What we own

The Group has a 1% life of mine NSR royalty on the Salamanca uranium project located in Spain and operated by ASX-listed Berkeley Energia Limited (‘Berkeley’). The project consists of four main deposits (Retortillo, Alameda, Zona 7 and Gambuta) and is located in Salamanca Province, Spain, approximately 250km west of Madrid.

Performance

The uncertainty at the end of 2018 in relation to permitting continued in 2019 with limited progress being made.
Management has continued to meet with and provide evidence to the Ministry for Ecological Transition and Demographic Challenge (‘MITECO’), the Nuclear Safety Council (‘NSC’) and
regional authorities and governments. Finding a resolution remains the core focus.

The outlook for uranium continues to remain uncertain as the US have not yet concluded on their position following the s232 trade investigation. As the Company awaits the finalisation of the permitting process, it remains fully financed and ready to commence construction upon the granting of remaining permits.