We are pleased to report another strong set of drilling results from our Phase 1 programme at the Barkly Project in the Northern Territory, continuing to demonstrate the scale and quality of this rare earth deposit.

Of the 44 holes reported to date, 43 have returned significant rare earth intercepts across a strike length of up to 23 km, with high-grade intervals recorded in 30 of those holes. The latest batch of 16 newly assayed holes delivered 15 significant intercepts. Importantly, follow-up assays have widened previously reported intercepts in 11 of 28 holes, with the average intercept width now sitting at 2.1 m and continuing to grow.

The deposit continues to display four compelling characteristics: shallow, flat-lying geometry; high magnet rare earth oxide (MREO) ratios; lateral continuity across the extent of the Exploration Target area; and consistently low uranium and thorium levels.

Drilling has recommenced following a brief equipment delay, and we are tendering for a second rig to accelerate the programme. A Mineral Resource update remains on track for the fourth quarter of calendar year 2026, subject to drilling and assay progress.