Berkeley Energia Limited — Capital/Financing Update 2011

Jan 18, 2011

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1 9[t][h] J a n u a r y 2 0 1 1

ANNOUNCEMENT TO THE AUSTRALIAN SECURITIES EXCHANGE

MAJOR MILESTONES IN THE DEVELOPMENT OF THE SALAMANCA URANIUM PROJECT

Berkeley Resources Ltd (“Berkeley” or the “Company”) is pleased to advise of two major milestones in the development of the Salamanca Uranium Project (“The Project”). As provided for in the Collaboration Agreement between Berkeley and Enusa Industrias Avanzades S.A. (“ENUSA”) dated 29 January 2009 (“Collaboration Agreement”), the Board has approved the decision to progress to the exploitation phase. In addition, the Company has arranged a fully underwritten capital raising of A$55 million, at A$1.70 per share, of which A$26 million is subject to shareholder approval.

The decision to exploit follows the submission of the Exploitation Plan to ENUSA on 18 November 2010 (refer to the ASX Announcement of 14 December 2010). Under the Collaboration Agreement, this decision triggers a sequence of actions essential to the development of the Salamanca Uranium Project:

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• Incorporation of a new joint venture company (“Newco”) within 60 days (90% Berkeley with ENUSA retaining a 10% free carried interest) which will own and operate the Salamanca Uranium Project;

• Submission of the Exploitation Plan to the Central Government of Spain;

• Payment of €20 million (approximately A$26 million) to ENUSA within 90 days, in exchange for the transfer into Newco of the ENUSA owned elements of the Salamanca Uranium Project (the State Reserve Licences).

The Company has also entered into agreements with RBC Capital Markets ("RBC"), BMO Capital Markets ("BMO") and Dundee Securities Corporation whereby RBC and BMO have agreed to jointly underwrite an equity raising of A$55 million at a price of A$1.70 per share, via a placement to institutional investors (a separate announcement with further details on the placement is to follow). These funds will be utilised to meet the cost of the €20 million payment to ENUSA, fund further feasibility steps that will include a 1,200 hour pilot plant operation, enable exploration drilling of high quality targets within the State Reserves and adjacent Berkeley tenements.

Acting Managing Director, Henry Horne said “These milestones are seminal events in the development of the Salamanca Uranium Project. They accelerate the permitting process, enable further optimisation including the commissioning of a pilot plant and provide the funding capacity to explore a new generation of exploration targets.”

Enquiries - Acting Managing Director: Henry Horne Tel: +34 673 497 712 RBC Capital Markets: Martin Eales Tel: +44 20 7029 7881

Level 2, 91 Havelock Street Tel: +61 8 9214 7585 www.berkeleyresources.com.au West Perth WA 6872, AUSTRALIA Fax: +61 8 9214 7575

Berkeley Resources Ltd ACN 052 468 569