Key highlights

  • Berkeley Energia Ltd (ASX:BKY) shares touched a 52-week high during the 19 October 2026 session and closed at $0.91, up 1.11%.
  • The 30 July 2026 Quarterly Report covers a maiden Inferred resource of 11.8 Mt at 0.41% Li₂O and 0.21% Rb₂O at the Conchas Project in Spain.
  • Cash was A$62.4 million at 30 June 2026, with no debt, and an ICSID arbitration claim of about US$1.25 billion against Spain is under way.

Berkeley Energia Ltd (ASX:BKY) is an ASX, LSE and Spanish-listed company developing the Salamanca uranium project and exploring for lithium, rubidium and other critical minerals in Spain. The shares touched a 52-week high during the Trading session on 19 October 2026 and closed at $0.91, up 1.11%. In a news release dated 30 July 2026, the company published its June 2026 quarterly report, covering the Conchas maiden resource, board changes, the Salamanca arbitration and its cash position.

Conchas lithium and rubidium resource

After the end of the quarter, the company announced a maiden Inferred Mineral Resource Estimate for Conchas of 11.8 million tonnes at 0.41% Li₂O and 0.21% Rb₂O, containing about 49,000 tonnes of Li₂O and about 25,200 tonnes of Rb₂O. The estimate uses a net smelter return cut-off of US$100 per tonne, is constrained by an open pit optimisation shell and was prepared by independent consultant Maja Mining under the 2012 JORC Code. All of it is classified as Inferred.

The Conchas Investigation Permit covers 31 km² in the south-west of Salamanca province near the Portuguese border. Drilling to date comprises five reverse circulation holes (282 metres) in 2022, and 33 reverse circulation holes (1,857 metres) and three diamond holes (230 metres) in 2024. Mineralised leucogranite thicknesses range from 8 to 45 metres, thickening to 70 metres in the north. Preliminary metallurgical testing used flotation and magnetic separation methods.

Other projects and board change

The company has applied for prospecting rights over a 219 km² area called Conchas Portugal, in the District of Guarda. It also has pending investigation permit applications at the Oliva and La Majada projects, which it considers prospective for tungsten, antimony and cobalt. The quarterly report records that the former chief executive of Endesa has been appointed as an independent non-executive director.

Salamanca project and arbitration

The Salamanca project hosts a uranium Mineral Resource of 89.3 million pounds, with more than two thirds in the Measured and Indicated categories, and the company says it has received more than 120 EU and national approvals and favourable reports. In May 2024 it began ICSID arbitration against the Kingdom of Spain, and in February 2026 it filed a Memorial of Claim seeking compensation in the order of US$1.25 billion under the Energy Charter Treaty.

The tribunal has bifurcated the proceedings into a first phase on jurisdictional objections about denial of benefits and a second phase on merits and damages. A hearing on the first phase is scheduled for mid-2027. The company says it remains open to a dialogue with Spanish authorities on the permitting situation. Arbitration-related expenses were A$817,000 in the quarter.

Cash position

Cash at 30 June 2026 was A$62.435 million, with no debt. Net cash used in Operating Activities was A$1.267 million for the quarter, including A$372,000 of exploration and evaluation payments and A$449,000 of interest received. The company reports that there were no mining or production activities.

Sector backdrop

The benchmark index finished the 19 October 2026 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% and Utilities rose 0.38%, though Berkeley’s Spanish projects are uranium, lithium and rubidium exploration Assets rather than listed energy producers. 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%; one unlabelled segment rose 0.11%.

The quarterly report is dated 30 July 2026. It also summarises European nuclear policy developments, including a July 2026 Spanish Nuclear Safety Council approval to extend the Almaraz plant’s operating licence to June 2030, which remains subject to a final ministry decision.

Risks shareholders should weigh

The Conchas estimate is entirely Inferred, which carries the lowest geological confidence, and the company notes that further studies and modifying factors are required before any reserve can be defined. The Salamanca project remains in a permitting dispute, and the arbitration outcome, including the jurisdictional phase scheduled for mid-2027, is uncertain.

Berkeley has no mining or production revenue, and its operating cash outflows are met from existing cash. Pending permit applications in Spain and Portugal are subject to government decisions. Arbitration costs, which reached A$4.98 million over 12 months, continue while the proceedings run.

What’s next

The company plans infill drilling to improve resource classification at Conchas, a second phase of metallurgical testing, follow-up on its Portuguese and Spanish permit applications and the written submissions leading to the mid-2027 arbitration hearing. It says it is also reviewing further opportunities in clean energy and critical minerals, with no agreements reached.