BERKELEY ENERGIA Financial Research Pack

Transcription

1 BERKELEY ENERGIA Financial Research Pack INCORPORATING Construction Update LAST UPDATE 12/05/2017 NOT INVESTMENT ADVICE - FOR INFORMATIONAL PURPOSES ONLY

2 Disclaimers ShareInvestors take no responsibility for the accuracy of the data presented herein. This analysis is independent and not sponsored by the company presented. Figures may have beenadjusted for our own analysis and/or presentational purposes. The company may therefore report key metrics and financial basis on a different basis. Shareinvestors is not authorised by the Financial Conduct Authority to give investment advice. Independent financial advice from an authorised investment professional should always be sought before making investment decisions. CAPITAL AT RISK.

3 TABLE OF CONTENTS Page General Information A Company Information 4 A1 Market Information 5 A2 Key Company Milestones 6 A3 Share Technical Analysis 7 Company Valuation B Overview of Valuation 8 B1 Overview of DCF Calculation 9 B2 Sensitivities to NPV 10 B3 Broker Targets 11 Detailed Company Projections C0 Graphical Overview of Projections 12 C1 Corporate Assumptions 13 C2 Projected Group P&L 14 C3 Projected Group Cashflow 15 C3.1 Projected Company Funding Requirements 16 C4.1 Project Salamanca Information 17 C Project Salamanca Assumptions 18 C4.1.2 Salamanca Project Financial Statements 19 C4.2 Salamanca Satellites Project Information 20 C4.2.1 Salamanca Satellites Assumptions 21 C4.2.2 Salamanca Satellites Financial Statements 22 C4.3 Zona 7 Deeps Information 23 Detailed Historical Financial Information D Key Performance Indicators 24 D1 Graphical Overview of KPIs 25 D2 Historical P&L 26 D2.1 Revenue and Cost Breakdown 27 D2.2 Staff Costs Breakdown 28 D2.3 Current and Deferred Tax 29 D3 Historical Balance Sheet 30 D3.1 Capital Structure and Major Shareholders 31 D3.2 Non Current Assets 32 D3.3 Working Capital 33 D4 Historical Cashflow Statement 34 Interim Financial Information E2 Interim Profit & Loss 35 E3 Interim Balance Sheet 36 E4 Interim Cashflow Statement 37 Information on Mineral Resources F Mineral Reserve Statement 38 Appendix AP1 Glossary of Terms 40 AP2 Management Profiles 41 AP3 Overview of Equity Issues 42 AP4 Overview of JORC Code Terms 43 AP4 Consolidated Production 44 Page 3 / 44 Disclaimer - Independent research with no association to Berkeley Energia (or related parties). Not financial advice. No responsibility for accuracy of figures can be accepted.

4 Company Information EPIC BKY Market Listing LSE/AIM Other Listing ASX Accounting Reference 30th June Market Index FTSE AIM All Share Last Annual Report 30/06/2016 Sector General Mining, Uranium Registered Perth, AU Rep. Currency A$ Denomination A$m Companies House Stock Exchange BKY Overview Company Website Description Berkeley Energia is focused on bringing its Uranium mine at Salamanca, Spain into production. This project is currently at a pre construction stage and expected to be completed in The project economics are strong even in a continued low uranium price environment. Key Directors and Senior Management 2016 Chairman Non Executive Ian Middlemas MD Executive Paul Atherley COO Non Board Francisco Bellón del Rosal CFO Non Board Paul Thomson Core Risks Uranium Price CAPEX Overruns Regulatory Core Opportunities Exploration Upside Continuation of low uranium spot price will materially impact project NPV. Delays or complications could impact CAPEX requirements. Still some regulatory approvals required, delays may impact project. Exploration area could significantly improve reserves. Valuation Market Cap ( 'm) 139 Dividend Yield 0.00% Enterprise Value ( 'm) 116 Current PE n/a Risked NPV ( 'm) 252 Share Upside* 40% *Includes equity dillution assumption Historic Value Highest Highest Date Lowest Lowest Date ITD Share Price (p) /01/ /03/2015 Market Capitalisation ('m) /01/ /03/2015 BERKELEY ENERGIA - Share Price and Market Capitalisation Share Price (p) Market Cap 'm 0-07/ / / / / / / / / / / / / / / / / / / / / / / /2017 Share Price Close MKT Cap Linear (Share Price Close) Share Misc. EMS 3,000 EMS Value 1,530 Trading Service SETSqx Typical Spread 2.20% Break Even %* 2.7% Disclosable Short Interest 0.00% * On a 2,000 investment what % return required to break even. Takes account of broker fees, stamp duty and spread. Page 4 / 44

5 A1) MARKET INFORMATION Sector General Mining, Uranium Barriers to Entry Moderate/High - Regulatory, Capital. Competition Uranium market is currently oversupplied and spot price is consequently at multi year lows. Risk of New Entrants Very low. Low profits due to oversupply situation. Mining areas are licenced and usually adequate protection to incumbent miners. Regulatory Environment High, number of consents required to commence construction. Growth Opportunities Exploration Taxation Corporation Tax Overseas Corp Tax Other Duties VAT Principle means of growth is further exploration, near mine or further afield. (Not considered likely for BKY) 30% Australian CT Rate Most material component from Spain, CT rate is 25% so can expect a much lower effective rate than the Aussie Rate. 2.5% State Royalty - paid on part of mine revenues only 0.2% Municipality Royalty, paid on all mine revenues. Exempt from VAT, hence irrecoverable VAT on expenses. Market Shares 2016 Production Mlbs 2016 from Major Uranium Miners BKY Peak Production Mlbs 4 Cameco Mlbs 27 Areva Mlbs 25 Rio Tinto Mlbs 6 Paladin Energy Mlbs 5 BHP Billion Mlbs 4 Total Mlbs 72 *Source: InvestingNews.com Production Mlbs 2016 from Major Uranium Miners Rio Tinto 9% Paladin Energy 7% BHP Billion 6% BKY Peak Production 6% Cameco 38%. Areva 34% Uranium Price US$/Lb Uranium Price US$/Lb The long term and short term price are both in a long term downtrend. There has been a short term improvement in prices in early Jan-13 Mar-13 May-13 Jul-13 Sep-13 Nov-13 Jan-14 Mar-14 May-14 Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 LONG TERM US$/LB SPOT US$/LB Page 5 / 44

6 A2) TIMELINE AND KEY DATES Financials and Trading (Approximate Dates) 27-Jul Sep Oct Jan Mar Apr-18 Q4 Report June Annual Report Published Q1 Report September Q2 Report December Half Year Report Published Q3 Report March Other Key Dates Q2 H2 Ongoing Expected Announcements on Financing/Partnerships Potential News of Exploration Partnerships Construction Updates - includes consents and permits. Dividends Type Ex-Div Date Payment Date None Applicable Page 6 / 44 Disclaimer - Independent research with no association to Berkeley Energia (or related parties). Not financial advice. No responsibility for accuracy of figures can be accepted.

