as limiting the
broad meaning of sampling.
------------------------------------------- ----------------------------------------------
Include reference to measures Field duplicate samples are inserted
taken to ensure sample representivity into the sample stream to assess
and the appropriate calibration the variability of the mineralisation.
of any measurement tools or Approximately 15% of all samples
systems used. relate to quality control. Given
the preliminary nature of the exploration
drilling in the area, no blanks
or standards have been included
in the samples sent. In addition,
the laboratories undertake their
own duplicate sampling as part of
their internal QA/QC processes.
Examination of the QA/QC, sample
data indicates satisfactory performance
of field sampling protocols and
assay laboratories providing acceptable
levels of precision and accuracy.
Drill hole collar locations are
surveyed by qualified surveyors
using standard differential GPS
(DGPS) equipment achieving sub decimetre
accuracy in horizontal and vertical
position.
Down-hole surveys are not undertaken
due to the terrain conditions that
do not allow the vehicle transporting
the equipment to reach the location
of the drill holes. Down-hole surveys
will be undertaken as soon as the
ground conditions allow it.
Given the drill holes are vertical,
drilled through very hard rocks
and at low drilling speeds, significant
deviations are not expected.
------------------------------------------- ----------------------------------------------
Aspects of the determination RC drill samples are collected over
of mineralisation that are Material 1m intervals. The entire sample
to the Public Report. In cases is placed in a properly named and
where 'industry standard' work numbered plastic bag and transported
has been done this would be to the Berkeley warehouse. Samples
relatively simple (eg 'reverse are manually homogenised before
circulation drilling was used being split using a three-tier riffle
to obtain 1 m samples from which splitter to provide an approximate
3 kg was pulverised to produce 3-5kg sample. Wet samples are split
a 30 g charge for fire assay'). using a cone and quarter method.
In other cases more explanation Samples are further split using
may be required, such as where a one tier riffle splitter such
there is coarse gold that has that 0.7-1kg samples are sent to
inherent sampling problems. the preparation laboratories of
Unusual commodities or mineralisation ALS (Seville, Spain) and analytical
types (eg submarine nodules) laboratory of ALS (Loughrea, Ireland).
may warrant disclosure of detailed Samples are dried, fine crushed
information. down to 70% below 2mm, split to
obtain 250g and pulverised with
at least 85% of the sample passing
75um. 10g of sample is used for
51 elements analysis by ICP-MS method
with results corrected for spectral
inter-element interferences.
------------------ ------------------------------------------- ----------------------------------------------
Drilling Drill type (eg core, reverse Drilling comprised RC drilling using
techniques circulation, open-hole hammer, a 140mm diameter face sampling hammer.
rotary air blast, auger, Bangka,
sonic, etc) and details (eg
core diameter, triple or standard
tube, depth of diamond tails,
face-sampling bit or other type,
whether core is oriented and
if so, by what method, etc).
------------------ ------------------------------------------- ----------------------------------------------
Drill Method of recording and assessing Berkeley RC drill samples are collected
sample core and chip sample recoveries over 1m intervals through a cyclone.
recovery and results assessed. Plastic sample bags are strapped
to the cyclone to maximise sample
recovery. Individual sample bags
are not weighed to assess sample
recovery but a visual inspection
is made by the Company geologist
to ensure all samples are of approximately
equivalent size. Overall sample
recoveries in excess of 90% were
typically recorded in mineralised
zones, which is considered acceptable.
------------------------------------------- ----------------------------------------------
Measures taken to maximise The RC drilling rigs utilised suitably
sample recovery and ensure representative sized compressors to ensure dry
nature of the samples. samples 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 drill holes past 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. Future studies
will be undertaken to determine
whether the loss of fines influences
the grade however, no material grade
variation was observed across mineralised
intervals that went from dry to
wet in this drilling campaign.
------------------------------------------- ----------------------------------------------
Whether a relationship exists There is no current known relationship
between sample recovery and between sample recovery and grade.
grade and whether sample bias The RC sample recoveries are of
may have occurred due to preferential an acceptable level and no bias
loss/gain of fine/coarse material. is expected from any sample losses.
