Announcement PDF www.barklyrareearths.com FINANCIAL REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2025 ABN 86 641 565 139 FINANCIAL REPORT FortheHalfYearEnded31December2025 www.barklyrareearths.com 2 CONTENTS CORPORATE INFORMATION .........................................................................................................3 DIRECTORS’ REPORT ....................................................................................................................4 AUDITOR’S INDEPENDENCE DECLARATION ...................................................................................6 CONDENSED STATEMENT OF PROFIT & LOSS AND OTHER COMPREHENSIVE INCOME ....................7 CONDENSED STATEMENT OF FINANCIAL POSITION.......................................................................8 CONDENSED STATEMENT OF CHANGES IN EQUITY........................................................................9 CONDENSED STATEMENT OF CASHFLOWS ..................................................................................10 NOTES TO THE CONDENSED FINANCIAL STATEMENTS.................................................................11 DIRECTORS’ DECLARATION.........................................................................................................15 INDEPENDENT AUDITOR’S REVIEW REPORT................................................................................16 FINANCIAL REPORT FortheHalfYearEnded31December2025 www.barklyrareearths.com 3 CORPORATE INFORMATION Barkly Rare Earths Limited (formerly Transition Minerals Ltd) ABN 86 641 565 139 Directors Gavin Lockyer (Executive Chair) Craig Wright (Managing Director) Gavin Beer (Non-executive Director) Rene Sterk (Non-executive Director) Company Secretary Matt Shackleton Registered Office and Principal Place of Business 13 Rheola Street, WEST PERTH WA 6005 E-mail: admin@barklyrareearths.com Website: www.barklyrareearths.com Telephone: +61 8 9467 1444 Solicitors Steinepreis Paganin Level 44, QV1 Building 250 St Georges Terrace, PERTH WA 6000 Share Registry Automic Registry Services Level 2, 267 St Georges Terrace, PERTH WA 6000 Auditors Elderton Audit Pty Ltd Level 28, 140 St Georges Terrace, PERTH WA 6000 Stock Exchange Listing The following securities are quoted on the Australian Securities Exchange: Barkly Rare Earths Limited fully paid ordinary shares (ASX code BAK) Barkly Rare Earths Limited options (ASX code BAKO) FINANCIAL REPORT FortheHalfYearEnded31December2025 www.barklyrareearths.com 4 DIRECTORS’ REPORT Directors The names of directors who held office during or since the end of the half-year, to the date of this report, are: • Gavin Lockyer • Craig Wright • Gavin Beer (appointed 28 January 2026) • Rene Sterk Unless otherwise noted, all directors held office for the entire reporting period. Principal activities Barkly Rare Earths (ASX:BAK) (Barkly or the Company) is focussed on the exploration for minerals in the Northern Territory of Australia. Significant changes in the state of affairs At a general meeting of shareholders held on 7 November 2025, a resolution was passed to change the name of the Company from Transition Minerals Ltd to Barkly Rare Earths Limited. During the period, on 1 December 2025, the Company issued a prospectus for an initial public offering of securities. The Company subsequently issued a supplementary prospectus after period end (8 January 2026). Following the closure of the offer contained in the prospectus, the Company’s securities were admitted to the list of the Australian Securities Exchange, and commenced trading on 30 January 2026. Review of operations Barkly Project (100% owned) During the period, the Company initiated an orientation study to determine parameters to be used for field-based XRF analysis of samples for rare earth elements, and undertook detailed exploration planning and budgeting for the upcoming drilling programs. Buntine Project (100% owned) During the period, the Company focussed its attention on the preliminary exploration and targeting activities at the Barkly Project, and the preparation and lodgement of the Initial Public Offering prospectus. Accordingly, there was no work conducted at the Buntine Project. Financial position The Company made a loss for the half year to 31 December 2025 of $918,231 (31 December 2024: $62,585). Cash reserves at 31 December 2025 were $83,806 (30 June 2025: $42,967). FINANCIAL REPORT FortheHalfYearEnded31December2025 www.barklyrareearths.com 