We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register to chat with like-minded investors on our interactive forums.
| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Berkeley Energia Limited | LSE:BKY | London | Ordinary Share | AU000000BKY0 | ORD NPV (DI) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.25 | 1.33% | 19.00 | 18.00 | 20.00 | 19.00 | 18.75 | 18.75 | 36,720 | 11:00:07 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Gold Ores | 0 | -1.37M | -0.0031 | -116.13 | 160.49M |
From Apr 2019 to Apr 2024
TIDMBKY
RNS Number : 2914H
Berkeley Energia Limited
31 July 2019
BERKELEY ENERGIA LIMITED
NEWS RELEASE | 31 July 2019
Quarterly Report June 2019
Highlights:
-- Strategy Change:
The Company's primary focus continues to be on progressing the approvals required to commence construction of the Salamanca mine and bring it into production
The Company is now in the process of setting up its head office in Madrid and will ultimately seek to recruit a suitably qualified Spanish National for the Managing Director and CEO role
Following on from the Company's successful listing on the Spanish Stock Exchanges in 2018, these initiatives are aimed at further enhancing the Company's strong engagement with its key stakeholders in Spain
-- Management Changes:
Subsequent to the end of quarter, Mr Paul Atherley resigned as Managing Director and CEO to concentrate on his other investments in the resource sector
Mr Robert Behets, Non-Executive Director, has now assumed the role of Acting Managing Director on an interim basis and will be assisted in Spain by Mr Francisco Bellón, the Company's Chief Operations Officer
-- Exploration:
The Company will continue to advance the recently announced battery and EV metals exploration strategy which includes an initial six-hole drill programme in licence areas indicated to be prospective for the battery and EV metals lithium, cobalt, tin, tungsten and rare earth elements
-- Permitting Update:
The Company continues to await the Express Resolution on the award of the Urbanism Licence from the local municipality
The Company has provided the Nuclear Safety Council with all requested documentation and continues to await their recommendation report, the timing of which remains uncertain
-- Uranium Market:
The uranium price weakened during the quarter due to uncertainty surrounding President Trump's decision on the Section 232 Petition
However subsequent to the quarter, a decision by the President to decline issuing quotas for US domestic uranium production was announced
The decision is expected to contribute to improved market conditions moving forward, as US utilities, in particular, continue their recontracting cycle
For further information please contact:
Hot Features
Premium
Berkeley Energia Limited
Robert Behets, Acting Managing Director +61 8 9322 6322
Sean Wade, Chief Commercial Officer +44 203 903 1930
info@berkeleyenergia.com
Berenberg (Joint Broker) +44 203 207 7800
Matthew Armitt
Detlir Elezi
Tamesis Partners (Joint Broker) +44 203 882 2868
Charles Bendon
Richard Greenfield
Strategy and Management Changes
Subsequent to the quarter, the Company advised shareholders that Mr Paul Atherley had resigned as Managing Director and CEO of the Company to concentrate on his other investments in the resource sector.
Mr Atherley had been Managing Director and CEO of Berkeley Energia since June 2015 and had been instrumental in its growth and development.
The Company's focus continues to be on progressing the approvals required to commence construction of the Salamanca mine and bring it into production, as well as advancing the recently announced battery and EV metals exploration strategy.
The Company will now establish a head office in Madrid and ultimately seek to recruit a suitably qualified Spanish National for the Managing Director and CEO role.
Following on from the Company's successful listing on the Spanish Stock Exchanges in 2018, these initiatives are aimed at further enhancing the Company's strong engagement with its key stakeholders in Spain.
While the recruitment process for a suitable candidate for the Managing Director and CEO position takes place, Mr Robert Behets, Non-Executive Director, has assumed the role of Acting Managing Director and will be assisted in Spain by Mr Francisco Bellón, the Company's Chief Operations Officer.
Drill programme for critical battery and EV metals
During the quarter, the Company announced the commencement of its initial (six hole) drill programme to test for critical battery and EV metals across its large licence holding in Western Spain.
