Berkeley Energia Limited — Capital/Financing Update 2012

Apr 25, 2012

26[th] April 2012

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ANNOUNCEMENT TO THE AUSTRALIAN SECURITIES EXCHANGE Board Changes and Share Placement

Berkel e y Resourc e s Limited ( “ The Comp a ny”) is ple a sed to ad v ise the ap p ointment of Mr Ian Middle m as as non - executive Chairman of t h e Compan y , and Mr R o bert Behet s as a non-e x ecutive th Direct o r of the Co m pany, effective Friday 2 7 April, 2012.

Mr Middlemas is a Chartered Accountant a n d has been in commer c e for over t w enty five years. He was previously Ch a irman of M antra Reso u rces Limited, an African-focussed u ranium ex p loration and d e velopment c ompany, a n d is also a d irector of a number of other public l y listed co m panies. He ha s considera b le corporate, financial and mana g ement exp e rtise and i s a Membe r of the Financ i al Services Institute of A ustralasia.

Mr Be h ets is a G e ologist with over twent y four years ’ experience in the min e ral explora t ion and mining industry in A ustralia an d internation a lly. He was the foundi n g Managin g Director of Mantra Resou r ces Limited and previously held vari o us senior m anagement positions w i th WMC Resources Limite d . He has a strong com b ination of technical, co m mercial and managerial skills, is a F ellow of The A u stralasian Institute of M ining and M etallurgy and a Member of the A u stralian Institute of Geoscientists. He is also a c urrent me m ber of the A ustralasian Joint Ore R eserve Committee (JORC).

The a p pointment of Mr Mid d lemas and Mr Behets will subst a ntially stre n gthen the Board’s corpor a te and tech n ical capacity as it adva n ces its posi t ion in the ur a nium secto r in Spain.

Dr Jim Ross will r emain on t h e Board a s Deputy C h airman an d Mr Brend a n James w ill bring forwar d his previously announced departur e from the Board, and the position o f Managing D irector, to 27 A pril 2012.

Share Placement

In ord e r to align t h eir interest s with those of the Company, Mess r s Middlem a s and Beh e ts have indicat e d that, prio r to them joi n ing the Boa r d, they eac h wish to ac q uire a shar e holding in Berkeley. The Company is therefore p r oposing to undertake a placeme n t of share s to them, or their nomin e es, contem p oraneously with their a p pointment t o the Board ('Placement' ) .

The C o mpany is undertaking a share plac e ment totalling 5.0 milli o n shares a t $0.30 per s hare to raise $1,500,000 ( b efore costs ) . Each share will have a free attac h ing option e xercisable a t $0.45 any ti m e before 30 June 2016. The terms o f the Place m ent have b e en determi n ed by the C o mpany in con s ultation with Argonaut, and it is prop o sed that:

• (a) M r Middlem a s will acquire 4 million shares through Arredo Pty Ltd, a c ompany as s ociated w ith Mr Ian M iddlemas; a nd

• (b) M r Behets will acquire 1 m illion shar e s.

Argon a ut will be is s ued with 50 0 ,000 options, exercisable at $0.45 a t any time b e fore 30 Ju n e 2016, for an i s sue price of $0.001 per option, as p art of the fe e arrangements for the Placement.

For fur t her informa t ion, visit the Company's web site at w ww.berkel e yresources. c om.au or c o ntact:

Berkel e y Resources Jim Ross ( C hairman) +3 4 60810438 2 RBC Capital Mark e ts Martin Eal e s +4 4 20 7029 7 8 81

Level 2 , 91 Havel o ck Street, W est Perth WA 6007 Tel: + 61 8 9214 7585, Fax: + 61 8 9214 7575 PO Box 534, W e st Perth W A 6872, Aus t ralia

ACN 052 468 569