Berkeley Eng Share Chat (BKY)

Zenith are also proposing a uranium mine in Italy . We might just miss the opportunity if this keeps on.

Hopefully BKY are busy lobbying.

Ursula (and the majority in the EC) will no doubt fully understand Salamanca's importance. As will loads within the Spanish government, although they've hamstrung themselves by going antinuke eg to keep some minority coalition partners sweet, and hence the government together.

Interestingly, Teresa Ribera (formerly this Spanish government's Ecological Transition minister who supported the antinuke stance) is now VP of the EC Transition under von der Leyen 2!

Strategic autonomy isn’t a slogan—it’s policy.

When Ursula von der Leyen calls imported energy a “choke hold,” the direction is obvious: Europe must back what it already has.

So here’s the disconnect.

Right in Spain sits the Salamanca Project (BKY.LSE)—a ready-made, domestic uranium supply aligned with nuclear stability, electrification, and genuine energy sovereignty.

And yet… still stalled.

At the same time, Brussels is pushing resilience, diversification, and avoiding premature nuclear shutdowns.

You can’t have strategic autonomy while blocking your own supply.

Frankly, someone needs to make sure Ursula fully understands what Salamanca represents.

Because this isn’t just another project—it’s exactly the kind of asset Europe says it needs.

Interesting. EC thumb screws working? It would take 10,000V and electrodes on the cojones to move Spain, but you never know. They might even think about securing domestic fuel supply too...

This from the quarterlies:

With Spain still scheduled to begin reactor closures at Almaraz from 2027 under the current phase-out plan, debate over the future role of nuclear power intensified after the Iberian blackout in April 2025 that plunged much of Spain and Portugal into darkness and exposed vulnerabilities in the Iberian has intensified. Following the Iberian blackout, industry representatives highlighted nuclear energy's contribution to system inertia and grid stability.

o Adding to the debate, the European Commission has urged member states, including Spain, to avoid the premature closure of nuclear power plants that can still produce reliable, cheap, and low-emission electricity. This comes within the framework of the new AccelerateEU energy plan, communicated in April 2026, through which Brussels aims to strengthen security of supply and reduce dependence on imported fossil fuels amidst international instability in energy markets.

Belgium plans to nationalize all the country's nuclear power reactors, and says that plans to decommission the plants are now "halted with immediate effect."

https://x.com/JavierBlas/status/2049832055844778116?s=20

21.25...0.25 (1.19%) ..Bid: 20.50...Ask: 22.00...Spread: 1.50 (7.317%)

Dropped back to year low , since last look .

Https://hotcopper.com.au/threads/ann-filing-of-us-1-25-billion-statement-of-claim.9008044/

Wow, good luck with this!

Not suggesting for one moment that achieving anything like the value of the settlement is possible, but good to see the fight against the Spanish government is still tenacious and determined.

AI on "who will win the next Spanish election":

The next Spanish general election is scheduled to take place by July 2027. While it is too early to determine a winner with certainty, current 2026 polling and political trends indicate a strong lead for the right-wing opposition.

Current Polling Trends (January 2026)

As of early 2026, the conservative People’s Party (PP), led by Alberto Núñez Feijóo, consistently leads in national polls.

People's Party (PP): Polls show them leading with approximately 29%–34% of the vote.

Spanish Socialist Workers' Party (PSOE): The incumbent party, led by Prime Minister Pedro Sánchez, currently polls between 26% and 28%.

Vox: The far-right party is polling around 17%–18% and has shown steady growth.

Sumar: The junior partner in the current coalition has seen its support decline to approximately 6%–7%.

Potential Outcomes

The most likely scenario based on current data is a shift in power to a right-wing coalition, though a parliamentary majority remains contested:

Right-Wing Victory: A combined coalition of the PP and Vox is widely expected to be the most viable path to a government if they secure a combined majority of 176 seats.

Incumbent Challenges: The current PSOE-led government is facing headwinds from corruption scandals, sexual harassment allegations within the party, and recent significant losses in regional elections, such as in Extremadura in December 2025.

