Member Info for Broxburn68

The current status of permitting for the Retortillo deposit includes:  Environmental Licence granted October 2013 (includes EIA and Natura 2000 Assessment); C o n f i d e n t i a l 12 October 2017 BERKELEY TAR & VALUATION I&BPB7104R001F0.1 22  Exploitation Concession granted April 2014 (includes Exploitation Plan, Reclamation and Closure Plan and an Environmental Licence), valid until April 2044;  Radiological Permit (stage 1) granted in September 2015 for pre-construction;  Water Permits (for water use and discharge) granted;  Radiological Permit (stage 2) for construction submitted in December 2015 (contingent on Urbanism Permit) with initial approvals received; and  Urbanism Permit approved July 2017.

The current status of permitting for the Alameda deposit includes:  Exploitation Plan and Reclamation and Closure Plan submitted in 2016;  Draft EIA prepared but not submitted for Environmental Licence, awaiting on award of Licence for Zona 7; and  Radiological (stage 1 - pre-construction or stage 2 - construction), Water and Urbanism Permits not yet prepared or submitted, awaiting approvals of Retortillo and Zona 7 as a priority. It is clear that the present permitting strategy for Salamanca is to prioritise final approval of the Retortillo radiological and urbanism permits to allow construction activities to continue in line with the planned schedule. Following this priority will be placed on Zona 7 as delays to mining activities here has the potential to impact the Project after a relatively short period of 1 to 2 years. As previously discussed RHDHV consider the approval of Zona 7 one of the main risks to the project.

The current status of permitting for the Zona 7 deposit includes:  Environmental Licence submitted November 2016 (including draft EIA and Natura 2000 Assessment);  Exploitation Concession submitted November 2016 (includes Exploitation Plan, Reclamation and Closure Plan and an Environmental Licence);  Radiological Permit (stage 1) submitted November 2016;  Water Permits not yet submitted (planned for 2018);  Urbanism Permit not yet submitted (planned for 2018), awaiting on award of Permit for Retortillo;  Radiological Permit (stage 2) for construction not submitted (planned for 2019).

If the Funding Transaction is approved, the maximum shareholding that SGRF could obtain would be 48.25% as a result of conversion of the Convertible Note at the floor price of �0.27 (from failure to meet Technical Completion milestones in four years) and exercise of the SGRF Options. With the presence of a significant shareholder, the attractiveness of the Company�s shares to potential investors may be reduced. Furthermore, the ability for Shareholders to receive a takeover premium in the future may also be diminished. However, we note that as SGRF is a financial investor, its primary goal is to generate a return on its investment, which we consider to be consistent with a Shareholder�s primary goal. Therefore, although it is likely that any offer to acquire the Company would require SGRF�s approval, we do not consider SGRF�s potential interest in BKY will necessarily deter a takeover offer being made or accepted by the Company if an acceptable offer is made.

The Funding Transaction provides an opportunity for the Company to raise the capital required to fund the Salamanca Project through equity, which prevents the Company from becoming excessively geared, reduces risk, and strengthens the Company�s balance sheet overall. The larger equity base also increases BKY�s capacity to take on debt in the event that the Company requires additional funding in the future. Debt financiers may look favourably on the strength of the Company�s cornerstone investor, SGRF, and be more likely to provide debt financing on more attractive terms in the future, if required.

Share price movements after key announcements: Page 34 of BDO report. Descriptions of comparable listed companies are summarised as follows: Page 60 of BDO report. Valuation of BKY pre and post funding trasaction: Page 19 of BDO report.

The table below outlines how the development of the Salamanca Project is proposed to be funded under the Funding Transaction. Funding sources �m Convertible Note 55.25 Deduct: Fee payable to Canaccord (2.8%) (1.55) Convertible Note funds at BKY disposal 53.70 Cash in BKY as at 30 June 2017 23.33 Cash received from notional exercise of options 1.55 Debt mandate 60.00 Deduct: Fee payable to debt provider (2%) (1.20) Total funds at BKY disposal 137.38 Cash required to fund Salamanca Project into positive cash flows 135.00 Source: BDO analysis We note that there is a minor surplus of cash at BKY�s disposal relative to the cash required to fund the Salamanca Project into positive cash flows. We consider this to be an appropriately conservative measure to maintain sufficient working capital for the Company.

