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ASX/AIM:BKY
www.berkeleyresources.com.au
December 20141
Executive Summary
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ASX and AIM listed uranium development company focused in Spain
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Flagship Salamanca Project advancing towards production
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PFS confirmed robust, low capex and opex project with significant scale and mine life
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Average annual production of 2.7 Mlbs U3O8 over initial 11 year mine life (base case scenario)
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Upfront capex ~US$95m, with further US$75m in Year 2; Opex (C1) US$24.50/lb

Mining Licence granted for Retortillo
Total Mineral Resource base of 88.2 Mlbs U3O8 with demonstrated growth potential

Substantial increase in Zona 7 resource (30.1 Mlbs U3O8 @ 589 ppm) following exploration success
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Experienced board and management with proven track record in Uranium and Spain
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Strong cash position of A$18.3m (30 Sept)
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Salamanca Project
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Comprises Retortillo, Alameda, Zona 7 and Gambuta
deposits, plus numerous other Satellite Deposits
Total Resource = 88.2 Mlbs U3O8 @ 472 ppm
PFS evaluated integrated project comprising Retortillo
and Alameda only (34.5 Mlbs)
Confirmed robust, low capex and opex project with
significant scale and mine life
Considered base case scenario, with scope to increase
scale and/or mine life of Project through addition of
Zona 7 and Gambuta
Mining Licence granted for Retortillo, which is where
mining is scheduled to commence
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Excellent infrastructure
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100% interest
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Key Results from Pre-Feasibility Study
Production
3.3 Mlb per annum (average steady state)
2.7 Mlb per annum (average LOM)
Mine Life
Minimum 11 years
Including 7 years steady state operation
Operating Cost (C1)
US$24.60 per pound (average LOM)
Capital Cost
US$95.1m upfront
US$74.4m incurred in Year 2
Robust, low capex project with significant production scale & mine life
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Staged Development
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Staged development and capital expenditure incorporating two deposits
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Initial development and production at Retortillo
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Subsequent development of Alameda in Year 2
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Steady state production incorporating both deposits in Year 3
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Development Approach
RETORTILLO
ALAMEDA
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Open pit mining (transfer mining to facilitate continuous rehabilitation)
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Heap leaching at each mine using on-off leach pads
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Centralised plant at Retortillo (solvent extraction & ammonium diurante precipitation)
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At Alameda, ore will be initially be treated on site by remote ion exchange operation
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Loaded resin trucked from Alameda to Retortillo plant for final extraction and purification
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Mineral Resources – Retortillo & Alameda
Retortillo and Alameda
Combined Mineral Resource Estimate as at Sept 2013
Reported at a cut-off grade of 200 ppm U3O8 and in accordance with the JORC Code (2004)
•
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Tonnage
(million tonnes)
Grade
(ppm U3O8)
Contained Uranium
(million pounds)
Indicated Resource
34.4
423
32.1
Inferred Resource
2.5
443
2.4
Total Resource
36.9
424
34.5
PFS and Production Target were based solely on the Retortillo and Alameda Indicated Resources
Berkeley has 100% interest in additional Inferred Resources totalling 57.3 Mlbs U3O8 (@ 509 ppm)
at Zona 7, Gambuta, and other Satellite Deposits, which are in close proximity to Retortillo and Alameda
Strong potential to increase production profile and/or mine life
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Shallow Open Pit Mining
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Open pit mining using drill & blast followed by diesel powered truck & shovel operation
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Mining schedule averages 5.5 Mt ore per annum combined mine production during steady state
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Shallow open pits - max. depths 90m at Retortillo and 135m at Alameda
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Low strip ratios - average 1:2.6 (ore to waste) at Retortillo and 1:1.8 at Alameda over LOM
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Mined grade averages 306 ppm U3O8 at Retortillo & 322 ppm U3O8 at Alameda over LOM
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Transfer mining method to facilitate continuous backfill / rehabilitation
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Study assumes contractor mining scenario
RETORTILLO
ALAMEDA
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Heap Leach Processing
Heap leach selected as preferred leaching option due to:
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High recoveries (85%)
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Coarse crush sizes (Retortillo 40mm, Alameda 12mm)
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Good leach kinetics
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Low acid consumption (~18kg/t)
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Ripios backfilled into pits, removing requirement for tailings
storage facility (TSF)
Heap leach processing delivers significant Capex savings
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Process Flow Sheet
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Excellent Infrastructure
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Project is readily accessible from
existing public road network
Power supplied from local grid at
US$0.10/kWh
Total power requirements low
(3.7MW Retortillo; 3.2MW Alameda)
Water available from both adjacent
water courses and on-site bores
Proximal to city of Salamanca and
local villages
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On-site accommodation / camp /
airstrip etc. not required
In-country sources of sulphuric acid

Acid plant not required
Significant Capex savings
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Excellent Infrastructure
Access
Power
Site Infrastructure
Regional Infrastructure
Water
Sulphuric Acid Sources
Significant Capex savings
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Permitting
