TIDMBKY
RNS Number : 6159D
Berkeley Energia Limited
28 April 2017
BERKELEY ENERGIA LIMITED
NEWS RELEASE | 28 April 2017 | AIM/ASX BKY
Quarterly Report March 2017
Development of the Salamanca mine progressing well with strong
EU backing
-- Development of the Salamanca uranium mine is continuing to progress well:
o All infrastructure work is on track for completion as
planned
o The land acquisition process is almost complete, following the
acquisition of a further 100 hectares this quarter
o Major equipment has now been ordered and is being fabricated
by industry experts, Sandvik in Finland and Vibramech in South
Africa
o The Company has entered into a preliminary agreement with
Asturiana de Zinc SAU, a Glencore company, to supply locally
sourced reagent from 2018 to 2021 at a cost substantially below the
one estimated in the DFS
-- Stakeholder approval for the project:
o EURATOM is supportive of the Salamanca project as it provides
security of supply to the European Community
o The Company is delivering on its promise of local employment,
it employs over 50 full time employees and has started the process
to employ a further 25, who will start later this month
o Further skills training programmes were completed during the
quarter. The Company has now provided training to over 120 local
residents, equipping them for the 450 jobs the project will
create
o The reforestation programme to plant 30,000 young oak trees
has commenced, following an agreement with the Ayuntamiento of
Vitigudino to plant 20,000 trees in its municipality. A further
10,000 trees are expected to be planted during the life of the
mine.
-- Financials are on track:
o Capital and operating costs are coming at DFS levels or below
and are close to being finalised as part of the Front End
Engineering Design program
o Strong and continued interest from strategic investors and
financiers
o Robust balance sheet with cash of US$29.2m and no debt
-- Potential to increase reserves/resources and extend the life of the mine:
o High grade intersections were discovered beneath existing
resource at Zona 7
o Discussions are continuing with a potential exploration JV
partner aimed at outlining additional resources to extend the mine
life or expand production
-- Sentiment in uranium market beginning to turn:
o Spot pricing has held strong since it rallied in December
2016
o US utilities have begun to re-contract uranium supply
o In Japan, 25 reactor restart applications are being processed
of which five have now been approved
Managing Director Paul Atherley commented:
"The Salamanca mine is being developed to the highest
international standards and we are extremely proud of the
investment which will create 450 jobs and a further 2,000 indirect
jobs across a region badly hit by long term unemployment,
especially amongst its youth.
We are very encouraged by the strong and growing support among
our stakeholders, from the EU down to the local community, as
evidenced by the rising number of job applications and the
oversubscribed training courses.
To date the Company has provided skills training for over 120
local people and has received job applications from over 25% of the
residents of the local villages.
The Salamanca mine is being welcomed by EURATOM as an important
contributor to the European Union's low cost, clean energy
security.
We are receiving growing interest from US, Asian, European and
African utilities who are looking to diversify their supply to a
low cost OECD supplier."
For further information please contact:
Berkeley Energia Limited +44 203 903 1930
Paul Atherley, Managing Director info@berkeleyenergia.com
Hugo Schumann, Corporate Manager
Peel Hunt LLP (Joint Broker) +44 20 7418 8900
Matthew Armitt
Ross Allister
Chris Burrows
WH Ireland Limited (Nominated
Adviser) +44 20 7220 1666
Paul Shackleton
Nick Prowting
Jay Ashfield
Buchanan +44 207 466 5000
Bobby Morse, Senior Partner BKY@buchanan.uk.com
Anna Michniewicz, Account Director
Overview
Infrastructure works on site are progressing well. The road
deviation programme is well advanced and land is now being cleared
to prepare for installation of the crushing circuit and
construction of the processing plant later this year. The land
acquisition programme has progressed successfully with over 600
hectares acquired or leased to date, with only a few hectares
remaining to be acquired.
The crushing circuit, screens and ancillary equipment have been
ordered and are currently being fabricated by Sandvik in Finland
and Vibramech in South Africa. Equipment procurement for the
electrical power line has been completed and the line deviation
will commence once the road construction is complete.