I would strongly recommend reading the BDO independent expert report and the Royal Haskoning Technical Assessment & Valuation Report attached to the Notice of AGM. There's over 100 pages of reading here but they give thorough insight into the BKY project. I'll post a few extracts that you may find useful. https://www.berkeleyenergia.com/wp-content/uploads/2017/10/171026-Notice-of-AGM-2017-Final_ASX.pdf

Here's a link to Nuclear Legislation in Spain: https://www.oecd-nea.org/law/legislation/spain.pdf It's pretty hard to extract a few bullet points from all this to summarise, but it does seem fairly clear that there is a logical sequence of permitting which is a good way down the line as far as BKY is concerned. There doesn't seem to be any "trip wires" in the legislation which may derail the project,especially given the support given so far by the local and national authorities. As others have mentioned, due diligence will certainly have been done with regard to this, much more thoroughly than I can!! One quote from the document, which I do find reassuring: "All installations in Spain dedicated to the extraction of uranium ore have ceased to operate, the mining sites have either been restored or will be restored in the near future".

Thanks Tom, seems like a matter of time, sooner or later, when there must be a significant re-rate of the uranium spot/market price. Simple economics. It makes me think that as far as BKY is concerned, the most important near term factor will be the granting of the "radioactive use" permit for the land which is still outstanding for Salamanca. Once this is approved, things may move along at pace!

Just IMHO I think we are looking at a possible/probable takeover once the Salamanca mine is in full production. Any thoughts? "Low prices in the past five years have seen China stockpile uranium reserves. Li Ning, dean of the School of Energy Research under Xiamen University, felt it made sense for the world's second largest economy to import more uranium. "But domestic supplies are also substantial," Li said. "China has large verified deposits and rising demand will not impact the price since the market is oversupplied." In the 13th Five-Year Plan (2016-20) for energy development, nuclear power facilities generating more than 30 million kilowatts were slated to be constructed in China. By 2020, the world's second largest economy expects to have 58 gigawatts of installed nuclear power, an increase of 16.5 percent year-on-year. "The country will continue developing nuclear power safely and efficiently, while speeding up the construction of nuclear projects along the coastal regions," the development plan stated". http://www.ecns.cn/business/2017/08-01/267545.shtml

Fascinating and highly encouraging interview for our longer term prospects: "Daniel says the uranium market took a beating due to a new W.N.A report. The takeaway from that report is that they are showing a deficit for the energy source around 2025. Meanwhile, Daniel sees a 10 to 15 million pound deficit around 2020. The market is getting very tight and could quickly enter into deficit, he says. Price is unlikely to break to the downside, and increasingly likely to head up. He also notes that a whopping 75% of the industry is not making money against their cash costs right now, and there is not much left to cut. The Global X Uranium ETF (URA) was trading at $12.81 per share on Monday morning, down $0.09 (-0.70%). Year-to-date, URA has declined -0.47%, versus a 14.77% rise in the benchmark S&P 500 index during the same period". https://etfdailynews.com/2017/10/09/uraniums-prospects-turn-increasingly-bullish-ura/

RNS from ASX: Global X hane increased their holding in BKY by 16.8% to over 18m shares (7.07% in total). A good, positive sign of confidence I would say.. http://www.asx.com.au/asxpdf/20170913/pdf/43m8tkstj0lw5c.pdf

http://www.marketwired.com/press-release/paladin-energy-limited-update-on-edf-long-term-supply-contract-potential-sale-langer-asx-pdn-2221252.htm

Here's another interesting link from one of the links kindly posted by SteffyB (apologies for the google translation as always!!): http://www.ciudadrodrigo.net/2017/04/26/berkeley-minera-satisfecha-de-la-audiencia-de-esta-manana-donde-han-podido-presentar-los-permisos-requeridos/ 26 April 2017 Regarding this morning's hearing in the local court, Berkeley Minera wishes to state the following: We are very pleased to have had the opportunity to present all the necessary documentation and proof to prove that we have all the required permits for the work we are currently carrying out. We have worked very hard over the last decade, and will continue to do so, to offer all relevant authorities the highest level of confidence in the project. The Environmental Impact Statement and the Mining Exploitation Concession, both granted in October 2013 and April 2014 respectively, authorise logging and both are firm and can not be questioned now. The Company has obtained more than 90 favourable reports and permits to date and has all the necessary permits for the works currently being carried out. We look forward to the decision of the Court and will continue to develop this project, which will create more than 2,500 direct and indirect jobs and, thanks to the extensive reforestation program, will increase the ecological value of the region.

The March 2017 quarterly report is due from BKY by the end of this month. Hopefully the situation will be made a lot clearer after this is issued.

I sold out of TLA fairly recently but still think this is a good company and am seriously considering buying back in at or around this price when funds permit. Here's an article I found from "Yankee Analysts" giving a positive outlook for a bit of a lift in the SP in future: http://yankeeanalysts.com/2017/01/13/stock-to-watch-tla-worldwide-plc-tla-l/

In light of the recent disappointing trading update and subsequent fall in the share price I was wondering if anyone has an opinion on whether TLA is now a possible takeover target at this level of market cap? Or are there good reasons to hold in the hope of improvement in the near future? This seems to be a reputable company with some very high profile stakeholders. Any thoughts would be most welcome. Wishing you all a happy and prosperous new year.