Quarterly Report March 2025

Quarterly Report March 2025

Summary:

Exploration at Conchas Project

During the quarter, Berkeley Energia Limited ( Berkeley or Company ) announced the results of a reverse circulation ( RC ) and diamond drilling program completed at the Conchas project ( Conchas Project ), as part of its ongoing exploration initiative targeting critical minerals in Spain.

Highlights included:

• Assay results demonstrated shallow, thick zones of lithium and rubidium mineralisation, hosted within a muscovitic leucogranite, intersected in all 33 RC holes.
• Drill intercepts include:

o 14m @ 0.95% Li 2 O & 0.39% Rb 2 O (from 40m)

o 18m @ 0.55% Li 2 O & 0.23% Rb 2 O (from surface)

o 61m @ 0.50% Li 2 O & 0.21% Rb 2 O (from surface)

o 27m @ 0.44% Li 2 O & 0.21% Rb 2 O (from surface)

o 56m @ 0.48% Li 2 O & 0.21% Rb 2 O (from surface)

• Samples from an additional three diamond holes completed in the drill program have been sent for preliminary metallurgical test work with results anticipated in the June 2025 quarter.
• Next steps include 3D modelling of the drilling data and completion of the preliminary metallurgical test work program.
• International Arbitration against Spain

As part of its Request, BEL alleges that Spain's actions against BME and the Salamanca project ( Salamanca Project ) have violated multiple provisions of the Energy Charter Treaty ( ECT ), and that BEL is seeking preliminary compensation in the order of US$1 billion (US$1,000,000,000) for these violations.

During the quarter, the Tribunal was formally constituted with the first tribunal session to be held in early May 2025, where the timetable and arbitration rules will be established.

Spanish Nuclear Power Industry:

During and subsequent to the end of the quarter, there have been a number of important recent developments regarding the nuclear industry in Spain, including:

• Proposal to Reverse Spain's Nuclear Phase-out Approved by Parliament

o A Plenary Session of the Spanish Congress has approved a non-law proposal calling for the government to implement a series of measures that would reverse the country's decision to phase out nuclear power. Under current plans, Spain's power reactors are all scheduled to shut between 2027 and 2035. The proposal, presented by the right-wing People's Party ( PP ), was passed in February 2025. This non-law proposal is not binding but urges the Spanish Government to consider its content.

o Subsequently, in early April, the PP registered a bill in the Congress to extend the useful life of Spanish nuclear power plants. The bill has been registered by the Spanish Congress and sent to the Government for their comments and response due late May 2025.

Demonstrations

o Approximately 7,000 people attended a demonstration against the planned closure of the Almaraz nuclear power plant in Extremadura as part of the country's nuclear phase out policy. The demonstration was called by the municipalities in the area of influence of the Almaraz nuclear power plant and the citizens' platform "Yes to Almaraz, Yes to the Future" to demand the continuation of the activity of the Extremadura plant in light of the closure planned by the central government.

Nuclear Power Plant Continuation

o One of Spain's nuclear operators, said it has received notification of the ministerial order extending the operating permit for the Trillo nuclear power plant until November 2034. The Ministry for Ecological Transition and the Demographic Challenge ( MITECO ) had considered the favourable report issued on by the Nuclear Safety Council ( NSC ) in its decision to grant the operating extension.

Nuclear Industry Manifesto

The manifesto - signed by 32 companies, including Empresarios Agrupados-GHESA (EAG), Framatome, GDES, GE Vernova, IDOM and Westinghouse - says: "We urge the initiation of a dialogue and renegotiation of the 2019 agreement on the phased shutdown of nuclear power plants. This agreement was made under an industrial, geopolitical, social and economic context that is vastly different from today's reality."

Balance Sheet

The Company is in a strong financial position with A$78 million in cash reserves and no debt.

Figure 1: Location of the Salamanca Project, Spain

Salamanca Project Update

Berkeley has been awarded with the Carbon Neutrality Certificates for the years 2020, 2021, and 2022, by MITECO. This represents an important step in the Company's journey to combat climate change and continue contributing to sustainability.

To achieve this goal, 329 trees have been planted within the reforestation project in the public utility forest area of the Monte del Catálogo de Utilidad Pública in the province of Ávila, No. 13 "El Pinar," located in the municipality of Mijares.

These trees will absorb a total of 56 tons of CO2, a quantity expected over a 40-year period according to the reference values from the MITECO Registry. The species planted include Scots pine, birch, rowan, yew, and holly.

Thus, Berkeley, in its commitment to fighting climate change, contributes to the following Sustainable Development Goals:

Exploration

During the quarter, the Company continued with its exploration program focusing on critical minerals in Spain. The exploration initiative is targeting lithium, rubidium, tin, tantalum, niobium, tungsten, 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 Project.

Conchas Project

Figure 2: IP Conchas Location Plans and Geology / Drill Hole Location Plan

The drill program comprised five broad spaced 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 April 2023, demonstrating Conchas' exploration potential for several critical and strategic raw materials included in the European Commission's Critical Raw Materials Act (CRMA). The drill results included 25m @ 0.56% Li2O and 0.22% Rb2O from surface (CCR0002).

