TIDMBKY
RNS Number : 9349G
Berkeley Energia Limited
24 July 2023
BERKELEY ENERGIA LIMITED
NEWS RELEASE | 24 July 2023
Quarterly Report June 2023
Highlights:
-- Project Update
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.
During the quarter, Berkeley Energia Limited ("Berkeley" or
"Company") announced the Company's wholly owned Spanish subsidiary,
Berkeley Minera España ("BME") had submitted a
contentious-administrative appeal before the Spanish National
Court.
This follows notification from the Ministry for Ecological
Transition and the Demographic Challenge ("MITECO") in relation to
the rejection of the administrative appeal filed by 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.
-- Spanish Politics
The 2023 Spanish general election was held on Sunday, 23 July to
elect the 15(th) Cortes Generales of the Kingdom of Spain (Spanish
Parliament). All 350 seats in the Congress of Deputies were up for
election, as well as 208 of 265 seats in the Senate.
With 99% of the votes counted, the results indicate the
right-wing parties Partido Popular (PP) and Vox are set to win 136
seats and 33 seats respectively, whilst the left-wing parties
Socialists (PSOE) and Sumar are set to win 122 seats and 31 seats
respectively.
In order to govern, a party or coalition must achieve a working
majority of 176 seats in the 350-seat parliament.
-- 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:
-- European Union
o Nuclear could provide up to 150 GWe of generating capacity by
2050 in the European Union, according to a statement issued by 16
European countries following a meeting in Paris with European
Commissioner for Energy. The so-called Nuclear Alliance called on
the European Commission to recognise nuclear energy in the EU's
energy strategy and relevant policies.
-- France
o French parliament approved a bill that would make the
administrative procedures related to moving new reactors into
construction more efficient, reducing the expected construction
time by up to two years.
-- Belgium
o French utility Engie and the Belgian federal government signed
an interim agreement defining the terms for the extended operation
of the Doel 4 and Tihange 3 nuclear power units by ten years.
-- Netherlands
o The Netherlands is planning to build two new nuclear power
plants by 2035, which will play an important role in the country's
energy transition as it aims to make its power production carbon
neutral by 2040.
-- Sweden
o Sweden's parliament has adopted a new energy target, clearing
the path for the government to push forward with plans to construct
new nuclear plants in the country.
o Changing the target to "100% fossil-free" electricity, from
"100% renewable" is key to the government's plan to meet an
expected doubling of electricity demand by 2040 and to reach
net-zero emissions by 2045.
-- Finland
o Finnish utility Fortum announced it has signed a memorandum of
understanding with Korea Hydro & Nuclear Power Co covering
cooperation and information exchange regarding future nuclear power
plants, new reactor designs as well as safe and efficient operation
of existing nuclear power plants.
-- Italy
o The lower house of the Italian parliament approved a motion
presented by the ruling majority requesting the government
reconsider the use of nuclear energy in the country. The approved
motion called on the government to "assess the opportuneness of
inserting nuclear, as an alternative, clean source of energy
production, into the national energy mix in order to accelerate
Italy's decarbonisation".
-- Poland
o Polish copper and silver producer KGHM Polska Mied SA's plan
to construct a power plant based on NuScale Power's small modular
reactor has been approved by the Ministry of Climate and
Environment.
-- Japan
o The Japanese parliament has passed a bill that allows nuclear
reactors in the country to be operated beyond the current limit of
60 years to help cut carbon emissions while ensuring an adequate
national energy supply.
-- South Korea
o South Korea's Ministry of Industry is to review the need for
new nuclear power plants to expand the country's power supply to
meet predicted increased demand for electricity.
-- Africa
o The World Nuclear Association ("WNA") and the African Energy
Chamber have signed a Memorandum of Understanding to drive nuclear
energy adoption in Africa. This collaboration reflects the shared
commitment of both organizations to promoting clean, affordable and
reliable nuclear energy as a crucial component of Africa's energy
mix, to support economic growth, a just transition, and sustainable
energy development
-- During the quarter, UxC released its 2022 "U(3) O(8)
Production Review" which highlighted that uranium production
increased in 2022 to 129 million pounds a 4.9% increase. This was
driven due to the ramp up of Cigar Lake Uranium Mine and the
restart of the McArthur River Uranium Mine, both in Northern
Saskatchewan.
Spot uranium prices ended the quarter at US$56.00 per pound, an
increase of 10% from March 2023 and 14% increased year to date.
Longer-term uranium price indicators closed at the end of June 2023
at US$56.00 per pound (Long-Term); US$62.00 per pound (3-year
forward price); and US$67.00 per pound (5-year forward price).
-- Balance Sheet
The Company is in a strong financial position with A$79 million
in cash reserves and no debt at 30 June 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.