Sánchez’s Re-election Bid: Despite trailing in polls, Prime Minister Pedro Sánchez confirmed in January 2026 that he intends to run for re-election in 2027.

Looks interesting - I can see alot of large trades for the past week buy and sell side. Do you think a large transfer of share to another institution? or something else?

>1% of the company in one trade?

Buy a ticket IMO ............

What are your thoughts on the large trades bonker?

Million Pound trades @ 20p - makes you wonder ...

I C U monster trades.

Https://icsid.worldbank.org/cases/case-database/case-detail?CaseNo=ARB/24/22

We'll see what the tribunal orders, but this looks like Spain adopting delaying tactics by raising jurisdiction issues. Predictable.

This is going to get interesting!

Re arbitration timing:

"Spain has until July 2026 to respond to the Memorial of Claim (or until October 2026 to submit a Memorial on Jurisdiction, if the ICSID tribunal orders that issues of jurisdiction be heard and determined before issues of liability and damages)."

Re arbitration cost:

"Arbitration related expenses of $2,494,000 [in the half year to 31 December 2025] relating to the ongoing arbitration proceedings against Spain;"

😨

Nice. Is the $1.25bn a revised figure for the previously stated figure being sought of "preliminary compensation in the order of $1bn"? Or is it a wider or comprehensive claim figure?

Https://icsid.worldbank.org/cases/case-database/case-detail?CaseNo=ARB/24/22

Other than the very basic info available on the icsid website, I can't find any info or detail on the arbitration process. Anyone else?

The arbiters themselves look fine to me, good experience, including with other London listed natural resource company arbitrations like RKH and AST. The GOS and BKY appointees are senior lawyers/barristers, who are presumably well versed in the relevant treaty, law, processes and frameworks underlying this essentially legal dispute.

I emailed BKY for some more info, eg timeframes and what the procedural orders issued actually say and links, but as per usual I got no response. Maybe they've been reading my posts, and made the investor relations guy part time or redundant to preserve cash!

I'm holding, but it's burning a bit of a hole, having been in this share well over 10 years now.

A change of government at the next election could really shake this up.

Paul, my guess is that we'll get a decent award ("win"), but that enforcement of it will be difficult at best. It would be easier getting blood out of a stone. Imagine BKY trying to enforce it by impounding Spanish government assets, a nightmare. The best outcome might be a decent award a future nuclear-friendly government could point to as part of any decision/reasoning it makes to permit the mine.

We won’t win this case, the arbiters are not fit for purpose !

Icsid's issued its procedural order no. 2 in the arbitration re confidentiality and transparency.

Moving forwards slowly.

Hopefully BKY are at least trying still with the government, despite its obstinate stupidity. The background couldn't be more favourable. Improving attitudes towards nuclear, growing demand for clean energy, limited sources of new uranium coming on stream at a time when demand is increasing. Almost 90% of uranium consumption is in countries with little-to-no primary production. Delaying this mine makes no sense whatsoever.

I wouldn't want to accuse anyone at BKY of doing unnecessary work to justify their salary or existence. It's just that sometimes the best thing to do is limit what you do to the job in hand, and thereby preserve cash. We already know more funds will be needed to build the mine when permitting eventually comes. The less money spent now, the less we'll need to find at that time.

The work that does need doing atm is (1) strongarming and shaming government to comply with the law and permit the mine, and (2) simultaneously getting the lawyers to present a slam dunk case to the arbitration panel asap (and by the deadline in early 2026). There's only so much BKY can do influencing or engaging with the government outside the arbitration process though (given that it's an unchanging and predetermined "no" from them basically!). And as the arbitration case preparation is largely legal process work requiring limited input from BKY now, this may well leave some BKY staff twiddling their thumbs, or with reduced hours. But that might be for the best.

I was interested to see if any other shareholders were enthusiastic about BKY rooting around for rubidium ++ over there by the Portuguese border, or whether, like Paul says, the situation is beyond bizarre!

The situation is beyond bizarre!