7 A3) SHARE PRICE TECHNICAL ANALYSIS MOVING AVERAGES 20/50/200-1 YEAR CHART Points of Note General - Fairly Bearish setup. A - Fallen below 200 Day MA in late April. First time occurred in one year. B - Recent resurgence, breaking above 20 MDA LONG AND MEDIUM TERM TRENDS - 1 YEAR CHART Points of Note A - Long Term Trend still bullish, but wider travel within trend, indicating a lot of volatility rescently. B - Medium Trend is bearish and fairly steep. SUMMARY The direction of travel is still up, which is consistent with further progress being made on the project. The volatility is increasing though and is consistent with a Uranium ETF taking a large position in the company, large redemptions are likely to have an indiscrimante effect on the share price. Potential buying opportunity, given the no news share price reaction. Page 7 / 44

8 B - VALUATION SUMMARY CURRENT MARKET VALUATIONS UK Shares AUS Shares As at 12/05/ /05/2017 Basic Shares in Issue #'m 254 Current Share Price p 51 A$ 0.85 Market Cap 'm 130 A$'m 217 Dilluted Shares (inc warrants/options) #m 273 Current Share Price p 51 Fully Dilluted Market Cap 'm 139 A$'m 233 Estimated Cash 'm A$'m Estimated Debt 'm 0.00 A$'m 0.00 Enterprise Value 'm 116 A$'m 195 (Discount)/Premium to NAV % 826% Price:Earnings (PE) # n/a Price:Cashflow Operations (PCFO) # n/a Dividend p 0.00 Current Dividend Yield % 0.00% CALCULATED VALUATIONS Risked Net Present Value (NPV10) 'm 252 A$'m 421 NPV Per Share Valuation p 71 A$ 1.20 Potential Upside % 40% Unrisked NPV Per Share Valuation p A$ 2.02 Potential Upside % 136% Forward PE (5yr Average) # -10 Page 8 / 44 Disclaimer - Independent research with no association to Berkeley Energia (or related parties). Not financial advice. No responsibility for accuracy of figures can be accepted.

9 B1 - VALUATION SUMMARY - DISCOUNTED CASHFLOW WORKINGS DISCOUNTED CASHFLOW BASE CASE Asset Ref A$m Unrisked GBP Unrisked Risk Factor GBP Risked GBP/Per Share Corporate Costs C Salamanca Construction Project C Salamanca Satellites C Zona 7 Deeps C Cash Balance E i) Assumptions Discount Rate 10% GBP:A$ 1.8 Today 1.75 Post Finance Share in Issue 352 GUIDANCE NOTES i) Discount Rate Discount Rate for all valuations conducted by ShareInvestors is 10%. This represents the opportunity costs of forgoing an investment delivering a return of 10%, itself an achievable return in investing in a diversified equity portfolio. ii) Margin of Safety (Mos) Margin of Safety is designed to represent that the cashflows projected are risky. The margin of safety applied is the commercial chance of success where known or an approximation based on the certainty of cashflows. Guidance I use: Class Mos Risk Factor Example Highly Speculative 90% 10% Typically 'one trick' exploration, biotech. Speculative 60%-80% 20%-40% Companies/Assets in later stage of development. Growth 30%-50% 50%-70% Growing companies with varying earnings visibility. Steady 10%-20% 80%-90% Typically defensives, utilities. Page 9 / 44

10 B2 - VALUATION SENSITIVITIES Sensitivity - Uranium Price vs CAPEX Budget (Risked NPV per Share) CAPEX Budget Change Uranium Price % % % % % Sensitivity - Uranium Price vs CAPEX Budget (Risked NPV per Share) Uranium Price ShareInvestors Risked NPV per share 71.4p Base Case Unrisked NPV assumes 2019 revenue drivers as follows: Uranium Price CAPEX Increase/(Decrease) 0.0% This sensitivity adjusts average long term uranium contract price (before inflation) against CAPEX. It it quite clear that the valuation is highly sensitive to the uranium price Risked NPV Per Share ShareInvestors Base Case Valuation (Sch B1) % -5.00% 0.00% 5.00% 20.00% CAPEX Budget Change Sensitivity - Debt/Equity Ratio and Debt Interest Rates (Risked NPV Per Share) Debt Int Rate Equity Ratio % 25% 50% 75% 100% 5.00% % % % % Base Case Unrisked NPV assumes 2019 revenue drivers as follows: Equity:Debt Ratio 50% Debt Interest Rate 10% ShareInvestors Base Case Valuation (Sch B1) u Risked NPV Per Share Sensitivity - Debt/Equity Ratio and Debt Interest Rates (Risked NPV Per Share) Debt Interest Rate 5.00% 7.50% 10.00% 12.50% 15.00% % 25% 50% 75% 100% Equity:Debt Ratio ShareInvestors Risked NPV per share 71p. Page 10 / 44

11 B3 - BROKER TARGETS BERKELEY ENERGIA BROKER TARGETS Prev Target New Upside Broker Date Rating (p) Target (p) (inc div) Numis Securities 25/11/2017 Buy 80 57% Liberium Capital 23/02/2017 Hold 60 18% Peel Hunt (House) 27/02/2017 Buy 90 76% WH Ireland (House) 06/12/2016 Buy % ShareInvestors 12/05/2017 Buy 71 40% Current Share Price ShareInvestors BERKELEY ENERGIA BROKER TARGETS Current Share Price 12/05/ WH Ireland (House) 128 Peel Hunt (House) 90 Liberium Capital 60 Numis Securities Share Price (pence) Page 11 / 44

