Berkeley Energia Limited Berkeley establishes Spanish Advisory Committee (7636F)

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RNS Number : 7636F

Berkeley Energia Limited

09 November 2022

BERKELEY ENERGIA LIMITED

NEWS RELEASE | 9 November 2022

Berkeley establishes Spanish Advisory Committee

Berkeley Energia Limited ("Berkeley" or "Company") is pleased to announce that it has established an Advisory Committee to the Board of the Company's wholly owned Spanish subsidiary, Berkeley Minera España S.L.U. ("BME"), which holds the Salamanca Project ("Salamanca" or "Project").

The Advisory Committee is comprised of Miguel Riaño, Rafael Miranda and Jaime García-Legaz, all prominent, highly experienced, and well-regarded Spanish businessmen with extensive networks.

The Advisory Committee will substantially strengthen Berkeley's position in Spain, with the committee members' collective corporate, commercial and operating expertise plus extensive business and government networks greatly assisting the Company as it continues to focus on resolving the current permitting situation, and ultimately advancing the Salamanca Project towards production.

Details of the Advisory Committee members are as follows:

Rafael Miranda is a Spanish businessman and former Chief Executive Officer of Endesa SA, one of Spain's largest electric companies and nuclear power plant operators. He is credited for expanding Endesa's footprint into Latin America and positioning the company as an industry leader after Spain's liberalisation of the electric market. More recently, he was Chairman of ACERINOX, the Spanish giant steel manufacturing conglomerate and remains a member of the Board of Directors of Brookfield Asset Management, one of the world's largest investment funds, as well as a Board Member of other Spanish companies and Institutions. He is also Honorary Chairman of Eurelectric, the European Electricity Association, and of APD (Spanish Management Association).

Jaime García-Legaz is a Spanish economist, businessman, executive and academic. He is an experienced Executive Chairman, Chief Executive Officer and Company Director with a 28-year career in finance, airport management, IT, insurance, retail and Government. He is a former Chairman and Chief Executive Officer at AENA, an IBEX 35 (Spanish stock exchange index) company that manages airports in Spain and Europe. AENA is 51% Spanish State owned. He was Secretary of Commerce and Trade in the Government of Spain from 2011 to 2016 and represented Spain on the EU Council of Trade Ministers and the G20 Council of Ministers.

Miguel Riaño is the Managing Partner of Herbert Smith Freehills ("HSF") in Spain, specialising in energy, infrastructure, natural resources, environment and public law matters. He is a highly respected business leader in Spain with more than 20 years' experience advising major corporations, global investment banks, equity sponsors and public entities in domestic and cross-border transactions.

In addition to his involvement in the Advisory Committee, Miguel Riaño will also be appointed as BME's Company Secretary.

For further information please contact:

   Robert Behets                          Franciso Bellón 
   Acting Managing Director          Executive Director 
   [phone]                        [phone] 

[e-mail]

Salamanca Project Summary

The Salamanca Project is being developed in an historic uranium mining area in Western Spain about three hours west of Madrid.

The Project hosts a Mineral Resource of 89.3Mlb uranium, with more than two thirds in the Measured and Indicated category. In 2016, Berkeley published the results of a robust Definitive Feasibility Study ("DFS") for Salamanca confirming that the Project may be one of the world's lowest cost producers, capable of generating strong after-tax cash flows.

To date the Company has received more than 120 previous permits and favourable reports which have been granted by the relevant authorities at the local, regional, federal and European Union levels in relation to Salamanca, among which nine have been from the Nuclear Safety Council ("NSC").

In 2021, the Company received formal notification from Ministry for Ecological Transition and the Demographic Challenge ("MITECO") that it had rejected the Authorisation for Construction for the uranium plant as a radioactive facility ("NSC II") application at Salamanca. This decision followed the unfavourable NSC II report issued by the NSC in July 2021.

The Company continues to strongly defend its position in relation to the adverse resolution by MITECO and has submitted an administrative appeal against the decision under Spanish law.

In Berkeley's strong opinion, MITECO has rejected the Company's NSC II application without following a legally established procedure and the Company believes that MITECO has infringed regulations on administrative procedures in Spain, as well as Berkeley's right of defence, which would imply that the decision on the rejection of the Company's NSC II application is not legal.

NSC II is the only key approval required to commence full construction of the Salamanca mine.

The Salamanca mine is being developed to the highest international standards and the Company's commitment to health, safety and the environment is a priority. Berkeley holds certificates in Sustainable Mining (UNE 22470-80) and Environmental Management (ISO 14001) which were awarded by AENOR, an independent Spanish government agency.

These management systems ensure that Company procedures are compliant with current regulations, ensure that the environment is protected, the project is sustainable, and that all activities are carried out with respect for and in collaboration with the local communities.

