What’s Driving Berkeley Energia (ASX:BKY) Shares Higher?

Sonal Goyal

24 March 2026 08:53 PM AEDT

What’s Driving Berkeley Energia (ASX:BKY) Shares Higher?

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Highlights

BKY shares surged over 23% on March 24, 2026, amid renewed investor activity.
Conchas project test work reported notable lithium and rubidium recovery results.
Ongoing USD 1B arbitration against Spain remains a key parallel development.

Shares of Berkeley Energia Limited (ASX:BKY) climbed 23.07% to AUD 0.480 on March 24, 2026. The stock traded within a bid-offer range of AUD 0.420–0.485, with volume reaching 149,015 shares. The company’s market capitalisation stood at approximately AUD 174.05 million.

Conchas Project: Lithium and Rubidium Test Results

During the December 2025 quarter, the company continued exploration activities at its Conchas project in Spain, targeting critical minerals. The project hosts lithium (Li) and rubidium (Rb) mineralisation, alongside tin, caesium, beryllium, niobium, and tantalum within a leucogranite unit.

Metallurgical testing conducted by SLR Consulting Ltd evaluated recovery potential across multiple processes. Flotation test work showed lithium recovery of 78% and rubidium recovery of 63% at a grind size of -150µm.

In addition, magnetic separation testing on coarser material (-300µm to +150µm) indicated stage recoveries of 77% for lithium and 58% for rubidium. These results suggest a potential processing pathway combining magnetic separation for coarse fractions and flotation for finer material.

The next phase includes 3D geological modelling to refine interpretation of mineralisation, followed by further metallurgical optimisation work.

Arbitration Proceedings Against Spain

The company’s subsidiary, Berkeley Exploration Limited, continues arbitration proceedings against Spain through the International Centre for Settlement of Investment Disputes. The claim relates to alleged breaches of the Energy Charter Treaty linked to the Salamanca project.

The company is seeking preliminary compensation of around USD 1 billion. The arbitration process is progressing, with the Statement of Claim expected to be submitted as per the tribunal’s schedule. Discussions with Spanish authorities remain open alongside the legal process.

Spain’s Nuclear Energy Developments

Spain’s nuclear energy policy remains under review as operators including Iberdrola, Endesa, and Naturgy have applied to extend the operational life of the Almaraz nuclear power plant beyond 2027 to June 2030.

The request is under assessment, with additional documentation sought by regulators. Nuclear energy contributed approximately 20% of Spain’s electricity generation in 2024, according to industry data, and remains central to ongoing energy discussions following grid disruptions in 2025.

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