Announcement PDF ASXANNOUNCEMENT ASX:BAK 16 September 2026 13–15 Rheola Street West Perth WA 6005 +61 8 9386 0855 www.barklyrareearths.com HIGH-GRADE MINERALISATION IN FIRST PHASE 1 DRILL RESULTS Significant rare earth intercepts from every hole assayed spanning 23 km Highlights  Initial assay results received from the Phase 1 drilling campaign exceed expectations established during programme planning.  Significant rare earth intercepts returned from all 28 holes assayed in drillholes up to 23 km apart, from as shallow as 9 m downhole, which the Company interprets as the same rare earth horizon.  Highlighted significant intercepts — pXRF-screened intervals only; full widths pending further assay: BAK0133 2,716 ppm TREO (951 ppm MREO): 2 m from 11 m including 6,064 ppm TREO (2,273 ppm MREO): 0.5 m from 11.5 m BAK0080 3,228 ppm TREO (1,195 ppm MREO): 1.5 m from 15 m including 5,170 ppm TREO (2,053 ppm MREO): 0.5 m from 15.5 m  Magnet rare earth oxides (MREO) represent 31–40% of TREO in 27 of 28 intercepts, consistent with the 34% MREO ratio of the existing Inferred Mineral Resource, and uranium and thorium are consistently low, which is considered favourable for processing flowsheets.  Samples from 30 further drillholes are at the laboratory, and 300-plus further holes are planned, with results expected to continue through Q4 CY2026. Barkly Rare Earths Limited (ASX:BAK) (‘Barkly’ or the ‘Company’) has received the first assays from its 10,000 m Phase 1 drilling programme at the flagship Barkly Project in the Northern Territory. Every hole assayed returned significant rare earth intercepts, in 28 holes up to 23 km apart. The programme targets extensions near the current high-grade 40 Mt @ 2,100 ppm TREO Inferred Mineral Resource1 , where mineralisation remains open in all directions. “Twenty-eight holes assayed and twenty-eight intercepts — that is a very satisfying result, and the holes 23 km apart look like the same flat-lying horizon we mapped. Our ambition is to define a large-scale, high-grade resource, and results like these are why we are drilling another 300-plus holes.” Craig Wright — Managing Director 1 See Previous Disclosure section ASX ANNOUNCEMENT HIGH-GRADEMINERALISATIONINFIRSTDRILLRESULTS www.barklyrareearths.com 2 Figure 1: Drillhole location map illustrating maximum individual grade intervals of analysed drillholes, and completed drillholes that are awaiting sample preparation and laboratory analysis. A–B section line indicates Figure 3 cross section position. The potential quantity and grade of the Exploration Target is conceptual in nature, there has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource. BARKLY DRILLING UPDATE Results in Context Drilling has returned significant rare earth intercepts in every hole assayed (Figure 1) to date, in drillholes up to 23 km apart across the Exploration Target — consistent with the Company’s interpretation of laterally extensive, shallow mineralisation. Four features of the deposit reinforce each other: mineralisation starts as shallow as 3 m and is projected to be exposed at surface2 ; it is rich in the magnet rare earths, where most of the value in a rare earth deposit sits; it has scale — rare earth mineralisation intersected in every hole assayed to date, high-grade in most, across 23 km, where lateral extent builds the tonnage — and the horizon remains open, giving scope to grow the resource into the Exploration Target area (Figure 1) with ongoing drilling; and uranium and thorium are consistently low, which is advantageous for processing flowsheets where their content is a key cost driver. 2 See Previous Disclosure section ASX ANNOUNCEMENT HIGH-GRADEMINERALISATIONINFIRSTDRILLRESULTS www.barklyrareearths.com 3 A total of 109 samples assayed were pre-selected using pXRF screening, which on average under-reported REE grades, so the intervals reported here are screened intervals rather than full hole widths and each reported width may understate the mineralised zone. The 28 intercepts average 1.7 m, compared with the 2.4 m average from earlier drilling3 that informed the current Inferred Mineral Resource; further assays immediately above and below each intercept are being requested to define the full mineralised horizon. The