12 C) GRAPHICAL SUMMARY OF PROJECTIONS STANDARD CHARTS (NOTE - SOME MAY NOT BE APPLICABLE AT THIS STAGE) Title BERKELEY ENERGIA PROJECTED EARNINGS AND PE RATIO Title BERKELEY ENERGIA FREE CASH FLOW AND DIVIDEND YIELD BERKELEY ENERGIA PROJECTED EARNINGS AND PE RATIO BERKELEY ENERGIA FREE CASH FLOW AND DIVIDEND YIELD % Net Profit A$'m PE Ratio Free Cash Flow A$'m % 25% 20% 15% 10% 5% 0% Dividend Yield % % Net Profit Price:Earnings Ratio (PER) Free Cashflow Dividend Yield Primary Y Net Profit A$'m Primary Y Free Cash Flow A$'m Secondary Y PE Ratio Secondary Y Dividend Yield % Page 12 / 44

13 C1) GROUP PROJECTIONS - FORECAST ASSUMPTIONS CONST PROJ PROJ PROJ PROJ PROJ PROJ PROJ PROJ PROJ PROJ PROJ PROJ PROJ PROJ PROJ PROJ PROJ FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY Year End 30th June FORECAST ASSUMPTIONS Currency Forecast US$:A$ # Salamanca Project Inputs (See Sch C4.1) Salamanca Revenue US$m Salamanca OPEX US$m - (20.4) (40.6) (74.8) (97.2) (97.2) (97.2) (97.2) (88.4) (83.3) (72.1) (52.6) (37.3) (25.4) Salamance Royalties US$m - (1.0) (1.2) (1.2) (1.7) (1.7) (1.8) (1.8) (1.7) (1.5) (1.3) (0.6) (0.2) (0.4) Salamance Tax US$m - (4.5) (9.4) (20.4) (27.4) (28.4) (29.3) (30.3) (28.4) (27.2) (23.3) (19.0) (14.0) (9.9) Salamance Depreciation US$m - (6.2) (19.5) (30.9) (40.3) (40.3) (40.3) (40.3) (36.6) (34.2) (29.0) (22.1) (15.7) (10.8) Salamanca Royalty Finance US$m - (0.5) (1.6) (2.6) (3.5) (3.5) (3.6) (3.6) (3.4) (3.2) (2.7) (2.1) (1.5) (1.1) Salamanca CAPEX/ABEX US$m (31.9) (51.6) (78.2) (46.3) (26.6) (131.5) Salamanca Satellites Inputs (See Sch C4.2) Salamanca Revenue US$m Salamanca OPEX US$m (15.9) (15.9) (15.9) (34.6) (44.3) (78.8) (122.0) (122.0) (122.0) Salamance Royalties US$m (0.9) (0.9) (0.9) (1.0) (0.1) (0.1) (0.1) (0.1) (0.1) Salamance Tax US$m (3.0) (3.1) (3.2) (10.2) (16.8) (22.4) (29.1) (30.1) (31.1) Salamance Depreciation US$m (3.4) (3.4) (3.4) (8.6) (12.3) (18.1) (25.2) (25.2) (25.2) Salamanca Royalty Finance US$m (0.5) (0.5) (0.5) (1.2) (1.7) (1.8) (1.7) (1.7) (1.7) Salamanca CAPEX/ABEX US$m (15.0) (15.0) (7.5) (7.5) (80.0) Zona 7 Deeps Inputs (See Sch C4.3) Exploration Expense A$m (10.00) Corporate Assumptions Corporate and Admin Expenses (1) A$m Growth Rate Corporate (1) % % 25.00% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% Business Development A$m Growth Rate Bus Dev (2) % % 25.00% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% Funding Assumptions (See Sch C3.1) Finance Cost A$m - - (7.5) (7.5) (7.5) (7.5) (7.5) Shares in Issue # Notes (1/2) Corporate - Big uplifts in early years to deal with costs of arranging financing and negotiating PPAs. Page 13 / 44

14 C2) PROJECTED GROUP P&L ACT PROJ PROJ PROJ PROJ PROJ PROJ PROJ PROJ PROJ PROJ PROJ PROJ PROJ PROJ PROJ PROJ PROJ FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY Year End 30th June PROJECTED P&L Uranium Sales A$m Other Revenue A$m Opex A$m - - (27.5) (54.8) (101.0) (131.3) (131.3) (131.3) (131.3) (140.8) (134.0) (118.8) (117.7) (110.2) (140.6) (164.6) (164.6) (164.6) Royalties A$m - - (1.4) (1.6) (1.6) (2.3) (2.4) (2.4) (2.4) (3.4) (3.2) (3.0) (2.1) (0.4) (0.6) (0.1) (0.1) (0.1) Gross Profit A$m Corporate and Admin Expenses A$m (1.35) (2.7) (3.4) (3.5) (3.5) (3.6) (3.7) (3.8) (3.9) (4.0) (4.1) (4.2) (4.3) (4.4) (4.5) (4.7) (4.8) (4.9) Exploration and Evaluation A$m (9.21) (10.0) Business Development A$m (1.61) (3.2) (4.0) (4.1) (4.2) (4.3) (4.5) (4.6) (4.7) (4.8) (4.9) (5.0) (5.2) (5.3) (5.4) (5.6) (5.7) (5.8) Share Based Payments A$m (1.71) EBITDA A$m (13.64) (15.9) Depreciation A$m - - (8.3) (26.3) (41.8) (54.4) (54.4) (54.4) (54.4) (54.0) (50.8) (43.7) (41.4) (37.8) (39.0) (34.0) (34.0) (34.0) EBIT A$m (13.64) (15.9) Finance Income A$m Finance Costs A$m - - (8.2) (9.7) (11.1) (12.2) (12.3) (4.8) (4.9) (5.7) (5.5) (4.9) (4.1) (2.2) (1.5) (0.1) (0.1) (0.1) Profit/(loss) before Tax A$m (13.64) (15.9) (2.4) Tax (charge)/ credit A$m - - (6.1) (12.7) (27.5) (37.0) (38.3) (39.6) (40.9) (42.4) (40.9) (35.9) (39.5) (41.7) (43.6) (39.3) (40.6) (42.0) Profit/(loss) after Tax A$m (13.64) (15.9) (8.5) Segmental Analysis Corporate A$m (4.43) (5.9) (14.9) (15.1) (15.3) (15.5) (15.7) (8.4) (8.6) (8.8) (9.0) (9.3) (9.5) (9.7) (10.0) (10.2) (10.5) (10.7) Salamanca A$m Salamanca Sats A$m Zona 7 Deeps A$m (9.21) (10.0) A$m (13.64) (15.9) (8.8) P&L Valuations Earnings Per Share (EPS) A$ (5.00) (0.05) (0.02) EPS Growth % n/a -99% -47% -665% 41% 42% 4% 12% 4% 4% -3% -12% 12% 8% 5% -9% 4% 5% Price:Earnings Ratio (PER) # (7) Price:Earnings Growth (PEG) # (0.89) n/a n/a n/a n/a n/a n/a n/a Page 14 / 44

