Berkeley Energia pushes forward with promising lithium and rubidium recoveries at its Conchas project while escalating a US$1.25 billion arbitration claim against Spain over its Salamanca uranium project.
- Strong lithium and rubidium recoveries at Conchas
- US$1.25 billion arbitration claim filed at ICSID
- 3D geological and geophysical modelling refines Conchas resource
- Spanish and EU nuclear policy developments impact uranium outlook
- Company holds A$64 million cash with no debt
Conchas Project Yields Promising Lithium and Rubidium Recoveries
Berkeley Energia Limited (ASX:BKY) has reported encouraging progress at its Conchas critical minerals project in western Spain, with preliminary metallurgical testing confirming strong recoveries of lithium (Li) and rubidium (Rb). Flotation tests on fine-grained material (-150µm) achieved 78% lithium and 63% rubidium overall recovery at acceptable grades, while magnetic separation of coarser fractions (-300µm +150µm) recovered 77% lithium and 58% rubidium. This dual approach could optimise processing flowsheets, enhancing project economics.
The Conchas mineralisation occurs within a muscovitic leucogranite unit, hosting accessory elements such as tin, caesium, beryllium, niobium, and tantalum, all of which have strategic value. The mineralised unit extends over approximately 2km by 1.2km and varies in thickness from 7m to over 170m, confirmed by a comprehensive 3D geological model integrating drilling, soil geochemistry, surface mapping, and recent electrical resistivity tomography (ERT) geophysical surveys. These surveys have refined the boundaries and geometry of the deposit, de-risking future drill targeting and revealing potential additional mineralised zones at depth.
Further mineralogical studies are underway at the University of the Basque Country, analysing flotation and magnetic separation concentrates to optimise beneficiation methods. Berkeley plans a second phase of metallurgical test work to fine-tune flotation reagents and magnetic separation parameters, aiming to enhance recoveries and processing efficiency.
US$1.25 Billion Arbitration Claim Against Spain Advances
While advancing its critical minerals portfolio, Berkeley is simultaneously intensifying its international arbitration against the Kingdom of Spain concerning its Salamanca uranium project. The company’s wholly owned subsidiary, Berkeley Exploration Limited, filed a Request for Arbitration at the International Centre for Settlement of Investment Disputes (ICSID) in May 2024. In February 2026, Berkeley submitted a detailed Memorial of Claim seeking compensation of US$1.25 billion, alleging multiple breaches of the Energy Charter Treaty (ECT) by Spain related to permitting delays and regulatory actions.
The Memorial includes extensive legal arguments, witness statements, and independent expert reports on technical and regulatory matters. Spain has responded by requesting to bifurcate the proceedings to address jurisdictional objections first. Berkeley is preparing its response to this procedural move. Despite the dispute, Berkeley maintains its commitment to the Salamanca Project and remains open to constructive dialogue with Spanish authorities to resolve permitting issues amicably.
This arbitration follows earlier filings and claims, building on the company’s ongoing efforts to enforce its rights amid regulatory uncertainty. The outcome and timeline remain uncertain, but the claim represents a significant potential financial recovery for Berkeley should it succeed. The dispute also underscores the complex regulatory environment facing uranium projects in Europe, which is further complicated by shifting national and EU energy policies.
Nuclear Sector Developments Influence Uranium Project Prospects
Recent developments in Spain and across Europe have added new layers to Berkeley’s strategic outlook. In Spain, the Ministry for Ecological Transition is still evaluating a request to extend the operating life of the Almaraz nuclear power plant beyond its scheduled 2027 closure, amid ongoing debates about nuclear energy’s role following the Iberian blackout in 2025. Meanwhile, the Spanish Nuclear Safety Council approved a ten-year renewal for the Juzbado nuclear fuel fabrication plant, signaling continued support for the nuclear fuel cycle in the region.
At the EU level, the European Commission has criticised past reductions in nuclear power capacity as a “strategic mistake,” advocating for policies to facilitate new investments and maintain existing reactors. France’s recent energy law pivots away from aggressive renewables targets in favour of nuclear expansion, while Belgium and Germany are reconsidering nuclear phase-outs amid energy security concerns. These policy shifts could influence uranium demand and regulatory environments, indirectly affecting Berkeley’s Salamanca Project prospects.
Strong Financial Position Supports Ongoing Exploration and Development
Berkeley’s balance sheet remains robust with A$64 million in cash reserves and no debt, providing flexibility to advance its critical minerals exploration and uranium development programs. The company continues to progress permitting and environmental studies across multiple tenements in Spain and Portugal, including the Oliva and La Majada projects targeting tungsten, antimony, cobalt, and other critical metals.
At Salamanca, Berkeley has achieved significant environmental and social governance milestones, reducing fuel consumption by 44%, paper usage by 68%, and greenhouse gas emissions by 44% year-on-year. A new cooperation agreement with the Municipality of Retortillo commits Berkeley to support local infrastructure and social projects, reinforcing its community engagement and sustainability credentials.
With ongoing metallurgical test work, 3D geological modelling, and permitting advances, Berkeley is positioning itself to unlock the full potential of its critical minerals and uranium assets amid evolving energy and geopolitical landscapes.
These developments build on the company’s prior strong lithium and rubidium recoveries and the earlier US$1.25 billion compensation claim filed at ICSID, underscoring a dual-track strategy balancing exploration upside with legal recourse.
Bottom Line?
Berkeley’s dual focus on critical minerals and uranium arbitration underscores a complex path ahead, where metallurgical optimisation and regulatory clarity will be pivotal.
Questions in the middle?
- How will Spain’s response to the ICSID arbitration shape Berkeley’s uranium project timeline?
- Can further metallurgical optimisation at Conchas improve lithium and rubidium recoveries beyond preliminary results?
- What impact will evolving European nuclear policies have on uranium demand and Berkeley’s Salamanca project viability?