Announcement PDF ASX ANNOUNCEMENT ASX:BAK 30 April 2026 13–15 Rheola Street West Perth WA 6005 +61 8 9386 0855 www.barklyrareearths.com QUARTERLY ACTIVITIES REPORT March 2026 Barkly Rare Earths Limited (ASX:BAK) (the Company or BAK) is pleased to provide its quarterly activities report for the period ended 31 March 2026. HIGHLIGHTS Corporate • Completed a fully underwritten, oversubscribed initial public offering (IPO), raising A$8.0 million (before costs). • Admitted to the Official List of the ASX;shares and options commenced trading in January 2026. • Appointed rare earth metallurgist Gavin Beer to the Board. Barkly Project • Lodged an application for an Environmental Mining Licence (EML) with the Northern Territory Department of Lands, Planning and Environment, to complement the Company’s existing Deemed Mining Licence at Barkly. • Planned a Phase 1 resource extension drilling programme of >10,000 metres across ~400 shallow holes (mobilisation targeted for late May), to test potential expansion of the existing 40Mt Inferred Mineral Resource and lateral continuity across the project area. • Commenced metallurgical testwork. CORPORATE Initial Public Offering and Admission to Official List of the ASX The Company’s shares commenced trading on the ASX on 30 January 2026 under the ticker BAK, following its oversubscribed A$8.0 million initial public offering (IPO) of shares. Options issued under the IPO also commenced trading on the ASX under the ticker BAKO. The IPO was fully underwritten by Leeuwin Wealth Pty Ltd, which also acted as Joint Lead Manager along with Cumulus Wealth Pty Ltd. The Company allocated approximately A$5 million of the A$8 million raised at its IPO for development of its 100% owned Barkly Rare Earths Project in the Northern Territory, including for the resource expansion programme, and to advance the Project’s metallurgy. ASX ANNOUNCEMENT QUARTERLY ACTIVITIES REPORTMARCH2026 www.barklyrareearths.com 2 Board Appointment The Company appointed rare earth metallurgist, Gavin Beer, to the Board of Directors. His appointment reflects the Company’s governance strategy of drawing on the expertise of industry knowledge leaders with the aim of developing the Barkly Project into a project of global significance. Mr Beer is a Fellow and Chartered Professional of the AusIMM with over 35 years’ experience as a metallurgist. He is well regarded in the industry, having supported numerous critical minerals projects worldwide, including for Meteoric Resources (ASX:MEI), RareX (ASX:REE), Mont Royal Resources (ASX:MRZ), and VHM Ltd (ASX:VHM). He has previously held senior technical and operational roles with Rio Tinto (ASX: RIO), Arafura Rare Earths (ASX: ARU), Peak Rare Earths (ASX: PEK) and Neometals (ASX: NMT). New Investor Centre Barkly Rare Earths launched its new Investor Hub website in January, the central place for shareholders and interested investors to access Company announcements, ASX releases, and key Company updates, as well as engage directly with the Barkly leadership team. Cash At 31 March 2026, the Company held cash of A$6.605 million. BARKLY PROJECT Project Background Before listing on the ASX, the Company’s exploration at its Barkly Project included 755 metres of drilling in 46 shallow aircore holes at the Vanadis and Benmara prospects. The drillholes averaged ~16m depth and explored less than 1% of the Project area. These drilling data were used to delineate an Inferred Mineral Resource of 40 Mt @ 2,100 ppm TREO, including 710 ppmMREO,for 82,000 tonnesof contained TREO, reported above a 430 ppm NdPr cut-off grade (refer to Previous Disclosure statement set out on page 5 of this announcement). The rare earth Inferred Mineral Resource is shallow, flat-lying, and open in all directions laterally. The initial 40Mt rare earth Inferred Mineral Resource at Barkly is classified within two optimised pit shells (green area in Figure 1, below). Drilling between the two resource areas suggests the potential for lateral resource expansion in the intervening ~20km, and more broadly across the Immediate Zone (purple area in Figure 1, below). In part, the rare earth Inferred Mineral Resource is overlaid by a separate vanadium pentoxide (V2O5) Inferred Mineral Resource of 200Mt @ 0.12% V2O5 for 240,000 tonnes of contained V2O5, reported above a 0.10% V2O5 cut-off grade and reported in accordance with the JORC Code (2012) (refer to Previous Disclosure statement set out on page 5 of this announcement). ASX ANNOUNCEMENT QUARTERLY ACTIVITIES REPORTMARCH2026 www.barklyrareearths.com 