15 C3) PROJECTED GROUP CASHFLOW ACT PY PROJ PROJ PROJ PROJ PROJ PROJ PROJ PROJ PROJ PROJ PROJ PROJ PROJ PROJ PROJ PROJ PROJ Dec FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY Year End 30th June CASHFLOW Cash flows from operating activities EBIT A$m (13.6) (15.9) Depreciation A$m Working Capital Movement A$m (5.8) Tax Paid A$m - - (6.1) (12.7) (27.5) (37.0) (38.3) (39.6) (40.9) (42.4) (40.9) (35.9) (39.5) (41.7) (43.6) (39.3) (40.6) (42.0) Others A$m Total operating activities A$m (11.3) (15.9) Cash flows from investing activities Salamanca A$m (0.3) Exploration and PPE A$m (0.3) Build of Production Assets A$m - (43.1) (69.7) (105.6) (62.5) (35.9) (20.3) (20.3) (10.1) (10.1) (177.5) - - (108.0) Total from investing activities A$m (0.3) (43.1) (69.7) (105.6) (62.5) (35.9) (20.3) (20.3) (10.1) (10.1) (177.5) - - (108.0) Free Cash Flow A$m (11.7) (59.0) (62.0) (22.0) (14.0) Cash flows from financing activities (see 2.1) Issue of Equity A$m Costs of Raising Financing A$m - (13.7) (6.0) Issue of Debt A$m Royalty Sale A$m Interest Paid A$m - - (7.5) (7.5) (7.5) (7.5) (7.5) Debt Repayment A$m (75.0) Dividends Paid A$m Total from Financing A$m (13.5) (7.5) (7.5) (7.5) (82.5) Net increase / (decrease) in cash A$m (2.06) (75.5) (29.5) (14.0) Cash Bought Forward A$m , , , , , ,659.4 Cash Carry Forward A$m , , , , , , ,712.1 Free Cashflow (FCF) A$m (11.7) (59.0) (62.0) (22.0) (14.0) Free Cashflow to Equity (FCFE) A$m (2.1) (75.5) (29.5) (14.0) Segmental Analysis FCFE Corporate A$m (3.7) (5.9) 13.0 (26.5) (27.3) (26.3) (26.2) (12.9) (13.1) (13.3) (13.5) (13.9) (13.4) (13.0) (13.3) (13.7) (14.2) (14.7) Salamanca A$m (88.5) (3.0) (124.2) Salamanca Sats A$m (2.3) (1.6) Zona 7 Deeps A$m (7.7) (10.0) Total A$m (2.1) (75.5) (29.5) (14.0) qc Dividend Analysis Potential Dividend (50% FCFE) A$m n/a n/a n/a n/a n/a Potential Dividend Per Share A$ n/a n/a n/a n/a n/a Potential Dividend Yield % n/a n/a n/a n/a 8% 20% 14% 28% 29% 30% 25% 21% 24% 25% n/a 24% 26% 9% Page 15 / 44

16 C3.1) PROJECTED FUNDING NEEDS ACT PY PROJ PROJ PROJ PROJ PROJ PROJ PROJ PROJ PROJ PROJ PROJ PROJ PROJ PROJ PROJ PROJ PROJ Dec FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY Year End 30th June Surplus/(Defecit) Prior to Financing A$m (11.7) (59.0) (62.0) (22.0) (14.0) Funding Instruments Exisiting Equity Raises A$m Costs of Raising Financing A$m (2.4) Royalty Sold A$m 6.5 New Equity Raised (1) A$m 75.0 Debt Tranche 1 (2) A$m 75.0 Debt Tranche 2 (3) A$m Costs of New Financing A$m (11.3) (6.0) Repayment Debt A$m (75.0) Interest Paid A$m - - (7.5) (7.5) (7.5) (7.5) (7.5) Total from Financing A$m (13.5) (7.5) (7.5) (7.5) (82.5) Net increase / (decrease) in cash A$m (75.52) (29.54) (13.97) Cash Bought Forward A$m , , , , , , Cash Carry Forward A$m , , , , , , , Share Capital Share Capital B/F #'m Existing Equity Raises #'m New Equity Raise #'m 97.6 Share Capital C/F #'m DEBT PACKAGE ASSUMPTIONS Total Finance Package A$m (1) Equity Component A$m Current Share Price A$ p/s 0.85 Assumed Equity Discount % -10% Assumed Issue Price A$ p/s 0.77 Total New Shares Issued #'m 97.6 Assumed Transaction Cost % 10% Assumed Transaction Cost A$m 7.5 Proportion of Total Package % 50% (2) Debt Tranche 1 A$m Features Secured, non convertible Terms yrs 6 Coupon Rate % 10.0% Assumed Transaction Cost % 5% Assumed Transaction Cost A$m 3.75 Annual Interest A$m 7.5 Proportion of Total Package % 50% (3) Debt Tranche 2 A$m - - Features Secured, non convertible Terms yrs 5 Coupon Rate % 7.5% Assumed Transaction Cost % 2.5% Assumed Transaction Cost A$m 6 Annual Interest A$m 0 Proportion of Total Package % 0% FINANCE INCOME Interest on Cash % 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% CASH B/F A$m , , , , , , CASH C/F , , , , , , , Average Balance A$m , , , , , , , Expected Finance Income A$m Page 16 / 44