higher-grade component provides potential flexibility to focus on the most valuable material as further assays define the full width of the mineralised horizon. Figure 2: Shallow mineralised interval in a chip tray from drillhole BAK0138 illustrating TREO and MREO grades, and adjacent interval to be assessed in follow-up assays. A total of 68 holes have been drilled to date, including the 28 reported here, a further 30 drillholes in analysis, and 10 being prepared on site for laboratory submission. A further 300-plus holes are planned — a continuous flow of results is expected through Q4 CY2026. New Significant Rare Earth Intercepts The 109 RC drill samples from 28 drillholes were selected for laboratory analysis using pXRF screening and were submitted to ALS Brisbane for analysis via lithium borate fusion with ICP-MS finish (ME-MS81). New significant intercepts were reported from all drillholes from as shallow as 9 m downhole, with 80% of samples exceeding the 500 ppm TREO cut-off. The 28 significant intercepts average 1.7 m — possibly a minimum width, since assays to date cover selected pXRF-screened intervals within each hole. Further samples from these drillholes will be submitted following portable XRF calibration and completion of sample drying, de- agglomeration and splitting. By comparison, significant intercepts from the previous drilling that informed the current Mineral Resource average 2.4 m wide (see Previous Disclosure section) — the widths reported here will be updated as those assays are returned. Samples from a further 30 drillholes are undergoing laboratory processing, and samples from another 10 are being prepared for dispatch from site. 3 See Previous Disclosure section ASX ANNOUNCEMENT HIGH-GRADEMINERALISATIONINFIRSTDRILLRESULTS www.barklyrareearths.com 4 Among significant intercepts (Table 1),the middle 50% range from 1,800 to 2,700 ppm TREO,with 570–950 ppm MREO, rounded to two significant figures. Higher-grade internal intervals range up to 6,064 ppm TREO. High-grade intervals occur in most drillholes (Figure 1), indicating the consistent presence of a high-grade component to the deposit. Table 1: Significant intercepts at the Barkly Project, weight averaged by length and presented above a lower cut-off of either ≥500 ppm TREO, where the reported intercept is ≥1.0 m in downhole width, or ≥100 ppm Y2O3, to which no minimum width applies. Maximum internal dilution of intercepts is 1 m. See Table 3 for drillhole collar locations. Significant Intercepts Including Hole ID From–To (m) Width (m) TREO (ppm) MREO (ppm) MREO ratio NdPr (ppm) Nd2O3 (ppm) Pr6O11 (ppm) Tb4O7 (ppm) Dy2O3 (ppm) Y2O3 (ppm) U (ppm) Th (ppm) From–To (m) TREO (ppm) MREO (ppm) BAK0001A 29.0–31.0 2 1231 464 38% 443 369 74 5 16 31 2 9 29.0–30.0 1635 634 BAK0003 25.0–28.0 3 1293 487 38% 467 386 81 5 15 31 2 10 26.0–27.0 1672 663 BAK0036 16.5–18.5 2 1753 593 34% 570 465 105 5 18 42 2 5 17.0–17.5 3471 1213 BAK0038 16.0–18.0 2 1188 364 31% 351 284 67 3 11 24 1 8 17.0–17.5 1653 541 BAK0044 13.5–17.5 4 863 278 32% 259 211 48 4 15 33 3 7 14.0–14.5 2704 976 BAK0045 18.0–19.0 1 2193 694 32% 678 550 129 4 11 30 1 13 18.0–18.5 2310 694 BAK0050 20.5–21.0 0.5 1057 141 13% 49 39 10 10 82 638 7 15 20.5–21.0 1057 141 BAK0051 31.5–33.0 1.5 1990 642 32% 621 504 118 5 16 36 2 6 32.0–32.5 3442 1216 BAK0052 36.0–36.5 0.5 4041 1286 32% 1191 985 206 17 78 376 2 15 36.0–36.5 4041 1286 BAK0053 11.0–14.0 3 1851 610 33% 587 481 106 6 17 25 2 7 11.5–12.0 4482 1325 BAK0054 35.5–37.0 1.5 1877 629 34% 595 494 102 6 27 116 2 7 36.0–36.5 3473 1200 BAK0055 27.5–29.5 2 2160 750 35% 723 595 128 6 21 45 3 8 28.0–28.5 4229 1592 BAK0058 33.0–34.0 1 2046 702 34% 681 561 120 5 16 35 2 11 33.5–34.0 3071 1104 BAK0080 15.0–16.5 1.5 3228 1195 37% 1159 961 198 10 26 39 2 6 15.5–16.0 5170 2053 BAK0082 11.0–12.5 1.5 2683 887 33% 856 698 158 9 23 28 5 8 11.5–12.0 5855 1899 BAK0124 12.0–13.0 1 3543 1401 40% 1353 1132 221 14 33 32 4 6 12.0–12.5 5300 2029 BAK0125 9.0–10.5 1.5 2654 946 36% 918 755 163 8 20 22 7 8 9.5–10.0 5892 2218 BAK0129 12.5–14.5 2 1155 398 34% 373 309 64 6 19 28 2 6 13.0–13.5 1618 570 BAK0131 20.5–21.5 1 1989 711 36% 685 564 122 6 19 37 1 9 20.5–21.0 2469 864 BAK0133 11.0–13.0 2 2716 951 35% 916 754 162 9 26 39 4 6 11.5–12.0 6064 2273 