Announcement PDF ASXANNOUNCEMENT ASX:BAK 19 October 2026 13–15 Rheola Street West Perth WA 6005 +61 8 9386 0855 www.barklyrareearths.com FIRST NORTHWEST HOLES AT BARKLY INTERSECT RARE EARTHS 6–8 KM FROM PREVIOUS RESULTS All eight southern holes return significant intercepts in and around the Mineral Resource, with assays up to 4,550 ppm TREO Highlights • A further 16 holes assayed, 13 with significant rare earth intercepts — now 56 of 60 reported holes with significant intercepts, up to 23 km apart, with high- grade intervals (single 0.5 m assays ≥2,500 ppm TREO) in 36 holes. • All eight southern holes, in and around the southwestern part of the existing Inferred Mineral Resource, returned significant intercepts, including the four highest-grade new assays (up to 4,550 ppm TREO). • Highlighted new significant intercepts: BAK0032 2,171 ppm TREO (820 ppm MREO): 1.5 m from 10.5 m including 4,550 ppm TREO (1,678 ppm MREO): 0.5 m from 10.5 m BAK0295 1,774 ppm TREO (614 ppm MREO): 2.5 m from 20.5 m including 2,599 ppm TREO (845 ppm MREO): 0.5 m from 21 m • Five of the first eight northwest holes, 6–8 km from previous intercepts, returned significant intercepts, including the widest Phase 1 intercept to date: BAK0284, 5.5 m from 22 m at 1,035 ppm TREO (343 ppm MREO). • Magnet rare earth oxides (MREO) represent 29–38% of TREO in all 13 new intercepts, consistent with the 34% MREO ratio of the existing Inferred Mineral Resource, and uranium and thorium remain consistently low. • Samples from 26 holes (two are redrills of assayed holes) are at or being prepared for the laboratory; results expected through Q4 CY2026. Barkly Rare Earths Limited (ASX:BAK) (‘Barkly’ or the ‘Company’) is pleased to report assay results for a further 16 holes from the 10,000 m Phase 1 drilling programme at its flagship Barkly Project in the Northern Territory, all drilled in September 2026: • eight southern holes, in and around the southwestern part of the existing Inferred Mineral Resource, all of which returned significant intercepts; and • eight northwestern holes, five with significant intercepts, including four outside the Exploration Target. 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. ASX ANNOUNCEMENT RAREEARTHS6–8KMFROMPREVIOUSRESULTS www.barklyrareearths.com 2 Significant rare earth intercepts have now been returned from 56 of the 60 holes reported, in drillholes up to 23 km apart. The programme targets extensions near the current 40 Mt @ 2,100 ppm Total Rare Earth Oxide (TREO) Inferred Mineral Resource1 , where mineralisation remains open in all directions. “We have now intersected rare earth mineralisation in the northwest, outside the Exploration Target and six to eight kilometres from previously reported mineralised intercepts. In the south, all eight holes returned significant intercepts in and around the existing Inferred Mineral Resource. That is an intercept rate of over 90% across the 60 Phase 1 holes reported so far, in holes up to 23 km apart. It gives me real confidence in the scale of what we are drilling at Barkly, and we are tendering for a second rig so we can build out the resource faster.” Craig Wright — Managing Director Figure 1: Drillhole location map showing the maximum individual assay for each drillhole reported, completed drillholes at or being prepared for the laboratory (grey), and the A–B–C–D composite section line (Figure 2). 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. 