Quarterly Report June 2025

Quarterly Report June 2025

Summary:

Exploration at Conchas Project

During the quarter, Berkeley Energia Limited (Berkeley or Company) continued with activities at is Conchas project (Conchas Project), as part of its ongoing exploration initiative targeting critical minerals in Spain.

• Thick zones of lithium and rubidium mineralisation, hosted within a muscovitic leucogranite, have been intersected at shallow depths in drilling.
• Drill intercepts from the most recent RC program include:

o 14m @ 0.95% Li2O & 0.39% Rb2O (from 40m)

o 18m @ 0.55% Li2O & 0.23% Rb2O (from surface)

o 61m @ 0.50% Li2O & 0.21% Rb2O (from surface)

o 56m @ 0.48% Li2O & 0.21% Rb2O (from surface)

o 27m @ 0.44% Li2O & 0.21% Rb2O (from surface)

• Preliminary metallurgical test work is underway on representative samples obtained from three diamond holes, with results anticipated in the September 2025 quarter.
• 3D modelling of the available drilling data is also being undertaken to refine the geological interpretation of the lithium and rubidium mineralisation.
• 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.

Subsequent to the quarter, the timetable and arbitration rules were established by the Tribunal, with the Company's Statement of Claim due to be filed in early 2026.

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 In February 2025, a Plenary Session of the Spanish Congress approved a non-binding proposal presented by the right-wing People's Party (PP) calling for the government to implement a series of measures that would reverse Spain's decision to phase out nuclear power.

o Subsequently in April 2025, the PP registered a bill in the Congress to extend the useful life of nuclear power plants, arguing that it is "necessary" to keep them operational for the long-term.

o During the quarter, the bill was debated, and in a Plenary session of Parliament held in June 2025, the bill was approved with 171 votes in favour, 166 against, and 7 abstentions. The proposed bill has now been referred to an internal parliamentary commission to review and to provide any potential amendments of the bill for Congress to consider.

• Spanish Power Blackouts Reignites Debate over Nuclear Power in Spain

o The unprecedented blackout that struck mainland Spain and Portugal in April 2025 has reignited the cultural and political battle over the future of nuclear energy. Spain's current energy roadmap outlines a gradual phase-out of the country's five nuclear power plants. However, the conservative PP and far-right Vox parties have long championed nuclear power and vehemently oppose the government's decommissioning plans.

o Spanish Prime Minister, Pedro Sánchez, was quoted as stating that "Spain does not have uranium and it will have to be imported" during a Parliamentary session held in May 2025. The comments were made during a debate in the Spanish Parliament following the fallout from the catastrophic blackout that affected most of Spain and Portugal and lasted 9-10 hours in many regions of the countries. The Minister for Ministry for Ecological Transition and Demographic Challenge (MITECO), in response to questions from PP in a subsequent Senate plenary session, clarified the Prime Minister's words and specified that there is natural uranium in Spain, but not enriched uranium.

The Salamanca Project currently hosts a Mineral Resource of 89.3Mlb uranium, with more than two thirds in the Measured and Indicated categories.

• Nuclear Power Generated ~20% of electricity production in Spain in 2024

o Spain's nuclear power plants generated almost 20% of its total net electricity production in 2024 and became its second largest source of electricity production, according to the country's nuclear industry forum ForoNuclear. The blackout that struck the Iberian peninsula in April 2025 highlights nuclear's role in providing inertia and stability to the electricity system, it said.

Nuclear Industry Manifesto

The manifesto signed by 32 companies 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$74 million in cash reserves and no debt.

Figure 1: Location of the Salamanca Project, Spain

Salamanca Project Update

The Company continues with its commitment to health, safety and the environment as a priority.

During the quarter, the Company published a report on the Performance of the 2023-2024 Sustainability Plan. The Report was prepared to transparently communicate Berkeley's sustainability performance to all stakeholders, and to define the Sustainability Goals for 2025. The Report can be viewed on the Company's website.

The Company also obtained the "Calculo y Reduzco" (Calculate and Reduce) seal and certificate by the Carbon Footprint Registry of the MITECO during the quarter. Registration in the Carbon Footprint Registry is evidence of Berkeley's efforts to control and reduce of its CO2 emissions in 2023. The planned measures to reach the Carbon Footprint Goal were achieved.

Berkeley has previously 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.

An assessment of the Environmental Aspects, according to ISO 14001 Standards, and the Sustainable Mining Management Indicators, according to UNE 22470/80 Standards, of the Company's activities in 2024 was carried out during the quarter.

2025 Sustainability Goals

Based on an analysis of risks and opportunities, the following goals and improvements in sustainability have been defined for 2025:

o Maintaining AENOR Certifications (ISO 14001, UNE 22480/70 and ISO 45001 Standards)

o Adaptation of the Environmental and Sustainable Mining Management System to the new UNE 22480/70:2025 Standard

o Retortillo project development

o Research of new Mineral Resources

o Ongoing transparent communication with stakeholders

o Calculation of the Carbon Footprint for 2024

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

A small drill program comprising five broad spaced RC holes for a total of 282m was subsequently implemented in 2022 to test the tin-lithium anomaly. 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).

A number of mineralogical studies were undertaken during 2023 to determine the mineral species present and understand their characteristics and properties. Results of these studies indicate the mineralised muscovitic leucogranite is 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 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% Li2O. In this area, all holes penetrated the host muscovitic leucogranite and ended in the underlying regional granite (Figure 3)

Additional surface geological mapping was also conducted as part of the 2024 exploration activities. Based on field observations, the surface area occupied by the muscovitic leucogranite is greater than indicated by historical mapping, which when combined with the drilling results, expands the scale of the host unit.

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

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

Preliminary metallurgical test work

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.

Whilst some delays were experienced due to laboratory equipment failure, multiple workstreams continued to progress during the quarter. Results of the metallurgical test work programs are now anticipated in the September 2025 quarter

Geological Modelling

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.

Oliva and La Majada Projects

An updated Exploration Program for the La Majada Project, together with the birdlife study and rehabilitation plan, was submitted to the relevant authorities during the March 2025 quarter. The Exploration Program was updated to align it to new legislation recently introduced for the Castilla La Mancha Region.

The submitted documentation is currently being reviewed by the relevant authorities. Once the review is completed, the IP applications for two of the tenements (La Majada and Ampliación de los Bélicos) will be subjected to a public consultation period.

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.

Subsequent to the quarter, the timetable and arbitration rules were established by the Tribunal, with the Company's Statement of Claim due to be filed in early 2026.

Background to Dispute

Competent Persons Statements

Appendix 1: Mineral Resource at Salamanca

Appendix 2: Summary of Mining Tenements

As at 30 June 2025, the Company had an interest in the following tenements:

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

#The Company has applied for three I.P.s covering areas prospective for antimony as part of its critical minerals exploration initiative.

Appendix 3: Related Party Payments

During the quarter ended 30 June 2025, the Company made payments of $148,000 to related parties and their associates. These payments relate to existing remuneration arrangements (director and consulting fees plus statutory superannuation).

Appendix 4: Exploration and Mining Expenditure

During the quarter ended 30 June 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: 31 July 2025

Authorised by: Company Secretary

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

Notes