TIDMBKY
RNS Number : 6316R
Berkeley Energia Limited
30 October 2023
BERKELY ENERGIA LIMITED
NEWS RELEASE | 30 October 2023
Quarterly Report September 2023
Highlights:
-- Project Update
Whilst Berkeley Energia's (Berkeley or Company) focus is on
resolving the current permitting situation, and ultimately
advancing the Salamanca project towards production, the Company
will continue to strongly defend its position and take all
necessary actions to preserve its rights.
The Company has submitted a contentious-administrative appeal
before the Spanish National Court 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 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
During the quarter, the Spanish general election was held 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.
The election results saw the right-wing parties Partido Popular
(PP) and Vox win 137 seats and 33 seats respectively, whilst the
left-wing parties Socialists (PSOE) and Sumar are set to win 121
seats and 31 seats respectively. Accordingly, neither major party
or coalition achieved the working majority of 176 seats in the
350-seat parliament necessary in order to govern.
Following a failed vote in Congress for the PP leader, Alberto
Núñez Feijóo, to become Prime Minister in September, the PSOE
leader and incumbent Prime Minister, Pedro Sánchez, now has until
the end of November to secure the required majority in a
Congressional vote to form government otherwise Spain will return
to the polls in January 2024 for another general election.
-- Global Nuclear Power and Uranium Market:
Spot uranium prices demonstrated extreme upside as the near-term
price indicator increased significantly gaining US$11.50 per pound
and ended September 2023 at US$71.58 per pound
The three longer term uranium price indicators also showed
substantial upward movement during September as the 3-yr Forward
price increased to US$75.00 per pound (August - US$65.00 per pound)
while the 5-yr Forward Price reported at US$79.00 per pound (August
- US$70.25 per pound). The Long-Term Price rose incrementally
reaching US$61.00 per pound at the end of September.
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 Policies that discriminate against nuclear energy are against
the interests of European citizens, France's energy minister said
ahead of a meeting where countries will seek a deal on reforms to
the European Union power market. "It's against the interest of
Europeans to discriminate against nuclear," Agnes Pannier-Runacher
told reporters, adding that nuclear can improve energy
security.
o Following months of negotiations, the European Council has
reached an agreement on a proposal to amend the EU's electricity
market design, agreeing to include existing nuclear plants in the
reform. The agreement could result in France dropping a scheme
forcing state-controlled utility EDF to sell a portion of its
nuclear energy production to competitors below market-level
prices.
-- Sweden
o Sweden's Radiation Safety Authority presented its final report
to the government on how the regulatory framework for nuclear power
should be developed and what other measures may be needed for
nuclear power to be expanded in the country.
o A bill to amend Sweden's legislation on nuclear power has been
introduced by the country's government in parliament. It aims to
remove the current law limiting the number of reactors in operation
to ten, as well as allowing reactors to be built on new sites,
rather than just existing ones.
-- Italy
o The government has restated its ambition to revive the Italian
nuclear energy industry, with several ministers announcing plans to
restart nuclear generation within the next 10 years.
-- Poland
o Poland issued an environmental permit for its first nuclear
power plant which is to be built on the Baltic coast. Construction
is planned to begin in 2026, with the facility operational by
2033.
-- Turkey
o Turkey expects to reach agreement with China for its second
nuclear power plant to be sited near the city of Kirklarli, in the
northwestern area of the country near Bulgaria and Greece. This
will follow the current nuclear power plant being built by Russia's
Rosatom which is expected to enter commercial operation in
2024.
-- Japan
o Kansai Electric Power Company restarted it's seventh nuclear
reactor (Takahama-2) thus bringing into operation all of the
utility's operable nuclear power plants. Takahama-2 began operating
in 1975 but had been shut-down since November 2011. The unit was
granted a 60-year operating license in December 2016 after meeting
new safety regulations. Japan now has 12 operating nuclear
reactors.
-- Africa
o Kenya announced plans to begin construction of a nuclear power
plant at coastal sites in either Kilifi or Kwale counties. The
facility is expected to cost US$3.4 - 4.1billion and start
construction in 2027.
o Uganda announced that Russia and South Korea will construct
two nuclear power plants in the country. Agreements have been
reached but no date for construction start was given except for
"soon".
o Nuclear Power Ghana has selected two potential sites for its
planned nuclear power plant with Nsuban (Western Region) as the
preferred location and Obotan (Central Region) serving as the
back-up. The country expects to select the reactor vendor by 2030
with construction commencing that year.
-- USA
o A joint development agreement has been executed between U.S.
utility Energy Northwest and X-Energy Reactor Company for the
deployment of up to 12 small modular reactors in central Washington
state. The utility anticipates the first module to be online by
2030 at a site adjacent to the existing Columbia Generating Station
in Richland, Washington.