1 See Previous Disclosure section A EL32454 EL32473 EL32456 EL32474 N 0 2.5 5 km 700000 710000 720000 730000 740000 8080000 8070000 8060000 Imagery: Google Earth B C D LEGEND Initial 40 Mt Inferred Mineral Resource Exploration Target Barkly Tenements Road Section Line 2022 drilling: Exploration Target basis Maximum drill hole assay to date 1,000–2,500 ppm TREO 2,500–4,000 ppm TREO 4,000–6,000 ppm TREO > 6,000 ppm TREO 500–1,000 ppm TREO Drilled/redrilled/processing ASX ANNOUNCEMENT RAREEARTHS6–8KMFROMPREVIOUSRESULTS www.barklyrareearths.com 3 BARKLY DRILLING UPDATE Latest Phase 1 Drill Results Barkly’s Phase 1 drilling campaign was designed to validate the Company’s geological interpretation and grow the existing Inferred Mineral Resource of 40 Mt @ 2,100 ppm TREO. Assays have been received for a further 16 Phase 1 holes (total ~400 planned holes), drilled in September 2026 (Figure 1). Thirteen of the 16 holes returned significant rare earth intercepts (Table 1): all eight holes in the southern part of the drilling area, four of which lie within the outline of the existing Inferred Mineral Resource and two on its margin, and five of the eight holes in the northwest, where these are the first results reported. Notable intercepts from the newly assayed holes include: BAK0032 2,171 ppm TREO (820 ppm MREO): 1.5 m from 10.5 m including 4,550 ppm TREO (1,678 ppm MREO): 0.5 m from 10.5 m BAK0295 1,774 ppm TREO (614 ppm MREO): 2.5 m from 20.5 m including 2,599 ppm TREO (845 ppm MREO): 0.5 m from 21 m BAK0021 1,718 ppm TREO (592 ppm MREO): 2 m from 23 m including 4,355 ppm TREO (1,503 ppm MREO): 0.5 m from 23.5 m BAK0033 2,336 ppm TREO (821 ppm MREO): 1 m from 22 m including 2,999 ppm TREO (1,158 ppm MREO): 0.5 m from 22.5 m BAK0284 1,035 ppm TREO (343 ppm MREO): 5.5 m from 22 m including 1,721 ppm TREO (502 ppm MREO): 0.5 m from 23 m These results add to those reported on 16 September and 6 October 2026, which returned significant rare earth intercepts from 43 of the first 44 holes assayed. Together, they are consistent with the interpreted lateral extent of shallow mineralisation that is foundational to the ongoing Phase 1 programme. Latest Results in Context Drilling has now returned significant rare earth intercepts in 56 of the 60 holes reported (Figure 1), within and beyond the Exploration Target area. Four features of the deposit now reinforce each other: 1. it is laterally extensive — the rare earth horizon has been intersected across 23 km, with a high-grade interval in 36 holes. The first northwest holes returned significant intercepts 6– 8 km from the nearest earlier results, four of them outside the Exploration Target, and the horizon remains open, with ongoing drilling testing for extensions of mineralisation into the Exploration Target area; 2. it is shallow and flat-lying — intersected between surface and 38 m downhole, with differences in intercept depth largely reflecting surface topography; ASX ANNOUNCEMENT RAREEARTHS6–8KMFROMPREVIOUSRESULTS www.barklyrareearths.com 4 3. it is richly endowed with magnet rare earths, where most of the value in a rare earth deposit sits, with MREO representing 29–38% of TREO in all 13 new intercepts and 29–39% in 55 of the 58 intercepts from Phase 1 drilling, consistent with the 34% MREO ratio of the existing Inferred Mineral Resource; and 4. uranium and thorium are consistently low (1–3 ppm U and 5–11 ppm Th in the new intercepts, and 1–7 ppm U and 5–15 ppm Th across all intercepts; Table 1), which is advantageous for processing flowsheets where their content is a key cost driver. Follow-up Assays Forty-nine follow-up assays from 16 of the 28 holes first reported on 16 September 2026 were reported on 6 October 2026, widening the intercepts in 11 of them. Further follow-up samples with the potential to widen intercepts from holes across the programme