Any thoughts on the rns?

I get that critical minerals are important, and the limited global production of Rb etc. Exploration might be a good side hustle, or plan B if the uranium mine doesn't get permitted anytime soon (say if the socialists win again at the next general election). Or if the arbitration and award enforcement gets protracted.

But are they exploring just to fill the time and give themselves and the employees something to do? CM exploration's costly and quite a departure from delivering our shovel ready uranium project. Tbh I'd rather see cash preserved and the focus on getting the mine permitted (btw what's happening with the high profile lobby group pushing for this in government circles?) and progressing the arbitration. Like I suspect many shareholders are, I'm only really here for the uranium.

Net cash outflow in YE June '25 was $4.6m. That's a not inconsiderable sum, and the lawyers working on the arbitration as it progresses won't come cheap. Added to an exploration programme it's quite a burn.

Https://www.zerohedge.com/energy/nuclear-key-powering-data-center-boom

Cheap Abundant electricity = Nuclear Power

UK and US line up string of deals to build modular nuclear reactors in Britain

https://www.theguardian.com/business/2025/sep/15/uk-and-us-line-up-string-of-deals-to-build-modular-nuclear-reactors-in-britain?CMP=share_btn_url

Going back to nuclear a big boost for the UK but right at the end it mentions the reliance on Russia for fuel supplies. If the UK goes all in on SMRs the EU will not be far behind.

Https://www.barrons.com/news/sweden-seeks-to-lift-ban-on-uranium-mining-in-nuclear-energy-push-c2d1cbb2

Looks like fellow EU member Sweden will lift their U mining ban next year. (The current right-wing government is seeking to overturn the previous left-wing government's approach to nuclear.)

Might something similar happen in Spain (leading to permitting Salamanca, and more) if PP lead the next government? Or sooner if the current government see the light?

Also the arbitration's a good plan B.

The important bits imo are:

1 Statement of Claim in the arbitration timetabled to be submitted early 2026.

2 strong and increasing political pressure to reverse the ill conceived phase out of nuclear.

Prospects for this share are improving imo, glacial pace still atm, but that could change for the better.

Yes and their EU neighbour France enrich the stuff and are Nuclear Energy specialists.

The logic of it all seems pretty simple, cheap abundant energy to help Spain flourish. Their geopolitical location to trade with the world is unique, they could manufacture and sell to the world.

Instead Ribera wants to return them to a controlled agrarian economy. She is Spain's modern day version of Marie Antoinette! Let them eat lithium and solar panels!

"Spanish Prime Minister, Pedro Sánchez, was quoted as stating that "Spain does not have uranium and it will have to be imported" during a Parliamentary session held in May 2025. The comments were made during a debate in the Spanish Parliament following the fallout from the catastrophic blackout that affected most of Spain and Portugal and lasted 9-10 hours in many regions of the countries. The Minister for Ministry for Ecological Transition and Demographic Challenge (MITECO), in response to questions from PP in a subsequent Senate plenary session, clarified the Prime Minister's words and specified that there is natural uranium in Spain, but not enriched uranium."

Spain still bent as a nine bob note. Brown envelopes and recordings of brothel creeping senior socialist officials comparing the relative merits of their favourite hook ers at the moment. Clegg's missis stepping in to clean it all up according to today's papers.

Just put it back in your trousers and permit this effing mine.

It’s getting very perilous in Spain right now,

If this socialist shower and Teresa Ribena get re elected the fix is in!

The run in to the next election will be interesting. If there's a good prospect of a PP led government, who'd likely permit the mine, that could re-rate BKY nicely. Even better if the current government changes tack.

For me this political backdrop is perhaps the more likely SP dial shifter near term.

I wouldn't expect an Arbitration decision (or indication of likely outcome) before the election. And as for enforcement/settlement of any compensation award, add more time and cost. That said I agree about strength of case and the decision getting ever closer. Like the idea of a steady re-rate from here on the back of that.

