Berkeley Energia (BKY) Q3 2026 TU earnings summary

Executive summary

• Advanced exploration at the Conchas project in Spain, focusing on lithium, rubidium, and other critical minerals, with positive metallurgical test results and 3D geological modelling completed.

• Ongoing international arbitration against Spain regarding the Salamanca uranium project, seeking $1.25 billion in compensation for alleged Energy Charter Treaty violations.

• Maintained strong financial position with A$64 million in cash and no debt at quarter-end.

• Continued ESG initiatives at Salamanca, achieving significant reductions in fuel, paper, and emissions, and executed a new cooperation agreement with the Municipality of Retortillo.

• Continued commitment to the Salamanca Project and constructive dialogue with Spanish authorities despite ongoing legal dispute.

Financial highlights

• Cash and cash equivalents at quarter-end: A$63.996 million.

• Net cash outflow from operating activities was A$2.8 million for the quarter and A$6.5 million for the nine months.

• Payments for exploration and development activities totaled A$759,000 for the quarter.

• Payments to related parties during the quarter totaled A$82,000.

• No mining or production revenue; expenditures focused on exploration, staff, administration, and arbitration-related costs.

Outlook and guidance

• Further metallurgical and mineralogical studies underway at Conchas, with a second phase of test work planned to optimize recovery processes.

• Preliminary open pit optimization for Conchas in progress, with additional exploration targets identified, including an application for rights in Portugal.

• Actively assessing new opportunities in clean energy and critical minerals sectors.

• Remains committed to advancing the Salamanca project and open to constructive dialogue with Spanish authorities despite ongoing arbitration.