Key highlights

  • Berkeley Energia Ltd (ASX:BKY) shares were up 1.37% at $0.74 during the Trading session on 22 October 2026, while the S&P/ASX 200 Energy [XEJ] index was lower by 2.27%.
  • Berkeley announced a maiden Inferred Mineral Resource at Conchas of 11.8 Mt at 0.41% Li2O and 0.21% Rb2O, per its 30 July 2026 quarterly report.
  • The company is seeking about US$1.25 billion in an ICSID arbitration against Spain, with a hearing on a preliminary denial-of-benefits phase scheduled for mid-2027.

During the trading session on 22 October 2026, Berkeley Energia Ltd (ASX:BKY) was priced at $0.74, up 1.37%. The S&P/ASX 200 Energy [XEJ] stood at 10,966.10 (−2.27%, −254.40 points) and the S&P/ASX 200 [XJO] at 8,789.50 (−0.47%, −41.80 points) at 12:40 pm GMT+11. In oil markets, crude prices climbed on Thursday after further Houthi attacks inside Saudi Arabia led the United States to instruct some diplomats and family members to depart its missions in the kingdom. Berkeley Energia is a Spain-focused company that holds the Salamanca uranium project and is exploring for lithium and other critical minerals in western Spain. Berkeley announced a maiden Inferred Mineral Resource at Conchas of 11.8 Mt at 0.41% Li2O and 0.21% Rb2O, per its 30 July 2026 quarterly report.

About Berkeley Energia Ltd: Business overview

Berkeley Energia Limited is listed on the ASX, with a presence on the London Stock Exchange and the Spanish Alternative Exchange. Its offices are in Perth and Salamanca. The company holds the Salamanca uranium project in western Spain through its Spanish subsidiary, Berkeley Minera España, and is running an exploration initiative targeting lithium, rubidium, tin, tantalum, niobium, tungsten and other critical minerals within its existing tenements.

Conchas maiden resource

In a Quarterly Report dated 30 July 2026 for the June quarter, Berkeley highlighted a maiden Inferred Mineral Resource Estimate for the Conchas project, announced after the quarter end. The estimate is 11.8 Mt at 0.41% Li2O and 0.21% Rb2O, containing about 49,000 t of Li2O and about 25,200 t of Rb2O, with 100% classified as Inferred.

The mineralisation is hosted in a muscovitic leucogranite unit, starts at surface and remains open at depth. The company stated that it is amenable to bulk-tonnage open-pit Mining and that preliminary metallurgical testing showed very good recoveries of lithium and rubidium using flotation and magnetic separation. Berkeley also described the rubidium resource as globally significant and noted that several countries classify rubidium as a critical mineral.

Spanish nuclear sector developments

The report summarised developments in Spain’s nuclear sector. In July 2026 the Spanish Nuclear Safety Council approved an extension of the Almaraz nuclear plant’s operating licence to June 2030, with its report to go to the Ministry for a final decision. Also in July 2026, the Ministry renewed the operating authorisation for ENUSA’s Juzbado nuclear fuel fabrication plant for ten years. The report also noted a favourable report for a temporary waste storage Facility at Vandellós I, a Polish company’s cooperation agreements with Spanish fuel manufacturers and continuing debate over nuclear power’s role since the April 2025 Iberian blackout.

International arbitration against Spain

In May 2024, Berkeley’s Subsidiary Berkeley Exploration Limited began arbitration against the Kingdom of Spain before ICSID, and in February 2026 it filed a Memorial of Claim alleging violations of the Energy Charter Treaty, seeking compensation in the order of US$1.25 billion. The tribunal has bifurcated proceedings into a jurisdictional phase on denial of benefits, followed by merits and quantum. The hearing for the first phase is scheduled for mid-2027. Berkeley stated that it remains open to constructive dialogue with Spain about the Salamanca permitting situation.

Balance sheet

The company reported cash reserves of A$62 million and no debt. The release also noted that a former chief executive of a Spanish Utility had been appointed to the board after the quarter.

Related sector context

Uranium companies are influenced by uranium prices, long-term contracting, production volumes at operating mines and the funding and permitting of development projects. On 22 October 2026, the S&P/ASX 200 Energy [XEJ] index was at 10,966.10, lower by 2.27%, and crude prices were reported higher on Middle East developments. Producers report quarterly output and realised prices, while developers report drilling results, studies, approvals and financing progress, and Equity market conditions can affect how projects are funded.

Risks to weigh in

The Conchas resource is entirely Inferred, which carries lower geological confidence, and it is a maiden estimate with no mining study. Preliminary metallurgical results do not confirm commercial processing. The ICSID proceedings are protracted, with the first hearing not scheduled until mid-2027 and outcomes uncertain, and the Salamanca permitting situation remains unresolved. Berkeley is dependent on its cash reserves, exchange rates and Spanish regulatory and political decisions, including nuclear policy.

Catalysts on watch

Items referenced include further Conchas drilling and resource growth work, additional metallurgical testing, the Spanish ministry decision on the Almaraz extension, procedural steps and the mid-2027 hearing in the ICSID arbitration, and any dialogue with Spanish authorities on Salamanca.

Closing perspective

Berkeley’s 30 July 2026 quarterly report combined a maiden critical minerals resource with updates on Spain’s nuclear sector and its arbitration claim. The next reports will detail exploration progress and the arbitration timetable.