Berkeley Energia (BKY) Q1 2026 TU earnings summary

Executive summary

• Advanced exploration at the Conchas Project in Spain, focusing on lithium, rubidium, and other critical minerals, with positive preliminary metallurgical test results showing strong recoveries for Li and Rb using flotation and magnetic separation methods.

• Ongoing international arbitration against Spain regarding the Salamanca Project, with a $1 billion compensation claim and a Statement of Claim due in early 2026.

• Continued commitment to the Salamanca uranium project, which holds significant measured and indicated resources and is positioned as a potential low-cost producer.

Financial highlights

• Cash reserves of A$71 million at quarter end, with no debt.

• Net cash outflow from operating activities was A$1.84 million for the quarter, mainly due to arbitration expenses and exploration costs.

• Payments to related parties totaled A$81,000 for the quarter.

• Estimated funding available exceeds 10 quarters at current expenditure rates.

Outlook and guidance

• Next steps at Conchas include 3D geological modelling, resource estimation, and a second phase of metallurgical test work to optimize processing.

• Awaiting results from a comprehensive ERT geophysical survey at Conchas.

• Arbitration process against Spain is ongoing, with the company open to dialogue for an amicable resolution.