In April 2023, the Company's wholly owned Spanish subsidiary,
Berkeley Minera España ("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 during the
September quarter.
A highlight of the Sustainability Goals achieved during the past
year is the award of the Calculation and Reduction Certificates for
the CO(2) emissions by MITECO. Given its importance, the Company
has set and successfully achieved the objective of calculating its
Carbon Footprint for the last four years, registering it in the
Carbon Footprint Register of MITECO, and obtaining the Calculation
and Reduction Certificates.
Solar Power System Study
As previously reported, Berkeley 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 evaluating storage capacity versus
capital and operational costs was included in the scope of work to
ensure the optimal outcome for the Project.
During the quarter, the engineering, design, and cost estimation
(capital and operating) workstreams were completed and the outputs
are currently being reviewed by the Company. The environmental
studies are also well advanced. These environmental studies, as
well as preparation and submission of all documentation required by
relevant authorities, is forecasted to be completed during the
September quarter.
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 several important recent
developments, including:
-- Nuclear could provide up to 150 GWe of generating capacity by
2050 in the European Union, according to a statement issued by 16
European countries following a meeting in Paris with European
Commissioner for Energy. The so-called Nuclear Alliance called on
the European Commission to recognise nuclear energy in the EU's
energy strategy and relevant policies.
-- French parliament approved a bill in a 399-100 vote that
would make the administrative procedures related to moving new
reactors into construction more efficient, reducing the expected
construction time by up to two years.
-- French utility Engie and the Belgian federal government have
signed an interim agreement defining the terms for the extended
operation of the Doel 4 and Tihange 3 nuclear power units by ten
years.
-- The Netherlands is talking to "three potential and interested
suppliers" to construct two new nuclear power plants, the energy
minister said in a letter to parliament. Discussion are reportedly
being held with the USA's Westinghouse, France's EDF and South
Korea's Korea Hydro & Nuclear Power. The Netherlands is
planning to build two new nuclear power plants by 2035, which will
play an important role in the country's energy transition as it
aims to make its power production carbon neutral by 2040.
-- Sweden's parliament has adopted a new energy target, clearing
the path for the government to push forward with plans to construct
new nuclear plants in the country. Changing the target to "100%
fossil-free" electricity, from "100% renewable" is key to the
government's plan to meet an expected doubling of electricity
demand to around 300 TWh by 2040 and to reach net-zero emissions by
2045. "This creates the conditions for nuclear power," the finance
minister said in parliament. "We need more electricity production,
we need clean electricity and we need a stable energy system."
-- Sweden's environment minister believes the country should
lift its 2018 ban on uranium exploration and mining. The
environment minister believes the country needs to change the law
as it considers building new nuclear capacity, and in light of its
mining industry's good safety and environmental credentials. "It is
important to mine all the minerals we need for climate change with
respect for environmental laws and how those who live nearby are
affected. Sweden has good conditions to do so," the minister
said.
-- Finnish utility Fortum announced it has signed a memorandum
of understanding with Korea Hydro & Nuclear Power Co covering
cooperation and information exchange regarding future nuclear power
plants, new reactor designs as well as safe and efficient operation
of existing nuclear power plants.
-- Norsk Kjernekraft has signed a letter of intent with TVO
Nuclear Services to jointly investigate the deployment of small
modular reactors in Norway.
-- The Chamber of Deputies - the lower house of the Italian
parliament - approved a motion presented by the ruling majority
requesting the government reconsider the use of nuclear energy in
the country. Italy operated four nuclear power plants starting in
the early 1960s but decided to phase out nuclear power in a
referendum that followed the 1986 Chernobyl accident. The approved
motion called on the government to "assess the opportuneness of
inserting nuclear, as an alternative, clean source of energy
production, into the national energy mix in order to accelerate
Italy's decarbonisation".
-- Polish copper and silver producer KGHM Polska Mied SA's plan
to construct a power plant based on NuScale Power's small modular
reactor has been approved by the Ministry of Climate and
Environment.
-- The World Nuclear Association ("WNA") and nuclear trade
associations from Canada, Japan, Europe, the UK, and the USA have
issued a declaration calling on G7 governments to support the
long-term operation of existing nuclear power plants and to
accelerate the deployment of new nuclear power plants.
-- US public support for nuclear energy has remained at a record
high level for the third consecutive year, according to the latest
survey by Bisconti Research Inc. The results show three quarters of
the public favour nuclear energy, and about seven in ten support
the construction of more nuclear power plants.
-- The US Senate Environment and Public Works Committee advanced
a bill to aid the development of advanced nuclear reactors.
