Response to ASX Price and Volume Query

Berkeley Energia Limited

Response to ASX Price and Volume Query

Please find below a copy of Berkeley Energia Limited's (Company) response to a price and volume query from the Australian Securities Exchange (ASX).

To view the announcement in full, please refer to the ASX platform at https://www2.asx.com.au/.

For further information please contact:

Robert Behets Dylan Browne

Acting Managing Director Company Secretary

+61 8 9322 6322

info@berkeleyenergia.com

17 March 2022

Nikki Ciavatta

Australia Securities Exchange

Level 40, Central Park

152-158 St Georges terrace

Perth WA 6000

By email: nikki.ciavatta@asx.com.au

Dear Nikki,

Response to Price and Volume Query

In response to your correspondence dated 17 March 2022 regarding an increase in the Company's share price and in the volume of trading securities, the Company's response is as follows:

1. The Company is not aware of any information that has not been announced which, if known, could be an explanation for recent trading in the securities of the Company.

2. Not applicable.

3. The Company notes the recent increase in trading of its shares on the Spanish Stock Exchanges, which has seen an increase in the Company's share price by over 70% since 10 March 2022 with over 112 million shares traded.

The Company further notes that is light of Russia's invasion in Ukraine and the current high energy prices in Europe, particularly in Spain which has seen spot electricity prices increase significantly to record highs in March, there have been news articles in the Spanish and European press referring to nuclear power being assessed as a viable alternative to decrease Europe's dependence on Russian energy. This has already seen the French government order its state energy company, EDF, to establish new reactors as part of its plan to strengthen France's energy security and to sell more nuclear power into the European energy market, and other European governments commence reviews of their existing energy policies.

This has led to the significant strengthening of the uranium spot price which currently stands at US$55 per pound and represents a year-to-date increase of over 30%.

4. The Company confirms that it is in compliance with the listing rules, in particular, Listing Rule 3.1.

5. The Company confirms that its responses to the questions above have been authorised and approved in accordance with its published continuous disclosure policy or otherwise by its board or an officer of the Company with delegated authority from the board to respond to ASX on disclosure matters.

Yours faithfully

[sent electronically without signature]

Dylan Browne

Company Secretary