ASX/AIM:BKY

www.berkeleyresources.com.au 1 December 2014

Executive Summary

• ASX and AIM listed uranium development company focused in Spain

• Flagship Salamanca Project advancing towards production

PFS confirmed robust, low capex and opex project with significant scale and mine life

Average annual production of 2.7 Mlbs U3O8 over initial 11 year mine life (base case scenario)

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

• Experienced board and management with proven track record in Uranium and Spain

• 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

• Excellent infrastructure

• 100% interest

Key Results from Pre-Feasibility Study

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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

Staged Development

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• Staged development and capital expenditure incorporating two deposits

Initial development and production at Retortillo Subsequent development of Alameda in Year 2 Steady state production incorporating both deposits in Year 3

Development Approach

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RETORTILLO

• Open pit mining (transfer mining to facilitate continuous rehabilitation)

• Heap leaching at each mine using on-off leach pads

• Centralised plant at Retortillo (solvent extraction & ammonium diurante precipitation)

• At Alameda, ore will be initially be treated on site by remote ion exchange operation

• Loaded resin trucked from Alameda to Retortillo plant for final extraction and purification

ALAMEDA

Mineral Resources – Retortillo & Alameda

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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) 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

Shallow Open Pit Mining

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• Open pit mining using drill & blast followed by diesel powered truck & shovel operation

• Mining schedule averages 5.5 Mt ore per annum combined mine production during steady state

• Shallow open pits - max. depths 90m at Retortillo and 135m at Alameda

• Low strip ratios - average 1:2.6 (ore to waste) at Retortillo and 1:1.8 at Alameda over LOM

• Mined grade averages 306 ppm U3O8 at Retortillo & 322 ppm U3O8 at Alameda over LOM

• Transfer mining method to facilitate continuous backfill / rehabilitation

• Study assumes contractor mining scenario

RETORTILLO

ALAMEDA

Heap Leach Processing

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Heap leach selected as preferred leaching option due to:

• High recoveries (85%)

• Coarse crush sizes (Retortillo 40mm, Alameda 12mm)

• Good leach kinetics

• Low acid consumption (~18kg/t)

• Ripios backfilled into pits, removing requirement for tailings storage facility (TSF)

Heap leach processing delivers significant Capex savings

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 On-site accommodation / camp /

airstrip etc. not required

• In-country sources of sulphuric acid Acid plant not required

Significant Capex savings

Excellent Infrastructure

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Access Power

Site Infrastructure Sulphuric Acid Sources Regional Infrastructure

Water

Significant Capex savings

Permitting

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• Management team with strong track record of successful mine permitting in Spain

• Permitting process for uranium mining and processing well understood

• Best practice environmental management approach applied

Progress: • Retortillo - Mining Licence granted April 2014

• Alameda - initial permitting documentation submitted to authorities

• Local community support with Co-Operation Agreements in place with 3 municipalities

Major milestone achieved with grant of Retortillo Mining Licence

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

Definitive Feasibility Study

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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

Zona 7 – Outstanding Exploration Success

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• Zona 7 is located within 10km of proposed location of centralised processing plant at Retortillo

• Broad spaced drilling along strike of existing resource conducted during 2013

• Thick, high grade mineralisation intersected at shallow depths, with mineralisation extended 1,200m to SW

• Further extension and infill drilling completed during 2014, with the aim of increasing resource

Clear demonstration of exploration & resource growth potential of Salamanca Project

Intercepts include: • 29m @ 3,391 ppm

• 21m @ 3,101 ppm

• 25m @ 2,005 ppm

• 19m @ 2,332 ppm

• 21m @ 1,535 ppm

• 17m @ 1,517 ppm

• 20m @ 1,238 ppm

• 17m @ 1,260 ppm

• 15m @ 1,392 ppm

• 12m @ 1,422 ppm

• 16m @ 1,014 ppm

• 13m @ 1,161 ppm

Zona 7 – Substantial Increase to Resource

16 Potential to increase production scale and/or mine life of Salamanca Project

• Mineral Resource Estimate (‘MRE’) increased to 30.1 Mlbs U3O8 (previously 3.6 Mlbs)