BAK0134 10.5–12.0 1.5 2573 863 34% 827 680 147 10 26 30 4 7 11.0–11.5 3594 1339 BAK0138 10.0–11.5 1.5 3122 1004 32% 961 784 177 12 32 35 3 6 10.0–10.5 4763 1281 BAK0168 26.5–27.5 1 2000 645 32% 626 509 117 4 14 29 3 8 26.5–27.0 3266 1053 BAK0287 10.0–11.5 1.5 2648 885 33% 858 700 158 8 19 22 3 8 10.5–11.0 4828 1712 BAK0289 9.5–11.0 1.5 2977 1089 37% 1046 865 182 12 30 32 2 8 10.0–10.5 5979 2349 BAK0291 9.5–11.0 1.5 1809 570 32% 553 452 101 5 12 18 4 9 10.5–11.0 2796 992 BAK0292 10.5–12.5 2 1813 623 34% 599 494 105 7 18 23 3 9 11.0–11.5 3159 1036 BAK0294 10.0–11.5 1.5 2805 926 33% 897 729 168 8 21 28 3 8 10.5–11.0 4008 1495 ASX ANNOUNCEMENT HIGH-GRADEMINERALISATIONINFIRSTDRILLRESULTS www.barklyrareearths.com 5 Figure 3: Cross section illustrating mineralised drill intercepts. 100x vertical exaggeration. Location of section line indicated in Figure 1. Blue TREO bars indicate intervals submitted for analysis; remaining intervals are pending assay. Results are consistent with Barkly’s interpretation of shallow, flat-lying rare earth mineralisation at the Barkly Project. Mineralisation has now been intersected in drillholes as far as 23 km apart, including one hole outside of the Exploration Target area. The drill results will inform ongoing resource expansion drilling, geological interpretation, and portable XRF calibration. MREO ratios are consistently high, with 27 of 28 significant intercepts having ratios of 31–40%. This aligns with the 34% MREO ratio of the existing Inferred Mineral Resource. Three intercepts returned elevated yttrium up to 638 ppm Y2O3, corresponding with elevated heavy rare earths, including terbium of up to 17 ppm Tb4O7 and dysprosium up to 82 ppm Dy2O3 (Table 1). Terbium, dysprosium and yttrium are all subject to the Chinese export control measures introduced on 4 April 2025, which have constrained supply to manufacturers outside China. Given the value of terbium and dysprosium and the tightening of yttrium supply, the Company will investigate opportunities to selectively target additional heavy rare earths. Importantly, U and Th concentrations remain consistently low (Table 1), which is advantageous for rare earths processing flowsheets, where U and Th content is a key cost driver. The laboratory results should be read together with the drilling information, significant intercept methodology and JORC Code Table 1 disclosures included in this announcement. ASX ANNOUNCEMENT HIGH-GRADEMINERALISATIONINFIRSTDRILLRESULTS www.barklyrareearths.com 6 Exploration Target Barkly Rare Earths Limited’s Exploration Target is reported as a range of potential tonnes and grades in Table 2, and its area is illustrated in Figure 1. Exploration Targets are approximations. The potential quantity and grade of the Exploration Target is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource for the target area and it is uncertain if further exploration will result in the estimation of a Mineral Resource. The Exploration Target is reported in accordance with the JORC Code (2012). Table 2: Barkly Project Rare Earths Exploration Target Category Tonnage (Mt) TREO (ppm) NdPr (ppm) Exploration Target 200–1,000 1,600–1,900 500–700 The Exploration Target represents potential extensions of mineralisation beyond the current Inferred Mineral Resource. It is interpreted based on possible extensions of mineralisation in mapped, laterally extensive, near-horizontal Cretaceous sandstones, and on laboratory results from previously disclosed samples collected from 755 m of aircore drilling from 46 holes, and on samples reported here from 28 RC drillholes at the Barkly Project. Drillhole spacing is variable, ranging from 150–300 m to single drill lines with approximately 1,000 m hole spacing (refer to Previous Disclosure section). The Exploration Target relates to an area where the presence of a mineral deposit can be suggested on the basis of interpreted geological continuity, and on the presence of mineralisation in drillholes across the Exploration Target area. Barkly Rare Earths is currently testing the Exploration Target through its 10,000 m Phase 1 resource drilling programme, due for completion in Q4 CY2026. The majority of the programme’s planned ~400 shallow holes, averaging ~25 m deep, are within the