will be sent to the laboratory in iterative batches. Any changes to intercept widths will be reported as results are received. Figure 2: Composite cross section A–B–C–D illustrating mineralised drill intercepts, 250× vertical exaggeration; section location is shown in Figure 1. Intervals without a TREO bar have not been assayed yet. Drillhole VAC035 is historical and informs the existing Inferred Mineral Resource (see Previous Disclosure section). COMPOSITE CROSS SECTION Path A–B–C–D ASX ANNOUNCEMENT RAREEARTHS6–8KMFROMPREVIOUSRESULTS www.barklyrareearths.com 5 Significant Rare Earth Intercepts in Detail A total of 332 RC drill samples from the 60 holes reported to date have been assayed at ALS Brisbane via lithium borate fusion with ICP-MS finish (ME-MS81), including 93 samples from the 16 newly assayed holes reported for the first time in this announcement. Samples were selected for laboratory analysis using portable XRF (pXRF) screening, with follow-up samples taken immediately above and below the screened intervals. Of the 93 new samples, 61 (66%) exceed the 500 ppm TREO cut-off. Of all 332 samples assayed to date, 68% exceed the cut-off. These include samples deliberately taken from outside the mineralised horizon to calibrate the pXRF screening. Significant intercepts (Table 1) are reported above a lower cut-off of either ≥500 ppm TREO over ≥1.0 m downhole, or ≥100 ppm Y2O3 in a single assay, with a maximum of 1 m internal dilution. The 13 new significant intercepts total 29.5 m with an average 2.3 m width. Including previously reported results, the 58 significant intercepts in 56 holes total 118.5 m with an average 2.0 m width. Three of the newly assayed holes did not return a significant intercept. Two of those holes (BAK0266 and BAK0268) were terminated above the target horizon and have been redrilled as BAK0266A and BAK0268A; assays for the redrilled holes are pending. In BAK0256, a single 0.5 m sample returned 1,328 ppm TREO (26.0–26.5 m), which does not meet the minimum width for a significant intercept. Samples either side are just below the cut-off (460 and 496 ppm TREO). In BAK0016, a single sample from 4.0–4.5 m, 13 m above the main intercept, returned 1,500 ppm TREO; the sample below it returned 352 ppm TREO and the interval above has not been assayed. In BAK0295, a single sample 1.0 m above the intercept returned 508 ppm TREO (19.0–19.5 m); the intervening 1.0 m (19.5–20.5 m) has not yet been assayed. Among all significant intercepts (Table 1), the middle 50% range from 1,200 to 2,200 ppm TREO, containing 370–800 ppm MREO, rounded to two significant figures. Higher-grade internal intervals range up to 6,057 ppm TREO (BAK0133), including up to 4,550 ppm TREO in the newly assayed holes (BAK0032). High-grade intervals, single assays of ≥2,500 ppm TREO, occur in 36 of the 60 holes (Figure 1), including six of the 16 newly assayed holes, indicating a recurring high- grade component to the deposit. The drill results, which include mineralised holes beyond the Exploration Target area (BAK0003, BAK0212, BAK0284,BAK0290, BAK0295 and BAK0296) and holes within the outline of the existing Inferred Mineral Resource (BAK0028, BAK0032, BAK0034 and BAK0035), will inform ongoing resource expansion drilling, geological interpretation and portable XRF calibration. Four intercepts include individual assays with elevated yttrium of ≥100 ppm Y2O3, up to 637 ppm Y2O3 (BAK0050), including one in the newly assayed holes (BAK0032: 111 ppm Y2O3 from 10.5– 11.0 m). Elevated yttrium corresponds with elevated heavy rare earths, including terbium of up to 17 ppm Tb4O7 and dysprosium of 