------------------ ------------------------------------------- ----------------------------------------------
Logging Whether core and chip samples Berkeley geological logging of RC
have been geologically and geotechnically chip samples included recording
logged to a level of detail descriptions of lithology, weathering,
to support appropriate Mineral alteration and mineralisation.
Resource estimation, mining
studies and metallurgical studies.
------------------------------------------- ----------------------------------------------
Whether logging is qualitative Geological logging is qualitative
or quantitative in nature. Core in nature.
(or costean, channel, etc.) Berkeley RC samples and chip trays
photography. are photographed.
------------------------------------------- ----------------------------------------------
The total length and percentage All RC drill holes are logged in
of the relevant intersections full by Company geologists.
logged.
------------------ ------------------------------------------- ----------------------------------------------
Sub-sampling If core, whether cut or sawn Drilling is RC.
techniques and whether quarter, half or
all core taken.
------------------------------------------- ----------------------------------------------
and sample If non-core, whether riffled, Berkeley RC drill samples were collected
preparation tube sampled, rotary split, at 1m intervals. RC intervals were
etc and whether sampled wet sampled by splitting dry samples
or dry. 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.
------------------------------------------- ----------------------------------------------
For all sample types, the nature, Samples were sent to ALS laboratory
quality and appropriateness (Seville, Spain) for preparation
of the sample preparation technique. and analysis. Samples were dried,
fine crushed down to 70% below 2mm
and pulverised with at least 85%
of the sample passing 75um. 10g
of sample was used for multi element
analysis by ICP-MS method. This
method is considered appropriate
for this style of mineralisation.
------------------------------------------- ----------------------------------------------
Quality control procedures Routine sample preparation and analyses
adopted for all sub-sampling of RC samples were carried out by
stages to maximise representivity ALS, who operates an independent
of samples. sample preparation laboratory in
Seville (Spain) and an analytical
laboratory in Loughrea (Ireland).
QA/QC procedures involve the use
of duplicates which are inserted
into sample batches at a frequency
of approximately 15%.
------------------------------------------- ----------------------------------------------
Measures taken to ensure that Duplicate splits of RC samples are
the sampling is representative taken every 7m down hole within
of the in situ material collected, the sampled intervals. The results
including for instance results from these duplicates generally
for field duplicate/second-half show acceptable repeatability.
sampling.
------------------------------------------- ----------------------------------------------
Whether sample sizes are appropriate Sample sizes are well in excess
to the grain size of the material of standard industry requirements.
being sampled.
------------------ ------------------------------------------- ----------------------------------------------
Quality The nature, quality and appropriateness All samples were routinely assayed
of assay of the assaying and laboratory by ALS for 51 elements using ICP-MS
data and procedures used and whether method. This analytical method reports
laboratory the technique is considered total content for each element.
tests partial or total.
------------------------------------------- ----------------------------------------------
For geophysical tools, spectrometers, No geophysical down hole tools have
handheld XRF instruments, etc, been used.
the parameters used in determining
the analysis including instrument
make and model, reading times,
calibrations factors applied
and their derivation, etc.
------------------------------------------- ----------------------------------------------
Nature of quality control procedures Duplicate samples were regularly
adopted (eg standards, blanks, inserted into the sample stream
duplicates, external laboratory by Berkeley, with approximately
checks) and whether acceptable 15% of all samples related to quality
levels of accuracy (ie lack control. The external laboratories
of bias) and precision have used, also maintain their own process
been established. of QA/QC utilising standards, pulp
repeats, sample duplicates and blanks.
Review of the Berkeley quality control
samples, as well as the external
laboratory quality QA/QC reports,
has shown no sample preparation
issues, acceptable levels of accuracy
and precision and no bias in the
analytical datasets.
------------------ ------------------------------------------- ----------------------------------------------
Verification The verification of significant Reported drill intersections have
of sampling intersections by either independent been checked and verified by Senior
and assaying or alternative company personnel. Geological management .
------------------------------------------- ----------------------------------------------
The use of twinned holes. No twinned holes were drilled for
the current exploration stage.
------------------------------------------- ----------------------------------------------
Documentation of primary data, All primary data was recorded in
data entry procedures, data templates designed by Berkeley.
verification, data storage (physical Assay data from the external laboratory
and electronic) protocols. is received in spreadsheets and
downloaded directly into an Access
Database managed by the Company.