-- Balance Sheet
The Company is in a strong financial position with A$80 million
in cash reserves and no debt.
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 Internal Audit (IA) of the Environmental and Sustainable
Mining Management System was completed in July. The IA is to verify
that the System complies with the requirements of ISO Standards
14001:2015 "Environmental Management" and UNE 22480/70:2019
"Sustainable Mining Management". The IA concluded that the
Environmental and Sustainable Mining Management System remains
implemented in an adequate and effective manner.
The conclusions of the IA highlighted the significant progress
made towards achievement of the Company's 2023 Sustainability Goals
including: the design of a solar farm, which will be able to supply
up to the 75% of the estimated mine consumption and that will
significantly reduce the carbon footprint of the Project; the
carbon footprint calculation for 2022; the award of the Calculation
and Reduction Certificates for the CO(2) emissions by MITECO;
initiation of the process to obtain ISO 45001 certification for
Health and Safety Management with the internal audit successfully
completed in September; and the integration of the Sustainable
Development Goals into Berkeley's strategy.
Solar Power System Study
As previously reported, Berkeley has initiated a study
evaluating the design, permitting, construction and operation of a
solar power system at the Project. This study was finalised, a
formal application was submitted to the relevant authorities in
Salamanca, and the permitting process commenced during the
September quarter.
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.
The engineering, design, and cost estimation workstreams were
completed and the overall project was finalised during the quarter.
The environmental studies are also well advanced, and once the
scope of the environmental document is confirmed by the
Administration, the Environmental Assessment will be formally
submitted.
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.
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 (Figure 1).
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 March 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) (Figure 1) and varies in thickness
from 7m to over 70m in the drill holes (Figure 2).
Mineralogical studies have been 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.
The results of the mineralogical study carried out by ALS
Laboratories on the samples of mineralised muscovitic leucogranite
indicate they are composed mainly of plagioclase (average content
of 55%) and quartz (average content of 25%), with potassium
feldspar, muscovite mica, and Li-mica making up remainder of the
rock. The samples have an average Li-mica content of 3%.
The report from the University of Oviedo is pending.
The Department of Geology at the Universidad del País Vasco
(Spain) has also undertaken an optical mineralogy and petrography
study on thin sections from six samples collected from surface
outcrops of the Conchas mineralisation. Four of the collected
samples are representative of the main muscovitic leucogranite and
two are the same leucogranite but completely greisenized. The study
concludes that among the mineral phases identified within the
leucogranite and greisen samples, the micas can be considered as
aluminum-rich micas and they are the only minerals to contain Li.
The micas also hosting the highest contents of Rb and Cs.
Figure 1: IP Conchas Location Plans and Geology / Drill Hole
Location Plan
Figure 2: IP Conchas Cross Section A-A(1)
Subject to the final 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
These projects comprise three tenements within two project areas
in Spain which are considered prospective for tungsten, cobalt,
antimony, and other metals.
During the quarter, the Company designed exploration programs
for both projects and communicated with the relevant authorities to
progress the pending grant of the Investigation Permits for two of
tenements.
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:
-- The China Nuclear Energy Association announced that China's
nuclear power sector is expected to supply 10% of that nation's
electricity by 2035. Furthermore, China's installed nuclear
capacity is planned to reach 400 Mwe by 2060, supplying 18% of
China's electricity at that time. Currently, China has 55 operating
reactors with a further 24 under construction. Twenty-one reactors
have been approved for construction since the beginning of the 14th
Five-Year Plan period (2021-2025).
-- The International Energy Agency released an update to its
2021 report, "Net Zero Roadmap," which examines various future
energy development scenarios. Under the net-zero emissions
scenario, the global energy analysis group now foresees global
nuclear power increasing from the current level (392 Gwe) reaching
916 Gwe in 2050, as compared to the original study which concluded
the need for 812 Gwe by 2050.
-- Kazatomprom announced its plans for uranium production in
CY2025. The Kazakh-based uranium supplier stated that driven by a
strong contract book and already growing sales portfolio, planned
output would reach 79.3-81.9Mlbs in 2025, which would be an
increase of around 15.6Mlbs above the currently planned output for
CY2024.
-- The World Nuclear Association convened its Annual Symposium
in September 2023 in London. The global nuclear power organization
released the latest edition of its comprehensive nuclear fuel
markets assessment and forecast, "The Nuclear Fuel Report - Global
Scenarios for Demand and Supply Availability 2023 - 2040." The
presentation of the report's conclusions regarding future uranium
availability stated "in 2022, only 76% of world reactors
requirements were covered by primary uranium supply," "By
mid-2020s, restart of idled capacity is expected, however the
decrease of supply from the presently-known existing mines will
continue due to further depletion of uranium resources" and, "In
the long run, intense development of new projects and other
unspecified sources will be needed to fill in the supply-demand
gap."