Exploration Target area illustrated in Figure 1. Assays from the initial drilling are currently being assessed. Project and Programme Background The Company’s 10,000 m Phase 1 resource drilling programme at the Barkly Project in the Northern Territory (Figure 4) targets expansion of the existing 40 Mt Inferred Mineral Resource, which grades 2,100 ppm Total Rare Earth Oxide (TREO) for 82,000 tonnes of contained TREO at a 34% MREO ratio including 28,000 tonnes of MREO. The Mineral Resource is reported in accordance with the JORC Code (2012) above a 430 ppm NdPr cut-off grade (see Previous Disclosure section). The programme is designed to test whether the Inferred Mineral Resource can be materially expanded. An updated Mineral Resource estimate is targeted for Q4 CY2026, subject to drilling and laboratory assay progress. ASX ANNOUNCEMENT HIGH-GRADEMINERALISATIONINFIRSTDRILLRESULTS www.barklyrareearths.com 7 Figure 4: Location of the Barkly Project, Northern Territory, Australia. On 4 April 2025 China added seven medium and heavy rare earth elements — including terbium, dysprosium and yttrium — to its export control list4 , requiring export licences for material that had previously traded freely. Manufacturers and governments outside China are consequently seeking to diversify sources of magnet and heavy rare earth feedstock. The Barkly Project’s magnet-rich basket is directed at that demand. METALLURGY RECAP A recent caustic conversion and acid leach sighter test resulted in 99% of MREO5 reporting to the acid leach solution on a calculated-head, product-stream basis, and 94% of yttrium reporting to those streams. The next phase of this testwork will use larger, representative composites to test repeatability and extraction performance at scale, optimise operating conditions and reagent consumption, and assess impurity deportment, product recovery and flowsheet viability. 4 https://www.reuters.com/world/china/chinas-2025-rare-earth-exports-hit-highest-since-least-2014- despite-restrictions-2026-01-14/ 5 See Previous Disclosure section ASX ANNOUNCEMENT HIGH-GRADEMINERALISATIONINFIRSTDRILLRESULTS www.barklyrareearths.com 8 EXPLORATION NEXT STEPS  Ongoing laboratory assay results from 10,000 m of drilling (Q3 & Q4 CY2026)  Rare earths concentration and extraction testwork (ongoing)  Mineral Resource update (Q4 CY2026, subject to drilling and laboratory assay progress)  Geometallurgical testwork and modelling (Q3 & Q4 CY2026)  Buntine exploration results (Q3 CY2026)  Follow-up exploration at Buntine (Q4 CY2026) This announcement has been authorised for release by the Board of Barkly Rare Earths Limited. ENDS Enquiries Barkly Rare Earths Investor Relations +61 8 9386 0855 ir@barklyrareearths.com 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 spans 5,030 km2 and is held 100% by Barkly Rare Earths. It 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. A caustic conversion and acid leach sighter test resulted in 99% of MREO reporting to the acid leach solution on a calculated-head, product-stream basis, and 94% of yttrium reporting to those streams. Initial beneficiation testwork returned a mineral concentrate of 29,000 ppm TREO (see Previous Disclosure section). The combination of shallow, flat-lying mineralisation, a consistently high magnet rare earth ratio and low uranium and thorium provides the basis on which the Company is testing whether the Barkly Project can support long-term production at scale. 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. The two formations are likely linked in the subsurface, 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 late-Paleoproterozoic 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 (see Previous Disclosure section). For more information, please visit https://barklyrareearths.com/link/eYOJWP ASX ANNOUNCEMENT HIGH-GRADEMINERALISATIONINFIRSTDRILLRESULTS www.barklyrareearths.com 9 COMPETENT PERSON’S STATEMENT The information in this announcement that relates to an Exploration Target and new Exploration Results is based on information evaluated by Richard Hall, who is a Fellow of the Australasian Institute of Mining and Metallurgy (FAusIMM), and a Member of the Geological Society of Australia. He has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (JORC Code, 2012). He consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears. Mr Hall serves as General Manager—Exploration of Barkly Rare Earths Limited as a full-time employee of the Company, in which he has a shareholding. This association may give rise to a perceived conflict of interest in relation to his role as Competent Person. 