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Management team with strong track record of successful mine permitting in Spain
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Permitting process for uranium mining and processing well understood
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Best practice environmental management approach applied
Key Permits Required for Development
1. Exploitation Concession (Mining Licence)
2. Authorisation of the Process Plant as a Radioactive Facility
3. Authorisation for the Exceptional Use of Rural Land for Industrial Purposes
Progress:
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Retortillo - Mining Licence granted April 2014
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Alameda - initial permitting documentation submitted to authorities
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Local community support with Co-Operation Agreements in place with 3 municipalities
Major milestone achieved with grant of Retortillo Mining Licence
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Definitive Feasibility Study
A number of DFS work programs are underway
Key areas of focus include:
• Resource infill drilling to upgrade portions of the current
Retortillo and Alameda MRE’s to the Measured category
• Further metallurgical testwork programs, including
additional column leach work (6m columns)
• Development of Geo-Met models to support metallurgical
process modelling and mine planning and optimisation
• Open pit optimisation, detailed mine design and
production scheduling using upgraded MRE block models
• Enhanced design of project infrastructure and site facilities
• Engineering studies to support capital and operating cost
estimates to a level of accuracy of nominally ±10%
• Evaluation of various alternatives for funding Project
development and the sale of future uranium production
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Zona 7 – Outstanding Exploration Success
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Zona 7 is located within 10km of proposed location of centralised processing plant at Retortillo
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Broad spaced drilling along strike of existing resource conducted during 2013
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Thick, high grade mineralisation intersected at shallow depths, with mineralisation extended 1,200m to SW
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Further extension and infill drilling completed during 2014, with the aim of increasing resource
Intercepts include:
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29m @ 3,391 ppm
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21m @ 3,101 ppm
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25m @ 2,005 ppm
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19m @ 2,332 ppm
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21m @ 1,535 ppm
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17m @ 1,517 ppm
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20m @ 1,238 ppm
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17m @ 1,260 ppm
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15m @ 1,392 ppm
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12m @ 1,422 ppm
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16m @ 1,014 ppm
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13m @ 1,161 ppm
Clear demonstration of exploration & resource growth potential of Salamanca Project
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Zona 7 – Substantial Increase to Resource
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Mineral Resource Estimate (‘MRE’) increased to 30.1 Mlbs U3O8 (previously 3.6 Mlbs)
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Average grade of the MRE increased by 42% to 589 ppm U3O8
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90% of the MRE within 50 metres of surface
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Salamanca Project total resource base increased by 43% to 88.2 Mlbs U3O8
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Scoping Study underway to determine optimum integration of Zona 7 with development of Retortillo / Alameda
Potential to increase production scale and/or mine life of Salamanca Project
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Experienced Board and Management
Ian Middlemas
Chairman
Chartered Accountant with over 20 years mining industry experience; extensive corporate and
management expertise
Jim Ross
Leading international geologist whose technical qualifications include an honours degree in
Geology at UWA and a PhD in Economic Geology from UC Berkeley; extensive international
experience in exploration and mining
Robert Behets
Geologist with over 25 years mining industry experience; Founding MD of Mantra Resources,
ex Acting MD/NED of Papillon Resources and WMC executive
Francisco Bellon
Mining Engineer with further specialisation in mineral processing and metallurgy with over 18
years experience in both operational and project management roles in Europe, South America
and West Africa. Has developed and operated numerous mines in Spain
Deputy Chairman
Non-Executive Director
General Manager - Operations
Javier Colilla
Senior VP - Corporate
Russell Bradford
Technical Advisor
Economist and Lawyer with more than 25 years experience in the Spanish and international
mining industry. Held several executive management roles during a long career with Rio Narcea
Gold Mines and was responsible for the permitting of four mines in Spain & one in Mauritania
Metallurgist with over 20 years experience in Africa and Australia; former GM - Project
Development for Mantra, GM - Operations for LionOre’s Australian nickel mines, Head of
Metallurgy at BCL in Botswana
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Corporate Overview
CAPITAL STRUCTURE
Shares on Issue
180.4m
Unlisted Options & Rights
12.4m
Market Capitalisation (undiluted @ A$0.28)
A$ 50.5m
Cash Position (at 30 Sept)
A$ 18.3m
SUBSTANTIAL SHAREHOLDERS
Anglo Pacific
16.8%
Hadron
7.9%
Resource Capital Fund
7.2%
CBA
5.8%
Global X Management
5.2%
Management
~4.0%
Top 20 Shareholders
72.5%
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Investment Case
HIGH QUALITY
ASSET BASE
GROWTH
POTENTIAL
DE-RISKING
THE PROJECT
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Large resource base (88.2Mlbs U3O8 @ 472 ppm)
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Significant production scale and mine life, shallow open pit mining
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Excellent infrastructure and ability to heap leach = low capex
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PFS considered only Retortillo and Alameda deposits (base case)
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Substantial resource upgrade at Zona 7 (+30Mlbs, shallow, high grade)
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Scoping Studies to assess integration of Zona 7 and Gambuta deposits
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Exploration Upside e.g.
