Berkeley Energia LimitedB
Rather than a live, advancing permitting process, the company's principal activity since has been an ICSID (International Centre for Settlement of Investment Disputes, part of the World Bank Group) investor-state arbitration claim against the Kingdom of Spain: a request for arbitration was filed May 2024 initially seeking ~US$1 billion in damages, escalated to a Memorial of Claim seeking ~US$1.25 billion filed Feb 2026 by its subsidiary Berkeley Exploration Limited, with the Tribunal since agreeing to bifurcate proceedings into a jurisdictional-objections phase before reaching the merits. Spain had until Jul 2026 to respond to the memorial. The company remains well-funded to pursue this (A$62 million cash, no debt, as at the Jun 2026 quarter) but is not, in any practical sense, currently developing a mine -- roughly A$1.835 million of a A$2.815 million Mar-2026-quarter operating cash outflow went directly to arbitration costs, versus only A$759,000 on exploration/evaluation.
Notable vs. Peers
- Jurisdiction risk score of 5/10 is meaningfully riskier than the peer average of 7.9/10.
- Financials score of 8.4/10 is stronger than the peer average of 5.7/10.
Lifecycle Milestones
Construction Milestones
0 of 5 reached- Not yet reached
- Not yet reached
- Not yet reached
- Not yet reached
- Not yet reached
Milestones are recorded only from a company's own dated disclosure. A milestone with no date shown is one we can confirm was reached but for which no date was disclosed — we don't estimate one. "Not yet reached" means exactly that, not that a date is missing. An "Expected" line likewise only ever reflects the company's own guidance (e.g. a study or permit decision targeted for a stated quarter) — most not-yet-reached milestones have none, and that absence means no such guidance has been disclosed, not that one is overdue.
Jurisdiction (40%)5/10
The risk is two-layered: Spain/the EU is an excellent baseline sovereign jurisdiction on nearly any general measure (rule of law, property rights, capital markets access), but this specific project has a crystallised, severe, project-level political/regulatory risk that a general-country score would understate -- Spain's Nuclear Safety Council (CSN) delivered an unfavourable technical report in 2021, the energy ministry (MITECO) refused final construction authorisation, and that refusal was reaffirmed on appeal in 2023, despite the project having accumulated over 120 European/national permits beforehand and a completed, bankable-grade 2016 DFS. The company is now pursuing an ICSID investor-state arbitration claim (~US$1.25 billion, filed as a Memorial of Claim Feb 2026, bifurcated into a jurisdictional phase) against the Kingdom of Spain itself -- the single clearest possible signal that ordinary in-country permitting/political-risk channels have already been exhausted and failed for this specific project. Scored well below what Spain/EU's general sovereign quality alone would suggest, specifically because of this project's own, already-realised (not merely hypothetical) regulatory blockage.
Infrastructure (40%)No verified figure
Researched with nothing found: no source we could cite confirms or rules out an existing mill, road access, grid power, or tailings facility at Salamanca Uranium Project (Retortillo, Zona 7, Alameda deposits), Salamanca Province, Spain (checked Sep 30, 2026; recheck due Mar 29, 2027). Counts at a neutral 5/10 until one does.
Nearby producing mine (20%)Not yet researched
No project coordinates on file yet, so distance to a producing mine can't be measured.
Acquisition Susceptibility
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.
How this score is built
- Disclosed pending dealSub-score: Not scored
No pending acquisition or merger disclosed (checked)
Not scored: having no deal in flight isn't held against a company.
Weight 26.25% - Producer's strategic stakeSub-score: Not yet researched
Holder register not researched yet
Not scored: most juniors that do get bought had no prior toehold, so a missing stake says little either way.
Weight 25% - Distance to a producing mineSub-score: Not yet researched
Distance not yet researched: no project coordinates on file
Distance can't be measured without coordinates, so excluded rather than counted as far.
Weight 22.5% - Lifecycle stageSub-score:10/10
Stage: Permitting
Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.
Weight 15% · 57% here - JurisdictionSub-score:5/10
Spain: jurisdiction score 5/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 26% here - CommoditySub-score:4/10
Primary commodity: Uranium
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 17% here
Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.
Your Rankings
Management Team
Acting Managing Director of Berkeley Energia Limited and a non-executive director of Apollo Minerals Limited and Constellation Resources Limited. Geologist with 30+ years in international mining; former MD of Mantra Resources and Papillon Resources; Fellow of the Australian Institute of Mining and Metallurgy.
Chairman of GreenX Metals Limited; also Chairman of Berkeley Energia Limited and Apollo Minerals Limited and Non-Executive Chairman of Constellation Resources Limited. Chartered Accountant with a Bachelor of Commerce degree. Worked for a large international chartered-accounting firm before joining the Normandy Mining Group, where he was a senior group executive for approximately 10 years. Currently a director of multiple publicly listed resources companies.
Mining engineer with 25+ years of experience; safety and occupational-health specialist; involved in construction and commissioning of multiple mines across Spain, South America, and Mauritania.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
No smart-money tracking (institutional/large-investor activity) for this miner yet — this is a planned feature, not live data.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
Berkeley Energia's sole material asset is the 100%-owned Salamanca uranium project in western Spain, where a definitive feasibility study was completed in July 2016 but construction has been blocked: Spain's Nuclear Safety Council issued an unfavourable report in 2021 and the energy ministry refused the final construction authorisation, a refusal reaffirmed on appeal in 2023. Measured and indicated resources at the Retortillo, Zona 7 and Alameda deposits contain 59,800,000 lb of U3O8 (12,300,000 lb measured and 47,500,000 lb indicated), plus 29,600,000 lb inferred, unchanged since that study. The 2016 study showed an NPV8% of US$531.9M and a 60% IRR at a long-term uranium price of US$65/lb, with initial capital of US$96M and a 14-year mine life. The company's main activity is now an ICSID investment-treaty claim against Spain, filed in May 2024, in which its Memorial of Claim of February 2026 seeks about US$1.25B and the tribunal is hearing Spain's jurisdictional objections first. In July 2026 it also reported a maiden inferred resource of 11.8 Mt at 0.41% Li2O and 0.21% Rb2O at its Conchas lithium-rubidium project in Spain.