5 Events subsequent to reporting date On 28 January 2026 the Company’s securities were admitted to the Official List of the Australian Securities Exchange. Official quotation of the Company’s securities commenced on 30 January 2026. Likely developments and expected results of operations Information on likely developments in the operations of the Company and the expected results of operations have not been included in this report because the directors believe that it would likely result in unreasonable prejudice to the Company. Auditor’s independence declaration A copy of the auditor’s independence declaration as required under section 307C of the Corporations Act 2001 (Cth) forms part of the Directors’ Report and is included on page 6. Signed in accordance with a resolution of directors made pursuant to section 306(3) of the Corporations Act 2001 (Cth). DIRECTORS’ REPORT On behalf of the directors: Craig Wright Managing Director Perth, 12 March 2026 Auditor's Independence Declaration To those charged with governance of Barkly Rare Earths Limited (formerly Transition Minerals Limited); As auditor for the audit of Barkly Rare Earths Limited (formerly Transition Minerals Limited) for the period ended 31 December 2025, I declare that, to the best of my knowledge and belief, there have been: i) no contraventions of the independence requirements of the Corporations Act 2001 in relation to the audit; and ii) no contraventions of any applicable code of professional conduct in relation to the audit. Elderton Audit Pty Ltd Sajjad Cheema Director 12 March 2026 Perth FINANCIAL REPORT FortheHalfYearEnded31December2025 www.barklyrareearths.com 7 CONDENSED STATEMENT OF PROFIT & LOSS AND OTHER COMPREHENSIVE INCOME 6 months ended 31-Dec-25 31-Dec-24 Notes $ $ Other income 85,000 186,352 Administration expenses 4 (714,191) (56,433) Exploration expenses 5 (268,269) (190,058) OPERATING LOSS (897,460) (60,139) FINANCE COSTS Finance income 0 0 Finance expenses (20,770) (2,445) NET FINANCE INCOME/COSTS (20,770) (2,445) LOSS BEFORE INCOME TAX (918,231) (62,585) Income tax benefit/(expense) 0 0 LOSS FOR THE PERIOD (918,231) (62,585) Other comprehensive income 0 0 TOTAL COMPREHENSIVE LOSS FOR THE PERIOD ATTRIBUTABLE TO THE OWNERS OF BARKLY RARE EARTHS LIMITED (918,231) (62,585) The above Condensed Statement of Profit and Loss and Other Comprehensive Income should be read in conjunction with the accompanying notes. FINANCIAL REPORT FortheHalfYearEnded31December2025 www.barklyrareearths.com 8 CONDENSED STATEMENT OF FINANCIAL POSITION 31-Dec-25 30-Jun-25 Notes $ $ CURRENT ASSETS Cash and cash equivalents 83,806 42,967 Trade and other receivables 59,342 Deposits and prepayments 321,634 0 TOTAL CURRENT ASSETS 405,440 102,309 NON-CURRENT ASSETS Exploration asset 0 6,801 Property, plant & equipment 0 915 TOTAL NON-CURRENT ASSETS 0 7,716 TOTAL ASSETS 405,440 110,025 CURRENT LIABILITIES Trade and other payables 6 180,856 0 Other accruals 41,813 41,812 Loans payable 7 163,818 52,708 GST payable (76,216) 2,180 TOTAL CURRENT LIABILITIES 310,270 96,700 NON-CURRENT LIABILITIES 0 0 TOTAL NON-CURRENT LIABILITIES 0 0 TOTAL LIABILITIES 310,270 96,700 NET ASSETS 95,170 13,325 EQUITY Contributed equity 8 3,968,170 2,968,094 Accumulated losses (3,873,000) (2,954,769) TOTAL EQUITY 95,170 13,325 The above Condensed Statement of Financial Position should be read in conjunction with the accompanying notes. FINANCIAL REPORT FortheHalfYearEnded31December2025 www.barklyrareearths.com 9 CONDENSED STATEMENT OF CHANGES IN EQUITY Issued capital Accumulated losses Total equity $ $ $ BLANCE AT 1 JULY 2024 2,862,094 (2,822,388) 39,706 Loss for the period 0 (62,585) (62,585) TOTAL COMPREHENSIVE LOSS 2,862,094 (2,884,973) (22,879) TRANSACTIONS WITH OWNERS IN THEIR CAPACITY AS OWNERS Share capital issued 111,695 0 111,695 BALANCE AT 31 DECEMBER 2024 2,973,789 (2,884,973) 88,816 BLANCE AT 1 JULY 2025 2,968,094 (2,954,769) 13,325 Loss for the period 0 (918,231) (918,231) TOTAL COMPREHENSIVE LOSS 2,968,094 (3,873,000) (904,906) TRANSACTIONS WITH OWNERS IN THEIR CAPACITY AS OWNERS Share capital issued in the period 1,000,076 0 1,000,076 BALANCE AT 31 DECEMBER 2025 3,968,170 (3,873,000) 95,170 The above Condensed Statement of Changes in Equity should be read in conjunction with the accompanying notes. FINANCIAL REPORT FortheHalfYearEnded31December2025 www.barklyrareearths.com 10 CONDENSED STATEMENT OF CASHFLOWS 6 months ended 31-Dec-25 31-Dec-24 Notes $ $ CASHFLOWS FROM OPERATING ACTIVITIES Net loss for the period (918,231) (62,585) Depreciation, amortisation and impairment 7,716 345 Decrease/(Increase) in other current assets (262,294) 83,650 Increase/(Decrease) in trade and other payables 213,570 (118,177) NET CASH FROM OPERATING ACTIVITIES (959,238) (96,767) CASH FLOWS FROM INVESTING ACTIVITIES Property, plant and equipment 0 0 NET CASH FLOWS FROM INVESTING ACTIVITIES 0 0 CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from issue of shares 1,000,077 111,695 Short term borrowings 0 0 NET CASH FLOWS FROM FINANCING ACTIVITIES 1,000,077 111,695 NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS 40,839 14,928 Cash and cash equivalents at beginning of period 42,967 56,408 CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD 83,806 71,336 The above Condensed Statement of Cashflows should be read in conjunction with the accompanying notes. FINANCIAL REPORT FortheHalfYearEnded31December2025 www.barklyrareearths.com 11 NOTES TO THE CONDENSED FINANCIAL STATEMENTS 1. Corporate Information Barkly Rare Earths Limited (formerly Transition Minerals Ltd) is a company limited by shares, domiciled and incorporated in Australia. This consolidated interim financial report (Interim Financial Report) as at and for the six (6) months ended 31 December 2025 comprises the Company only and there are no subsidiaries of the Company. The Company is primarily involved in the exploration for and exploitation of mineral deposits in the Northern Territory of Australia. The annual financial report of the Company as at and for the year ended 30 June 2025 is available upon request from the Company’s registered office at 13 Rheola Street, West Perth 6005 Western Australia and the Company’s website at www.barklyrareearths.com. 2. Material Accounting Policy Information a. Basis of Preparation This Interim Financial Report contains general purpose financial statements prepared in accordance with Australian Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Act 2001 (Cth), and with International Accounting Standard IAS 34 Interim Financial Reporting. All amounts are presented in Australian dollars. This Interim Financial Report does not include all the notes of the type normally included in an annual financial report. Accordingly, this report is to be read in conjunction with the annual report for the year ended 30 June 2025 and any public announcements made by Barkly Rare Earths Limited during the interim reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001 (Cth). The accounting policies and methods of computation adopted in the preparation of the Interim Financial Report are consistent with those adopted and disclosed in the Company’s annual financial report for the year ended 30 June 2025. The accounting policies are consistent with Australian Accounting Standards adopted by the Australian Accounting Standards Board (AASB) and with the International Financial Reporting Standards. The Interim Financial Report was authorised for issue by the directors on 11 March 2026. b. Going concern basis The Interim Financial Report has been prepared on a going concern basis, which contemplates the continuity of normal business activity and the realisation of assets and the settlement of liabilities in the ordinary course of business. The Company incurred a loss for the period of $918,231 (2024: $62,585), operating cash outflows of $959,236 (2024: $96,767) and net cash inflows of $40,839 (2024: inflow $14,928). The Company is in a current net asset position of $95,170 and has a net surplus in equity of $95,170 as at 31 December 2025. These conditions indicate a material uncertainty that may cast significant doubt about the Company’s ability to continue as a going concern. FINANCIAL REPORT FortheHalfYearEnded31December2025 www.barklyrareearths.com 12 NOTES TO THE CONDENSED FINANCIAL STATEMENTS (continued) Based on the status of the Company’s financial position and cash flow forecasts, the directors are satisfied that the going concern basis of preparation for this Interim Financial Report is appropriate. However, the ability of the Company to continue as a going concern is reliant on the Company being able to secure funds from equity financings. Should any of the uncertainties inherent in equity markets materialise the Company may be unable to continue as a going concern and it may be required to realise its assets and extinguish its liabilities other than in the normal