Berkeley Energia (BKY) Q2 2026 TU earnings summary

Executive summary

• Advanced exploration at the Conchas project in Spain, focusing on lithium, rubidium, and other critical minerals, with promising metallurgical test results and ongoing 3D geological modelling as a precursor to resource estimation.

• Continued commitment to the Salamanca uranium project, despite ongoing permitting challenges and an international arbitration claim against Spain seeking US$1 billion in compensation.

• Maintained strong financial position with A$68 million in cash reserves and no debt at quarter-end.

Financial highlights

• Cash and cash equivalents at 31 December 2025 were A$68.4 million, down from A$71.2 million in the previous quarter.

• Net cash outflow from operating activities for the quarter was A$1.86 million, primarily due to exploration, staff, and administrative costs.

• Payments for exploration and development activities totaled A$718,000 for the quarter.

• No mining or production revenue was generated during the quarter.

Outlook and guidance

• Next steps at Conchas include further metallurgical test work, 3D geological modelling, and resource estimation.

• Ongoing legal proceedings and dialogue with Spanish authorities regarding the Salamanca project, with the company remaining open to a constructive resolution.

• Exploration programs designed and pending approval for additional tenements in Spain and Portugal.