The Company has entered into a preliminary agreement with
Asturiana de Zinc SAU, a Glencore company, to supply locally
sourced reagent from 2018 to 2021 at a cost substantially below the
one estimated in the Definitive Feasibility Study. These reagent
costs represent approximately 30% of the overall process operating
costs.
Employment levels are increasing with over fifty employees now
on site and this will rise to over 150 people by mid-year. The
Company has started the process to hire an additional 25 local
residents starting this month. Over 120 locals have now completed
the Company's skills training programmes enabling them for positons
with the Company.
These rising levels of employment are already beginning to have
a positive effect on a local community badly affected by long term
unemployment, especially amongst its youth.
The Company remains committed to environmental excellence and as
part of the Environmental License and the Environmental Measures
Plan it will plant 30,000 young oak trees, a six fold increase on
the number of older trees being cleared, greatly improving the
ecological and agricultural value of the area. The agreement will
come into force once the favourable report issued by the
Environmental Territorial Service of Salamanca has been approved by
the General Directorate of Natural Environment of the Castilla y
León Regional Government.
This reforestation programme has commenced with an agreement
with the highly supportive local municipality of Vitigudino which
details the arrangements for planting 20,000 young oak trees over a
50 hectare plot.
The Company is currently evaluating quotes from a number of
experienced mining contractors and is encouraged by the competitive
bids received. A key focus is the management of cost escalation
over the term of these and all major contracts and suppliers to the
Company.
Capital and the main contractual operating costs will be
finalised in May 2017 following the completion of the Front End
Engineering Design being undertaken by AMEC Foster Wheeler and are
expected to come in at, or close to, the Definitive Feasibility
Study estimates, reinforcing the Salamanca mine's position at the
bottom of the cost curve.
A number of analysts have noted that due to low uranium prices
Salamanca is the only major uranium mine under construction in the
world today and will come on stream into what has been forecast as
one of the largest supply-demand deficits ever seen in the uranium
market.
Sentiment towards the uranium market began to turn towards the
end of 2016 and has remained positive in the first quarter of 2017.
This positive sentiment is expected to continue over the next four
years as the uranium supply coverage of the 350 U.S. and European
nuclear utilities is forecast to fall to between 20%-30% of annual
requirements.
These utilities have been largely absent from the market over
the past five years and as they re-enter the market to begin
re-contracting they will be competing with China for uranium supply
which is predicted to spend US$570 billion building 65 new
reactors.
In addition and further reinforcing this positive sentiment,
Japan has recently announced applications to bring 26 of its 57
reactors back online. Five are already approved with up to five
reactors expected to be commissioned each year from now until
2022.
The Company is in a strong financial position with US$29.2
million in cash and no debt and is advancing its discussions with
strategic partners and potential financiers. Further contracts for
sale will be entered into as the market continues to improve, with
the Company progressively building its sales book with high quality
off-takers. As previously advised, the Company is not considering
project finance nor will its finance be conditional on future
off-take contracts. .
EU welcomes the development of the Salamanca mine
The European Union (EU) has welcomed the development of the
Salamanca mine by approving the Company's offtake agreement for the
sale of the first production.
The EURATOM Supply Agency, the governing body for all nuclear
fuel transactions within the EU, has concluded that the agreement
is in accordance with Article 52 of the EURATOM Treaty and has
countersigned the agreement. EURATOM announced the following during
the quarter:
"We particularly welcome the emergence and development of a new
EU based uranium mining project and believe that it will contribute
to the security of supply of natural uranium for the Community
users."
The World Nuclear Association reports that the EU's 128 nuclear
power reactors generate over one-quarter of the electricity for the
whole of the EU.
Following the recent closure of the small Rozna mine in the
Czech Republic the EU no longer has any domestic uranium supply and
over 60% of supply is now imported from Russia, Kazakhstan and
Niger.