Data is entered into controlled
excel templates for validation.
The validated data is then loaded
into a password secured relational
database by a designated Company
geologist. Daily backups of all
digital data are undertaken. These
procedures are documented in the
Berkeley Technical Procedures and
Protocols manual.
------------------------------------------- ----------------------------------------------
Discuss any adjustment to assay Lithium (ppm) assays received from
data. the external laboratory are converted
to Li(2) O (ppm) using the stoichiometric
factor of 2.153 and then passed
to percentage.
Rubidium (ppm) assays are converted
to Rb(2) O (ppm) using the stoichiometric
factor of 1.094 and then passed
to percentage.
Tin (ppm) assays are converted to
SnO(2) (ppm) using the stoichiometric
factor of 1.270 and then passed
to percentage.
Cesium (ppm) assays are converted
to Cs(2) O (ppm) using the stoichiometric
factor of 1.060 and then passed
to percentage.
Niobium (ppm) assays are converted
to Nb(2) O(5) (ppm) using the stoichiometric
factor of 1.431 and then passed
to percentage.
Tantalum (ppm) assays are converted
to Ta(2) O(5) (ppm) using the stoichiometric
factor of 1.221 and then passed
to percentage.
------------------ ------------------------------------------- ----------------------------------------------
Location Accuracy and quality of surveys Drill hole collar locations were
of data used to locate drill holes (collar surveyed by qualified surveyors
points and down-hole surveys), trenches, using standard differential GPS
mine workings and other locations (DGPS) equipment achieving sub decimetre
used in Mineral Resource estimation. accuracy in horizontal and vertical
position. Down-hole surveys are
not undertaken due to the terrain
conditions that do not allow the
vehicle transporting the equipment
to reach the location of the drill
holes. Down-hole surveys will be
undertaken as soon as the ground
conditions allow it.
Given the drill holes are vertical,
drilled through very hard rocks
and at low drilling speeds, significant
deviations are not expected.
------------------------------------------- ----------------------------------------------
Specification of the grid system The grid system is ETRS 1989 UTM
used. Zone 29N.
------------------------------------------- ----------------------------------------------
Quality and adequacy of topographic Topographic control is based on
control. a digital terrain model with sub
metric accuracy sourced from the
Spanish Geographical Institute (Instituto
Geográfico Nacional) and is
verified through detailed drill
hole collar surveys by a qualified
surveyor using a DGPS.
------------------ ------------------------------------------- ----------------------------------------------
Data spacing Data spacing for reporting The objective of this drilling campaign
and distribution of Exploration Results. is to check the results of previous
exploration works which were based
on soil sampling and geological
mapping. The results reported herein
relate to three sections with a
drill hole (CCR004) common to all
of them, with two or three holes
on each section, with plan distances
between drill holes from 130m to
570m.
------------------------------------------- ----------------------------------------------
Whether the data spacing and The data spacing is not considered
distribution is sufficient to sufficient to assume geological
establish the degree of geological and grade continuity.
and grade continuity appropriate
for the Mineral Resource and
Ore Reserve estimation procedure(s)
and classifications applied.
------------------------------------------- ----------------------------------------------
Whether sample compositing No compositing of RC samples has
has been applied. been undertaken.
------------------ ------------------------------------------- ----------------------------------------------
Orientation Whether the orientation of The lithological unit of interest,
of data sampling achieves unbiased sampling a muscovitic leucogranite, has a
in relation of possible structures and the mapped extent of 2km by 0.4km. The
to geological extent to which this is known, mineralised zone is interpreted
structure considering the deposit type. to be sub-horizontal following the
regional plutonic tendency.
------------------------------------------- ----------------------------------------------
If the relationship between All drill holes are vertical and
the drilling orientation and perpendicular to the interpreted
the orientation of key mineralised mineralised body. Due to the interpreted
structures is considered to sub-horizontal nature of the mineralisation,
have introduced a sampling bias, no sampling bias is considered to
this should be assessed and have been introduced by the orientation
reported if material. of the drilling so the reported
intervals approximate true widths.