The targets have been generated through detailed exploration for a wide range of minerals over the past two years and further refined by the use of the innovative Ionic Leach programme.
the results from this drill programme will be fed back into the database and more refined targets interpreted which will allow for further analysis of the mineral and metal endowment across the Company's large licence holding in this mineral rich province.
The Company was awarded with three new licenses during the quarter covering an area of 266 km(2) , located 40 km from Retortillo.
Previous geochemical analysis using ionic leach methodology has shown the licence areas to be prospective for the battery and EV metals lithium, cobalt, tin, tungsten and rare earth elements.
In addition to the new licences recently announced, the Company has been awarded a 31 km(2) licence which includes some former lithium and titanium operations and is adjacent to one of the areas being drilled in the current programme.
Permitting Update
The Company has resubmitted its Urbanism Licence application to the local municipality following the resolution of two outstanding items and continues to await the Express Resolution on the award of the licence.
The Company has provided the Nuclear Safety Council with all requested documentation and continues to await their recommendation report, the timing of which remains uncertain.
The Salamanca mine is being developed to the highest international standards and the Company's commitment to the environment remains a priority. It holds certificates in Sustainable Mining and Environmental Excellence which were awarded by AENOR, an independent Spanish government agency. The Company has been re-awarded both certificates following a consultation process with the agency. The Company holds the relevant status for best practices on Health and Safety at the Salamanca mine.
Uranium market
The uranium price weakened during the quarter due to uncertainty surrounding President Trump's decision on the Section 232 Petition.
However subsequent to the end of the quarter, a decision by the President to decline issuing quotas for US domestic uranium production was announced.
The decision is expected to contribute to improved market conditions moving forward, as US utilities, in particular, continue their recontracting cycle.
The Company has 2.75 million pounds of U(3) O(8) under contract for the first six years, with a further 1.25 million pounds of optional volume, at an average price above US$42.
The Company will continue to progressively build its offtake book and has granted the Oman sovereign wealth fund the right to match any future long-term offtake transactions.
Commitment to the community
The Company has invested more than EUR80 million developing the Salamanca mine over the past decade and plans to invest an additional EUR250 million over the life of the project.
The Company has signed Cooperation Agreements with the highly supportive local municipalities, demonstrating its commitment to fostering positive relationships with these communities.
To date, through these agreements, the Company has provided Wifi networks for local villages, built play areas for children, repaired sewage water plants, upgraded sports facilities, and sponsored various sporting events and local festivals.
The Company has worked tirelessly over the past decade to develop positive and mutually beneficial relationships with the local communities and will continue to do so as construction ramps up.
Balance Sheet
The Company is in a strong financial position with A$97 million in cash.
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.
Appendix 1: Summary of Mining Tenements
As at 30 June 2019, the Company had an interest in the following tenements:
Location Tenement Name Percentage Status
Interest
------------- ------------------------- ------------ --------
Spain
Salamanca D.S.R Salamanca 28 100% Granted
(Alameda)
D.S.R Salamanca 29 100% Granted
(Villar)
E.C. Retortillo-Santidad 100% Granted
E.C. Lucero 100% Pending
I.P. Abedules 100% Granted
I.P. Abetos 100% Granted
I.P. Alcornoques 100% Granted
I.P. Alisos 100% Granted
I.P. Bardal 100% Granted
I.P. Barquilla 100% Granted
I.P. Berzosa 100% Granted
I.P. Campillo 100% Granted
I.P. Castaños 100% Granted
2
I.P. Ciervo 100% Granted
I.P. Dehesa 100% Granted
I.P. El Águlia 100% Granted
I.P. El Vaqueril 100% Granted
I.P. Espinera 100% Granted
I.P. Horcajada 100% Granted
I.P. Lis (partial) 100% Granted
I.P. Mailleras 100% Granted
I.P. Mimbre 100% Granted
I.P. Oñoro 100% Granted
I.P. Pedreras 100% Granted
E.P. Herradura 100% Granted
I.P. Conchas Application Pending
I.P. Úrsulas Application Pending
I.P. Lazarillo Application Pending
I.P. Anaya Application Pending
I.P. Dueñas Application Pending
I.P. Dominicos Application Pending
I.P. Rúa Application Pending
Cáceres I.P. Almendro 100% Granted
I.P. Ibor 100% Granted
I.P. Olmos 100% Granted
Badajoz I.P. Don Benito Este 100% Granted
I.P. Don Benito Oeste 100% Granted
------------- ------------------------- ------------ --------
Investigation/Exploration Permits for El Vaqueril, Lis (partial) and Herradura were granted and Investigation Permit Halcón was disposed of during the quarter ended 30 June 2019. Applications for Investigation Permits for Calixto, Melibea, Clerecía and Clavero were denied during the quarter ended 30 June 2019. There were no other changes to beneficial interest in any mining tenements due to farm-in or farm-out agreements. No beneficial interest in farm-in or farm-out agreements were acquired or disposed during the quarter.