Endesa, the Spanish electrical authority, has recently
highlighted Spain's dependence on nuclear power generated
electricity. Spain has seven reactors supplying over 20% of the
country's zero carbon electricity.
Endesa has advised that without nuclear generated power
electricity costs would rise by 26%. Spain experienced a surge in
electricity prices in January when the temporary closure of several
nuclear power plants in France contributed to a trigger in
electricity prices throughout Europe.
In addition they report that there would be up to a 50% increase
in CO(2) emissions, to more than 28 million tonnes per year. Endesa
noted "this effect is already being observed in Germany", with the
gradual closure of its nuclear plants ordered after the Fukushima
event.
In November 2016, the Company entered into a sales agreement
with Curzon Resources Limited, formerly known as Interalloys
Trading Limited, for a total of two million pounds of uranium over
a five-year period, with scope to increase to a total of three
million pounds.
The agreement is for an average fixed price of US$43.78 per
pound of contracted and optional volumes, which compares favourably
to the current spot price of US$23.50 per pound and establishes a
strong cash margin above the steady state production costs of
around US$15 per pound.
The Company is building its offtake book as construction
progresses and is currently bidding for, and in negotiations with,
offtake contracts with major global utilities who, in recent
months, have issued tenders for long term off-take contracts for
medium to long term supply.
It is clear from these negotiations that the Salamanca mine's
low operating cost profile and its location in the EU gives it a
competitive advantage with those utilities looking to diversify
supply away from non-OECD countries.
Infrastructure development continues and major contracts being
evaluated
Initial infrastructure development commenced in August 2016 with
the re-routing of the existing electrical power line to service the
mine and a five kilometre realignment of an existing road.
The road deviation continues to proceed as planned and will be
completed in the European summer. The upgrade to the existing
electrical power line will commence this August and will be
completed by the end of the year. The deviation programme has been
designed to create pedestrian footpaths and secure cattle paths in
order to maximize the benefit to the local community.
Clearing has commenced on land owned by the Company and where
the processing plant, medium voltage substation, reagent storage
facilities and buildings will be built. Approximately half of this
land has now been prepared. Many of the trees being cleared are
suffering from a fungal pest that prevents them from growing and
are being replaced with young, healthy oak trees that will improve
the ecological value of the area.
The Company has entered into a preliminary agreement with
Asturiana de Zinc SAU, a Glencore company, to supply locally
sourced reagent from 2018 to 2021 at a cost substantially below the
one estimated in the Definitive Feasibility Study. These reagent
costs represent approximately 30% of the overall process operating
costs.
The Company will continue to pursue cost optimisation
opportunities as it proceeds towards production to ensure that the
Salamanca mine establishes itself at the bottom of the cost curve
in terms of capital and operating costs once in production.
Quotes from a number of experienced mining contractors are
currently being evaluated and the Company is encouraged by the
competitiveness of the bids received. A key focus is the management
of cost escalation over the term of these and all the major
contracts with and suppliers to the Company.
Committed to the highest environmental standards
The Salamanca mine is being developed to the highest
international standards and as such, the Company's commitment to
the environment remains a priority.
The mine has been designed according to the very latest thinking
on sustainable mining. The extraction and treatment areas will be
continuously rehabilitated as operations progress and with minimum
disturbance during operations. Once operations are complete, all
areas utilised by the Company will be fully restored to an
increased agricultural value.
As part of the Environmental Licence and the Environmental
Measures Plan over 30,000 young oak trees will be planted over an
area of 75 to 100 hectares.
This is a six-fold increase in the number of trees currently
being cleared and will greatly improve the ecological value of the
area. The reforestation programme began earlier this month
following an agreement with the highly supportive municipality of
Vitigudino, as part of the Company's commitment to environmental
excellence.
This agreement details the arrangements for planting of 20,000
trees over a 50 hectare plot in the municipality of Vitigudino.
This plot forms part of an area of more than 500 hectares owned by
the municipality that is used by cattle farmers, despite its
deteriorating ecological value.