------------------ ------------------------------------------- ----------------------------------------------
Sample The measures taken to ensure Chain of custody is managed by Berkeley.
security sample security. Samples were transported from the
drill site by Company vehicle to
a logging core shed where samples
are prepared for dispatch. Samples
are sent directly from the core
shed to the laboratory using a certified
courier. Samples are included in
cardboard boxes conveniently closed
and strapping to prevent its opening.
The samples are taken directly from
the Berkeley facility to the external
laboratory. Sample submission forms
are sent in paper form with the
samples as well as electronically
to the laboratory. Reconciliation
of samples occurs prior to commencement
of sample preparation for assaying.
------------------ ------------------------------------------- ----------------------------------------------
Audits The results of any audits or Sampling techniques and procedures,
or reviews reviews of sampling techniques as well as QA/QC data, are reviewed
and data. internally on an ongoing basis.
These reviews have concluded that
the sampling and analytical results
are to industry standards.
------------------ ------------------------------------------- ----------------------------------------------
Section 2 Reporting of Exploration Results
(Criteria in this section apply to all succeeding sections.)
Criteria JORC Code explanation Commentary
------------------------------------------
Mineral Type, reference name/number, The Conchas Prospect lies on the
tenement location and ownership including Conchas I Investigation Permit PI
and land agreements or material issues 6930 which is 100% owned by Berkeley
tenure status with third parties such as Minera España, S.L., a wholly
joint ventures, partnerships, owned subsidiary of Berkeley Energia
overriding royalties, native Limited.
title interests, historical
sites, wilderness or national The Conchas I Investigation Permit
park and environmental settings. was granted in October 2020 and
is currently in the first year of
a second three-year term.
No historical sites, wilderness
or national parks are located within
the Permit. The Conchas Prospect
is located adjacent to the village
of Fuentes de Oñoro and close
to the border with Portugal.
---------------------------------------- -----------------------------------------------
The security of the tenure Tenure in the form of an Investigation
held at the time of reporting Permit has been granted and is considered
along with any known impediments secure. There are no known impediments
to obtaining a licence to to obtaining a licence to operate
operate in the area. in this area.
-------------------- ---------------------------------------- -----------------------------------------------
Exploration Acknowledgment and appraisal Mining in the area goes back to
done by of exploration by other parties. the WWII years when, in an artisanal
other parties manner, tin and tungsten were obtained
by means of surface excavations
and washed by hand.
Modern exploration at Conchas I
were carried out by Billiton PLC
between 1981 and 1983. The investigation
was focused on tin and tantalum
with lithium, rubidium etc. not
taken into account. Billiton carried
out several exploration work programs
which resulted in a regional geological
map and another detailed geological
map, a leucogranite bottom isopach
map, geochemistry with 85 test pits,
trenches and 20 direct circulation
drill holes, and sectional interpretations
of the different magmatic facies.
SIEMCALSA (Mining Investigation
and Exploration Society of Castilla
y León, S.A.) within the European
Union project POCTEP, summarized
the Billiton data, making a review
of the land and a chip sampling
(14 samples) of the types of rocks
existing in the area. Mineralogical
and metallogenetic studies of samples
were carried out at the Universities
of León (Spain) and Porto (Portugal)
however, Berkeley has not yet obtained
access to these reports/results.
Only public domain historical data
has been obtained by Berkeley.
-------------------- ---------------------------------------- -----------------------------------------------
Geology Deposit type, geological Around the 70% of the permit area
setting and style of mineralisation. is filled by the Cenozoic cover
and, only in the NW, the Fuentes
de Oñoro granite can be found.
Cenozoic materials have Oligocene
age.
Granites make up the Vilar Formoso-Fuentes
de Oñoro area, which in turn
belongs to the Guarda Batholith
whose origin is associated with
the Hercynian orogeny. Regionally,
coarse to very coarse-grained granodiorites
and porphyritic granites are found,
porphyritic and with a considerable
amount of biotite, arranged subparallel
to the edge of the batholith and
commonly considered as edge facies.
