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2026-11-06
◂ Monitor BKY ASX

Berkeley Energia Limited

DFS Unfunded Developer · Uranium · Lithium · Others · Spain Rating locked: sign in to view v6.2
Last 2026-11-06
A$0.81
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$361.5M
EV
A$299.1M
Cash
A$62.4M
Debt
A$0
1 newer ASX announcement not yet reflected in this valuation

Portfolio detail

Assets

4 assets

Core asset

Salamanca Uranium Project

Spain

DFS Unfunded Developer100% ownedUranium

Permitting denied for critical construction authorization; administrative appeal and ICSID arbitration active. No mine operating.

Project location

Approximate location

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© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Published study economicsIssuer or study metrics
NPVUS$531.9M8% discount
IRR60%Published return
Initial capexUS$95.7MPublished capital estimate
Operating cost13.3USD/lb U3O8 steady-state C1

Historical 2016 post-tax real DFS economics; not a current executable construction budget or forecast.

Resources & reserves3
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceMeasured9.3 Mt597 ppm U3O8Uranium2026-06-30
Mineral ResourceIndicated41.8 Mt516 ppm U3O8Uranium2026-06-30
Mineral ResourceInferred31.5 Mt395 ppm U3O8Uranium2026-06-30
Tenements3
sal-state28Granted— None · No expiry supplied
sal-state29Granted— None · No expiry supplied
sal-retortilloGranted— None · No expiry supplied
Milestones2
  1. Construction authorization re-grant

    At Risk · High materiality

  2. Bifurcated jurisdiction hearing

    Pending · High materiality

Permits & approvals1
PermitJurisdictionStatusExpiryCritical path
Construction authorization NSC IISpain MITECORefused—Yes
Economic studies1
StudyStageStatusDateSummary
Salamanca definitive feasibility studyDFSSuperseded2016-07-142016 economics and 2018 production start are stale; used solely as a conditional reference after heavy discount and permit gating.

Material

Conchas Lithium and Rubidium Project

Spain

Resource Stage100% ownedLithiumOthers

Granted 31 km² Spanish investigation permit; maiden Inferred resource. No reserve, saleable product contract or economic study.

Project location

Approximate location

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© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Resources & reserves1
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceInferred11.8 Mt0.4137% Li2O and 0.2128% Rb2OLithium · Others2026-07-21
Tenements1
conchas-ipGranted31 km2 · No expiry supplied
Milestones2
  1. Infill drilling for resource classification

    Pending · Medium materiality

  2. Second-phase flotation and magnetic test work

    Pending · Medium materiality

Permits & approvals1
PermitJurisdictionStatusExpiryCritical path
Conchas Investigation PermitSpainGranted—No

Material

Oliva Critical Minerals Project

Spain

Early Explorer100% ownedTungstenOthers

Los Bélicos permit granted; extension application under environmental review. COPROMI retains a 1.5% future-production NSR.

Project location

Approximate location

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© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Tenements2
oliva-losGranted— None · No expiry supplied
oliva-extensionApplication— None · No expiry supplied
Milestones1
  1. Ampliación Los Bélicos permit decision

    Pending · Medium materiality

Permits & approvals1
PermitJurisdictionStatusExpiryCritical path
Ampliación de Los Bélicos investigation permitBadajoz, SpainPending—Yes

Material

La Majada Critical Minerals Project

Spain

Early Explorer100% ownedTungstenOthers

Investigation permit application; favourable sectoral reports and rehabilitation-plan consultation reported. COPROMI retains a 1.5% future-production NSR.

Project location

Approximate location

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© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Tenements1
maja-ipApplication— None · No expiry supplied
Milestones1
  1. La Majada permit decision

    Pending · Medium materiality

Permits & approvals1
PermitJurisdictionStatusExpiryCritical path
La Majada investigation permitCiudad Real, SpainPending—Yes