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 previous Exploration Results and Mineral Resources is extracted from the reports listed below, each prepared in accordance with the 2012 Edition of the JORC Code and available to view on the Company’s website at 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 those reports and, in the case of estimates of Mineral Resources, that all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons’ findings are presented have not been materially modified from those reports. 1. Barkly and Buntine Projects, Northern Territory, Australia, Independent Technical Report, included as Annexure A to the Company’s Prospectus dated 1 December 2025. Competent Person: Paul Teniere. 2. ASX announcement dated 31 August 2026 titled ‘Barkly Achieves 99% Magnet Rare Earth Oxide Extraction in Sighter Test’. Competent Persons: Richard Hall and Lu Zhang. 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 ASX ANNOUNCEMENT HIGH-GRADEMINERALISATIONINFIRSTDRILLRESULTS www.barklyrareearths.com 10 Table 3: Planned (unsurveyed) drill collar locations and actual depths of completed holes at the Barkly Project. Actual locations may vary from planned locations by up to c.±100 m. Coordinates are reported in GDA2020 MGA Zone 53. All drillholes are vertical (dip -90°, azimuth 000°). Hole ID Easting Northing RL (m) Depth BAK0001A 725973 8070915 284 61 BAK0003 706236 8062122 288 60 BAK0004 713431 8058928 279 57 BAK0007 711064 8068596 283 30 BAK0008 711831 8068525 284 26 BAK0010 710231 8068525 272 16 BAK0011 709676 8068188 264 6 BAK0012 710409 8067977 283 25 BAK0013 711064 8067977 286 29 BAK0014 711862 8067970 284 28 BAK0016 711829 8067038 281 24 BAK0021 711032 8066126 288 28 BAK0028 711031 8065325 287 29 BAK0032 708687 8064505 275 17 BAK0033 711032 8064504 286 26 BAK0034 710231 8064502 274 12 BAK0035 709432 8064499 280 20 BAK0036 710232 8063727 283 25 BAK0038 711031 8063725 284 25 BAK0040 707831 8063725 279 25 BAK0041 711032 8062927 281 23 BAK0044 710231 8062925 282 21 BAK0045 711831 8062925 285 27 BAK0046 711832 8062126 281 23 BAK0047 711030 8062125 282 22 BAK0048 710231 8062125 282 22 BAK0049 709431 8061325 281 23 BAK0050 710231 8061325 281 24 BAK0051 724634 8075724 291 35 BAK0052 724069 8075435 292 46 BAK0053 725429 8074975 273 19 BAK0054 723832 8074926 291 40 BAK0055 724631 8074925 285 31 BAK0058 723294 8074128 291 38 BAK0079 711831 8070125 281 25 Hole ID Easting Northing RL (m) Depth BAK0080 713357 8069327 276 18 BAK0082 713431 8071725 273 15 BAK0119 710428 8069661 271 16 BAK0121 711032 8070126 275 22 BAK0122 711032 8069326 282 25 BAK0123 711832 8069326 275 18 BAK0124 712620 8072310 271 16 BAK0125 712632 8071726 272 14 BAK0127 712388 8069326 275 19 BAK0129 712834 8070207 273 18 BAK0131 712632 8068526 282 25 BAK0133 713371 8070728 275 16 BAK0134 714056 8071929 273 16 BAK0138 714081 8071268 272 14 BAK0168 723238 8075138 285 31 BAK0191 706370 8078014 272 15 BAK0192 705138 8078757 266 10 BAK0194 708638 8078229 274 17 BAK0212 713431 8074125 259 4 BAK0223 714223 8074125 261 4 BAK0243 708632 8077326 287 29 BAK0256 707831 8077325 283 29 BAK0268 707032 8077326 280 30 BAK0286 707032 8078126 274 22 BAK0287 713892 8073000 272 15 BAK0289 713432 8073326 271 15 BAK0290 707833 8078149 273 22 BAK0291 714198 8072551 272 15 BAK0292 712821 8073327 271 16 BAK0294 713432 8072526 270 14 BAK0295 705431 8076525 271 26 BAK0296 706231 8077325 272 27 BAK0299 712785 8074124 258 4 ASX ANNOUNCEMENT HIGH-GRADEMINERALISATIONINFIRSTDRILLRESULTS www.barklyrareearths.com 1 JORC Code, 2012 Edition — Table 1 report template Section 1 Sampling Techniques and Data (Criteria in this section apply to all succeeding sections) Criteria JORC Code explanation Commentary Sampling techniques  Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.  Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.  Aspects of the determination of mineralisation that are Material to the Public Report.  