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 continue to investigate opportunities to selectively target additional heavy rare earths. ASX ANNOUNCEMENT RAREEARTHS6–8KMFROMPREVIOUSRESULTS www.barklyrareearths.com 6 All grades in this announcement, including those of the 45 intercepts reported on 16 September and 6 October 2026, have been calculated using metal-to-oxide conversion factors to four decimal places (see JORC Code Table 1). The grades previously reported were calculated using these factors rounded to two decimal places. Before rounding, the more precise factors lower the reported grades by less than 0.2% for TREO, and less than 0.4% for MREO and the individual oxides; no intercept interval has changed, and the restated grades supersede those previously reported. The laboratory results should be read together with the drilling information, significant intercept methodology and JORC Code Table 1 disclosures included in this announcement. Table 1: Significant intercepts at the Barkly Project reported to date, length-weighted 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. ‘Including’ is the highest TREO-grade single assay within the intercept. See Table 3 for drillhole collar locations. * Intercept reported for the first time. Intercept 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 1230 463 38% 442 368 74 5 16 31 2 9 29.0–30.0 1633 632 BAK0003 25.0–28.0 3 1291 485 38% 466 385 81 5 15 31 2 10 26.0–27.0 1670 661 BAK0007 14.5–15.5 25.0–26.5 1 1.5 1493 1451 371 523 25% 36% 363 499 279 415 85 84 1 6 6 18 23 38 2 1 15 6 15.0–15.5 25.5–26.0 1602 2731 411 1065 BAK0008 19.5–20.5 1 1532 598 39% 568 478 90 8 21 34 1 6 19.5–20.0 1610 592 BAK0010 10.5–13.5 3 1220 468 38% 445 376 68 5 18 34 2 7 11.0–11.5 3478 1401 BAK0012 20.5–22.0 1.5 1886 714 38% 684 571 113 7 23 46 2 7 21.0–21.5 3797 1588 BAK0013 23.5–25.5 2 2248 756 34% 727 600 127 7 22 40 1 8 24.5–25.0 3672 1405 BAK0014* 23.0–24.5 1.5 1768 588 33% 560 467 92 7 21 39 1 11 23.5–24.0 2422 871 BAK0016* 17.5–21.0 3.5 834 294 35% 281 233 48 3 10 23 2 7 18.0–18.5 2201 809 BAK0021* 23.0–25.0 2 1718 592 34% 566 468 99 6 19 35 2 6 23.5–24.0 4355 1503 BAK0028* 22.5–24.0 1.5 1597 502 31% 481 391 90 4 16 34 1 7 23.0–23.5 2299 704 BAK0032* 10.5–12.0 1.5 2171 820 38% 772 644 128 10 38 66 2 5 10.5–11.0 4550 1678 BAK0033* 22.0–23.0 1 2336 821 35% 791 649 142 7 23 46 2 7 22.5–23.0 2999 1158 BAK0034* 8.5–10.0 1.5 1997 700 35% 673 554 118 6 21 38 3 6 9.0–9.5 4529 1627 BAK0035* 13.5–15.5 2 1394 466 33% 439 361 78 6 21 47 2 6 14.5–15.0 2524 983 BAK0036 16.5–18.5 2 1751 592 34% 568 463 105 5 18 42 2 5 17.0–17.5 3467 1210 BAK0038 14.5–18.0 3.5 889 261 29% 251 202 49 2 8 21 1 10 17.0–17.5 1652 540 BAK0041 13.0–16.5 3.5 801 241 30% 224 182 42 3 14 36 3 7 15.0–15.5 1416 420 BAK0044 13.5–17.5 4 862 277 32% 258 211 48 4 15 33 3 7 14.0–14.5 2701 974 BAK0045 18.0–20.5 2.5 1261 407 32% 394 321 73 3 10 24 2 9 18.0–18.5 2308 693 BAK0046 13.0–14.0 1 841 270 32% 251 208 42 5 15 25 3 7 13.5–14.0 949 309 BAK0047 13.0–15.5 2.5 626 171 27% 157 127 30 3 11 25 1 7 13.5–14.0 866 231 BAK0050 20.5–21.0 0.5 1057 141 13% 49 39 10 10 82 637 7 15 20.5–21.0 1057 141 BAK0051 31.5–34.5 3 1223 400 33% 385 314 72 3 11 29 2 6 32.0–32.5 3437 1212 ASX ANNOUNCEMENT RAREEARTHS6–8KMFROMPREVIOUSRESULTS www.barklyrareearths.com 7 Intercept 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) BAK0052 36.0–36.5 0.5 4037 1283 32% 1188 982 206 17 78 376 2 15 36.0–36.5 4037 1283 BAK0053 11.0–15.5 4.5 1564 530 34% 504 416 87 7 20 28 2 6 11.5–12.0 4477 1321 BAK0054 12.5–13.5 35.5–38.0 1 2.5 992 1426 303 482 31% 34% 296 457 241 378 55 78 1 5 5 21 19 83 1 3 11 8 13.0–13.5 36.0–36.5 1329 3469 427 1197 