17 C4.1) SALAMANCA PROJECT OVERVIEW Reserves Mlbs Project Location: Salamanca, Spain (See Figure 1) Individual Deposits*: Alameda Stage: Late Stage Appraisal (See Figure 2) Zona CAPEX: US$m Retortillo OPEX: $15.05 cash cost First Production: 2018 Concept: Open Pit Other Comments: None Equity Ownership: 100% SHAREINVESTOR VALUATION** Project Level IRR % 56% NPV10 (ignoring finance) US$m To Equity Holders NPV10 A$m PRODUCTION PROFILE** BKY SALAMANCA - PRODUCTION PROFILE Retortillo Net Production Zona 7 Net Production Alameda Net Production GEO OVERVIEWS Figure 1 Figure 2 NOTES *Includes Proved and Probable only and adjusted for grade cutoffs (differed from figure 2) ** Likely differs from company issued valuations, due to differing assumptions. Page 17 / 44

18 C4.1.1) SALAMANCA PROJECT ASSUMPTIONS CONST PROJ PROJ PROJ PROJ PROJ PROJ PROJ PROJ PROJ PROJ PROJ PROJ PROJ PROJ PROJ FY FY FY FY FY FY FY FY FY FY FY FY FY FY TOTAL Year End 30th June FORECAST ASSUMPTIONS Inflation Assumptions General % 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% CAPEX Assumptions Base Case Capex (+/-) % 0.0% Retortillo CAPEX US$m Zona 7 CAPEX US$m Alameda CAPEX US$m Retortillo CAPEX Profile US$m 33.3% 33.3% 33.3% 100.0% Zona 7 CAPEX Profile US$m 33.3% 33.3% 33.3% 100.0% Alameda CAPEX Profile US$m 33.3% 33.3% 33.3% 100.0% Project Life and Reserves Retortillo Life Yr Zona 7 Life Yr Alameda Life Yr Retortillo Ore Reserves Mlbs Zona 7 Reserves Mlbs Alameda Reserves Mlbs Currency and Commodity Project Functional Currency US$m Uranium Price US$/lb OPEX Assumptions Retortillo OPEX US$/lb Zona 7 OPEX US$/lb Alameda OPEX US$/lb ABEX Assumptions Rehandling US$m Rehab and Closure US$m Production Metallurgical Recovery % 88% Retortillo Production Profile % 0.0% 7.7% 7.7% 7.7% 11.0% 11.0% 11.0% 11.0% 10.0% 9.0% 8.0% 3.0% 1.0% 1.9% 100.0% Zona 7 Production Profile % 0.0% 0.0% 8.3% 8.3% 11.0% 11.0% 11.0% 11.0% 10.0% 9.0% 7.0% 6.0% 4.2% 3.1% 100.0% Alameda Production Profile % 0.0% 0.0% 0.0% 9.1% 11.0% 11.0% 11.0% 11.0% 10.0% 10.0% 9.0% 8.0% 6.5% 3.4% 100.0% Total Net Production Possible Mlbs Retortillo Net Production Mlbs Zona 7 Net Production Mlbs Alameda Net Production Mlbs Royalty/Tax Assumptions Tax Losses Bought Forward (2) US$m (9.24) Spanish Tax Rate % 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% State Reserves Royalty (1) % 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% Municipilty Royalty % 0.20% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% RCF/Anglo Royalty % 1.38% 1.38% 1.38% 1.38% 1.38% 1.38% 1.38% 1.38% 1.38% 1.38% 1.38% 1.38% 1.38% 1.38% 1.38% Depreciation Profile % 0.0% 1.7% 5.3% 8.5% 11.0% 11.0% 11.0% 11.0% 10.0% 9.3% 7.9% 6.0% 4.3% 2.9% Notes (1) Applies only to Alameda Production (2) Assumes 75% of losses relate to spanish company. Page 18 / 44

19 4.1.2 ) SALAMANCA PROJECT - PROJECTED CASHFLOW AND P&L PROJ PROJ PROJ PROJ PROJ PROJ PROJ PROJ PROJ PROJ PROJ PROJ PROJ PROJ PROJ FY FY FY FY FY FY FY FY FY FY FY FY FY FY TOTAL Year End 30th June PROJECT CASHFLOW Cash flows from operating activities Retortillo Revenues US$m Zona 7 Revenues US$m ,043.8 Alameda Revenues US$m Retortillo OPEX US$m - (20.4) (20.4) (20.4) (29.1) (29.1) (29.1) (29.1) (26.5) (23.8) (21.2) (7.9) (2.6) (5.0) (264.7) Zona 7 Opex US$m - - (20.2) (20.2) (26.7) (26.7) (26.7) (26.7) (24.3) (21.8) (17.0) (14.6) (10.2) (7.5) (242.5) Alamesa Opex US$m (34.2) (41.4) (41.4) (41.4) (41.4) (37.7) (37.7) (33.9) (30.1) (24.5) (12.8) (376.7) Alameda State Royalty US$m - (0.9) (0.9) (1.0) (1.4) (1.4) (1.4) (1.4) (1.3) (1.2) (1.1) (0.4) (0.1) (0.3) (13.0) Municipilty Royalty US$m - (0.1) (0.2) (0.2) (0.3) (0.3) (0.3) (0.3) (0.3) (0.3) (0.2) (0.2) (0.1) (0.1) (3.1) Tax Paid US$m - (4.5) (9.4) (20.4) (27.4) (28.4) (29.3) (30.3) (28.4) (27.2) (23.3) (19.0) (14.0) (9.9) (271.6) Cash flow from operating activities US$m ,223.0 Cash flows from investing activities Retortillo CAPEX US$m (31.9) (31.9) (31.9) (95.7) Zona 7 CAPEX US$m - (19.7) (19.7) (19.7) (59.2) Alameda CAPEX US$m - - (26.6) (26.6) (26.6) (79.7) ABEX US$m (131.5) (131.5) Cash flow from investing activities US$m (31.9) (51.6) (78.2) (46.3) (26.6) (131.5) (366.1) Cash flows from financing activities RCF Royalty US$m - (0.5) (1.6) (2.6) (3.5) (3.5) (3.6) (3.6) (3.4) (3.2) (2.7) (2.1) (1.5) (1.1) (33.0) Other US$m Cash flows from financing activities US$m - (0.5) (1.6) (2.6) (3.5) (3.5) (3.6) (3.6) (3.4) (3.2) (2.7) (2.1) (1.5) (1.1) (33.0) Net increase / (decrease) in cash US$m (31.9) (41.0) (12.3) (91.0) Notes n.a PROJECT P&L Revenue US$m ,394.5 OPEX US$m - (20.4) (40.6) (74.8) (97.2) (97.2) (97.2) (97.2) (88.4) (83.3) (72.1) (52.6) (37.3) (25.4) (883.8) Royalties US$m - (1.0) (1.2) (1.2) (1.7) (1.7) (1.8) (1.8) (1.7) (1.5) (1.3) (0.6) (0.2) (0.4) (16.1) EBITDA US$m ,494.6 Depreciation US$m - (6.2) (19.5) (30.9) (40.3) (40.3) (40.3) (40.3) (36.6) (34.2) (29.0) (22.1) (15.7) (10.8) (366.0) Interest US$m - (0.5) (1.6) (2.6) (3.5) (3.5) (3.6) (3.6) (3.4) (3.2) (2.7) (2.1) (1.5) (1.1) (33.0) Profit Before Tax US$m ,095.5 Tax US$m - (4.5) (9.4) (20.4) (27.4) (28.4) (29.3) (30.3) (28.4) (27.2) (23.3) (19.0) (14.0) (9.9) (271.6) Net Profit US$m TAX CHARGE Tax Losses Losses B/F US$m Tax Relief US$m (18.2) Losses C/F US$m Tax Losses US$m Tax Charge US$m - (4.5) (9.4) (20.4) (27.4) (28.4) (29.3) (30.3) (28.4) (27.2) (23.3) (19.0) (14.0) (9.9) PROJECT NPV Discount Rate % 10% Pre Finance NPV US$m IRR % 56% Page 19 / 44