3 Figure 1: Extent of the initial Inferred Mineral Resource and the surrounding immediate, intermediate, and extended zones of exploration interest targeted by the Company. Drill Programme Planning During the quarter, the Company planned and prepared for its Phase 1 drilling programme at the Barkly Project. The programme comprises over 10,000 metres of shallow drilling across ~400 drillholes, having an average depth of ~25 metres each. The drilling plan is designed to: a) target resource expansion across the Immediate Zone, coinciding with the Company’s previously announced Exploration Target (refer to p.10 of the Investor Presentation released to the ASX on 7 April 2026); b) target additional resource tonnes within the Intermediate Zone (yellow area in Figure 1, above) during Phase 1, after drilling reconnaissance holes; c) test for extensions of rare earth mineralisation beyond the Immediate Zone of exploration interest, across the Intermediate Zone and more widely across the project area; d) test for repetitive sequences of mineralisation below the current resource; e) continue to build mineralisation knowledge; and f) source samples to advance metallurgical testwork. Despite inclement ground conditions and disruption to fuel supply, the Company remains on track to mobilise in late May and commence drilling in June. Post Quarter End Following the EML application lodged during the quarter, the EML was granted and the Company received a Notice of Authority to commence exploration activities from the Minister for Mining ASX ANNOUNCEMENT QUARTERLY ACTIVITIES REPORTMARCH2026 www.barklyrareearths.com 4 and Energy (refer the Exploration Update released to the ASX on 28 April 2026). This complements an existing Deemed Mining Licence held by the Company. After a review of historical drilling data, the Company determined to complement RC drilling in its Phase 1 programme, with a number of sonic-drilled twin holes to help evaluate the quality of the RC samples. This will help the Company manage its drilling strategy for improved resource definition during the planned eventual development of Indicated and Measured Mineral Resources. Additionally, the Company intends to use sonic drilling samples for bulk density measurements to support the future development of Indicated and Measured Mineral Resources. The Company appointed RSC as resource programme manager. RSC brings extensive international experience in rare earth element exploration and resource development, augmenting the Company’s technical capability. RSC will initially supervise drilling at Barkly under the direction of BAK’s executive team, providing quality assurance and control during the Phase 1 resource extension drilling programme. MINERAL TENEMENT HOLDINGS Project Tenement ID Activity during the quarter Interest at beginning of quarter Interest at end of quarter Barkly Project EL32452 - 100% 100% EL32453 - 100% 100% EL32454 - 100% 100% EL32455 - 100% 100% EL32456 - 100% 100% EL32473 - 100% 100% EL32474 - 100% 100% Buntine Project EL32529 - 100% 100% EL32530 - 100% 100% EL32531 - 100% 100% EL32532 - 100% 100% EL32534 - 100% 100% EL32535 - 100% 100% EL33086 - 100% 100% EL33087 - 100% 100% EL33162 - 100% 100% This announcement has been authorised for release by the Board of Barkly Rare Earths Limited. End of Release Enquiries Barkly Rare Earths Investor Relations +61 8 9386 0855 ir@barklyrareearths.com ASX ANNOUNCEMENT QUARTERLY ACTIVITIES REPORTMARCH2026 www.barklyrareearths.com 5 About Barkly Rare Earths Limited: Barkly Rare Earths Limited (ASX:BAK) is an Australian mineral exploration company focussed on the discovery and development of economic mineral deposits, driven by technical expertise, and disciplined execution. Its strategy is to discover, delineate, and develop deposits capable of supporting long-term production to meet growing global demand. The Company’s flagship Barkly Project in Australia’s Northern Territory, has an initial Inferred Mineral Resource of 40 Mt @ 710 ppm Magnet Rare Earth Oxide (MREO) within 2,100 ppm Total Rare Earth Oxide (TREO) (reported above a 430-ppm NdPr cut-off grade). The Mineral Resource includes a high terbium component, with low uranium and thorium. Initial sighter-level leach tests achieved 74% MREO extraction, and sighter beneficiation testwork delivered a mineral concentrate of 29,000 ppm TREO. The consistently high magnet rare earth grade and continuity of mineralisation at the project, which spans 5,030 km2 and is held 100% by Barkly Rare Earths, presents an opportunity to build a