• Average grade of the MRE increased by 42% to 589 ppm U3O8

• 90% of the MRE within 50 metres of surface

• Salamanca Project total resource base increased by 43% to 88.2 Mlbs U3O8

• Scoping Study underway to determine optimum integration of Zona 7 with development of Retortillo / Alameda

Experienced Board and Management

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Ian Middlemas Chairman

Chartered Accountant with over 20 years mining industry experience; extensive corporate and management expertise

Jim Ross Deputy Chairman

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 Non-Executive Director

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 General Manager - Operations

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

Javier Colilla Senior VP - Corporate

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

Russell Bradford Technical Advisor

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

Corporate Overview

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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

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%

SUBSTANTIAL SHAREHOLDERS

CAPITAL STRUCTURE

Investment Case

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• PFS considered only Retortillo and Alameda deposits (base case)

• Substantial resource upgrade at Zona 7 (+30Mlbs, shallow, high grade)

• Scoping Studies to assess integration of Zona 7 and Gambuta deposits

• Exploration Upside e.g.

• PFS demonstrated robust Project

• Mining Licence granted for Retortillo

• Well funded with DFS underway

HIGH QUALITY ASSET BASE

GROWTH POTENTIAL

DE-RISKING THE PROJECT

• Large resource base (88.2Mlbs U3O8 @ 472 ppm)

• Significant production scale and mine life, shallow open pit mining

• Excellent infrastructure and ability to heap leach = low capex

ASX/AIM:BKY

www.berkeleyresources.com.au 20

Spain

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• Historical uranium mining

• Operating nuclear fuel fabrication facility

• Established nuclear power generation industry

• Government support for mining industry

• Skilled local workforce

• Internationally competitive contractors and suppliers

• High quality infrastructure

Total Mineral Resources

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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)

Retortillo Indicated 14.4 378 12.0

Inferred 1.8 359 1.4

Total 16.2 376 13.4

Alameda 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

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.

Geology – Retortillo & Alameda

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Alameda

• Alameda mineralisation occurs in a complex network of moderately to steeply dipping brittle structures

• Primary uranium minerals are pitchblende/uraninite and coffinite

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

Grade Tonnage Curves – Retortillo & Alameda

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• 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

PFS Capital and Operating Cost Breakdown

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0102030405060708090

100

Total G&A

Retortillo Capex

$18.8m

$2.2m

$23.4m

$42.2m

$95.1m

Pre-Strip Indirects Infrastructure Processing

$8.6m

0

10

20

30

40

50

60

70

80

Total

Alameda Capex

$16.1m

$21.0m

$32.1m

$74.4m $5.1m

Retortillo Opex – US$29.3/lb

Alameda Opex – US$21.7/lb

G&A Pre-Strip Indirects Infrastructure Processing

Processing 44%

Mining 49%

G&A 7%

Processing 48% Mining

45%

G&A 7%

Permitting

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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

Permitting Status - Retortillo

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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

Permitting Status - Retortillo

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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

Permitting Status - Retortillo

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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

Permitting Status - Alameda

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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

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

• Positive Scoping Study recently completed

• Conceptual approach same as for Alameda i.e. open pit, heap leach, remote IX with loaded resin transported to centralised plant at Retortillo

• Geometry, thickness and depth of mineralisation = shallow open pit mining with a low strip ratio

• Encouraging initial metallurgical testwork results (330kg sample):

Potential robust, low capex additional production source for Salamanca Project

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

• Gambuta will be integrated with Retortillo/Alameda once resource classification and technical studies are sufficiently advanced

Exploration Upside – Satellite Deposits

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Significant exploration potential:

• Recent successful exploration drilling at Zona 7 highlights exploration & resource growth potential • Numerous untested or poorly tested radiometric anomalies proximal to Retortillo and Alameda • Exploration under shallow Tertiary cover

• Extensions to known resources

Important Notices

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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.