20 C4.2) SALAMANCA SATELLITES (INFERRED RESOURCES) Inferred OVERVIEW Resource Mlbs Project Location: Salamanca, Spain (See Figure 1) Individual Deposits*: Alameda 9.70 Stage: Early Apraisal (See Figure 2) Zona CAPEX: Unknown Gambuta OPEX: Unknown Retortillo 2.96 First Production: 2025 est Concept: Open Pit Other Comments: Gambuta is some distance from other deposits. May be challenging. Equity Ownership: 100% Economics could be improved by de-bottlenecking. SHAREINVESTOR VALUATION** PRODUCTION PROFILE** Project Level IRR % n/a NPV10 (ignoring finance US$m To Equity Holders NPV10 A$m BKY SALAMANCA - PRODUCTION PROFILE Retortillo Net Production Zona 7 Net Production Alameda Net Production Inferred Production Blues show exisiting production from Salamanca, satelites designed to keep mine producing (greys) GEO OVERVIEWS Figure 1 Figure 2 NOTES *Includes Proved and Probable only and adjusted for grade cutoffs (differed from figure 2) ** Likely differs from company issued valuations, due to differing assumptions. Page 20 / 44

21 C4.2.1) SALAMANCA SATS PROJECT ASSUMPTIONS CONST PROJ PROJ PROJ PROJ PROJ PROJ PROJ PROJ PROJ PROJ PROJ PROJ PROJ PROJ PROJ PROJ PROJ PROJ FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY TOTAL Year End 30th June FORECAST ASSUMPTIONS Inflation Assumptions General % 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% CAPEX Assumptions Base Case Capex (+/-) % 0.0% Retortillo Sat/Inf CAPEX US$m Zona 7 Sat/Inf CAPEX US$m Alameda Sat/Inf CAPEX US$m Gambuta US$m Retortillo CAPEX Profile US$m 100.0% 100.0% Zona 7 CAPEX Profile US$m 100.0% 100.0% Alameda CAPEX Profile US$m 50.0% 50.0% 100.0% Gambuta Profile US$m 50.0% 50.0% 100.0% Project Life and Reserves Retortillo Life Yr Zona 7 Life Yr Alameda Life Yr Gambuta Life Yr Retortillo Reserves Mlbs 2.96 Zona 7 Reserves Mlbs 4.46 Alameda Reserves Mlbs 9.70 Gambuta Reserves Mlbs Currency and Commodity Project Functional Currency US$m Uranium Price US$/lb OPEX Assumptions Retortillo OPEX US$/lb Zona 7 OPEX US$/lb Alameda OPEX US$/lb Gambuta OPEX US$/lb ABEX Assumptions Rehandling US$m Rehab and Closure US$m Production Metallurgical Recovery % 88% Retortillo Production Profile % 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 25.0% 25.0% 25.0% 25.0% 0.0% 0.0% 0.0% 0.0% 0.0% 100% Zona 7 Production Profile % 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 8.0% 19.0% 19.0% 18.0% 18.0% 18.0% 100% Alameda Production Profile % 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 10.0% 20.0% 22.0% 24.0% 24.0% 100% Gambuta Production Profile % 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 12.5% 29.0% 29.0% 29.0% 100% Total Net Production Possible Mlbs Retortillo Net Production Mlbs Zona 7 Net Production Mlbs Alameda Net Production Mlbs Gambuta Net Production Mlbs Royalty/Tax Assumptions Tax Losses Bought Forward (2) US$m - Spanish Tax Rate % 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% State Reserves Royalty (1) % 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% Municipilty Royalty % 0.20% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% RCF/Anglo Royalty % 1.38% 1.38% 1.38% 1.38% 1.38% 1.38% 1.38% 1.38% 1.38% 1.38% 1.38% 1.38% 1.38% 1.38% 1.38% 1.38% 1.38% 1.38% Depreciation Profile % 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 2.7% 2.7% 2.7% 6.9% 9.8% 14.5% 20.2% 20.2% 20.2% 100% Notes (1) Applies only to Alameda Production (2) Assumes 75% of losses relate to spanish company. Page 21 / 44

