Quarterly Report June 2026

Quarterly Report June 2026

Highlights:

Conchas Project

During the quarter, Berkeley Energia Limited (Berkeley or Company) continued to advance its ongoing exploration initiative targeting critical minerals in Spain at its Conchas project (Conchas or the Project)

• Maiden Mineral Resource Estimate (MRE) announced subsequent to the quarter
• Shallow, thick zones of lithium (Li) and rubidium (Rb) mineralisation, with accessory tin (Sn), caesium (Cs), beryllium (Be), niobium (Nb) and tantalum (Ta) hosted within a muscovitic leucogranite unit
• MRE of 11.8Mt at 0.41% Li2O & 0.21% Rb2O

o Totals ~49,000t of contained Li2O and ~25,200t of contained Rb2O

o 100% of MRE classified in the Inferred Mineral Resource category

• Mineralisation from surface and remains open at depth, supporting resource growth potential
• MRE amenable to bulk-tonnage, open-pit mining
• Preliminary metallurgical testing demonstrated very good recoveries of Li and Rb at acceptable grades using flotation and magnetic separation methods
• MRE demonstrates Conchas hosts a globally significant Rb2O resource
• Rb is a critical raw material for advanced technology and industrial applications used in key sectors including defence and military, aerospace, communications, medical and renewable energy. The USA, Japan and NZ have both classified Rb as a Critical Mineral due to its strategic importance and growing demand in high-tech applications. It is also of strategic importance in Europe and Canada
• Li is designated as both a Critical and Strategic Material for the European Union (EU) as batteries are central to decarbonisation, energy security, and industrial competitiveness
• Former Endesa Chief Executive Joins Berkeley Board
• Subsequent to the end of the quarter, Mr José Bogas Gálvez, the former CEO of Endesa, was appointed as a Non-Executive Director of Berkeley
• Endesa is a Spanish multinational electric utility company and one of the largest energy companies in the country, with interests in several nuclear power plants
• Mr Bogas has over 40 years experience in the Spanish and EU nuclear and electricity sector
• Mr Bogas' appointment substantially strengthens Berkeley's position and influence in Spain
• Spanish Nuclear Power Industry:
• Almaraz Nuclear Power Plant Extension

o In October 2025, Iberdrola, ENDESA and Naturgy, the owners of the Almaraz nuclear power plant in Extremadura, submitted a formal request that the Ministry for Ecological Transition and Demographic Challenge (MITECO) modify the operating licence for both Almaraz units so they could continue operating until June 2030, instead of closing in November 2027 under the current schedule

o MITECO subsequently referred the modification request to the Spanish Nuclear Safety Council (NSC) for the required preceptive report on nuclear safety, radiological and physical protection

o In July 2026, the NSC approved the extension of the Almaraz nuclear power plant's operating license saying the meets the conditions to operate safely until June 2030

o The NSC will now submit its report to MITECO for its final decision

Juzbado Nuclear Fuel Fabrication Plant

o In July 2026, MITECO renewed the operating authorisation for ENUSA's Juzbado Nuclear Fuel Fabrication Plant for a further ten-year period, following a favourable report from the NSC in April 2026

o The extension decision comes at a time when security of supply and reducing external energy dependence have become increasingly important priorities in EU policy

Vandellós I Nuclear Power Plant

o In May 2026, the NSC issued a favourable report, to authorise construction of a temporary radioactive-waste storage facility at the Vandellós I nuclear power plant

o Vandellós I has been in a latency phase since 2005, following completion of the first stage of its decommissioning. Once the necessary ministerial authorisation has been granted, excavation and construction of the facility will begin, which is scheduled to enter service in 2027

Nuclear Fuel Agreements

o In April 2026, Poland's Synthos Green Energy announced that it had signed cooperation agreements with Spanish nuclear fuel manufacturers Enusa Industrias Avanzadas SA and GNF Enusa Nuclear Fuel SA to support the deployment of small modular reactors across Europe

Nuclear debate continues in Spain

o With Spain still currently scheduled to begin reactor closures at Almaraz from 2027 under the current phase-out plan, debate over the future role of nuclear power intensified after the Iberian blackout in April 2025 that plunged much of Spain and Portugal into darkness and exposed vulnerabilities in the Iberian has intensified. Following the Iberian blackout, industry representatives highlighted nuclear energy's contribution to system inertia and grid stability

o Adding to the debate, the European Commission has urged member states, including Spain, to avoid the premature closure of nuclear power plants that can still produce reliable, cheap, and low-emission electricity. This comes within the framework of the new AccelerateEU energy plan, communicated in April 2026, through which Brussels aims to strengthen security of supply and reduce dependence on imported fossil fuels amidst international instability in energy markets

o Nuclear generates about a fifth of Spain's electricity

International Arbitration against Spain

In May 2024, Berkeley advised that its wholly owned subsidiary, Berkeley Exploration Limited (BEL), had 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 (Respondent) before the International Centre for Settlement of Investment Disputes (ICSID)

