Ber Berkeley Energia Limited continued to advance its ongoing exploration initiative targeting critical minerals in Spain at its Conchas project (Conchas or the project). Conchas hosts shallow, thick zones of lithium ("Li") and rubidium ("Rb") mineralisation, with accessory tin ("Sn"), caesium ("Cs"), beryllium ("Be"), niobium ("Nb") and tantalum ("Ta") within a muscovitic leucogranite unit. SLR Consulting Ltd. undertook metallurgical testing on representative samples from three diamond core holes during the quarter.
The preliminary metallurgical test work program, designed to assess the potential recovery of Li, Rb, and the other elements of economic interest, comprised head sample characterisation, mineralogical analysis, gravity, flotation and magnetic test work. Flotation test work results demonstrated that very good recoveries of Li (78% overall recovery) and Rb (63% overall recovery) can be achieved at acceptable grades for -150um grind size material. Magnetic separation testing on -300um +150um material showed 77% of the Li and 58% of the Rb (stage recoveries) reporting to the magnetic product.
This result may present an opportunity for magnetic separation processing of the coarser fraction followed by flotation of the finer material. Next steps include 3D modelling of the drilling data to refine the geological interpretation of the Li and Rb mineralisation as a precursor to resource estimation, and a second phase of metallurgical test work to optimise the flotation and magnetic separation processes. Rb is a critical raw material for advanced technology and industrial applications used in key sectors including defence and military, aerospace, communications, medical and renewable energy.
The U.S. and Japan have both classified Rb as a Critical Mineral due to its strategic importance and growing demand in high-tech applications. In May 2024, Berkeley advised that its wholly owned subsidiary, Berkeley Exploration Limited ("BEL"), had filed a Request for Arbitration (" Request") for its investments in Spain through its Spanish subsidiary, Berkeley Minera Espana SA ("BME"), initiating arbitration proceedings against the Kingdom of Spain (" Spain") before the International Centre for Settlement of Investment Disputes ("ICSID"). BEL alleges that Spain's actions against BME and the Salamanca project ("Salanca Project") have violations multiple provisions of the Energy Charter Treaty ("ECT"), and that BEL is seeking preliminary compensation in the order of USD 1 billion for these violations.
The timetable and arbitration rules have been established by the Tribunal, with the Company's Statement of Claim due to be filed in the coming weeks. Notwithstanding the investment dispute, BEL remains committed to the Salamanca Project and continues to be open to a constructive dialogue with Spain. BEL is ready and open to collaborate with the relevant Spanish authorities to find an amicable resolution to the permitting situation and remains hopeful discussions can take place in the near term.
Spanish Nuclear Power Industry: Almaraz Nuclear Power Industry:Almaraz Nuclear Power Plant Closure: Iberdrola, ENDESA and Naturgy, the owners of the Almaraz nuclear power plant in Extremadura, submitted a formal request in October 2025 to the Ministry for Ecological Transition and Demographic Challenge (" MITECO") to extend the operational life of the Extremadura facility beyond 2027 to June 2030. The formal request is the first necessary step for the continuity of the facility's operation beyond the planned closure dates to be studied. Subsequent to the request, MITECO asked the Spanish Nuclear Safety Council ("NSC") to issue a preceptive report regarding the modification of the operating license of the Almaraz nuclearpower plant.
The Plenary Session of the NSC has agreed to issue a Supplementary Technical Instruction to the operator of the Almaraz nuclear Power plant as part of the process related to the application for a modification of the plant's operating licence, which was submitted in November. The purpose of this instruction is to require the operator of Almaraz to submit additional documentation to carry out the necessary assessments and issue the corresponding mandatory report. The requested information must be submitted to the regulator as soon as soon as soon as soon As soon as possible and no later than February 2026.