22 4.2.2 ) SALAMANCA SATS PROJECT - PROJECTED CASHFLOW AND P&L PROJ PROJ PROJ PROJ PROJ PROJ PROJ PROJ PROJ PROJ PROJ FY FY FY FY FY FY FY FY FY FY TOTAL Year End 30th June PROJECT CASHFLOW Cash flows from operating activities Retortillo Revenues US$m Zona 7 Revenues US$m Alameda Revenues US$m Gambuta Revenues US$m Retortillo OPEX US$m - (15.9) (15.9) (15.9) (15.9) (63.7) Zona 7 OPEX US$m (3.5) (8.4) (8.4) (7.9) (7.9) (7.9) (44.1) Alameda OPEX US$m (15.1) (36.0) (36.0) (34.1) (34.1) (34.1) (189.2) Gambuta OPEX US$m (34.5) (80.0) (80.0) (80.0) (274.3) Alameda State Royalty US$m - (0.8) (0.8) (0.8) (0.9) (3.3) Municipilty Royalty US$m - (0.1) (0.1) (0.1) (0.1) (0.1) (0.1) (0.1) (0.1) (0.1) (0.7) Tax Paid US$m - (3.0) (3.1) (3.2) (10.2) (16.8) (22.4) (29.1) (30.1) (31.1) (149.1) Cash flow from operating activities US$m Cash flows from investing activities Retortillo CAPEX US$m - - (15.0) (15.0) Zona 7 CAPEX US$m (15.0) (15.0) Alameda CAPEX US$m (7.5) (7.5) (15.0) ABEX US$m (80.0) (80.0) Cash flow from investing activities US$m - - (15.0) (15.0) (7.5) (7.5) (80.0) (125.0) Cash flows from financing activities RCF Royalty US$m - (0.5) (0.5) (0.5) (1.2) (1.7) (1.8) (1.7) (1.7) (1.7) (11.2) Other US$m Cash flows from financing activities US$m - (0.5) (0.5) (0.5) (1.2) (1.7) (1.8) (1.7) (1.7) (1.7) (11.2) Net increase / (decrease) in cash US$m (2.3) (1.9) Notes n/a PROJECT P&L Revenue US$m ,307.8 OPEX US$m - (15.9) (15.9) (15.9) (34.6) (44.3) (78.8) (122.0) (122.0) (122.0) (571.3) Royalties US$m - (0.9) (0.9) (0.9) (1.0) (0.1) (0.1) (0.1) (0.1) (0.1) (4.0) EBITDA US$m Depreciation US$m - (3.4) (3.4) (3.4) (8.6) (12.3) (18.1) (25.2) (25.2) (25.2) (124.8) Interest US$m - (0.5) (0.5) (0.5) (1.2) (1.7) (1.8) (1.7) (1.7) (1.7) (11.2) Profit Before Tax US$m Tax US$m - (3.0) (3.1) (3.2) (10.2) (16.8) (22.4) (29.1) (30.1) (31.1) (149.1) Net Profit US$m TAX CHARGE Tax Losses Losses B/F US$m Tax Relief US$m Losses C/F US$m Tax Losses US$m Tax Charge US$m - (3.0) (3.1) (3.2) (10.2) (16.8) (22.4) (29.1) (30.1) (31.1) PROJECT NPV Discount Rate % 10% Pre Finance NPV US$m IRR % n/a Page 22 / 44

23 C4.3) Zona 7 Deeps Inferred OVERVIEW Resource Mlbs Project Location: Salamanca, Spain (See Figure 1) Individual Deposits*: None - Stage: Pre Resource Exploration. - CAPEX: Unknown - OPEX: Unknown - First Production: TBC - Concept: Open Pit Equity Ownership: 100% Other Comments: Current assumption is that any exploration expenditure from here will be on a carry basis, assuming equity partner joins. SHAREINVESTOR VALUATION** PRODUCTION PROFILE** IRR N/A None - too early. NPV10 (US$) N/A Valuation (A$M) 20 As it is very early stage the valuations is based on estimated cost only, however this retains a potentially unquantifiable material upside. GEO OVERVIEWS Figure 1 Figure 2 NOTES *Includes Proved and Probable only and adjusted for grade cutoffs (differed from figure 2) ** Likely differs from company issued valuations, due to differing assumptions. Page 23 / 44

24 D) HISTORICAL FINANCIALS - KEY PERFORMANCE INDICATORS May Year End 30th June Functional Currency to GBP GBP :A$ # Key Financial Headlines Revenue A$m Operating Profit/(Loss) A$m (13.50) (11.10) (7.58) (7.87) (13.64) Net Profit A$m (13.50) (11.10) (7.58) (7.87) (13.64) Dilluted Earnings Per Share A (7.53) (6.19) (4.20) (4.36) (6.88) Cashflow Metrics Cashflow from Operations (CFO) A$m (13.20) (9.28) (7.31) (6.82) (11.29) Cashflow from Investing (CFI) A$m (1.11) (0.84) (0.18) (0.06) (0.33) Free Cash Flow (FCF) A$m (14.31) (10.12) (7.49) (6.88) (11.62) FCF Per Share A (7.98) (5.64) (4.15) (3.81) (5.86) Profitability Metrics Operating Margin % -517% -493% -653% -1334% -5500% ROCE % -26% -26% -21% -28% -52% Dividend Metrics Dividend Per Share p Dividend Yield % 0.0% 0.0% 0.0% 0.0% 0.0% Dividend Growth Rate % n/a n/a n/a n/a n/a Dividend Cover # n/a n/a n/a n/a n/a Valuation Metrics Share Price p Shares in Issue # Market Capitalisation 'm Net Assets/Book Value A$m Premium/(Discount) to NAV % 129% 90% 130% 182% 542% 826% Price Cashflow Ops Ratio # n/a n/a n/a n/a n/a Price Earnings Ratio # n/a n/a n/a n/a n/a Distress Metrics Net Cash/(Debt) A$m Working Capital A$m Fixed Assets A$m Interest Payments A$m Interest Cover # Gross Gearing % 0% 0% 0% 0% 0% Director Gold Stars Director Remuneration A$m n/a n/a n/a n/a 3.46 Director Rem/Net Profit % n/a n/a n/a n/a -25% Directors Equity Holding % n/a n/a n/a n/a 6.67% Management KPIs Uranium Spot Price US$ n/a ShareInvestors Additional Metrics None Applicable Notes n/a - data not available or not relevant Page 24 / 44 Disclaimer - Independent research with no association to Berkeley Energia (or related parties). Not financial advice. No responsibility for accuracy of figures can be accepted.