BAK0055 27.5–30.0 2.5 1839 636 35% 612 503 108 6 19 42 3 8 28.0–28.5 4223 1587 BAK0058 33.0–34.0 1 2043 700 34% 679 559 120 5 16 35 2 11 33.5–34.0 3068 1101 BAK0079 20.0–21.5 1.5 2712 915 34% 882 722 160 8 24 37 2 7 20.5–21.0 4092 1538 BAK0080 14.5–16.5 2 2581 929 36% 902 745 157 7 20 33 2 7 15.5–16.0 5163 2048 BAK0082 11.0–12.5 1.5 2680 885 33% 853 696 157 9 23 28 5 8 11.5–12.0 5848 1894 BAK0119 10.0–12.0 2 1956 715 37% 694 573 121 6 15 21 2 6 10.5–11.0 3125 1000 BAK0121 16.5–18.0 1.5 2865 1016 35% 982 810 172 9 25 36 2 6 16.5–17.0 4206 1277 BAK0122 20.5–22.0 1.5 1558 512 33% 496 406 90 4 12 28 1 9 21.0–21.5 2029 696 BAK0123 10.5–13.5 3 1577 535 34% 503 418 85 9 23 31 2 6 11.0–11.5 5150 1772 BAK0124 11.5–13.0 1.5 2826 1040 37% 1006 833 172 10 24 27 4 8 12.0–12.5 5293 2023 BAK0125 9.0–10.5 1.5 2651 943 36% 915 753 162 8 20 22 7 8 9.5–10.0 5885 2211 BAK0127 13.5–15.0 1.5 2140 801 37% 773 645 128 8 20 31 2 8 14.0–14.5 3510 1435 BAK0129 11.5–14.5 3 1076 347 32% 327 268 59 5 15 25 2 7 13.0–13.5 1616 569 BAK0131 20.5–23.0 2.5 1072 389 36% 373 309 65 4 12 24 2 7 20.5–21.0 2466 861 BAK0133 11.0–13.0 2 2713 948 35% 913 752 162 9 26 39 4 6 11.5–12.0 6057 2266 BAK0134 10.5–13.5 3 1488 494 33% 457 376 82 9 28 31 3 5 11.0–11.5 3590 1335 BAK0138 10.0–11.5 1.5 3118 1002 32% 958 781 177 12 32 35 3 6 10.0–10.5 4759 1278 BAK0168 26.5–27.5 1 1997 643 32% 625 508 117 4 14 29 3 8 26.5–27.0 3263 1050 BAK0212 0.0–1.0 1 697 271 39% 254 217 37 5 12 18 3 6 0.5–1.0 734 309 BAK0243* 25.5–26.5 1 1699 569 33% 554 450 104 3 12 30 1 7 26.0–26.5 2435 875 BAK0284* 22.0–27.5 5.5 1035 343 33% 325 271 54 4 14 33 2 8 23.0–23.5 1721 502 BAK0287 10.0–11.5 1.5 2645 882 33% 856 698 158 8 19 22 3 8 10.5–11.0 4822 1708 BAK0289 9.5–11.0 1.5 2973 1086 37% 1043 862 181 12 30 32 2 8 10.0–10.5 5971 2342 BAK0290* 17.5–19.5 2 1014 295 29% 285 225 60 2 9 23 1 7 17.5–18.0 1385 352 BAK0291 9.5–11.0 1.5 1807 569 31% 552 451 101 5 12 18 4 9 10.5–11.0 2793 989 BAK0292 10.5–12.5 2 1811 622 34% 597 492 105 7 18 23 3 9 11.0–11.5 3155 1033 BAK0294 10.0–11.5 1.5 2802 923 33% 894 727 167 8 21 28 3 8 10.5–11.0 4003 1490 BAK0295* 20.5–23.0 2.5 1774 614 35% 594 486 108 4 16 41 2 8 21.0–21.5 2599 845 BAK0296* 21.0–25.0 4 1133 354 31% 338 274 64 3 12 31 1 7 21.0–21.5 1626 366 Grades for all intercepts, including those reported on 16 September and 6 October 2026, are calculated using four-decimal metal-to-oxide conversion factors and are restated from the previously reported grades, which used factors rounded to two decimal places. Before rounding, restated grades are less than 0.2% (TREO) and 0.4% (MREO and individual oxides) lower than previously reported; intercept intervals are unchanged. ASX ANNOUNCEMENT RAREEARTHS6–8KMFROMPREVIOUSRESULTS www.barklyrareearths.com 8 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 from the 60 RC drillholes reported to date at the Barkly Project. Drillhole spacing is variable, with RC drill lines and holes mostly ~800 m apart, except where buffer zones required under the Environmental Mining Licences prevent this. Spacing of the earlier aircore drilling ranges from 150–300 m to ~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 based on 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 drilling 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 drilling to date are being incorporated into the geological model ahead of the Mineral Resource update, and the Exploration Target will be reviewed with the Mineral Resource update. Programme Overview The Company’s 10,000 m Phase 1 resource drilling programme at the Barkly Project in the Northern Territory (Figure 3) targets expansion of the existing 40 Mt Inferred