33 Drill Holes at Conchas Yield Up to 0.95% Li2O; $1B ICSID Claim Filed

Exploration Breakthrough at Conchas Project

Berkeley Energia Limited has reported encouraging results from its recent reverse circulation and diamond drilling campaign at the Conchas Project in western Spain. The program, comprising 33 holes totaling 1,857 metres, intersected thick zones of lithium and rubidium mineralisation hosted within muscovitic leucogranite. Notable intercepts include 14 metres grading 0.95% Li2O and 0.39% Rb2O from 40 metres depth, and 61 metres at 0.50% Li2O and 0.21% Rb2O from surface.

The mineralised leucogranite unit extends over an area approximately 1.2 by 2 kilometres and varies in thickness up to 170 metres. The drilling confirmed the continuity and homogeneity of the lithium-rubidium mineralisation, with a strong positive correlation between lithium and rubidium grades. This bodes well for the potential economic extraction of these critical minerals, which are increasingly vital for advanced technologies and renewable energy sectors.

Advancing Metallurgical Testing and Geological Modelling

Samples from three diamond drill holes have been sent to specialist laboratories in Spain and the UK for preliminary metallurgical test work. These tests aim to assess the recovery potential of lithium, rubidium, and associated elements through various processing techniques including gravity separation and flotation. Results are anticipated in the June quarter of 2025.

Concurrently, Berkeley is undertaking 3D geological modelling to refine the understanding of mineralisation volumes, grade distribution, and cut-off parameters. These efforts are critical steps toward defining a viable resource and advancing the project toward development.

International Arbitration Against Spain

In a significant legal development, Berkeley’s wholly owned subsidiary, Berkeley Minera España SA, has initiated international arbitration proceedings against the Kingdom of Spain at the International Centre for Settlement of Investment Disputes (ICSID). The claim alleges that Spain’s actions have violated provisions of the Energy Charter Treaty, particularly concerning the Salamanca uranium project, and seeks compensation of US$1 billion.

The arbitration tribunal was formally constituted in early 2025, with the first session scheduled for May. Despite the dispute, Berkeley remains open to constructive dialogue with Spanish authorities to resolve permitting issues amicably and advance the Salamanca Project.

Shifting Spanish Nuclear Policy Landscape

Amid Berkeley’s legal and exploration activities, Spain’s nuclear power industry is experiencing notable policy shifts. The Spanish Congress approved a non-binding proposal urging the government to reverse the nuclear phase-out scheduled between 2027 and 2035. The right-wing People’s Party has introduced legislation to extend the operational life of existing nuclear reactors, with government feedback expected by late May 2025.

Public demonstrations supporting continued nuclear power operation, such as the 7,000-strong protest at the Almaraz plant, underscore societal divisions on energy policy. Additionally, one nuclear operator has received ministerial approval to extend the Trillo plant’s operating permit to 2034, signaling regulatory openness to prolonging nuclear energy’s role in Spain’s energy mix.

Financial Position and Outlook

Berkeley Energia maintains a robust financial position with A$78 million in cash reserves and no debt, providing a solid foundation to fund ongoing exploration, metallurgical testing, and legal proceedings. The company continues to advance its critical minerals exploration portfolio in Spain, including the Oliva and La Majada Projects, while progressing the Salamanca uranium project amid regulatory challenges.

Berkeley’s commitment to environmental sustainability is also evident, with carbon neutrality certificates awarded for 2020 through 2022 and active reforestation initiatives in project areas to offset CO2 emissions.