project of global significance. At the Company’s Buntine Project in the Northern Territory, the Fraynes Formation is chronostratigraphically equivalent to the Barney Creek Formation that hosts the McArthur River Pb-Zn deposit, making the Fraynes Formation a target for greenfields base metal exploration. Polymetallic mineralisation is exposed at the Buntine Project along a 9-km strike length of Palaeoproterozoic sedimentary rocks and overlying Cenozoic sediments, with three different anomalous zones of Pb-Co, U- W-Pb-Ni, and Zn-Pb-Co-Cu along the mineralised corridor. Rock chip samples grade up to 667 ppm Zn, 1% Pb, 1,760 ppm Co, 316 ppm Cu, 10% Mn, 7,100 ppm Ni, and 239 ppm Cr. Refer to Previous Disclosure statement set out on page 5 of this announcement. For more information, please visit: www.barklyrareearths.com. Forward Looking Statements This announcement includes various ‘forward-looking statements’ with respect to, among other things, goals, plans, and strategies. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors beyond the control of the Company that may cause the actual results, performance and outcomes to be materially different from those expressed or implied by such statements. Forward-looking statements are provided as a general guide only, and should not be relied on as an indication or guarantee of future performance. Given these uncertainties, recipients are cautioned not to place undue reliance on any forward-looking statement. Subject to any continuing obligations under applicable law, the Company disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements in this announcement to reflect any change in expectations in relation to any forward-looking statements or any change in events, conditions or circumstances on which any such statement is based. Previous Disclosure The information in this announcement that relates to Exploration Results and Mineral Resources is extracted from the previous report titled Barkly and Buntine Projects, Northern Territory, Australia, Independent Technical Report, as Annexure A to the Company’s Prospectus, of 1 December 2025. The previous report was prepared in accordance with the 2012 Edition of the JORC Code, and it is available to view at the Company’s website www.barklyrareearths.com. The Company confirms that it is not aware of any new information or data, as at the date of this announcement, that materially affects the information included in the original market announcement and, in the case of estimates of Mineral Resources, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms that the form ASX ANNOUNCEMENT QUARTERLY ACTIVITIES REPORTMARCH2026 www.barklyrareearths.com 6 and context in which the Competent Person’s (Paul Teniere) findings are presented have not been materially modified from the original market announcement. Glossary TREO (Total Rare Earth Oxide) =La2O3+CeO2+Pr6O11+Nd2O3+Sm2O3+Eu2O3+Gd2O3+Tb4O7+Dy2O3 +Ho2O3+Er2O3+Tm2O3+Yb2O3+Lu2O3+Y2O3 NdPr (Neodymium-Praseodymium mixed oxide) = Nd2O3+Pr6O11 MREO (Magnet Rare Earth Oxide) = Nd2O3+Pr6O11+Tb4O7+Dy2O3 MREO Ratio (%) = MREO/TREO x 100 Rule 5.5 ASX Listing Rules Appendix 5B (17/07/20) Page 1 + See chapter 19 of the ASX Listing Rules for defined terms. Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report Name of entity BARKLY RARE EARTHS LIMITED ABN Quarter ended (“current quarter”) 86 641 565 139 MARCH 2026 Consolidated statement of cash flows Current quarter $A’000 Year to date (3 months) $A’000 1. Cash flows from operating activities - - 1.1 Receipts from customers 1.2 Payments for (206,680) (206,680) (a) exploration & evaluation (b) development - - (c) production - - (d) staff costs (174,833) (174,833) (e) administration and corporate costs (275,982) (275,982) 1.3 Dividends received (see note 3) - - 1.4 Interest received - - 1.5 Interest and other costs of finance paid - - 1.6 Income taxes paid - - 1.7 Government grants and tax incentives - - 1.8 Other (provide details if material) - - 1.9 Net cash from / (used in) operating activities (657,495) (657,495) 2. Cash flows from investing activities - - 2.1 Payments to acquire or for: (a) entities (b) tenements - - (c) property, plant and equipment - - (d) exploration & evaluation - - (e) investments - - (f) other non-current assets - - Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 2 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter $A’000 Year to date (3 months) $A’000 2.2 Proceeds from the disposal of: - - (a) entities (b) tenements - - (c) property, plant and equipment - - (d) investments - - (e) other non-current assets - - 2.3 Cash flows from loans to other entities - - 2.4 Dividends received (see note 3) - - 2.5 Other (provide details if material) - - 2.6 Net cash from / (used in) investing activities - - 3. Cash flows from financing activities 8,000,000 8,000,000 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 3.2 Proceeds from issue of convertible debt securities - - 3.3 Proceeds from exercise of options - - 3.4 Transaction costs related to issues of equity securities or convertible debt securities (821,200) (821,200) 3.5 Proceeds from borrowings - - 3.6 Repayment of borrowings - - 3.7 Transaction costs related to loans and borrowings - - 3.8 Dividends paid - - 3.9 Other (provide details if material) - - 3.10 Net cash from / (used in) financing activities 7,178,800 7,178,800 4. Net increase / (decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at beginning of period 83,806 83,806 4.2 Net cash from / (used in) operating activities (item 1.9 above) (657,495) (657,495) 4.3 Net cash from / (used in) investing activities (item 2.6 above) - - 4.4 Net cash from / (used in) financing activities (item 3.10 above) 7,178,800 7,178,800 Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 3 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter $A’000 Year to date (3 months) $A’000 4.5 Effect of movement in exchange rates on cash held - - 4.6 Cash and cash equivalents at end of period 6,605,111 6,605,111 5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts Current quarter $A’000 Previous quarter $A’000 5.1 Bank balances 6,605,111 83,806 5.2 Call deposits - - 5.3 Bank overdrafts - - 5.4 Other (provide details) - - 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 6,605,111 83,806 6. Payments to related parties of the entity and their associates Current quarter $A'000 6.1 Aggregate amount of payments to related parties and their associates included in item 1 128,500 6.2 Aggregate amount of payments to related parties and their associates included in item 2 - Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments. Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 4 + See chapter 19 of the ASX Listing Rules for defined terms. 7. Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 7.1 Loan facilities - - 7.2 Credit standby arrangements - - 7.3 Other (please specify) - - 7.4 Total financing facilities - - 7.5 Unused financing facilities available at quarter end - 7.6 Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well. 8. Estimated cash available for future operating activities $A’000 8.1 Net cash from / (used in) operating activities (item 1.9) (657,495) 8.2 (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) - 8.3 Total relevant outgoings (item 8.1 + item 8.2) (657,495) 8.4 Cash and cash equivalents at quarter end (item 4.6) 6,605,111 8.5 Unused finance facilities available at quarter end (item 7.5) - 8.6 Total available funding (item 8.4 + item 8.5) 6,605,111 8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) 10 Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7. 8.8 If item 8.7 is less than 2 quarters, please provide answers to the following questions: 8.8.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not? Answer: No, the entity expects the level of net operating cash flows to increase over the next two quarters as exploration activities increase. 8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful? Answer: No. Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 5 + See chapter 19 of the ASX Listing Rules for defined terms. 8.8.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis? Answer: Yes. The entity has sufficient cash on hand to fund several quarters’ activities notwithstanding the strategic intention to increase spending on exploration activities. Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered. Compliance statement 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A. 2 This statement gives a true and fair view of the matters disclosed. Date: 30 April 2026 Authorised by: By the Board (Name of body or officer authorising release – see note 4) Notes 1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so. 2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report. 3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity. 4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [name of board committee – eg Audit and Risk Committee]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”. 5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations, the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.