Worth noting in the permitting scenario there would likely be a raise as part of the top up funding BKY say is required to build and bring the mine to production. But the SP then would be multiples of today's, so a good position to be in. This was around 65p when nuclear was out of favour with rock bottom uranium prices and fewer supply issues.

As a relatively new shareholder here, it's what I would call a special situation stock, and one that appears to be well under the radar at the moment, even of those that look for these opportunities. There are a number of things going for it in my opinion and I expect a slow but decent re-rate over the next few years:

1. Various EU countries are opening up to the idea of nuclear, so that may have had some impact on the recent share price in terms of general sentiment, and in anticipation that there could be a deal to be done under this government or minimally the next one. The recent blackouts are going to cause a re-think across the board and all options will be being reviewed. However I don't think there is much value attributed to this happening personally.

2. Cash makes up a substantial portion (approx. 32%) of the current market cap. Cash burn is minimal offering many, many years of runway. This offers a huge safety blanket with no risk of a raise and subsequent dilution which is often the major concern with these type of situations.

3. There is a very strong arbitration case of effective expropriation. Over time as the arbitration progresses through the milestones, I would expect a steady re-rate. The next one being the statement of claim/memorial which could come relatively soon. The cash adjusted market cap in relation to the arbitration claim amount is on the higher side compared to peer group at the same stage, but none of those have the cash and therefore stability that Berkely do, so the premium is well justified. It means that the overall gain might not be as spectacular a company with no cash, but the rise won't be anywhere near as rocky. I'm still expecting a substantial re-rate from today's SP before the award decision which should come within the next few years.

4. The arbitration is self-funded which means any award is all Berkeleys (subject to any taxes). No discount needs to be applied for a litigation funder. Whilst having litigation funding (no win - no fee) is seen as a good thing as it means the case has been well vetted, if you have nearly A$80m in the bank and nothing to do with it, it makes sense to self fund and appoint the best lawyers you can.

Long term holders may be able to pick some holes in my thoughts, so it would be good to hear from you.

It's still a bit of a mystery to me why the sp is holding up so well. Any thoughts?

It's more than 2 years till the next election and despite the lobbying and environmental and socio-economic imperatives I can't see the current government changing course on nuclear policy, so there's little prospect of permitting in the near term. The Arbitration will move at a glacial pace and take years. The recent exploration work is early stage and a bit of a side show imo. Not very exciting, at least not yet.

It must be general pro nuclear sentiment, and maybe iis eg Sprott buying with an eye on the future (albeit distant future). It does seem inevitable the mine will proceed eventually, with the strong arbitration case a good plan B if govt policy doesn't change.

It will be interesting to see what the defence will use to support their stance.

Spanish government dealing in house. They'll just spin it out to end of the current parliament.

Https://icsid.worldbank.org/cases/case-database/case-detail?CaseNo=ARB/24/22#proceeding

The ICSID arbitration page. First session yesterday. Doesn't show any details re rules and timetable yet.

Oh Ribera we all knew what was coming,

https://ibb.co/zWYcNv3V

These people are insane with the public purse!

Another good read. Impetus behind nuclear. The govt's getting its cojones nicely squeezed. And re the arbitration:

During the quarter, the Tribunal was formally constituted with the first tribunal session to be held in early May 2025, where the timetable and arbitration rules will be established.

Here is a report

https://ibb.co/RpSPrJMp

We await a statement from Teresa Ribera, is the lady for turning?

He's good Shellenberger.

Sadly sanchez has appointed Miteco to lead the investigation into wtf happened. If it turns out to be overreliance on renewables, will that be suppressed? Like marking own homework.

Over reliance on renewable energy.

https://ibb.co/XxFrTVQM

Or basically not enough base load to push it through the grid!

Someone said atmospheric conditions. Maybe Teresa let one go.

Suck it up morons....

Serves them right.

Of course this could never happen here.

Anyone thinking what I'm thinking?

What do Sprott know that we don't?

Https://x.com/SvdHijden/status/1904091525820162453

https://elperiodicodelaenergia.com/berkeley-se-dispara-un-20-en-bolsa-ante-el-debate-sobre-las-nucleares-y-el-reto-minero/

Might explain the sp rise?