Subsequently, in February 2026, the Company filed a Memorial of Claim at the ICSID in Washington, D.C. alleging that the Respondent's actions against BME and the Salamanca project (Salamanca Project) have violated multiple provisions of the Energy Charter Treaty (ECT), and therefore BEL is seeking compensation in the order of US$1.25 billion (US$1,250,000,000) for these violations

The Memorial of Claim included:

• Factual background to the Salamanca Project and the dispute;
• A detailed statement of the legal basis for the claim brought against Respondent;
• A number of key witness statements; and

Since the Memorial of Claim was submitted, the Respondent filed a request to bifurcate the proceedings, pursuant to the ICSID Convention and Arbitration Rules. The Tribunal has now advised that the proceedings will be bifurcated and conducted in two phases: first, jurisdictional objections concerning the denial of benefits; and second, merits and quantum of damages. Subsequent to the end of the quarter, an updated procedural timetable was established. The hearing for the bifurcated denial of benefits procedure has been scheduled for mid-2027, which will follow the customary exchange of written submissions comprising statements for a memorial, counter-memorial, reply and rejoinder

Balance Sheet

The Company is in a strong financial position with A$62 million in cash reserves and no debt.

Conchas Project

Subsequent to the end of the quarter, the Company announced a maiden Inferred MRE for Conchas which totals 11.8Mt at 0.41% Li2O & 0.21% Rb2O for ~49,000t of contained Li2O and ~25,200t of contained Rb2O (above a US$100/t Net Smelter Return (NSR) cut-off).

The MRE is constrained by an open pit Whittle optimisation pit shell using appropriate mining and processing costs, processing recovery, and metal concentrate payability and revenue values.

The MRE has been prepared by independent consultants, Maja Mining Limited, and is reported in accordance with the JORC Code (2012 Edition).

Overview

The Conchas Investigation Permit covers an area of 31km2 in the southwest of the province of Salamanca, close to the Portuguese border (Figure 1). The Project is located ~21km from Ciudad Rodrigo and ~110km from Salamanca, in the municipalities of Espeja and Fuentes de Oñoro, and is readily accessible from established roads.

The tenement is largely covered by Cenozoic aged sediments. Only the north-western part of the tenement is uncovered and dominated by the Guarda Batholith intrusion. In the outer rim of the eastern edge of the Guarda granitic batholith, a muscovite-rich leucogranite hosts Li and Rb mineralisation, with accessory Sn, Cs, Be, Nb and Ta (Figure 2).

Figure 2: Conchas Geological Map

Since 2021, the Company has completed systematic exploration at Conchas, including soil sampling (2021, 2022), geological mapping (2024), geophysics (2025), and drilling over two campaigns in 2022 (5 reverse circulation (RC) holes for 282m) and 2024 (33 RC holes for 1,857m and 3 diamond (DD) holes for 230m for metallurgical sampling), which has provided subsurface data with which to develop 2D and 3D geological and mineralisation interpretations which have fed into the evaluation of Mineral Resources.

Drilling activities have delineated sub-horizontal layers of the different lithotypes, with altered igneous basement, mineralised muscovitic leucogranite (LGM) and non-mineralised regional biotitic porphyritic granite (GMG) the dominant lithologies modelled, along with zones of intercalated GMG/LGM (Figure 3).

Mineralised LGM vertical thicknesses range from 8m to 45m over southern and central portions of the deposit, thickening up to 70m to the north. The surface boundary of the LGM is defined based on the most recent (2025) geological mapping. This contact is generally steep, tending towards vertical, but with a slight dip inward.

Figure 3: Conchas Cross Section

The drillhole database, relevant surface digital terrain models, and geology volume models, were used for the MRE. The elements estimated were Be, Cs, Li, Rb (recovered in a Mica float) and Nb, Ta and Sn (recovered as gravity concentrate). The Competent Person (CP) determined appropriate mineralisation domains, completed statistical analysis, grade estimation, reasonable prospects for eventual economic extraction (RPEEE) and resource classification based on the guidelines defined in the JORC Code (2012).

Figure 4: 3D Perspective View looking NW showing Volume Block Model

Figure 5: 3D Perspective View looking NW of MRE blocks >=US$100/t NSR, within RPEEE optimised pit shell (with drillhole collars)

The whole MRE has been classified as Inferred and is reported at a NSR cut-off of US$100/t (Table 1). RPEEE have been satisfied through the application of appropriate revenue, mining and processing parameters.