-- The Japanese parliament has passed a bill that allows nuclear
reactors in the country to be operated beyond the current limit of
60 years to help cut carbon emissions while ensuring an adequate
national energy supply.
-- South Korea's Ministry of Industry is to review the need for
new nuclear power plants to expand the country's power supply to
meet predicted increased demand for electricity.
-- The WNA and the African Energy Chamber have signed a
Memorandum of Understanding to drive nuclear energy adoption in
Africa. This collaboration reflects the shared commitment of both
organizations to promoting clean, affordable and reliable nuclear
energy as a crucial component of Africa's energy mix, to support
economic growth, a just transition, and sustainable energy
development.
-- Spain's Almaraz nuclear power plant on 19 May reached a
cumulative production of 600 TWh of electricity since the beginning
of its commercial operation in 1983, operator Centrales Nucleares
Almaraz-Trillo ("CNAT") announced. "This is a historical milestone
that places the plant as the one with the greatest contribution to
the national electrical system," CNAT said. "With an average annual
production of more than 16 million MWh in the last decade, Almaraz
generates 7% of the annual electricity demand of all of Spain,
equivalent to the annual consumption of more than 4 million homes."
The Almaraz plant comprises two pressurised water reactors with net
capacities of just over 1000 MWe each.
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 and 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 five
broad spaced reverse circulation ("RC") holes for a total of 282m.
Anomalous results for lithium ("Li"), tin ("Sn"), rubidium ("Rb"),
cesium ("Cs"), niobium ("Nb") and tantalum ("Ta") obtained from
multi-element analysis of drill samples were reported in the prior
quarter.
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 25
samples from the drilling at ALS Laboratories (Perth, Australia)
and the University of Oviedo (Oviedo, Spain), to determine the
mineral species present and understand their characteristics and
properties.
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
No work was undertaken on the Oliva or La Majada Projects during
the quarter.
These projects comprise three new tenements within two project
areas in Spain which are considered prospective for tungsten,
cobalt, antimony, and other metals.
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 extracted from the March 2023 Quarterly Report 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 Exploration Results in the original
announcement continue to apply and have not materially changed; and
c) the form and context in which the relevant Competent Persons'
findings are presented in this announcement have not been
materially modified from the original announcement.
The information in this 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.
This announcement has been authorised for release by Mr Robert
Behets, Director.
To view this announcement in full, including all illustrations
and figures, please refer to
https://app.sharelinktechnologies.com/announcement/asx/c22266f52a068b523b3ace9a49f3db31
.
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 30 June 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 March 2023 quarter, 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 30 June 2023, the Company made payments
of $257,000 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 30 June 2023, the Company made the
following payments in relation to exploration and development
activities:
Activity $000
------------------------------------------------- -----
Radiological protection and monitoring 1
Permitting related expenditure (including legal
dispute expenses) 189
Consultants and other expenditure 162
Payment/(return) of VAT in Spain (49)
Total as reported in the Appendix 5B 303
------------------------------------------------- -----
There were no mining or production activities and expenses
incurred during the quarter ended 30 June 2023.
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 30 June 2023
----------------------------------
Consolidated statement of cash Current quarter Year to date
flows
$A'000 (12 months)
$A'000
1. Cash flows from operating
activities
1.1 Receipts from customers - -
1.2 Payments for
(a) exploration & evaluation (303) (2,320)
(b) development - -
(c) production - -
(d) staff costs (332) (1,048)
(e) administration and corporate
costs (388) (1,092)
1.3 Dividends received (see note - -
3)
1.4 Interest received 756 1,033
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 (42) (205)
(b) Preparation of Prospectus (12) (488)
---------------- --------------
Net cash from / (used in)
1.9 operating activities (321) (4,120)
----------------- ----------------------------------- ---------------- --------------
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 78,157 79,942
Net cash from / (used in)
operating activities (item
4.2 1.9 above) (321) (4,120)
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 940 2,954
---------------- --------------
Cash and cash equivalents
4.6 at end of period 78,776 78,776
----------------- ----------------------------------- ---------------- --------------
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 78,726 78,107
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) 78,776 78,157
----------------- ----------------------------------- ---------------- -----------------
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 (257)
----------------
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) (321)
8.2 (Payments for exploration & evaluation classified
as investing activities) (item 2.1(d)) -
8.3 Total relevant outgoings (item 8.1 + item (321)
8.2)
8.4 Cash and cash equivalents at quarter end 78,776
(item 4.6)
8.5 Unused finance facilities available at quarter -
end (item 7.5)
-------
8.6 Total available funding (item 8.4 + item 78,776
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: 24 July 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
UPDSEMSELEDSELW
(END) Dow Jones Newswires
July 24, 2023 02:00 ET (06:00 GMT)
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