25 D) GRAPHICAL SUMMARY OF HISTORICAL DATA STANDARD CHARTS (NOTE - SOME MAY NOT BE APPLICABLE AT THIS STAGE) Title BERKELEY ENERGIA REVENUE VS OPERATING MARGIN Title BERKELEY ENERGIA CFI vs. ROCE BERKELEY ENERGIA REVENUE VS OPERATING MARGIN BERKELEY ENERGIA CFI vs. ROCE 3.0 0% Revenue A$m % -2000% -3000% -4000% -5000% Operating Margin CFI 'm (0.2) (0.4) (0.6) (0.8) (1.0) Return on Capital Employed % Revenue A$m Operating Margin -6000% (1.2) Cashflow from Investing (CFI) ROCE -1 Primary Y Revenue A$m Primary Y CFI 'm Secondary Y Operating Margin Secondary Y Return on Capital Employed % Title BERKELEY ENERGIA CFO vs. FCF Title BERKELEY ENERGIA WORKING CAPITAL AND NET CASH BERKELEY ENERGIA CFO vs. FCF BERKELEY ENERGIA WORKING CAPITAL AND NET CASH A$'m A$'m Cashflow from Operations (CFO) Free Cash Flow (FCF) Working Capital Net Cash/(Debt) Primary Y A$'m Primary Y A$'m Page 25 / 44

26 D2) PROFIT AND LOSS STATUTORY P&L Year End 30th June Note Revenue D.2.1 A$m 0.25 Corporate and Admin Expenses A$m (1.35) Exploration and Evaluation A$m (9.21) Business Development A$m (1.61) Share Based Payments A$m (1.71) Operating profit/(loss) D.2.1 A$m (13.64) Finance Income A$m - Finance Costs A$m - Profit/(loss) before Tax A$m (13.64) Tax (charge)/ credit D.2.3 A$m - Profit/(loss) after Tax A$m (13.64) Earnings/Dividend per Share Diluted Earnings p (5.00) Dividend p - - Dividend Specified Interim p - - Final p - MANAGEMENT P&L Year End 30th June 2016 Revenue D.2.1 A$m 0.25 Corporate and Admin Expenses A$m (1.35) Exploration and Evaluation A$m (9.21) Business Development A$m (1.61) Share Based Payments A$m (1.71) Operating profit/(loss) D.2.1 A$m (13.89) Finance Income A$m - Finance Costs A$m - Profit/(loss) before Tax A$m (13.89) Tax (charge)/ credit A$m - Profit/(loss) after Tax A$m (13.89) Tax Effective Tax Rate % 0%. Page 26 / 44 Disclaimer - Independent research with no association to Berkeley Energia (or related parties). Not financial advice. No responsibility for accuracy of figures can be accepted.

27 D2.1) PROFIT AND LOSS - REVENUE AND COSTS REVENUE ANALYSIS 2016 Revenue Interest Income (1) A$m 0.24 R&D Rebate A$m 0.01 Management Revenue A$m 0.25 Note (1) Slightly curious why this is shown as revenue but not material to debate. OPERATING COST ANALYSIS Operating Costs Depreciation A$m 0.14 Staff Wages A$m 5.42 Corporate and Admin A$m 1.35 Exploration and Evaluation A$m 9.21 Business Development A$m 1.61 Other (1) A$m (3.85) Total Operating Costs A$m Note (1) Accounts lack granuality but expectation is this is the transfer of staff costs to PPE and other expense categories. Page 27 / 44 Disclaimer - Independent research with no association to Berkeley Energia (or related parties). Not financial advice. No responsibility for accuracy of figures can be accepted.

28 D2.2) PROFIT & LOSS - STAFF COSTS DIRECTOR REMUNERATION Year End 30th June 2016 Total Remuneration Ian Middlemas A$m 0.05 Paul Atherley A$m 1.12 James Ross A$m 0.02 Robert Behets A$m 0.10 Other Key Management A$m 2.17 Total A$m 3.46 % of Earnings/(Losses) % -25% Remuneration Weighting Equity Awards A$m 1.35 Cash Based A$m 2.10 Total A$m 3.46 STAFF COSTS Employees Operational # n/a Admin # n/a Total (1) # - Specified Operational % n/a Admin % n/a Total % 0.00% Total Remuneration Wages, Social Security and Pension A$m 3.76 Share Based Payments A$m 1.66 Total A$m 5.42 Average Cost of Employee '000 n/a Average Bonus '000 n/a Note (1) Data does not appear to be required to be disclosed under Australian reporting rules. KEY INFO ON SHARE OPTION SCHEME LTIP Eligible All Key Staff Consideration for Option A$ 0 Payments for Exercise A$ Principly 0 Expiry Dates from Grant 1-3 years Conditions of Vesting Construction, Production Milestones Option Breakdown - Scheme 1 (Options on Issue) Options BOP #'m Options Granted in Period #'m 0.50 Options Exercised in Period #'m (3.25) Expiry of Options #'m - Total Options Outstanding EOP #'m 7.70 Weighted Average Price Outstanding A$ 0.38 Weighted Average Years Remaining yrs 2.00 Option Breakdown - Scheme 1 (Perfomance Scheme) Options BOP #'m 2.78 Options Granted in Period #'m 8.61 Options Exercised in Period #'m (0.83) Expiry of Options #'m - Total Options Outstanding EOP #'m Weighted Average Price Outstanding A$ - Weighted Average Years Remaining yrs 2.61 Value of Options at Current Share Price 'm 5.38 Fair Value of Options $'m 2.77 Page 28 / 44

29 D2.3) PROFIT & LOSS - TAXATION INCOME STATEMENT Year End 30th June 2016 Current Tax Adjustments in respect of prior years A$m (0.17) Deffered Tax Origination and Reversal of Temp Differences A$m (3.40) Tax Assets not Recognised A$m 3.57 Total A$m - Reconcilliation Accounting Loss A$m (13.64) At Domestic Tax A$m (4.09) Disallowable Expenditure A$m 0.69 Adjustments in respect prior years A$m (0.17) Tax Assets not Recognised A$m 3.57 Total Recognised in P&L A$m 0.00 BALANCE SHEET Deffered Tax Liabilities N/A A$m - Deffered Tax Assets Accrued Expenditure A$m 0.10 Exploration and Evalution Assets A$m 7.48 Tax Losses to offset against future Income A$m 9.06 Tax Assets not Recognised A$m (16.64) Total A$m 0.00 Page 29 / 44 Disclaimer - Independent research with no association to Berkeley Energia (or related parties). Not financial advice. No responsibility for accuracy of figures can be accepted.