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PFS demonstrated robust Project
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Mining Licence granted for Retortillo
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Well funded with DFS underway
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ASX/AIM:BKY
www.berkeleyresources.com.au
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Spain
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Historical uranium mining
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Operating nuclear fuel fabrication facility
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Established nuclear power generation industry
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Government support for mining industry
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Skilled local workforce
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Internationally competitive contractors and suppliers
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High quality infrastructure
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Total Mineral Resources
Mineral Resource Estimates as at Nov 2014
Reported at a cut-off grade of 200 ppm U3O8
Resource
Category
Tonnage
(million tonnes)
Grade
(ppm U3O8)
Contained U3O8
(million pounds)
Indicated
14.4
378
12.0
Inferred
1.8
359
1.4
Total
16.2
376
13.4
Indicated
20.0
455
20.1
Inferred
0.7
657
1.0
Total
20.7
462
21.1
Zona 7
Inferred
23.2
589
30.1
Gambuta
Inferred
12.7
394
11.1
Other Satellites
Inferred
15.8
459
16.0
Total Resources
Indicated
34.4
423
32.0
Inferred
50.3
506
56.1
Total
84.7
472
88.2
Retortillo
Alameda
All figures are rounded to reflect appropriate levels of confidence. Apparent differences occur due to rounding
Zona 7 MRE reported in accordance with the JORC Code (2012). All remaining MRE’s reported in accordance with the JORC Code (2004). The
information was prepared and first disclosed under the JORC Code 2004. It has not been updated since to comply with the JORC Code 2012 on
the basis that the information has not materially changed since it was last reported.
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Geology – Retortillo & Alameda
Retortillo
• Vein Type deposits hosted in meta-
sedimentary sequences adjacent to granites
• Retortillo mineralisation includes vein,
stockwork and disseminated mineralisation
in joint / fracture fillings associated with
brittle deformation
Alameda
• Alameda mineralisation occurs in a
complex network of moderately to
steeply dipping brittle structures
• Primary uranium minerals are
pitchblende/uraninite and coffinite
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Grade Tonnage Curves – Retortillo & Alameda
• G-T curves highlight significant impact of cut-off grade (COG)
• At 100 ppm U3O8 COG, which approximates the mining COG derived from the PFS pit optimisations,
MRE’s for Retortillo and Alameda total 19.4 Mlbs and 25.4 Mlbs U3O8 respectively
• Represents an increase of 45% and 20% in contained U3O8 at Retortillo and Alameda respectively
when compared with the MRE reported at the 200 ppm COG
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PFS Capital and Operating Cost Breakdown
100
90
80
70
60
50
40
30
20
10
0
80
Retortillo Capex
Retortillo Opex – US$29.3/lb
$8.6m
$2.2m
$95.1m
Processing
44%
$23.4m
Mining
49%
$42.2m
Processing Infrastructure
Indirects
Pre-Strip
G&A
Total
Alameda Opex – US$21.7/lb
Alameda Capex
$5.1m
70
$74.4m
G&A
7%
$16.1m
60
50
$21.0m
Mining
45%
40
30
G&A
7%
$18.8m
$32.1m
Processing
48%
20
10
0
Processing Infrastructure
Indirects
Pre-Strip
G&A
Total
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Permitting
Key Permits Required for Development
1) Exploitation Concession / State Reserve suitable for Exploitation (Mining Licence)
2) Authorisation of the Process Plant as a Radioactive Facility
3) Authorisation for the Exceptional Use of Rural Land for Industrial Purposes
Substantive Authorities:
1) Retortillo - Mines Dept of Ministry of Industry and Employment of Regional Government
Alameda (State Reserve) - Mines Dept of Ministry of Industry of Central Government
2) Department of Nuclear Energy of Ministry of Industry of Central Government
Nuclear Safety Council
3) Urbanism Department of Regional Government
Local Municipalities
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Permitting Status - Retortillo
Exploitation Concession (Mining Licence):
 Application for Exploitation Concession submitted in Oct 11, together with Environmental Scoping
Document (ESD)
 ESD subjected to consultation period, comments received incorporated into Environmental and
Social Impact Assessment (ESIA)
 ESIA, Exploitation Plan, Reclamation & Closure Plan approved for Public Information in May 12
 Public Information Period (PIP) concluded in Sept 12. Berkeley’s responses to PIP submissions
provided to relevant authorities and discussions regarding mitigation measures concluded in Oct 12
 Environmental Technical & Executive Committees at Provincial level completed reviews of ESIA and
provided favourable recommendation report to Regional Government in Feb 13
 Favourable Declaration of Environmental Impact (Environmental Licence) granted in Oct 13
 Exploitation, Reclamation and Closure Plans approved in Apr 14
 Exploitation Concession (Mining Licence) granted in Apr 14