The Company will make payments to the municipality of Vitigudino
for the next three years to cover the costs of planting and
maintaining the young trees and looks forward to entering into
similar agreements with the municipalities of Retortillo,
Villavieja and Villares de Yeltes.
Land acquisition programme
The land acquisition programme continues to progress well. This
quarter the Company acquired more than 100 hectares, in addition to
the 500 hectares it acquired and/or leased in 2016.
The successful acquisition of this land will allow for the
completion of the initial infrastructure currently underway and the
commencement of construction of the processing plant later this
year, together with construction of a medium voltage substation,
reagent storage facilities and buildings.
Further high grade intercepts below Zona 7
A major exploration programme targeting further Zona 7 style
deposits across numerous key targets continued during the
quarter.
The programme is aimed at making new discoveries and converting
some of the 29.6 million pounds of Inferred resources into the mine
schedule with the objective of maintaining annual production at
over 4 million pounds a year on an ongoing basis throughout the
life of the mine.
Additional high grade intersections have been recorded below the
Zona 7 deposit, further supporting previous indications of
continuity of mineralization beneath the current defined
resource.
Results from the final holes drilled in the current programme
through the near-surface Zona 7 deposit (to a maximum depth of 271
metres) have reported grades consistent with, or higher than, the
average grade of the Zona 7 resource.
This latest drilling supports the results from holes drilled
over the past year in which high grade intersections up to 14
metres @ 4,481 ppm U3O8 were reported.
These results further demonstrate continuity of mineralisation
beneath the current defined resource, with potential for the
resource to increase and lead to a resource upgrade.
The Company will conduct additional drilling and resource
estimation work at Zona 7 aimed at increasing the mineral resource
estimate and unlocking further value in this exceptional
deposit.
Exploration activity will focus on discovering mineralisation
similar to the Zona 7 deposit which is located close to surface and
without a strong radiometric anomaly present. Drill targets will be
identified using a combination of techniques including ionic leach,
ground geochemistry, radon emission and detailed structural
mapping.
Exploration joint venture discussions continue
The Company has progressed discussions with potential
exploration joint venture partners.
The orebodies currently being developed cover less than 10% of
the 1,160km(2) license areas which are located within a highly
prospective uranium region and which remain largely
underexplored.
Given the Company's current focus on the construction of the
mine, discussions have continued with strategic partners to fund an
exploration joint venture designed to delineate additional
resources to extend the mine life or expand production.
The partners would be expected to bring extensive multi
commodity exploration experience and the very latest expertise that
could be applied to the large body of structural and mineralizing
events at the mine.
The exploration joint venture would cover only Berkeley's
exploration tenements and would not affect ownership of deposits
currently within the mine plan.
The Company will make an announcement if an agreement is
executed. Alternatively, the Company will continue to pursue its
own exploration activities aimed at extending the mine life or
expanding future production.
Strong interest from financiers and strategic partners
The Company is in a strong financial position and is considering
a range of financing options whilst remaining focused on its aim of
minimizing dilution in order to protect the equity value of its
shareholders.
As previously advised, the Company is not considering project
finance, which would require the Company to lock in fixed price
uranium contracts at current low prices. Uranium markets have
improved in 2017 and further off-take contracts will be entered
into in the ordinary course of business as development activities
continue.
The Company continues to progress discussions with various
potential strategic partners and financiers interested in taking a
minority stake in the Salamanca mine, all of whom are currently
undertaking detailed legal, financial and technical due
diligence.
Commitment to the community
The Company continues to be committed to the rejuvenation of the
local community and being a good neighbour and community business
partner. The Company has already invested some EUR70 million in the
area over the past decade and is planning to invest an additional
EUR250 million in the coming years as the mine develops.
The Company has been by far the biggest investor in a rural
community suffering from decades of under investment and high
levels of unemployment, especially amongst its youth.