CRMA projects announcements today.

😨

‘ Not just corrupt. Cynical and dumb to boot.’

Thou shall not pass!

https://ibb.co/5XvV2xtN

Corruption in Socialist Spain?

Surely not.....

I doubt many Spanish taxpayers are looking forward to the prospect of a USD 1bn arbitration award against them. And that's for starters.

It's a bad time and a high price to pay for the unlawful actions and ideological stance of a minority.

Why not permit the mine, create jobs, save the planet, and make money instead?

Https://ciarglobal.com/el-tribunal-que-decidira-en-el-arbitraje-de-minera-berkeley-contra-espana/

Https://www.proactiveinvestors.co.uk/companies/news/1067579/why-uranium-sprott-ceo-on-energy-security-investing-icymi-1067579.html

For us to ponder about the Spanish government!

https://x.com/visegrad24/status/1892627765436023134?s=61&t=yrR9K79UpmGOih1WZr2zLA

BREAKING:

The corruption scandals in Spain involving PM Pedro Sanchez are getting worse and worse.

Previously, a police investigation report was released which showed that PM Sanchez had authorised a secret visit to Spain of Daisy Rodriguez, the Vice-President of the Maduro regime in Venezuela.

This was allowed to happen despite that Rodriguez has been banned from entering the Schengen zone due to EU sanctions.

Rodriguez allegedly brought 12 suitcases with her that were given to one of the ministers and top politicians of Sanchez’s socialist PSOE party, Jose Luis Ábalos.

The suitcases allegedly contained gold bars worth USD 70 million.

The former Infrastructure Minister Ábalos was sacked earlier this year after it was discovered that he was at the center of another kickback corruption scandal in which millions of overpriced COVID-19 face masks were bought by the Spanish state.

Now it has been revealed that Ábalos was bringing a prostitute with him on work trips and gave her a job in a state-owned company.

Via @wallstwolverine

After a 40 year ban>>

🇮🇹⚛️ Italy's plan for return to nuclear power ready by end-2027, minister says

Yes SP would skyrocket on the merest hint of permitting. Funding and production would be quick. I think I had this going way over £2 even when U price and sector was on the ropes.

Aye - I remember doing a blog on it years back and, yes, with uranium in the toilet.

God only knows what this is worth in production at today's/future prices but very obviously a 10x would be small beer.

I remember the SP hitting 65p ish some years ago. And that was when U prices were a fraction of today's and nuclear was still out of favour post-fukushima. True the project was fully funded then, and bky have said more will now be needed because of the permitting delays. But the project will be much more valuable now u and nuclear's back in fashion. Worth holding this share but not your breath imo; it's a very promising sign sprott have chosen to buy now.

It may - we may also at some point find ourselves with 10x the current mcap in compensation ...

BBC News - How a uranium mine became a pawn in the row between Niger and France

https://www.bbc.com/news/articles/czjd70mzge2o

Interesting article although it should include the solution ie the Spanish government just needs to permit Salamanca! It really is that simple and obvious. The Niger situation further demonstrates how self defeating the current Spanish government's ideological stance is. More global warming and funding of despots for now.

See how it pans out. It may be the next government will give the permits. In that scenario BKY would just have to suck up the costs of the delays and drop the arbitration. Then onwards and upwards.

The arbitration proceeds in the meantime, it could take a decade.

Political idiocy in EU is insane at the moment. If you see the EU majority dominantly prefer U.S. to have Kamala over Trump, you see the clear sign. I guess BKY has no choice but to recoup the money from litigation against the Spain government idiots.

More News....

https://www.bbc.co.uk/news/articles/c748gn94k95o

Https://www.zerohedge.com/markets/nuclear-back-pa-governor-shapiro-pushes-fast-track-re-open-three-mile-island

Why has the EU not intervened and told Madrid to re open this mine? Eco idiots?

We should never have allowed ourselves to be in such a position with someone who takes great time to think geopolitical concepts out at such depth.