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Permitting Status - Retortillo
Authorisation of the Process Plant as a Radioactive Facility:
 Initial Authorisation for the Radioactive Facility documentation submitted in Mar 12
 Documentation approved for Public Information in Jul 12
 Public Information Period concluded in Sept 12
 Nuclear Safety Council (NSC) submitted its compulsory recommending report regarding the granting
of the Mining Licence to Regional Government in Aug 13
 NSC’s recommendation report for the Initial Authorisation for the Radioactive Facility was pending
the Mining Licence being granted (occurred in Apr 14) so issuance anticipated in short-term
 Grant of Initial Authorisation
 Grant of Authorisation for Construction
 Grant of Authorisation for Operations
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Permitting Status - Retortillo
Authorisation for the Exception Use of Rural Land for Industrial Purposes:
 Authorisation for the Use of Rural Land for Industrial Purposes submitted in Mar 12
 Documentation approved for Public Information in May 12
 Public Information Period concluded in Sept 12
 Requested land declared as “suitable for the exceptional authorisation, subject to issuance of the
environmental license” by relevant authority in Feb 13
 Authorisation for the Exceptional Use of Rural Land for Industrial Purposes now pending formal
resolution by the Commission of Environment and Urbanism of Salamanca
Community Relations:
 Co-Operation Agreements with Retortillo and Villavieja municipalities signed in Oct 11
 Co-Operation Agreements with Villares municipality signed in Sept 12
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Permitting Status - Alameda
State Reserve suitable for Exploitation (Mining Licence):
 Application, together with Environmental Scoping Document (ESD), submitted in Dec 12
 Baseline studies updated for inclusion in ESIA
 Updated ESD (incorporating PFS outputs e.g. reduced footprint of site layout) submitted in May 14
 Updated Exploitation, Reclamation & Closure Plans submitted in Oct 14
Authorisation of the Process Plant as a Radioactive Facility:
 Documentation for Initial Authorisation prepared for submission in Q1 15
Authorisation for the Exception Use of Rural Land for Industrial Purposes:
 Authorisation for the Use of Rural Land for Industrial Purposes submitted in Dec 12
 Documentation approved for Public Information in Feb 13
 Public Information Period concluded in Mar 13
 Currently on hold pending advancement of above processes
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Zona 7 – Thick, High Grade Mineralisation at Shallow Depths
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Production Growth Potential – Gambuta
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Potential to increase production scale or mine life of Salamanca Project, once incorporated
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Positive Scoping Study recently completed
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Conceptual approach same as for Alameda i.e. open pit, heap leach, remote IX with loaded resin
transported to centralised plant at Retortillo
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Geometry, thickness and depth of mineralisation = shallow open pit mining with a low strip ratio
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Encouraging initial metallurgical testwork results (330kg sample):
 uranium recovery averages 80% at 12 mm crush size
 acid consumption ~ 9 - 10 kg/t
 geomechanical tests confirmed ore could be stacked to 8m, with
the HL pad design conservatively assuming two 6m lifts
•
Favourable existing infrastructure
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Gambuta will be integrated with Retortillo/Alameda
once resource classification and technical studies are
sufficiently advanced
Potential robust, low capex additional production source for Salamanca Project
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Exploration Upside – Satellite Deposits
Significant exploration potential:
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Recent successful exploration drilling at Zona 7 highlights exploration & resource growth potential
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Numerous untested or poorly tested radiometric anomalies proximal to Retortillo and Alameda
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Exploration under shallow Tertiary cover
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Extensions to known resources
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Important Notices
Disclaimer Notice
The material in this presentation (‘material’) is not and does not constitute an offer, invitation or recommendation to subscribe for, or purchase any security in Berkeley Resources Ltd ‘(‘BKY’) nor does it form the
basis of any contract or commitment. BKY makes no representation or warranty, express or implied, as to the accuracy, reliability or completeness of this material. BKY, its directors, employees, agents and
consultants shall have no liability, including liability to any person by reason of negligence or negligent misstatement, for any statements, opinions, information or matters, express or implied, arising out of,
contained in or derived from, or for any omissions from this material except liability under statute that cannot be excluded.