The monzogranite facies is the one
with the greatest superficial development
and constitutes approximately 50%
of the outcropping granites. They
are two-mica granites, with a predominance
of biotite, fine to coarse grain
size and sometimes porphyry, although
the potassium feldspar megacrystals
do not reach the size of those of
the previous edge facies.
Aplogranites constitute the mineralised
facies of aplo-pegmatitic leucogranites.
This occurs in the vicinity of Fuentes
de Oñoro and in front of the
Portuguese town of Poço Velho.
The mineralogy in which lithium
and rubidium occurs is not yet known.
Historical reports indicate the
presence of cassiterite and columbo-tantalite
distributed homogeneously throughout
the mineralized zone. Cassiterite
(tin) normally occurs in angular
and heterometric crystals of between
10<MU>m and 1mm. Tantalum and niobium
occur in the form of columbo-tantalite,
both in isolated crystals and in
inclusions within the cassiterite.
-------------------- ---------------------------------------- -----------------------------------------------
Drill hole A summary of all information Details of all reported drill holes
Information material to the understanding are provided in Appendix 5 of this
of the exploration results release.
including a tabulation of
the following information
for all Material drill holes:
o easting and northing of
the drill hole collar
o elevation or RL (Reduced
Level - elevation above sea
level in metres) of the drill
hole collar
o dip and azimuth of the hole
o down hole length and interception
depth
o hole length.
---------------------------------------- -----------------------------------------------
If the exclusion of this All information has been included
information is justified on in Appendix 5 of this release.
the basis that the information
is not Material and this exclusion
does not detract from the
understanding of the report,
the Competent Person should
clearly explain why this is
the case.
-------------------- ---------------------------------------- -----------------------------------------------
Data aggregation In reporting Exploration Reported drill intersections are
methods Results, weighting averaging based on chemical assay data and
techniques, maximum and/or are calculated using a 500ppm Rb(2)
minimum grade truncations O cut-off, no high grade cut and
(eg cutting of high grades) may include up to 2m of internal
and cut-off grades are usually dilution.
Material and should be stated.
---------------------------------------- -----------------------------------------------
Where aggregate intercepts Higher grade intervals that are
incorporate short lengths internal to broader zones of mineralisation
of high grade results and are reported as included intervals
longer lengths of low grade using a 1,000ppm Rb(2) O cut-off.
results, the procedure used
for such aggregation should
be stated and some typical
examples of such aggregations
should be shown in detail.
---------------------------------------- -----------------------------------------------
The assumptions used for No metal equivalent values are used.
any reporting of metal equivalent
values should be clearly stated.
-------------------- ---------------------------------------- -----------------------------------------------
Relationship These relationships are particularly All drilling was planned in such
between important in the reporting a way as to intersect expected mineralisation
mineralisation of Exploration Results. If in a perpendicular manner. Drill
widths and the geometry of the mineralisation holes are oriented to be orthogonal
intercept with respect to the drill to the general strike of the interpreted
lengths hole angle is known, its nature mineralised structures. The zone
should be reported. of mineralisation is interpreted
to be sub-horizontal dipping so
the drill holes are vertical.
Exploration results have been reported
as an interval with 'from' and 'to'
stated in summary table of drilling
intercepts. The reported down-hole
intervals approximate true widths.
---------------------------------------- -----------------------------------------------
If it is not known and only The reported down-hole intervals
the down hole lengths are approximate true widths.
reported, there should be
a clear statement to this
effect (eg 'down hole length,
true width not known').
-------------------- ---------------------------------------- -----------------------------------------------
Diagrams Appropriate maps and sections Appropriate diagrams, including
(with scales) and tabulations a drill plan and cross sections,
of intercepts should be included are included in the main body of
for any significant discovery this release.
being reported These should
include, but not be limited
to a plan view of drill hole
collar locations and appropriate
sectional views.
-------------------- ---------------------------------------- -----------------------------------------------
Balanced Where comprehensive reporting All results are reported in Appendix
reporting of all Exploration Results 5 of this release.
is not practicable, representative
reporting of both low and
high grades and/or widths
should be practiced to avoid
misleading reporting of Exploration
Results.
