Berkeley Energia Ltd (LSE:BKY, ASX:BKY) shares found support on Wednesday, rising 8.7% to 25p, as the company, which is locked in a legal dispute with Spain, released interim financial results that confirmed robust cash resources.
Cash reserves stood at A$68.4 million at period-end, down from A$73.6 million at 30 June, with no debt on the balance sheet.
Attention among investors was likely focused more on commentary regarding the legal dispute, which could potentially pay out as much as $1.25 billion in compensation, than the six-monthly financials.
In February 2026, its wholly owned subsidiary, Berkeley Exploration Ltd, filed a Memorial of Claim at the International Centre for Settlement of Investment Disputes in Washington, alleging Spain breached multiple provisions of the Energy Charter Treaty. Spain has until July 2026 to respond (or until October, under an extended timeline subject to jurisdiction).
Berkeley's financials confirmed an interim loss as legal costs tied to its dispute with Spain climbed, though the uranium and critical minerals developer said it still holds a sizeable cash buffer while advancing work at its Conchas project in western Spain. For the six months to 31 December 2025, the group reported a net loss of A$3.45 million, against a profit of A$831,000 a year earlier - including arbitration expenses which rose to A$2.49 million from A$577,000, plus a A$1.49 million foreign exchange loss.
Away from the arbitration, Berkeley flagged progress at Conchas, where preliminary metallurgical test work indicated lithium recoveries of 77.5% and rubidium recoveries of 62.7% through flotation, with magnetic separation also showing potential.