2024 Drilling Program

• the mineralised muscovite leucogranite is very homogeneous in terms of mineralogy
• the southern zone of mineralisation contains the highest grades overall, with individual assay values exceeding 2.5% Li 2 O. In this area, all holes penetrated the host muscovitic leucogranite and ended in the underlying regional granite (Figure 3)
• In the northeast, the muscovite leucogranite is significantly thicker (>169m in CCR020) and all holes returned Rb 2 O grades exceeding 1,000ppm (Figure 4) however, Li 2 O grades are lower than in the south and northwest areas
• Drilling in the northwest recorded the highest grades of both Li 2 O and Rb 2 O, as well as the highest grades of other elements

Figure 3: IP Conchas 4,492,225 North Cross Section

Figure 4: IP Conchas 4,492,925 North Cross Section

Next Steps

Representative samples obtained from the three diamond core holes drilled in the 2024 program have been sent to the Oviedo School of Mines' (Spain) and Wardell Armstrong International's (England) laboratories for preliminary metallurgical test work.

The metallurgical test work programs have been designed to assess the potential recovery of Li, Rb and the other elements of economic interest, and comprise crushing and grinding (bond index calculation), gravity (jigs, shaking tables and multi gravity separator), high intensity wet and dry magnetic separation on the concentrates, froth flotation, and characterisation of the samples.

Various workstreams have advanced during the quarter, with results of the metallurgical test work programs anticipated in the June 2025 quarter.

3D modelling of the drilling data is also being undertaken to refine the geological interpretation and assess volumes, average grades and grade distributions for the Li and Rb mineralisation at different cut-offs.

Rubidium1,2,3,4,5

Rubidium is a critical raw material with growing significance in advanced technology and industrial applications, including in the defence and military, aerospace, communications, biomedical and renewable energy sectors.

Oliva and La Majada Projects

An updated Exploration Program for the La Majada Project, together with the birdlife study and rehabilitation plan, have been submitted to the relevant authorities during the quarter. The Exploration Program was updated to align it to new legislation recently introduced for the Castilla La Mancha Region.

International Arbitration Dispute

In May 2024, the Company's wholly owned subsidiary, Berkeley Exploration Limited (BEL), filed a Request for Arbitration (Request) for its investments in Spain through its Spanish subsidiary, Berkeley Minera España SA (BME), initiating arbitration proceedings against the Kingdom of Spain (Spain) before International Centre for Settlement of Investment Disputes (ICSID).

As part of its Request, BEL alleges that Spain's actions against BME and the Salamanca Project have violated multiple provisions of the Energy Charter Treaty (ECT), and that BEL is seeking preliminary compensation in the order of US$1 billion (US$1,000,000,000) for these violations.

The Request was submitted by BEL's arbitration lawyers based in Spain. Subsequent to the quarter, BEL agreed an engagement letter with its lawyers to provide ongoing arbitration services on a reduced and capped fee basis that also includes a three percent success fee which is capped and is only payable to the lawyers in the event of a successful award and if monetary damages are received by BEL.

Previously, BEL received the Notice of Registration from ICSID with the Registration of the Arbitration published on the ICSID website. During the quarter, the Tribunal was formally constituted with the first tribunal session to be held in early May 2025, where the timetable and arbitration rules will be established.

Background to Dispute

Competent Persons Statements

References

1 www.mordorintelligence.com/es/industry-reports/rubidium-market

2 www.straitsresearch.com/report/rubidium-market

3 www.marketresearchfuture.com/reports/rubidium-market-27298

4 U.S Geological Survey, Mineral Commodity Summaries, January 2024 - Rubidium

5 www.usgs.gov/news/national-news-release/us-geological-survey-releases-2022-list-critical-minerals

Appendix 1: Mineral Resource at Salamanca

Appendix 2: Summary of Mining Tenements

As at 31 March 2025, the Company had an interest in the following tenements:

^The Company has applied for an Exploitation Concession from the existing IP Almendro.

**Exploracion de Recuros Minerales S.L.U (ERM), a wholly owned subsidiary of the Company, has entered into a Tenement Sale and Purchase Agreement and Royalty Deed to acquire IP Los Bélicos, IPA Ampliación Los Bélicos, and IPA La Majada.

Appendix 3: Related Party Payments

During the quarter ended 31 March 2025, the Company made payments of $94,000 to related parties and their associates. These payments relate to existing remuneration arrangements (director and consulting fees plus statutory superannuation).

Appendix 4: Exploration and Mining Expenditure

During the quarter ended 31 March 2025, the Company made the following payments in relation to exploration and development activities:

Appendix 5B

Mining exploration entity or oil and gas exploration entity

quarterly cash flow report

Name of entity

Berkeley Energia Limited

Answer: Not applicable

Answer: Not applicable

Answer: Not applicable

Compliance statement

2 This statement gives a true and fair view of the matters disclosed.

Date: 30 April 2025

Authorised by: Company Secretary

(Name of body or officer authorising release - see note 4)

Notes