The Company has made a commitment to the local community via a
cooperation agreement with the highly supportive local
municipalities. It is committed to supporting the local communities
and has installed a Wifi network for the villagers and sponsored
various local sporting events and festivals.
Employment and training
The policy of preferentially hiring and training local residents
has been very well received with the training programmes continuing
to be heavily oversubscribed; to date, over 120 locals have
attended courses organized by the Company and 25% of residents from
the local area have applied for jobs.
The Company has received over 21,000 applications for the first
200 direct jobs it will create. The mine will create over 450 jobs
once in full production and the University of Salamanca has
estimated that for this type of business there will be a multiplier
factor of 5.1 indirect jobs for every direct job created, resulting
in over 2,500 direct and indirect jobs being created as a
consequence of the Company's investment in the area.
This month, the Company announced that it has begun the hiring
process to add a further 25 employees to its team at the Salamanca
project bringing the total number of employees to close to 70.
The candidates will start on site next month, carrying out
activities such as fencing the project, preparing for the next
exploration campaign and preparing the 50 hectare plot in
Vitigudino for reforestation activities and readying other areas of
the site to allow for imminent construction.
Training programmes will continue to run throughout the year to
ensure that sufficient people from the local communities are
qualified for jobs created during the construction and mining
phases. Last week, the Company conducted a Health and Safety
training course providing vital information to potential future
employees from the area on safety procedures on a mine site. The
course was heavily oversubscribed and enthusiastically
attended.
Commitment to raising the number of female employees
The Company remains committed to diversity and inclusion
throughout all levels of the business. The Company recognizes that
an inclusive and diverse workforce leads to increased productivity
and better relationships with the communities in which we
operate.
The Company has been championing gender diversity over the past
decade, as evidenced by the high number of women employed
throughout the various levels of the Company.
Currently nearly 40% of the team in Spain are women and the
Company is committed to raising this number and proportion over the
coming years.
Permitting update
There is strong support for the Salamanca mine from the EU down
to the local municipalities.
To date, the Company has received more than 90 favourable
reports and permits for the development of the mine.
The Company is fully permitted for all the work it is currently
carrying out in preparation for full construction.
With the Mining Licence and Environmental Licence already
obtained, the next approvals comprise the locally issued Urbanism
Licence and the Construction Authorization by the Ministry of
Industry, Energy and Tourism for the treatment plant as a
radioactive facility, and which are currently in process.
Competent Persons Statement
The information in this announcement that relates to the
Definitive Feasibility Study, Mineral Resources for Zona 7, Ore
Reserve Estimates, Mining, Uranium Preparation, Infrastructure,
Production Targets and Cost Estimation is extracted from the
announcement entitled 'Study confirms the Salamanca project as one
of the world's lowest cost uranium producers' dated 14 July 2016,
which is available to view on Berkeley's Energia Limited (Berkeley)
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 Resources, Ore
Reserve Estimate, Production Target, and related forecast financial
information derived from the Production Target included 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 announcements.
The information in the original announcement that relates to the
Definitive Feasibility Study is based on, and fairly represents,
information compiled or reviewed by Mr. Mr Jeffrey Peter Stevens, a
Competent Person who is a Member of The Southern African Institute
of Mining & Metallurgy, a 'Recognised Professional
Organisation' (RPO) included in a list posted on the ASX website
from time to time. Mr. Stevens is employed by MDM Engineering (part
of the Amec Foster Wheeler Group). Mr. Stevens has sufficient
experience that is relevant to the style of mineralization and type
of deposit under consideration and to the activity being undertaken
to qualify as a Competent Person as defined in the 2012 Edition of
the 'Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves'.
The information in the original announcement that relates to the
Ore Reserve Estimates, Mining, Uranium Preparation, Infrastructure,
Production Targets and Cost Estimation is based on, and fairly
represents, information compiled or reviewed by Mr. Andrew David
Pooley, a Competent Person who is a Member of The Southern African
Institute of Mining and Metallurgy', a Recognised Professional
Organisation' (RPO) included in a list posted on the ASX website
from time to time. Mr. Pooley is employed by Bara Consulting (Pty)
Ltd. Mr. Pooley has sufficient experience that is relevant to the
style of mineralization and type of deposit under consideration and
to the activity being undertaken to qualify as a Competent Person
as defined in the 2012 Edition of the 'Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore
Reserves'.