+Rule 5.5
Appendix 5B
Mining exploration entity and oil and gas exploration entity quarterly report
Introduced 01/07/96 Origin Appendix 8 Amended 01/07/97, 01/07/98, 30/09/01, 01/06/10, 17/12/10, 01/05/13, 01/09/16
Name of entity
-----------------------------------------------------
Berkeley Energia Limited
ABN Quarter ended ("current quarter")
--------------- ----------------------------------
40 052 468 569 30 June 2019
----------------------------------
Consolidated statement of cash Current quarter Year to date
flows $A'000
(12 months)
$A'000
1. Cash flows from operating
activities
1.1 Receipts from customers - -
1.2 Payments for
(a) exploration & evaluation (1,046) (4,832)
(b) development - -
(c) production - -
(d) staff costs (1,179) (4,675)
(e) administration and corporate
costs (344) (1,181)
1.3 Dividends received (see note - -
3)
1.4 Interest received 1,017 2,677
1.5 Interest and other costs of - -
finance paid
1.6 Income taxes paid - -
1.7 Research and development refunds - -
Other (provide details if
1.8 material):
- Business Development (93) (558)
- London and Spain Listing
Costs - (536)
---------------- ----------------
Net cash from / (used in)
1.9 operating activities (1,645) (9,105)
----- ------------------------------------- ---------------- ----------------
2. Cash flows from investing
activities
2.1 Payments to acquire:
(a) property, plant and equipment (1) (19)
(b) tenements (see item 10) - -
(c) investments - -
(d) other non-current assets - -
2.2 Proceeds from the disposal
of:
(a) property, plant and equipment - 28
(b) tenements (see item 10) - -
(c) investments - -
(d) other non-current assets - -
2.3 Cash flows from loans to - -
other entities
2.4 Dividends received (see note - -
3)
2.5 Other (provide details if
material): - -
---------------- ----------------
Net cash from / (used in)
2.6 investing activities (1) 9
------- ----------------------------------- ---------------- ----------------
3. Cash flows from financing
activities
3.1 Proceeds from issues of shares - -
3.2 Proceeds from issue of convertible - -
notes
3.3 Proceeds from exercise of - -
share options
Transaction costs related
to issues of shares, convertible
3.4 notes or options (2) (27)
3.5 Proceeds from borrowings - -
3.6 Repayment of borrowings - -
3.7 Transaction costs related
to loans and borrowings - -
3.8 Dividends paid - -
3.9 Other (provide details if - -
material)
---------------- ----------------
Net cash from / (used in)
3.10 financing activities (2) (27)
------- ----------------------------------- ---------------- ----------------
4. Net increase / (decrease)
in cash and cash equivalents
for the period
Cash and cash equivalents
4.1 at beginning of period 97,369 100,846
Net cash from / (used in)
operating activities (item
4.2 1.9 above) (1,645) (9,105)
Net cash from / (used in)
investing activities (item
4.3 2.6 above) (1) 9
Net cash from / (used in)
financing activities (item
4.4 3.10 above) (2) (27)
Effect of movement in exchange
4.5 rates on cash held 863 4,861
---------------- ----------------
Cash and cash equivalents
4.6 at end of period 96,584 96,584
------- ----------------------------------- ---------------- ----------------
5. Reconciliation of cash and Current quarter Previous quarter
cash equivalents $A'000 $A'000
at the end of the quarter
(as shown in the consolidated
statement of cash flows) to
the related items in the accounts
5.1 Bank balances 6,952 6,207
5.2 Call deposits 89,632 91,162
5.3 Bank overdrafts - -
5.4 Other (provide details) - -
---------------- -----------------
Cash and cash equivalents
at end of quarter (should
5.5 equal item 4.6 above) 96,584 97,369
---- ----------------------------------- ---------------- -----------------
6. Payments to directors of the entity and Current quarter
their associates $A'000
Aggregate amount of payments to these parties
6.1 included in item 1.2 (204)
----------------
6.2 Aggregate amount of cash flow from loans
to these parties included in item 2.3 -
----------------
6.3 Include below any explanation necessary to understand
the transactions included in items 6.1 and 6.2
----- -----------------------------------------------------------------
Payments include directors' fees, superannuation and consulting
fees.