-------------------- ---------------------------------------- -----------------------------------------------
Other substantive Other exploration data, if A check of the lithologies present
exploration meaningful and material, should in the area, especially associated
data be reported including (but with the mineralised zone, in situ
not limited to): geological analysis using a portable XRF, and
observations; geophysical two soil geochemistry campaigns
survey results; geochemical (203 samples collected) were carried
survey results; bulk samples out before the drilling reported
- size and method of treatment; in this release.
metallurgical test results;
bulk density, groundwater,
geotechnical and rock characteristics;
potential deleterious or contaminating
substances.
-------------------- ---------------------------------------- -----------------------------------------------
Further The nature and scale of planned Mineralogical studies are currently
work further work (eg tests for being undertaken on samples from
lateral extensions or depth the drilling to determine the mineral
extensions or large-scale species present, and understand
step-out drilling). their characteristics and properties.
Subject to the results of these
mineralogical studies, further work
at Conchas may include follow-up
exploration drilling focused on
improving confidence in the geology,
continuity, and grade distribution
of the zone of multi-element mineralisation.
The zone of mineralisation remains
open along strike and at depth,
with both areas to be potentially
targeted in subsequent drilling.
Geological studies will include
detailed interpretation of lithology,
structure and weathering and an
assessment of potential relationships
between these factors and grade
distribution of the minerals of
interest.
Further work is also planned on
a number of other exploration targets
within the Salamanca II Region.
---------------------------------------- -----------------------------------------------
Diagrams clearly highlighting The known boundaries of the lithological
the areas of possible extensions, unit of interest are shown in a
including the main geological geology plan included the main body
interpretations and future of this release.
drilling areas, provided this
information is not commercially
sensitive.
-------------------- ---------------------------------------- -----------------------------------------------
Appendix 5B
Mining exploration entity or oil and gas exploration entity
quarterly cash flow report
Name of entity
-----------------------------------------------------
Berkeley Energia Limited
ABN Quarter ended ("current quarter")
--------------- ----------------------------------
40 052 468 569 31 March 2023
----------------------------------
Consolidated statement of cash Current quarter Year to date
flows
$A'000 (9 months)
$A'000
1. Cash flows from operating
activities
1.1 Receipts from customers - -
1.2 Payments for
(a) exploration & evaluation (933) (2,017)
(b) development - -
(c) production - -
(d) staff costs (246) (716)
(e) administration and corporate
costs (161) (704)
1.3 Dividends received (see note - -
3)
1.4 Interest received 9 277
1.5 Interest and other costs of - -
finance paid
1.6 Income taxes paid - -
1.7 Government grants and tax - -
incentives
Other (provide details if
1.8 material)
(a) Business Development (72) (162)
(b) Preparation of Prospectus - (476)
---------------- -------------
Net cash from / (used in)
1.9 operating activities (1,403) (3,798)
----------------- ----------------------------------- ---------------- -------------
2. Cash flows from investing
activities
2.1 Payments to acquire or for:
(a) entities - -
(b) tenements - -
(c) property, plant and equipment - -
(d) exploration & evaluation - -
(e) investments - -
(f) other non-current assets - -
2.2 Proceeds from the disposal
of:
(a) entities - -
(b) tenements - -
(c) property, plant and equipment - -
(d) investments - -
(e) other non-current assets - -
2.3 Cash flows from loans to other - -
entities
2.4 Dividends received (see note - -
3)
2.5 Other (provide details if - -
material)
---------------- -------------
2.6 Net cash from / (used in)
investing activities - -
----------------- ----------------------------------- ---------------- -------------
3. Cash flows from financing
activities
3.1 Proceeds from issues of equity
securities (excluding convertible
debt securities) - -
3.2 Proceeds from issue of convertible
debt securities - -
3.3 Proceeds from exercise of - -
options
3.4 Transaction costs related
to issues of equity securities
or convertible debt securities - -
3.5 Proceeds from borrowings - -
3.6 Repayment of borrowings - -
3.7 Transaction costs related
to loans and borrowings - -
3.8 Dividends paid - -
3.9 Other (provide details if - -
material)
---------------- -------------
3.10 Net cash from / (used in)
financing activities - -
----------------- ----------------------------------- ---------------- -------------
4. Net increase / (decrease)
in cash and cash equivalents