Statements contained in this material, particularly those regarding possible or assumed future performance, costs, dividends, production levels or rates, prices, resources, reserves or potential growth of BKY,
industry growth or other trend projections are, or may be, forward looking statements. Such statements relate to future events and expectations and, as such, involve known and unknown risks and uncertainties.
Actual results and developments may differ materially from those expressed or implied by these forward looking statements depending on a variety of factors.
Competent Persons Statement
The information in this report that relates to 2014 Mineral Resources for Zona 7 is extracted from the report entitled ‘Salamanca Project Total Resource Increased By 43% To 88.2 Mlbs U3o8 following Substantial
Increase In Zona 7 Resource’ dated 26 November 2014 and is available to view on Berkeley’s website at www.berkeleyresources.com.au. The information in the original ASX Announcement that relates to the
2014 Mineral Resources for Zona 7 was based on information compiled by Malcolm Titley, a Competent Person who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Titley is employed by
Maja Mining Limited, an independent consulting company. Mr Titley has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he
is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. The Company confirms that it
is not aware of any new information or data that materially affects the information included in the original market announcement and, in the case of estimates of Mineral Resources, that all material
assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms that the form and context in
which the Competent Person’s findings are presented have not been materially modified from the original market announcement.
The information in this report that relates to 2014 Exploration Results is extracted from the reports entitled ‘Thick, High Grade Mineralisation Intersected at Zona 7’ dated 18 August 2014 and ‘Further Thick, High
Grade Drill Intersections at Zona 7’ dated 10 November 2014 which are available to view on Berkeley’s website at www.berkeleyresources.com.au. The information in the original ASX Announcements that relate
to the 2014 Exploration Results is based on information compiled by Robert Behets, a Competent Person who is a Fellow of The Australasian Institute of Mining and Metallurgy. Mr Behets is a holder of shares,
options and performance rights in, and is a director of, Berkeley Resources Limited. Mr Behets has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and
to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. The
Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement. The Company confirms that the form and context in
which the Competent Person’s findings are presented have not been materially modified from the original market announcement.
The information in this report that relates to earlier Exploration Results and Mineral Resources is extracted from Berkeley’s ASX announcements dated 31 July 2012 (June 2012 Quarterly Report), 31 October 2012
(September 2012 Quarterly Report), 7 August 2013 and 26 September 2013 which are available to view on Berkeley’s website at www.berkeleyresources.com.au. The information in the original ASX
announcements was based on information compiled by Craig Gwatkin, who is a Member of The Australian Institute of Mining and Metallurgy and was an employee of Berkeley Resources Limited. Mr Gwatkin
has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the
2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Gwatkin consents to the inclusion in the report of the matters based on his information in the
form and context in which it appears. This information was prepared and first disclosed under the JORC Code 2004. It has not been updated since to comply with the JORC Code 2012 on the basis that the
information has not materially changed since it was last reported.
The information in this report that relates to the Pre-Feasibility Study is extracted from Berkeley’s ASX announcement dated 26 September 2013 which is available to view on Berkeley’s website at
www.berkeleyresources.com.au. The information in the original ASX announcement was based on information compiled by Neil Senior of SENET (Pty) Ltd. Mr Senior is a Fellow of The South African Institute of
Mining and Metallurgy and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent
Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Senior consents to the inclusion in the report of the matters based on
his information in the form and context in which it appears. This information was prepared and first disclosed under the JORC Code 2004. It has not been updated since to comply with the JORC Code 2012 on the
basis that the information has not materially changed since it was last reported.
Production Target
The Production Target stated in this Report is based on the Company’s Pre-Feasibility Study for the Salamanca Project as released to the ASX on 26 September 2013. The information in relation to the Production
Target that the Company is required to include in a public report in accordance with ASX Listing Rule 5.16 was included in the Company’s June 2014 Quarterly Report released to the ASX on 24 July 2014. The
Company confirms that the material assumptions underpinning the PFS and Production Target referenced in the 26 September 2013 and 24 July 2014 releases continue to apply and have not materially changed.
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