7. Payments to related entities of the entity Current quarter
and their associates $A'000
7.1 Aggregate amount of payments to these parties -
included in item 1.2
----------------
7.2 Aggregate amount of cash flow from loans
to these parties included in item 2.3 -
----------------
7.3 Include below any explanation necessary to understand
the transactions included in items 7.1 and 7.2
---- ----------------------------------------------------------------
Not applicable.
8. Financing facilities available Total facility Amount drawn
Add notes as necessary for amount at quarter at quarter end
an understanding of the position end $A'000
$A'000
8.1 Loan facilities - -
------------------- ----------------
8.2 Credit standby arrangements - -
------------------- ----------------
8.3 Other (please specify) - -
------------------- ----------------
8.4 Include below a description of each facility above, including
the lender, interest rate and whether it is secured or
unsecured. If any additional facilities have been entered
into or are proposed to be entered into after quarter
end, include details of those facilities as well.
---- -------------------------------------------------------------------------
Not applicable.
9. Estimated cash outflows for next $A'000
quarter
9.1 Exploration and evaluation (1,000)
9.2 Development -
9.3 Production -
9.4 Staff costs (800)
9.5 Administration and corporate costs (200)
9.6 Other (provide details if material) -
--------
9.7 Total estimated cash outflows (2,000)
---- ------------------------------------ --------
10. Changes in tenements Tenement Nature of Interest Interest
(items 2.1(b) reference interest at beginning at end of
and 2.2(b) above) and location of quarter quarter
Interests in Spain
mining tenements I.P. Halcón Direct 100% -
and petroleum I.P. Calixto Application - Disposed
tenements lapsed, I.P. Melibea Application - Disposed
relinquished I.P. Clerecía Application - Disposed
10.1 or reduced I.P. Clavero Application - Disposed
----- --------------------- -------------------- -------------- -------------- -----------
Interests in
mining tenements
and petroleum
tenements acquired
10.2 or increased Spain
I.P. El Vaqueril Direct Application 100%
I.P. Lis
(partial) Direct Application 100%
E.P. Herradura Direct Application 100%
----- --------------------- -------------------- -------------- -------------- -----------
Compliance statement
1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.
2 This statement gives a true and fair view of the matters disclosed.
[lodged electronically without signature]
Sign here: ............................................................ Date: 31 July 2019
(Director/Company secretary)
Print name: Dylan Browne
Notes
1. The quarterly report provides a basis for informing the market how the entity's activities have been financed for the past quarter and the effect on its cash position. An entity that wishes to disclose additional information is encouraged to do so, in a note or notes included in or attached to this report.
2. If this quarterly report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.
3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
MSCCKDDQNBKKPON
(END) Dow Jones Newswires
July 31, 2019 02:03 ET (06:03 GMT)
1 Year Berkeley Energia Chart |
1 Month Berkeley Energia Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