Table 1: Conchas MRE (July 2026)

Notes:

• MRE includes all resource model blocks >= US$100/t NSR based on 5% payability of metals within the mica float concentrate.
• MRE is constrained by an open pit Whittle optimisation pit shell using appropriate mining and processing costs, processing recovery and metal concentrate payability and revenue values.
• Mineral Resources are not Mineral Reserves - further detailed economic studies and additional modifying factors are required.
• The MRE was classified following the guidelines presented in JORC Code 2012. The CP is Malcolm Titley of Maja Mining Limited.
• Totals may not add up due to rounding.

The NSR cut-off and tonnage relationship within the RPEEE constraints based on a breakeven NSR cut-off of US$18/t is presented in Table 2.

Table 2: Conchas NSR Cut-off Grade-Tonnage Tabulation

Next Steps

The Company will continue to systematically advance the Project's development, with additional infill drilling to increase the resource classification, and a second phase of metallurgical test work to optimise the flotation and magnetic separation processes.

Conchas Portugal

Oliva and La Majada Projects

Berkeley management met with the mining authorities of Badajoz province during the quarter, who confirmed that the IP application for Ampliación de Los Bélicos (Oliva project) is currently under environmental review, with the final grant of the IP expected in the coming months.

Regarding the IP application for La Majada, the mining authorities of Ciudad Real province have confirmed that sectorial reports required as part of the environmental review process have been completed and are all favourable. The Rehabilitation Plan has now been floated for a 30 day public consultation period.

Salamanca Project Summary

The Salamanca Project is being developed in a historic uranium mining area in Western Spain about three hours west of Madrid (Figure 6).

Figure 6: 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's carbon footprint goal was achieved, the 2024-2025 Sustainable Performance Report prepared, and the 2026 Sustainability Goals defined. An internal audit of the Sustainable Environmental and Mining Management System was also conducted during June.

Carbon Footprint Goal

Notification of the successful registration in the Carbon Footprint Registry, along with the corresponding certificate and seal, as evidence of the calculation of the Company's CO2 emissions in 2024, was received in June.

2024-2025 Sustainable Performance Report

The 2024-2025 Sustainable Performance Report has been prepared to facilitate communication of the Company's sustainability performance to its stakeholders. The information presented in the report was compiled using standardised indicators established in accordance with the applicable reference standards. The 2024-2025 Sustainable Performance Report is available to view at the Company's website.

2026 Sustainability Goals

Based on an analysis of risks and opportunities, the Company's goals and improvements in sustainability for 2026 have been defined, and include Adaptation of the Environmental and Sustainable Mining Management System to the new ISO 14001:2026 Standard, Adaptation of the Environmental and Sustainable Mining Management System to the new UNE 22480/70:2025 Standard, Retortillo Project Development, Research of New Mineral Resources, Communication with Stakeholders, and Calculation of the Carbon Footprint for 2025.

Internal Audit

An internal audit of the Sustainable Environmental and Mining Management System was conducted in June to verify the System's compliance with the requirements of the ISO 14001:2015 Environmental Management Standard and the UNE 22480/70:2019 Sustainable Mining Management Standards.

No non-conformities were identified during the evaluation of the Sustainable Mining and Environmental Management System, and the auditors concluded that the System has been correctly implemented and maintains an adequate level of effectiveness. The Company's high degree of commitment, excellent work performed, and capacity to continue advancing in sustainability performance improvements were highlighted.

Cooperation Agreement with Municipality of Retortillo

During the previous quarter, the Company executed a new cooperation agreement with the Municipality of Retortillo which recognises that the exploitation of the Project involves substantial investments and that these investments will undoubtedly bring significant benefits to the Municipality.

It is the Parties' intention that Berkeley contributes to the development of the Municipality, demonstrating its commitment to generating the greatest possible positive impact within the Project's host municipality, and as part of its firm environmental, social, and governance (ESG) commitment. Berkeley started to collaborate with the City Council on the development of various social and common interest initiatives that contribute to improving the quality of life for the citizens of Retortillo, including a Drinking Water and Sanitation Project (including the renewal of drinking water pipes), rehabilitation of the local Heath Centre, installation of a waste classification centre, and other similar initiatives.

Former Endesa Chief Executive Joins Berkeley Board

Subsequent to the end of the quarter, Berkeley announced that highly respected Spanish businessmen Mr José Bogas Gálvez had been appointed as an independent Non-Executive Director of the Company.

Mr Bogas joins the Company's Board of Directors after a long and successful career at Endesa, S.A. (Endesa), including 12 years as Chief Executive Officer, during which he spearheaded the company's transformation to maintain its leadership in the Spanish electricity sector. He stepped down as CEO of Endesa in April 2026 but remains as a Director of company.

Endesa is a Spanish multinational electric utility company and one of the largest energy companies in the country. It has a substantial presence in the nuclear energy sector in Spain, contributing significantly to the country's nuclear energy capacity with interests in several nuclear power plants.