Berkeley's efforts in the key area of Sustainable Mining have been independently recognised with it being selected as the winner of the Outstanding Contribution to Sustainable Mining - Europe category in the 2020 Capital Finance International Sustainability Awards.

The Company is in a strong financial position with A$83 million in cash reserves and no debt (30 September 2022).

Forward Looking Statements

Statements regarding plans with respect to Berkeley's mineral properties are forward-looking statements. There can be no assurance that Berkeley's plans for development of its mineral properties will proceed as currently expected. There can also be no assurance that Berkeley will be able to confirm the presence of additional mineral deposits, that any mineralisation will prove to be economic or that a mine will successfully be developed on any of Berkeley mineral properties. These forward-looking statements are based on Berkeley's expectations and beliefs concerning future events. Forward looking statements are necessarily subject to risks, uncertainties and other factors, many of which are outside the control of Berkeley, which could cause actual results to differ materially from such statements. Berkeley makes no undertaking to subsequently update or revise the forward-looking statements made in this announcement, to reflect the circumstances or events after the date of that announcement.

Competent Persons Statement

The information in this report that relates to the Mineral Resource Estimate is extracted from the announcement entitled 'Annual Report 2022' dated 31 August 2022, which is available to view on Berkeley's website at www.berkeleyenergia.com. Berkeley confirms that: a) it is not aware of any new information or data that materially affects the information included in the original announcement; b) all material assumptions and technical parameters underpinning the Mineral Resource Estimate in the original announcement continue to apply and have not materially changed; and c) the form and context in which the relevant Competent Persons' findings are presented in this announcement have not been materially modified from the original announcement.

The information in this report that relates to Exploration Results is extracted from the announcement entitled 'Quarterly Report June 2022' dated 29 July 2022, which is available to view on Berkeley's website at www.berkeleyenergia.com. Berkeley confirms that: a) it is not aware of any new information or data that materially affects the information included in the original announcement; b) all material assumptions and technical parameters underpinning the Exploration Results in the original announcement continue to apply and have not materially changed; and c) the form and context in which the relevant Competent Persons' findings are presented in this announcement have not been materially modified from the original announcement.

Appendix 1: Mineral Resource at Salamanca

 
  Deposit                     Resource      Tonnes    U(3) O(8)    U(3) O(8) 
                              Category 
   Name                                      (Mt)       (ppm)        (Mlbs) 
--------------------------  ------------  --------  -----------  ----------- 
 Retortillo                  Measured        4.1        498          4.5 
  Indicated                                 11.3        395          9.8 
  Inferred                                   0.2        368          0.2 
 ---------------------------------------  --------  -----------  ----------- 
  Total                                     15.6        422          14.5 
 ---------------------------------------  --------  -----------  ----------- 
  Zona 7                     Measured        5.2        674          7.8 
                              Indicated      10.5        761         17.6 
  Inferred                                   6.0        364          4.8 
 ---------------------------------------  --------  -----------  ----------- 
  Total                                     21.7        631          30.2 
 ---------------------------------------  --------  -----------  ----------- 
 Alameda                     Indicated      20.0        455          20.1 
  Inferred                                   0.7        657          1.0 
 ---------------------------------------  --------  -----------  ----------- 

  Total                                     20.7        462          21.1 
 ---------------------------------------  --------  -----------  ----------- 
 Las Carbas                  Inferred        0.6        443          0.6 
 Cristina                    Inferred        0.8        460          0.8 
 Caridad                     Inferred        0.4        382          0.4 
 Villares                    Inferred        0.7        672          1.1 
 Villares North              Inferred        0.3        388          0.2 
--------------------------  ------------  --------  -----------  ----------- 
 Total Retortillo 
  Satellites                 Total           2.8        492          3.0 
--------------------------  ------------  --------  -----------  ----------- 
 Villar                      Inferred        5.0        446          4.9 
 Alameda Nth Zone 2          Inferred        1.2        472          1.3 
 Alameda Nth Zone 19         Inferred        1.1        492          1.2 
 Alameda Nth Zone 21         Inferred        1.8        531          2.1 
--------------------------  ------------  --------  -----------  ----------- 
 Total Alameda Satellites    Total           9.1        472          9.5 
--------------------------  ------------  --------  -----------  ----------- 
 Gambuta                     Inferred       12.7        394          11.1 
--------------------------  ------------  --------  -----------  ----------- 
 Salamanca Project 
  Total                      Measured        9.3        597          12.3 
  Indicated                                 41.8        516          47.5 
  Inferred                                  31.5        395          29.6 
 ---------------------------------------  --------  -----------  ----------- 
  Total (*)                                 82.6        514          89.3 
 =======================================  ========  ===========  =========== 
 

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November 09, 2022 02:00 ET (07:00 GMT)