Mineral Resource, which grades 2,100 ppm TREO for 82,000 tonnes of contained TREO at a 34% MREO ratio to include 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. The timing of the updated Mineral Resource estimate will be confirmed as Phase 1 assays are received. ASX ANNOUNCEMENT RAREEARTHS6–8KMFROMPREVIOUSRESULTS www.barklyrareearths.com 9 A total of 89 holes has been drilled to date for 2,168 m, including six redrills. Of these, 60 have been reported,including the 16reported here,and samples from a further 26 holes are at orbeing prepared for the laboratory, including two redrills of assayed holes. Figure 3: Location of the Barkly and Buntine Projects, Northern Territory, Australia. Drilling recommenced on 5 October 2026 following an extended period of downtime awaiting replacement parts, which had to be machined and delivered to site. To 15 October, 18 holes had been completed for 500 m, including redrills of five holes in the northwest that had been terminated above the target horizon (BAK0191, BAK0192, BAK0266, BAK0268 and BAK0286). The Company is tendering for a second drill rig to increase drilling rates and will update the expected timing of programme completion as drilling progresses. EXPLORATION NEXT STEPS • Assay results from the 10,000 m Phase 1 drilling programme (ongoing) • Rare earths concentration and extraction testwork (ongoing) • Mineral Resource update (Q4 CY2026, subject to drilling and laboratory assay progress) • Geometallurgical testwork and modelling (Q4 CY2026) • Buntine exploration results (Q4 CY2026) • Follow-up exploration at Buntine (Q4 CY2026) This announcement has been authorised for release by the Board of Barkly Rare Earths Limited. ENDS ASX ANNOUNCEMENT RAREEARTHS6–8KMFROMPREVIOUSRESULTS www.barklyrareearths.com 10 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 (7 ppm Tb4O7, 3 ppm U, 7 ppm Th; see Previous Disclosure section). 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. 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/yMd9pP. Competent Person’s Statement The information in this announcement that relates to an Exploration Target, new Exploration Results and the restated grades of previously reported Exploration Results is based on, and fairly represents, information and supporting documentation prepared 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. ASX ANNOUNCEMENT RAREEARTHS6–8KMFROMPREVIOUSRESULTS www.barklyrareearths.com 11 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, other than the intercepts for 11 drillholes first reported on 16 September 2026, which were updated by follow-up assays in the announcement dated 6 October 2026, and the grades of previously reported intercepts, which are restated in Table 1 of this announcement using four-decimal metal-to-oxide conversion factors, 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. 3. ASX announcement dated 16 September 2026 titled ‘High-Grade Mineralisation in First Phase 1 Drill Results’. Competent Person: Richard Hall. 4. ASX announcement dated 6 October 2026 titled ‘Consistent Mineralisation with High-Grade Intervals in New Drilling’. Competent Person: Richard Hall. 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 × 100 ASX ANNOUNCEMENT RAREEARTHS6–8KMFROMPREVIOUSRESULTS www.barklyrareearths.com 12 Table 3: Drill collar locations and depths of the 89 holes drilled to date at the Barkly Project. Coordinates are surveyed collar positions in GDA2020 MGA Zone 53, except for holes marked ‡, which are reported at their planned positions pending verified survey coordinates. RL is derived from an orthorectified 16-bit DTM bundle with 2 m resolution. All drillh