The information in the original announcement that relates to the
Mineral Resources for Zona 7 is based on, and fairly represents,
information compiled or reviewed by Mr Malcolm Titley, a Competent
Person who is a Member of The Australasian Institute of Mining and
Metallurgy. Mr Titley is employed by Maja Mining Limited, an
independent consulting company. Mr Titley 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'.
The information in this announcement that relates to the Mineral
Resources for Retortillo is extracted from the 2016 Annual Report
released to the market on 21 October 2016 which is available to
view on Berkeley's website at www.berkeleyenergia.com. The
information in the 2016 Annual Report is based on, and fairly
represents, information compiled by Mr Malcolm Titley, a Competent
Person who is a Member of The Australasian Institute of Mining and
Metallurgy. Mr Titley is employed by Maja Mining Limited, an
independent consulting company. Mr Titley 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'. The Company confirms
that it is not aware of any new information or data that materially
affects the information included in the 2016 Annual Report and, in
the case of estimates of Mineral Resources that all material
assumptions and technical parameters underpinning the estimates in
the 2016 Annual Report continue to apply and have not materially
changed. The Company confirms that the form and context in which
the Competent Person's findings are presented have not been
materially modified from the 2016 Annual Report.
The information in this announcement that relates to the Mineral
Resources for Alameda is extracted from the 2016 Annual Report
released to the market on 21 October 2016 (please also refer to ASX
announcement dated 31 July 2012) which is available to view on
Berkeley's website at www.berkeleyenergia.com. The information in
the 2016 Annual Report is based on information compiled by Mr Craig
Gwatkin, who is a Member of The Australasian Institute of Mining
and Metallurgy. Mr Gwatkin 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 2004 Edition of the
'Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves'. Mr Gwatkin consents to the inclusion
in the 2016 Annual Report of the matters based on his information
in the form and context in which it appears. This information was
prepared and first disclosed under the JORC Code 2004. It has not
been updated since to comply with the JORC Code 2012 on the basis
that the information has not materially changed since it was last
reported.
The information in this announcement that relates to the
Exploration Results for Zona 7 deeps and the regional targets is
extracted from the announcement entitled 'Further high grade
intercepts below Zona 7 Exploration Joint Venture Discussions'
dated 17 March 2017 which is available to view on Berkeley's
website at www.berkeleyenergia.com. The information in the original
announcement is based on, and fairly represents, information
compiled by Mr Malcom Titley, a Competent Person who is a member of
the Australasian Institute of Mining and Metallurgy. Mr Titley is
employed by Maja Mining Limited, an independent consulting company.
Mr Titley 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'. The Company confirms that it is not aware of any new
information or data that materially affects the information
included in the original announcement. The Company confirms that
the form and context in which the Competent Person's findings are
presented have not been materially modified from the 2016 Annual
Report.
Forward Looking Statement
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's mineral properties.
Global Mineral Resource Estimates at a cut-off grade of 200 ppm
U(3) O(8)
July 2016
------------------- ------------ --------------------------
Deposit Resource Tonnes U(3) U(3)
O(8) O(8)
Name Category (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
================================ ======= ======= ========
(*) All figures are rounded to reflect appropriate levels of
confidence. Apparent differences occur due to rounding.
