Barkly Rare Earths Submits Initial Samples from 10,000-Metre Drilling Campaign at Northern Territory Project

Barkly Rare Earths’ Northern Territory Resource Expansion and Project Overview

Barkly Rare Earths Limited is an Australian mineral explorer dedicated to identifying and developing economically viable rare earth deposits. Its flagship Barkly Project covers 5,030 square kilometres in the Northern Territory and is wholly owned by the company. The vast exploration landholding underscores Barkly’s ambition to establish a project of global importance, with exploration focused on testing and expanding the current mineral resource within the tenement boundaries.

Alongside the Barkly Project, the company also operates the Buntine Project in the Northern Territory, where polymetallic mineralisation has been identified over a nine-kilometre strike length. The Buntine Project targets base metals within formations equivalent to the Barney Creek Formation that hosts the McArthur River Pb-Zn deposit, offering a distinct greenfields exploration opportunity. This dual-asset approach enables Barkly Rare Earths to pursue both rare earth and base metal exploration strategies.

10,000-Metre Drilling Campaign and Initial Sample Submission to ALS Geochemistry

Barkly Rare Earths has submitted the first sample batch from its 10,000-metre Phase 1 resource drilling campaign to ALS Geochemistry in Brisbane, an ISO/IEC 17025-accredited lab. This marks the transition from field drilling to laboratory analysis, where samples are pulverised and prepared using lithium borate flux fusion followed by acid dissolution. Multi-element assays are conducted using inductively coupled plasma mass spectrometry (ICP-MS) and atomic emission spectroscopy (ICP-AES).

The early programme stage focuses on confirming sample quality, improving drilling efficiency, and preparing the technical team for the full campaign. Additional sample batches will be submitted as drilling continues. Managing Director Craig Wright noted that this first submission marks the shift from drilling metres to obtaining assay data, aiming to test shallow mineralisation around the existing 40 million tonne Inferred Resource and support a resource update in late 2026. The use of an accredited laboratory highlights the company’s commitment to high analytical standards.

Focus on Shallow Mineralisation Expansion Around Existing 40 Million Tonne Resource

The Phase 1 drilling programme targets growth of Barkly Rare Earths’ 40 million tonne Inferred Mineral Resource, grading 2,100 ppm Total Rare Earth Oxide (TREO) and containing 82,000 tonnes of TREO. The resource is reported under the JORC Code (2012) with a 430 ppm neodymium-praseodymium (NdPr) cut-off grade. The mineralisation remains open in all directions, indicating potential for further expansion.

The programme involves approximately 400 shallow drill holes averaging 25 metres depth, primarily within the Immediate Zone (highlighted in purple on company maps). This zone is the initial focus area for drilling, targeting near-surface mineralisation that may be economically extractable. The consistent grade and continuity of mineralisation provide confidence for the resource expansion efforts.

High Terbium Content, Low Radioactive Elements, and Extraction Test Results

The Barkly Project’s Inferred Mineral Resource is distinguished by a high terbium content combined with low uranium and thorium levels, setting it apart from many global rare earth deposits. Terbium is a valuable heavy rare earth element used in high-performance magnets and specialised industrial applications, often commanding premium prices. The low uranium and thorium content reduces processing complexity and environmental risks related to radioactive materials.

Initial conventional leaching tests on Barkly material achieved 74% extraction of Magnet Rare Earth Oxide (MREO), demonstrating promising hydrometallurgical potential. Beneficiation tests produced a mineral concentrate grading 29,000 ppm TREO, indicating effective ore concentration before chemical processing. These metallurgical results support the company’s view that the Barkly Project has global significance and inform its resource expansion and technical de-risking strategy.