"Russian president Vladimir Putin has said that Moscow should consider limiting exports of uranium in retaliation for Western sanctions.

In televised comments addressed to Russian government ministers, Mr Putin said such restrictions could also be introduced for other commodities, and noted that Russia was a major producer of natural gas, diamonds and gold."

It is going to be interesting what their defence strategy will be in the arbitration court.

That reality bites moment.

Spain already takes Nuclear from the French grid,,,,,,,,

and who provides nuclear fuel to France ( now in greater quantities since Niger was closed down ),,,,,,, yes Russia !!!!

It is clear from Ribera sarcastic tones that she has Russian friends,,,,,,,

I cannot fathom out what Ribera is thinking at all.

She is pure green cult, but when reality hits and after all the money has been spent on renewables and does not meet their energy requirements there seems to be two options left for her, Russian gas and/or taking Nuclear from the French grid.

Quoting EC again the sanctions regime addresses gas but is "riddled with holes". Russia's "the second biggest single provider of gas to Europe after Norway" ie more than USA!

France and Belgium are singled out as big recipients as well as Spain. Get digging that uranium and build on the success of the existing nuclear fleet.

Well I would take as much gas of Russia as I could, so gas must not be on the sanctions list?

However in doing that there has to be a back up plan, had Spain become proficient in uranium enrichment then they would be global leaders.

Well well well,

https://www.share-talk.com/zak-mir-talks-to-mark-routh-ceo-prospex-energy/?utm_source=newsletter&utm_medium=email&utm_campaign=Share+Talk+Newsletter

‘ The royal decree, signed on July 24, 2024, permits the Spanish Ministry for Ecological Transition and the Demographic Challenge (MITECO) to extend the El Romeral natural gas concessions for 10 years, the maximum allowable term.’

I wonder what BKY’s legal team would make of this, seems Ribera wishes to remain in fossil fuels?

Https://www.mining.com/web/berkeley-seeks-1-billion-in-damages-from-spain-over-uranium-mine-dispute/

Looks like the market's receiving news of the Arbitration positively. I very much like that the US$1bn claim is "preliminary"!!!

Another tick up,over on the ibex

And bky's just ticked up over on the ibex exchange

We live in interesting times ...

Https://www.bbc.com/news/world-europe-69000823

With Catalan election result pro far right, what could be the impact from this change? Looks good for BKY?

Https://www.youtube.com/watch?v=hctIjhUUO3I

‘ who's looking to join the Brussels gravy train.’

No doubt she will get a golden handshake and will gratefully accept being showered with all the perks and privileges the gravy train has to offer.

Https://www.euractiv.com/section/energy-environment/news/ribera-spain-has-enormous-difficulties-with-france-on-cross-border-energy-links/

The cheek of it! Whining that Spain's energy woes are France's fault for blocking interconnectors. Unbelievable. It's you you clown that's created a crisis and forced more use of hydrocarbons by running down nuclear.

Actually Spain might get shot of its Micturition Minister soon who's looking to join the Brussels gravy train.

Looks like it was El Guapo just showboating.

'The FT is suggesting if he resigns he might pave the way for Spain's first female pm. Who might that be???!!!'

Can the FT define what a woman is?

Whoever gets in who suffers from the 'green communism liberal mentality' is still going to pursue this renewable energy utopian dream, would they allow nuclear energy into the mix is the question?

This situation will end up in an international arbitration adjudication scenario and could take the rest of the decade. Teresa is no doubt still having fun sploshing around and wetting the lettuce.

Apparently Sanchez has told the King what he's intentions today are.

The Guardian sees 3 possibilities:

Now, there would appear to be three possible scenarios.

Pedro Sánchez could stay and call a vote of no confidence in an effort to shore up his parliamentary support.

If he leaves, the socialists could try to appoint a successor.

Or, his departure could trigger another general election - Spain’s sixth in nine years - that could be held in July.

The FT is suggesting if he resigns he might pave the way for Spain's first female pm. Who might that be???!!!🤦