Appendix 1: Summary of Mining Tenements
As at 31 March 2017, the Company had an interest in the
following tenements:
Location Tenement Name Percentage Status
Interest
------------- ------------------------- ----------- --------
Spain
Salamanca D.S.R Salamanca 100% Granted
28 (Alameda)
D.S.R Salamanca 100% Granted
29 (Villar)
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. Castaños 100% Granted
2
I.P. Ciervo 100% Granted
I.P. Dehesa 100% Granted
I.P. El Águlia 100% Granted
I.P. Espinera 100% Granted
I.P.Halcón 100% Granted
I.P. Horcajada 100% Granted
I.P. Mailleras 100% Granted
I.P. Mimbre 100% Granted
I.P. Oñoro 100% Granted
I.P. Pedreras 100% Granted
I.P. El Vaqueril 100% Pending
I.P. Calixto 100% Pending
I.P. Melibea 100% Pending
I.P. Clerecía 100% Pending
I.P. Clavero 100% Pending
I.P. Conchas 100% Pending
I.P. Lis 100% Pending
E.P. Herradura 100% Pending
------------- ------------------------- ----------- --------
Cáceres I.P. Almendro 100% Granted
I.P. Ibor 100% Granted
I.P. Olmos 100% Granted
Badajoz I.P. Don Benito 100% Granted
Este
I.P. Don Benito 100% Granted
Oeste
Ciudad Real I.P. Damkina 100% Granted
Fraccion 1
I.P. Damkina 100% Granted
Fraccion 2
I.P. Damkina 100% Granted
Fraccion 3
No tenements were acquired or disposed of during the quarter
ended 31 March 2017. There were no changes to beneficial interest
in any mining tenements due to Farm-in or Farm-out agreements. No
beneficial interest in Farm-in or Farm-out agreements were acquired
or disposed during the quarter.
+Rule 5.5
Appendix 5B
Mining exploration entity and oil and gas exploration entity
quarterly report
Introduced 01/07/96 Origin Appendix 8 Amended 01/07/97,
01/07/98, 30/09/01, 01/06/10, 17/12/10, 01/05/13, 01/09/16
Name of entity
-------------------------------------------
Berkeley Energia Limited
-------------------------------------------
ABN Quarter ended ("current
quarter")
--------------- ------------------------
40 052 468 569 31 March 2017
--------------- ------------------------
Consolidated statement Current quarter Year to date
of cash 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 (1,794) (6,641)
(b) development - -
(c) production - -
(d) staff costs (742) (2,796)
(e) administration
and corporate costs (795) (1,810)
1.3 Dividends received - -
(see note 3)
1.4 Interest received 124 252
1.5 Interest and other - -
costs of finance paid
1.6 Income taxes paid - -
1.7 Research and development - -
refunds
1.8 Other (provide details
if material): - -
---------------- -------------
Net cash from / (used
1.9 in) operating activities (3,207) (10,995)
----- -------------------------------- ---------------- -------------
2. Cash flows from investing
activities
2.1 Payments to acquire:
(a) property, plant
and equipment (1,146) (5,474)
(b) tenements (see - -
item 10)
(c) investments - -
(d) other non-current - -
assets
2.2 Proceeds from the disposal
of:
(a) property, plant
and equipment - -
(b) tenements (see - -
item 10)
(c) investments - -
(d) 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):
---------------- -------------
Net cash from / (used
2.6 in) investing activities (1,146) (5,474)
------- ------------------------------ ---------------- -------------
3. Cash flows from financing
activities
Proceeds from issues
3.1 of shares 58 39,756
3.2 Proceeds from issue - -
of convertible notes
3.3 Proceeds from exercise - -
of share options
Transaction costs related
to issues of shares,
convertible notes or
3.4 options (28) (2,177)
3.5 Proceeds from borrowings - -
3.6 Repayment of borrowings - -
3.7 Transaction costs related
to loans and borrowings - -
3.8 Dividends paid - -
Other (provide details
3.9 if material)
(a) Proceeds from sale
of royalty - 6,531
(b) Costs in relation
to sale of royalty (93) (262)
---------------- -------------
Net cash from / (used
3.10 in) financing activities (63) 43,848
------- ------------------------------ ---------------- -------------
4. Net increase / (decrease)
in cash and cash equivalents
for the period
Cash and cash equivalents
4.1 at beginning of period 43,177 11,346
Net cash from / (used
in) operating activities
4.2 (item 1.9 above) (3,207) (10,995)
Net cash from / (used
in) investing activities
4.3 (item 2.6 above) (1,146) (5,474)
Net cash from / (used
in) financing activities
4.4 (item 3.10 above) (63) 43,848
Effect of movement
in exchange rates on
4.5 cash held (625) (589)
