Key highlights

  • Berkeley Energia Ltd (ASX:BKY) shares closed at $0.91, up 1.11%, on 19 October 2026.
  • The 30 July 2026 Quarterly Report covers a maiden Inferred resource at Conchas in Spain and an ICSID claim against Spain of about US$1.25 billion.
  • Cash was A$62.4 million at 30 June 2026, with no debt.

Berkeley Energia Ltd (ASX:BKY) is listed on the ASX, LSE and Spanish exchanges and holds the Salamanca uranium project and lithium, rubidium and other critical mineral exploration projects in Spain. On 19 October 2026, the shares closed at $0.91, up 1.11%. A news release dated 30 July 2026 presented the company’s quarterly report for the three months to 30 June 2026.

Conchas resource

Shortly after the quarter ended, Berkeley reported a maiden Inferred resource at its Conchas project of 11.8 million tonnes grading 0.41% Li₂O and 0.21% Rb₂O, holding roughly 49,000 tonnes of contained Li₂O and 25,200 tonnes of contained Rb₂O. It was prepared by Maja Mining to the 2012 JORC Code using a US$100 per tonne net smelter return cut-off and an open pit shell. The permit covers 31 km² near the Portuguese border. Drilling so far totals 5 reverse circulation holes in 2022 and 33 reverse circulation and three diamond holes in 2024, and preliminary metallurgy used flotation and magnetic separation.

Planned next steps are infill drilling to lift confidence in the resource and a second phase of metallurgical test work. The company has also applied for exploration rights over a 219 km² area in Portugal’s Guarda district, and its Oliva and La Majada applications in Spain remain pending.

Salamanca arbitration

The Salamanca project’s uranium resource is 89.3 million pounds. Berkeley has been in an ICSID arbitration against Spain since May 2024, and in February 2026 it filed a Memorial of Claim seeking about US$1.25 billion under the Energy Charter Treaty. The tribunal will hear jurisdictional objections first, with a hearing scheduled for mid-2027, and merits and damages second. Arbitration expenses were A$817,000 in the quarter. The company says it remains open to talks with Spanish authorities on the permitting situation.

Board and cash

A former chief executive of Endesa joined as an independent non-executive director. The company held A$62.4 million in cash and no debt, spent A$372,000 on exploration and evaluation in the quarter and reported net operating cash outflow of A$1.267 million.

The quarterly report also provides background on the project’s setting. Mineralisation at Conchas is hosted in a muscovite-rich leucogranite on the eastern rim of the Guarda granite batholith, with mineralised thickness ranging from 8 to 45 metres in the southern and central parts of the deposit and up to 70 metres in the north. The resource tabulation also shows estimates for caesium, beryllium, tantalum, tin and niobium in addition to lithium and rubidium.

The Salamanca section notes the company’s commitment to health, safety and the environment, a carbon footprint registration, an internal audit with no non-conformities, and a cooperation agreement with the Municipality of Retortillo. It also records related-party payments of $137,000 during the quarter and total exploration expenditure of A$372,000, mostly permitting costs and consultants.

Sector backdrop

The benchmark index finished the session higher. The S&P/ASX 200 (ASX: XJO) stood at 8,845.70 at 4:25 pm (GMT+11) on 19 October 2026, up 0.44%, or 39.00 points, for the day. On the sector map, Energy rose 2.16%, the largest gain among the labelled segments. More broadly, Energy rose 2.16%, Industrials 0.93%, Financials 0.85%, Utilities 0.38% and Consumer Staples 0.25%, while Information Technology fell 1.35%, A-REIT 0.34%, Consumer Discretionary 0.18%, Telecommunication Services 0.16% and Health Care 0.13%.

Risks shareholders should weigh

The Conchas estimate is entirely Inferred and needs further drilling and studies. The Salamanca project remains in a permitting dispute, and the arbitration outcome is uncertain, with the first-phase hearing not scheduled until mid-2027.

The company has no production Revenue and funds its outflows from cash. Arbitration costs of A$4.98 million over 12 months continue while proceedings run, and pending permits in Spain and Portugal depend on government decisions.

What’s next

The company plans infill drilling and metallurgical work at Conchas, follow-up on pending permits and the written submissions before the arbitration hearing in mid-2027, while continuing to review other opportunities in clean energy and critical minerals.