-- The Indian Secretary of the Department of Atomic Energy (DAE)
and Chairman of the Atomic Energy Commission stated that the DAE is
pursuing the development of advanced nuclear reactors in order to
generate green energy. During his speech at the 12(th) graduation
ceremony of the NISER Bhubaneswar, Ajit Kumar Mohanty proclaimed
that "First and foremost area which comes to immediate attention is
the necessity to develop and deploy economical and viable green
energy sources such as green hydrogen, biofuels, and nuclear
energy".
-- The Director of the Phillippine Energy Policy and Planning
Bureau, reported during a virtual forum hosted by the
German-Philippine Chamber of Commerce that the Philippine
Department of Energy is considering a target of 2400 Mwe of nuclear
power capacity by 2035.
-- Japan - Kansai Electric Power Company recommenced operation
of the Takahama-1 reactor (780 Mwe PWR), located in Fukui
Prefecture in July2023. The unit had been offline for 12 years
following the Fukushima accident.
-- South Korea is evaluating that country's need for additional
nuclear power reactors in response to increasing electricity demand
resulting from the expansion of data centres, investment in high
technology industries (semi-conductors and batteries) and
escalating utilization of electric vehicles.
Forward Looking Statements
Statements regarding plans with respect to Berkeley's mineral
properties are forward-looking statements. There can be no
assurance that Berkeley's plans for development of its mineral
properties will proceed as currently expected. There can also be no
assurance that Berkeley will be able to confirm the presence of
additional mineral deposits, that any mineralisation will prove to
be economic or that a mine will successfully be developed on any of
Berkeley mineral properties. These forward-looking statements are
based on Berkeley's expectations and beliefs concerning future
events. Forward looking statements are necessarily subject to
risks, uncertainties and other factors, many of which are outside
the control of Berkeley, which could cause actual results to differ
materially from such statements. Berkeley makes no undertaking to
subsequently update or revise the forward-looking statements made
in this announcement, to reflect the circumstances or events after
the date of that report.
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 dated 30
August 2023 entitled 'Annual Report 2023', which is available to
view on Berkeley's website at www.berkeleyenergia.com and 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. 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.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 as it forms part of
UK domestic law by virtue of the European Union (Withdrawal) Act
2018 ('MAR'). Upon the publication of this announcement via
Regulatory Information Service ('RIS'), this inside information is
now considered to be in the public domain.
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 September 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, Exploracion de Recuros
Minerales S.L.U (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 September 2023, the Company made
payments of $186,000 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 September 2023, the Company made the
following payments in relation to exploration and development
activities:
Activity $000
------------------------------------------------- -----
Radiological protection and monitoring 19
Permitting related expenditure (including legal
dispute expenses) 341
Consultants and other expenditure 176
Solar farm initiative 266
Payment/(return) of VAT and other social taxes
in Spain 105
Total as reported in the Appendix 5B 907
------------------------------------------------- -----
There were no mining or production activities and expenses
incurred during the quarter ended 30 September 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 September 2023
----------------------------------
Consolidated statement of cash Current quarter Year to date
flows
$A'000 (3 months)
$A'000
1. Cash flows from operating
activities
1.1 Receipts from customers - -
1.2 Payments for
(a) exploration & evaluation (907) (907)
(b) development - -
(c) production - -
(d) staff costs (253) (253)
(e) administration and corporate
costs (387) (387)
1.3 Dividends received (see note - -
3)
1.4 Interest received 793 793
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
material)
1.8 (a) Business Development (25) (25)
----------------- --------------
Net cash from / (used in)
1.9 operating activities (779) (779)
----- ----------------------------------- ----------------- --------------
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 78,776 78,776
Net cash from / (used in)
operating activities (item
4.2 1.9 above) (779) (779)
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 2,042 2,042
----------------- --------------
Cash and cash equivalents
4.6 at end of period 80,039 80,039
----- ----------------------------------- ----------------- --------------
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 79,989 78,726
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) 80,039 78,776
---- ----------------------------------- ---------------- -----------------
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 (186)
-----------------
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) (779)
8.2 (Payments for exploration & evaluation classified
as investing activities) (item 2.1(d)) -
8.3 Total relevant outgoings (item 8.1 + item (779)
8.2)
8.4 Cash and cash equivalents at quarter end 80,039
(item 4.6)
8.5 Unused finance facilities available at quarter -
end (item 7.5)
-------
8.6 Total available funding (item 8.4 + item 80,039
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: 30 October 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
QRFMMBBTMTIJMFJ
(END) Dow Jones Newswires
October 30, 2023 03:00 ET (07:00 GMT)
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