Exploration Timeline: Assay Results and Resource Update Scheduled for 2026

Barkly Rare Earths has outlined a forward-looking exploration plan with key milestones through 2026. The company expects ongoing assay results from the 10,000-metre drilling programme during Q3 and Q4 2026, released as sample batches are analysed at ALS Geochemistry. A Mineral Resource update is targeted for Q4 2026, contingent on drilling and assay progress, representing a crucial milestone for investors tracking resource growth.

Additional rare earth concentration and extraction testing will continue through Q3 and Q4 2026, alongside geo-metallurgical test work and modelling to enhance understanding of ore processing. At the Buntine Project, base metal exploration results are anticipated in Q3 2026, with follow-up work planned for Q4 2026. This multi-faceted approach advances both the rare earth flagship and base metal portfolios, with several significant milestones expected throughout 2026.

Drilling Optimisation and Technical Execution Amid Ground Conditions

The technical team is refining drilling procedures to adapt to ground conditions encountered at Barkly during the Phase 1 campaign. Early efforts focus on ensuring sample quality and drilling efficiency, aiming for consistent performance across the entire 10,000-metre programme.

Ground conditions often present operational challenges requiring procedural adjustments. By optimising early, the company seeks to maintain sample integrity, reduce delays, and maximise drilling efficiency. This disciplined approach reflects strong project management and technical oversight, supporting reliable assay results and resource estimation.

Polymetallic Mineralisation and Base Metal Exploration at Buntine Project

Beyond its rare earth focus, Barkly Rare Earths operates the Buntine Project in the Northern Territory, where polymetallic mineralisation extends over a nine-kilometre strike of late-Paleoproterozoic sedimentary rocks and Cenozoic sediments. The Fraynes Formation at Buntine is equivalent to the Barney Creek Formation hosting the McArthur River Pb-Zn deposit, indicating strong base metal prospectivity. Three anomalous zones identified include Pb-Co, U-W-Pb-Ni, and Zn-Pb-Co-Cu assemblages.

Rock chip samples from Buntine have returned grades up to 667 ppm zinc, 1% lead, 1,760 ppm cobalt, 316 ppm copper, 10% manganese, 7,100 ppm nickel, and 239 ppm chromium. These multielement results highlight potential economic cobalt and nickel resources critical to battery and stainless steel sectors. Exploration results are expected in Q3 2026, with follow-up planned for Q4 2026, broadening Barkly’s commodity exposure.

JORC Code Compliance and Competent Person Verification

The 40 million tonne Inferred Mineral Resource at Barkly is reported following the JORC Code (2012), Australia’s standard for mineral resource estimation and disclosure. The resource is stated above a 430 ppm NdPr cut-off grade reflecting economic viability. The estimate was prepared by Competent Person Paul Teniere and detailed in the Independent Technical Report "Barkly and Buntine Projects, Northern Territory, Australia," annexed to the company’s Prospectus dated 1 December 2025.

The company confirms no new information materially affects the original resource estimate, and all assumptions and technical parameters remain valid. The Competent Person’s findings have not been materially altered since the initial market release, ensuring transparency and investor confidence in the resource’s integrity.

Investor Insights and Upcoming Milestones for Barkly Rare Earths

Investors tracking Barkly Rare Earths should note several upcoming technical milestones. The first sample batch submission marks a key transition from drilling to assay data generation. Assay results from ALS Geochemistry are expected throughout Q3 and Q4 2026, offering insights into grade continuity and mineralisation thickness near the existing resource. These data will underpin management’s evaluation of resource expansion potential and support the targeted Q4 2026 resource update.

The resource update will be a significant event, potentially upgrading the Inferred and introducing an Indicated Mineral Resource estimate incorporating Phase 1 drilling data. This will influence market perception of the project’s development potential. Concurrent rare earth concentration and extraction testing, along with geo-metallurgical studies, will advance processing knowledge. Base metal exploration results from Buntine expected in Q3 2026 may further enhance the company’s portfolio value. Overall, Barkly Rare Earths’ comprehensive 2026 technical programme is central to its strategic growth and investor appeal.