Berkeley Energia Limited (BKY.L) Update on Spanish Regulatory Regime

Berkeley Energia Limited (“Berkeley” or the “Company”) notes that following a meeting of the full Parliament in Spain (“Parliament”), the Parliament has approved an amendment to the draft climate change and energy transition bill relating to the investigation and exploitation of radioactive minerals (e.g. uranium).

The Parliament reviewed and approved the amendment (“Article 10”), the text of which remained unchanged from the modified amendment proposed by the Ecological Transition Ponencia (“Ponencia”) in February 2021 (see ASX announcement dated 25 February 2021) and subsequently approved by the Commission of Ecological Transition of the Parliament (“Commission”) and the Spanish Senate.

As previously reported by the Company, under this amendment:

· New applications for exploration, investigation or direct exploitation concessions for radioactive materials, nor their extensions, would not be accepted as of the entry into force of this law.

· Existing concessions, and open proceedings and applications related to these, would continue as per normal based on the current legislation.

Article 10 establishes that “As of the entry into force of this law, no new applications will be accepted for the granting of exploration permits, investigation permits or direct exploitation concessions, nor their extensions, regulated under Law 22/1973, of July 21, on mines of radioactive minerals, as defined in Law 25/1964, of April 29, on nuclear energy, when such resources are extracted for their radioactive, fissile or fertile properties. In addition, applications for the authorisation of new radioactive facilities of the nuclear fuel cycle for the processing of radioactive minerals, as defined in the Regulation on nuclear and radioactive facilities, will no longer be accepted.” Importantly, existing rights for exploration, investigation and exploitation concessions would remain in force during their validity period. Existing proceedings underway would also continue under the legal framework set up by the current regulations.

With the final approval of the Parliament, the review process associated with proposed amendments to the draft climate change and energy transition bill has now been completed, and the new law enters into force the day after its publication in the Official Spanish State Gazette.

The Company currently holds legal, valid and consolidated rights for the investigation and exploitation of its mining projects, including a valid 30-year mining licence for the Salamanca mine. With more than 120 previously granted permits and favourable reports by the relevant authorities at the local, regional, federal and European Union levels, the Authorisation for Construction for the uranium concentrate plant as a radioactive facility (“NSC II”) is the only pending approval required for Berkeley to commence full construction of the Salamanca mine.

The Company is continuing to engage with the relevant authorities to advance the approvals process for the Salamanca mine and will keep the market fully informed of any developments.

For further information please contact:

Robert Behets Francisco Bellón

Acting Managing Director Chief Operations Officer

+61 8 9322 6322 +34 91 555 1380

info@berkeleyenergia.com


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