---------------- -------------
Cash and cash equivalents
4.6 at end of period 38,136 38,136
------- ------------------------------ ---------------- -------------
5. Reconciliation of cash Current quarter Previous
and cash equivalents $A'000 quarter
at the end of the $A'000
quarter (as shown in
the consolidated statement
of cash flows) to the
related items in the
accounts
---- ---------------------------- ---------------- ---------
5.1 Bank balances 23,136 18,177
5.2 Call deposits 15,000 25,000
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) 38,136 43,177
---- ---------------------------- ---------------- ---------
6. Payments to directors of the entity Current quarter
and their associates $A'000
----------------
Aggregate amount of payments to
these parties included in item
6.1 1.2 (113)
----------------
6.2 Aggregate amount of cash flow
from loans to these parties included
in item 2.3 -
----------------
6.3 Include below any explanation necessary
to understand the transactions included
in items 6.1 and 6.2
---- --------------------------------------------------------
Payments include directors' fees, superannuation,
bonuses and consulting fees.
--------------------------------------------------------------
7. Payments to related entities of Current quarter
the entity and their associates $A'000
----------------
7.1 Aggregate amount of payments to -
these parties included in item
1.2
----------------
7.2 Aggregate amount of cash flow
from loans to these parties included
in item 2.3 -
----------------
7.3 Include below any explanation necessary
to understand the transactions included
in items 7.1 and 7.2
---- --------------------------------------------------------
Not applicable.
--------------------------------------------------------------
8. Financing facilities Total facility Amount drawn
available amount at at quarter
Add notes as necessary quarter end end
for an understanding $A'000 $A'000
of the position
--------------- -------------
8.1 Loan facilities - -
--------------- -------------
8.2 Credit standby arrangements - -
--------------- -------------
8.3 Other (please specify) - -
--------------- -------------
8.4 Include below a description of each facility
above, including the lender, interest rate
and whether it is secured or unsecured.
If any additional facilities have been entered
into or are proposed to be entered into
after quarter end, include details of those
facilities as well.
---- ------------------------------------------------------------
Not applicable.
------------------------------------------------------------------
9. Estimated cash outflows $A'000
for next quarter
---- ------------------------------ --------
9.1 Exploration and evaluation (3,000)
9.2 Development -
9.3 Production -
9.4 Staff costs (500)
Administration and corporate
9.5 costs (500)
9.6 Other (provide details if -
material)
--------
9.7 Total estimated cash outflows (4,000)
---- ------------------------------ --------
10. Changes in Tenement Nature Interest Interest
tenements reference of interest at beginning at end
(items 2.1(b) and location of quarter of quarter
and 2.2(b)
above)
----- ---------------------- -------------- ------------- -------------- ------------
10.1 Interests - - - -
in mining
tenements
and petroleum
tenements
lapsed, relinquished
or reduced
----- ---------------------- -------------- ------------- -------------- ------------
10.2 Interests - - - -
in mining
tenements
and petroleum
tenements
acquired
or increased
----- ---------------------- -------------- ------------- -------------- ------------
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.
Sign here:
............................................................ Date:
28 April 2017
(Director/Company secretary)
Print name: Dylan Browne
Notes
1. The quarterly report provides a basis for informing the
market how the entity's activities have been financed for the past
quarter and the effect on its cash position. An entity that wishes
to disclose additional information is encouraged to do so, in a
note or notes included in or attached to this report.
2. If this quarterly 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 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
QRTSEDFMWFWSEEL
(END) Dow Jones Newswires
April 28, 2017 02:00 ET (06:00 GMT)
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