course of business and at amounts different to those stated in the financial statements. The financial statements do not include any further adjustments relating to the recoverability and classification of asset carrying amounts or to the amount and classification of liabilities that might result should the Company be unable to continue as a going concern and meet its debts as and when they fall due. c. Adoption of new and revised Accounting Standards The Company has adopted all new and revised Standards and Interpretations issued by the AASB that are relevant to its operations and effective for an accounting period that begins on or after 1 July 2025. d. Standard and Interpretations not yet adopted The Company has reviewed the new and revised Standards and Interpretations on issue not yet adopted for the half year ended 31 December 2025. As a result of this review the Company has determined that there is no material impact of the Standards and Interpretations on issue not yet adopted on the Company and, therefore, no change is necessary to Group accounting policies. e. Critical accounting judgement, estimate and assumptions The Interim Financial Report requires management to make judgments, estimates and assumptions that affect the application of accounting policies. Actual results may differ to these. The critical accounting judgements, estimates and assumptions adopted in the preparation of the Interim Financial Report are consistent with those adopted and disclosed in the Company’s annual financial report for the year ended 30 June 2025. 3. Segment information For management purposes, the Company has identified only one reportable segment being exploration activities undertaken in Australia. This segment includes activities associated with the determination and assessment of the existence of commercial economic reserves from the Company’s mineral assets in this geographic location. Segment performance is evaluated based on the operating profit and loss and cash flows and is measured in accordance with the Company’s accounting policies. FINANCIAL REPORT FortheHalfYearEnded31December2025 www.barklyrareearths.com 13 NOTES TO THE CONDENSED FINANCIAL STATEMENTS (continued) 4. Administration expense 6 months ended 31-Dec-25 31-Dec-24 $ $ Accounting and compliance (48,104) (29,516) ASX Listing fees (217,667) 0 Consultants (301,930) 0 Depreciation and amortisation (318) (345) Employee benefits expense 0 (12,771) Insurance (3,249) (4,121) Legal fees (45,168) (1,943) Office costs (716) 0 Travel costs 0 0 Other (97,039) (7,737) (714,191) (56,433) 5. Exploration expense 6 months ended 31-Dec-25 31-Dec-24 $ $ Tenement administration (112,460) (118,645) Geological activities & prospecting (6,400) (15,873) Office studies 0 (960) Overheads (128,398) (3,634) Other (14,132) (12,071) Preliminary exploration (6,880) 0 Salaries & wages 0 (38,876) (268,269) (190,058) During the period the Company the Company’s personnel were focussed on the initial public offering process and accordingly material exploration activities were limited to desktop studies and exploration planning. 6. Trade and other payables At 31-Dec-25 30-Jun-25 $ $ Trade and other payables 180,856 35,254 Payroll liabilities 0 2,651 180,856 37,905 FINANCIAL REPORT FortheHalfYearEnded31December2025 www.barklyrareearths.com 14 NOTES TO THE CONDENSED FINANCIAL STATEMENTS (continued) 7. Loans payables At 31-Dec-25 30-Jun-25 $ $ RSC Global Pty Ltd 52,708 52,708 Craig Wright 111,110 0 163,818 52,708 On 30 January 2026 the loan payable to RSC Global Pty Ltd was repaid in full in the amount of $52,708. On 11 March 2026, the loan payable to Craig Wright was repaid in full in the amount of $117,263. 8. Contributed equity 31-Dec-25 30-Jun-25 No. of No. of securities $ securities $ Share capital Ordinary fully paid shares 41,250,000 3,968,170 142,066,274 2,968,094 Total issued share capital 41,250,000 3,968,170 142,066,274 2,968,094 Movements in share capital Balance at 1 July 142,066,274 2,968,094 141,006,274 2,862,094 Consolidation of issued capital (114,763,746) 0 0 0 Shares issued during the year: Placement at $0.10 0 0 1,060,000 106,000 Loyalty placement at $0.0001 7,697,472 76 0 0 Placement at $0.16 4,616,925 738,708 0 0 Conversion of loans at $0.16 1,633,075 261,292 0 0 Total issued share capital 41,250,000 3,968,170 142,066,274 2,968,094 Options Options reserve 0 0 2,030,000 0 Total options reserve 0 0 2,030,000 0 Movements in issued options Balance at 