OREMAVEN
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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

Funding, performance and ownership

Financials & Capital

As of 2026-06-30
Cash A$62.4M Finite
Debt A$0 Net cash A$62.4M
Basic shares 446.3M 2026-09-26
Runway 32.1 quarters A$62.443m audited cash divided by FY2026 A$7.779m net operating cash outflow times four; simple static runway, excludes construction financing and accelerated litigation.

Liquidity

Financial position

Cash is substantial relative to current burn but below an updated mine financing requirement; shares traded only 2,500 on reference day.

Capital structure

Ownership and dilution

Ordinary shares
446.3M
Fully diluted
451.6M

445,796,715 FY2025 ordinary shares plus 496,428 cashless option exercise shares equals 446,293,143. A$0.65 options expired unexercised; 5.3m A$0.80 options remain. Fully diluted includes those options conservatively with no exercise proceeds.

Security classes2
ClassTypeQuantityStrikeExpiry
Fully paid ASX ordinary sharesOrdinary Share446.3M——
Unquoted A$0.80 options expiring 30 September 2028Option5.3MA$0.82028-09-30

KPI history

Operating metrics

1 periods
Operating metric source table2
MetricProjectPeriodPeriod typeValueStatus
Free Cash FlowCompanyFY2026Year-7,779,000 AUD operating cash flow; no investing cash flow reportedReported
OtherCompanyFY2026Year-8,698,000 AUD net lossReported

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Partial · as of 2026-09-26

FY2026 annual report reconciles principal live terms and the 2023 original release provides COPROMI royalty economics; holder of older Salamanca NSR and fixed service fees remain undisclosed.

Berkeley controls exploitation rights and uranium output but ENUSA retains title to state reserves and a production fee.

Royalty · Active
Counterparties
ENUSA
Applies to
Salamanca Uranium Project · Uranium
Economic direction
Burden
Period
From 2012-07-01; no end date stated
Key terms
Production fee: 2.5 % net sales after marketing and transport
How it affects our valuation

No valuation treatment is available for this arrangement.

Secured net smelter return royalty sold for US$5m in 2016; royalty holder not identified in annual report.

Royalty · Active
Counterparties
Undisclosed royalty holder
Applies to
Salamanca Uranium Project · Uranium
Economic direction
Burden
Period
From 2016-06-01; no end date stated
Key terms
NSR royalty: 0.38 % NSR
How it affects our valuation

No valuation treatment is available for this arrangement.

Reduced and capped legal fees plus contingent success fee on award proceeds.

Other · Active
Counterparties
Specialist legal counsel
Applies to
Salamanca Uranium Project · Uranium
Economic direction
Burden
Period
Dates not stated
Key terms
Success fee: 3 % damages award
Cap: 15 EUR million
How it affects our valuation

No valuation treatment is available for this arrangement.

Permitting adviser has fixed and contingent fees; success amount applies only if construction approvals are granted.

Other · Active
Counterparties
Undisclosed permitting adviser
Applies to
Salamanca Uranium Project · Uranium
Economic direction
Burden
Period
Dates not stated
Key terms
Success fee: 4.5 EUR million
How it affects our valuation

No valuation treatment is available for this arrangement.

FY2026 management incentive program pays 6% of damages proceeds and US$10m on construction licence.

Other · Active
Counterparties
Management incentive participants
Applies to
Salamanca Uranium Project · Uranium
Economic direction
Burden
Period
From 2026-06-30; no end date stated
Key terms
Damages proceeds participation: 6 % gross proceeds
Construction licence payment: 10 USD million
How it affects our valuation

No valuation treatment is available for this arrangement.

COPROMI sold the rights for EUR10,000 upfront plus a 1.5% NSR on future production and permit-specific minimum spend before withdrawal.

Royalty · Active
Counterparties
Consultores De Proyectos Mineros, S.L. (COPROMI)
Applies to
Oliva Critical Minerals Project · La Majada Critical Minerals Project · Tungsten · Others
Economic direction
Burden
Period
From 2023-04-28; no end date stated
Key terms
Upfront consideration: 10,000 EUR
Future production NSR: 1.5 % NSR
Los Bélicos minimum spend: 20,000 EUR
Ampliación Los Bélicos minimum spend: 60,000 EUR
La Majada minimum spend: 20,000 EUR
How it affects our valuation

No valuation treatment is available for this arrangement.

Cooperation agreement supports host municipality projects but no fixed consideration is disclosed.

Strategic Partnership · Active
Counterparties
Municipality of Retortillo
Applies to
Salamanca Uranium Project · Uranium
Economic direction
Mixed
Period
Dates not stated
Key terms
Community initiatives: —
How it affects our valuation

No valuation treatment is available for this arrangement.