In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.  Drill samples were collected through a cyclone into plastic bulk bags at 1-m intervals (holes BAK0001A and BAK0003) or 0.5-m intervals (all other holes and intervals). Dry samples were passed through the rig- mounted cone splitter, which delivered the bulk reject to the bulk bag and two splits simultaneously into numbered calico bags.  Where clays and water made the primary sample wet, the splitter was bypassed and the entire sample was collected in a bulk bag for drying and future de- agglomeration, splitting, and laboratory analysis.  Sample representativity was supported through the application of SOPs that specified processes to optimise recovery and prevent contamination and sampling errors such as collecting the entire sample for wet intercepts.  A sieved undersize fraction of each sample was analysed by portable XRF to support logging, determine end of hole and select samples for laboratory analysis. Drilling techniques  Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face- sampling bit or other type, whether core is oriented and if so, by what method, etc).  The contractor, Colling Exploration Pty Ltd, used a Hydrapower Scout Mark IV multi-purpose drill rig fitted with an on-board cone splitter. Drilling predominantly used an RC hammer and cross-over sub, which allows the hammer to operate while reversing the flow of the drill cuttings up the inner tube of the drill rod. The bit comprised a 4-inch vacuuming-vortex bit, whereby the drill bit employs venturis that permit air forced down the hole to return up the inner tube of the drill rod, taking drill cuttings with it. The removal of the drill cuttings is further assisted by injecting compressed air onto a shroud located in the annulus of the drill bit between the inner tube and the drill rod, which deflects air up the inner tube, thereby enhancing the vacuuming effect. This technique significantly reduces outside air return and fine sample loss. 3.5-inch RC rods were also utilised with the 4-inch bit. Clays and water-logged ASX ANNOUNCEMENT HIGH-GRADEMINERALISATIONINFIRSTDRILLRESULTS www.barklyrareearths.com 2 Criteria JORC Code explanation Commentary sediments occasionally necessitated the use of a 4- inch AC blade bit in places.  Completed drillholes reported in Table 3 were between 4 and 61 m in length and drilled vertically to their planned depths, or terminated on the basis of lithological logging. Drill sample recovery  Method of recording and assessing core and chip sample recoveries and results assessed.  Measures taken to maximise sample recovery and ensure representative nature of the samples.  Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.  Assessment of recovery was undertaken by weighing each bulk sample and both calico splits and monitoring the weights in real time against process control charts, with reference weights checked at the start of each session and after every fiftieth sample.  The drilling contractor actively worked to optimise sample recovery and quality: drilling was stopped for ~3 s after each sample interval so that all material was blown into the cyclone, holes were blown dry with high- pressure air where water was encountered, and hammer-shroud clearance, air pressure and loss of fines were monitored. SOPs were in place to ensure consistency. The field duplicate precision is currently being further investigated and will be monitored, with the objective of improving the splitting, particularly of wet samples.  No relationship between grade and recovery has been observed. Logging  Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.  Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.  The total length and percentage of the relevant intersections logged.  All samples were geologically logged, including colour, grain size, indicative moisture content, and lithology, captured directly into MX Deposit at the rig using validated logging sheets and standard logging codes.  The holes were logged both qualitatively and quantitatively (pXRF), and chip trays were photographed. All intervals were logged.  The Competent Person considers the logging procedures to have been carried out to an appropriate level of