for the period
Cash and cash equivalents
4.1 at beginning of period 78,860 79,942
Net cash from / (used in)
operating activities (item
4.2 1.9 above) (1,403) (3,798)
4.3 Net cash from / (used in)
investing activities (item
2.6 above) - -
4.4 Net cash from / (used in)
financing activities (item
3.10 above) - -
Effect of movement in exchange
4.5 rates on cash held 700 2,013
---------------- -------------
Cash and cash equivalents
4.6 at end of period 78,157 78,157
----------------- ----------------------------------- ---------------- -------------
5. Reconciliation of cash and Current quarter Previous quarter
cash equivalents $A'000 $A'000
at the end of the quarter
(as shown in the consolidated
statement of cash flows) to
the related items in the accounts
5.1 Bank balances 78,107 78,810
5.2 Call deposits 50 50
5.3 Bank overdrafts - -
5.4 Other (provide details) - -
---------------- -----------------
Cash and cash equivalents
at end of quarter (should
5.5 equal item 4.6 above) 78,157 78,860
----------------- ----------------------------------- ---------------- -----------------
6. Payments to related parties of the entity Current quarter
and their associates $A'000
Aggregate amount of payments to related
parties and their associates included in
6.1 item 1 (179)
----------------
6.2 Aggregate amount of payments to related
parties and their associates included in
item 2 -
----------------
Note: if any amounts are shown in items 6.1 or 6.2, your quarterly
activity report must include a description of, and an explanation
for, such payments.
7. Financing facilities Total facility
Note: the term "facility' amount at quarter Amount drawn
includes all forms of financing end at quarter end
arrangements available to $A'000 $A'000
the entity. Add notes as necessary
for an understanding of the
sources of finance available
to the entity.
7.1 Loan facilities - -
------------------- ----------------
7.2 Credit standby arrangements - -
------------------- ----------------
7.3 Other (please specify) - -
------------------- ----------------
7.4 Total financing facilities - -
------------------- ----------------
7.5 Unused financing facilities available at -
quarter end
----------------
7.6 Include in the box below a description of each facility
above, including the lender, interest rate, maturity date
and whether it is secured or unsecured. If any additional
financing facilities have been entered into or are proposed
to be entered into after quarter end, include a note providing
details of those facilities as well.
----------------- ---------------------------------------------------------------------------
Not applicable
-----------------
8. Estimated cash available for future operating $A'000
activities
Net cash from / (used in) operating activities
8.1 (item 1.9) (1,403)
8.2 (Payments for exploration & evaluation classified
as investing activities) (item 2.1(d)) -
8.3 Total relevant outgoings (item 8.1 + item (1,403)
8.2)
8.4 Cash and cash equivalents at quarter end 78,157
(item 4.6)
8.5 Unused finance facilities available at quarter -
end (item 7.5)
--------
8.6 Total available funding (item 8.4 + item 78,157
8.5)
--------
8.7 Estimated quarters of funding available
(item 8.6 divided by item 8.3) >10
--------
Note: if the entity has reported positive relevant outgoings
(ie a net cash inflow) in item 8.3, answer item 8.7 as
"N/A". Otherwise, a figure for the estimated quarters
of funding available must be included in item 8.7.
8.8 If item 8.7 is less than 2 quarters, please provide answers
to the following questions:
8.8.1 Does the entity expect that it will continue to
have the current level of net operating cash flows for
the time being and, if not, why not?
---------------------------------------------------------------------------------------
Answer: Not applicable
---------------------------------------------------------------------------------------
8.8.2 Has the entity taken any steps, or does it propose
to take any steps, to raise further cash to fund its operations
and, if so, what are those steps and how likely does it
believe that they will be successful?
---------------------------------------------------------------------------------------
Answer: Not applicable
---------------------------------------------------------------------------------------
8.8.3 Does the entity expect to be able to continue its
operations and to meet its business objectives and, if
so, on what basis?
---------------------------------------------------------------------------------------
Answer: Not applicable
---------------------------------------------------------------------------------------
Note: where item 8.7 is less than 2 quarters, all of
questions 8.8.1, 8.8.2 and 8.8.3 above must be answered.
---------------------------------------------------------------------------------------
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.
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END
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