Mr Bogas has also been actively involved in energy sector institutions including being a former member of the Board of Directors of AELEC (Association of Electric Power Companies) and currently the Honorary Vice-Chairman and Board Member of the Spanish Energy Club.

Mr Bogas appointment will substantially strengthen Berkeley's position and influence in Spain, with his 40+ years experience in the Spanish and broader European energy sectors plus extensive business and government networks greatly assisting the Company as it continues to focus on resolving the current permitting situation and ultimately advancing the Salamanca Project towards production.

International Arbitration against Spain

In May 2024, Berkeley advised that its wholly owned subsidiary, BEL, had filed its Request for its investments in Spain through its Spanish subsidiary, BME, initiating arbitration proceedings against the Respondent before ICSID.

Subsequently, in February 2026, the Company filed a Memorial of Claim at the ICSID in Washington, D.C. alleging that the Respondent's actions against BME and the Salamanca Project have violated multiple provisions of the ECT, and therefore BEL is seeking compensation in the order of US$1.25 billion (US$1,250,000,000) for these violations.

The Memorial of Claim included:

• Factual background to the Salamanca Project and the dispute;
• A detailed statement of the legal basis for the claim brought against Respondent;
• A number of key witness statements; and

Since the Memorial of Claim was submitted, the Respondent filed a request to bifurcate the proceedings, pursuant to the ICSID Convention and Arbitration Rules. The Tribunal has now advised that the proceedings will be bifurcated and conducted in two phases: first, jurisdictional objections concerning the denial of benefits; and second, merits and quantum of damages. Subsequent to the end of the quarter, an updated procedural timetable was established. The hearing for the bifurcated denial of benefits procedure has been scheduled for mid-2027, which will follow the customary exchange of written submissions comprising statements for a memorial, counter-memorial, reply and rejoinder.

EU Nuclear Power Industry Developments

Several important developments in the EU nuclear power sector occurred during the quarter including:

• Estonia's Parliament passed new nuclear energy law. The Nuclear Energy and Safety Act sets out key steps required for the deployment of nuclear energy in Estonia, including rules "for selecting the location of a nuclear power plant and for its construction, testing, and operation, as well as the rules for its decommissioning, and the final disposal of nuclear waste".
• The current permit for the Netherlands' nuclear power plant runs until 2033 but will remain open longer as far as the Dutch cabinet is concerned. The cabinet submitted the amendment to the Dutch Nuclear Energy Act to allow the continued nuclear plant operation to the House of Representatives last October. In June 2026, the House of Representatives approved an amendment to the Nuclear Energy. The bill is now under consideration by the Senate, whose relevant committee issued its report in July 2026 and is awaiting the government's response.
• Italy's proposed legislation establishing a framework for the reintroduction of nuclear energy is progressing through parliament. In June 2026, the Chamber of Deputies (lower house) approved the government's sustainable nuclear energy delegation bill and transmitted it to the Senate for their consideration.
• The Belgian government in talks to take over nuclear power plants. The Belgian government has begun talks to take direct ownership of the country's seven nuclear power reactors - with all decommissioning and dismantling works suspended "to ensure that all options remain available to the Belgian State".

Business Development

The Company is actively assessing and reviewing further opportunities in the clean energy and critical minerals sectors, as well as other opportunities to expand and complement its current exploration portfolio. However, no agreements have been reached or licences granted and the Directors are not able to assess the likelihood or timing of a successful acquisition or grant of any opportunities.

Competent Persons Statements

The information in this announcement that relates to prior Exploration Results and Metallurgical Test Work is extracted from an announcements dated 29 January 2025, 28 October 2025, 31 October 2025, 29 January 2026 and 29 April 2026, which are available to view 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 announcements; b) all material assumptions and technical parameters underpinning the Exploration Results and Metallurgical Test Work in the original announcements 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 this announcement that relates to the Mineral Resource Estimate (Conchas Project) is extracted from an announcement dated 21 July 2026 entitled 'Maiden Lithium & Rubidium Mineral Resource Estimate for Conchas Project', which is available to view at www.berkeleyenergia.com and 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. 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 in this announcement that relates to the Mineral Resource Estimate (Salamanca Project) is extracted from an announcement dated 27 August 2025 entitled 'Annual Report 2025', which is available to view 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.

To view all figures and illustrations, please refer to: https://app.sharelinktechnologies.com/announcement-preview/asx/dfca067e3ffc9ad6337891a24d461c62

Appendix 1: Mineral Resource at Salamanca Project

Appendix 2: Summary of Mining Tenements

As at 30 June 2026, the Company had an interest in the following tenements:

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

Appendix 3: Related Party Payments

During the quarter ended 30 June 2026, the Company made payments of $137,000 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 2026, 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 July 2026

Authorised by: Company Secretary

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

Notes