1 July 2,030,000 0 2,030,000 0 Options cancelled during the period (2,030,000) 0 0 0 Total issued options 0 0 2,030,000 0 FINANCIAL REPORT FortheHalfYearEnded31December2025 www.barklyrareearths.com 15 DIRECTORS’ DECLARATION In accordance with a resolution of the Directors of Barkly Rare Earths Limited, I state that: In the opinion of the Directors: (a) the attached condensed financial statements and notes are in accordance with the Corporations Act 2001, including: (i) giving a true and fair view of the Company’s financial position as at 31 December 2025 and its performance for the half-year ended on that date; and (ii) complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001; and (b) there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable. Signed in accordance with a resolution of the directors made pursuant to s.303(5) of the Corporations Act 2001. On behalf of the Directors Craig Wright Managing Director Perth, 12 March 2026 INDEPENDENT AUDITOR’S REVIEW REPORT To the members of Barkly Rare Earths Limited (formerly Transition Minerals Limited) Report on the Half-Year Financial Report Conclusion We have reviewed the half-year financial report of Barkly Rare Earths Limited (formerly Transition Minerals Limited) (the ‘Company’), which comprises the condensed statement of financial position as at 31 December 2025, the condensed statement of profit or loss and other comprehensive income, condensed statement of changes in equity and condensed statement of cash flows for the half-year ended on that date, a summary of significant accounting policies and other explanatory information, and the Director’s Declaration. Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the accompanying half-year financial report of the Company does not comply with the Corporations Act 2001 including: a) giving a true and fair view of the Company’s financial position as at 31 December 2025 and of its financial performance for the half-year ended on that date; and b) complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001. Basis for Conclusion We conducted our review in accordance with ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity. Our responsibilities are further described in the Auditor’s Responsibilities for the Review of the Financial Report section of our report. We are independent of the Company in accordance with the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) that are relevant to our audit of the financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code. We confirm that the independence declaration required by the Corporations Act 2001 which has been given to the Directors of the Company, would be in the same terms if given to the Directors as at the time of this auditor’s review report. Material Uncertainty related to Going Concern We draw attention to the note 2b of the financial report, which described that the ability of the company to continue as a going concern is dependent on raising equity finance. As a result, there is a material uncertainty related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern, and therefore whether it will realise its assets and extinguish its liabilities in the normal course of business and at the amounts stated in the financial report. Our opinion is not modified in respect of this matter. Director’s Responsibilities for the Half-Year Financial Report The Directors of the Company are responsible for the preparation of the half-year financial report in accordance with the Australian Accounting Standards and the Corporation Act 2001 and for such internal control as the Directors determine is necessary to enable the preparation of the half-year financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error. Auditor’s Responsibilities for the Review of the Half-Year Financial Report Our responsibility is to express a conclusion on the half-year financial report based on our review. ASRE 2410 requires us to conclude whether we have become aware of any matter that makes us believe that the half- year financial report is not in accordance with the Corporations Act 2001 including giving a true and fair view of the Company’s financial position as at 31 December 2025 and its performance for the half-year ended on that date, and complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001. A review of a half-year financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Elderton Audit Pty Ltd Sajjad Cheema Director 12 March 2026 Perth