Berkeley Energia (BKY) H2 2024 earnings summary

Executive summary

• Focused on advancing the Salamanca Uranium Project in Spain, aiming to supply over 4 million pounds of uranium annually, equivalent to 10% of EU consumption.

• Faced regulatory setbacks, including rejection of key permits and ongoing legal disputes with Spanish authorities.

• Initiated international arbitration against Spain, seeking $1 billion in compensation for alleged breaches under the Energy Charter Treaty.

• Maintains strong financial position with significant cash reserves and no debt.

• Continued exploration for battery and critical metals in Spain, expanding beyond uranium.

Financial highlights

• Net loss after tax for FY2024 was $3.26 million, compared to $1.37 million in FY2023.

• Interest income rose to $3.55 million (FY2023: $1.05 million) due to higher interest rates on cash holdings.

• Exploration and evaluation expenses increased to $3.83 million (FY2023: $3.37 million).

• Arbitration-related expenses totaled $0.93 million (FY2023: nil).

• Cash reserves at 30 June 2024 were $77.3 million, down slightly from $78.8 million a year earlier.

Outlook and guidance

• Strategic focus remains on resolving permitting issues and advancing the Salamanca Project to production.

• Committed to defending rights through international arbitration and open to constructive dialogue with Spanish authorities.

• Continues to assess new business and development opportunities in the resources sector.