Corporate Governance Statement
Released
Released
Announcement PDF
Barkly Rare Earths
13–15 Rheola Street
West Perth WA 6005
Australia
+61 (8) 9386 0855
www.barklyrareearths.com
BARKLY RARE EARTHS LTD
ACN 641 565 139
(COMPANY)
CORPORATE GOVERNANCE STATEMENT
This Corporate Governance Statement is current as 1 December 2025 and has been approved
by the Board of the Company on that date.
This Corporate Governance Statement discloses the extent to which the Company will, as at
the date it is admitted to the official list of the ASX, follow the recommendations set by the ASX
Corporate Governance Council in its publication Corporate Governance Principles and
Recommendations – 4th
Edition (Recommendations). The Recommendations are not
mandatory; however, the Recommendations that will not be followed have been identified, and
reasons provided for not following them, along with what (if any) alternative governance
practices the Company intends to adopt in lieu of the recommendation.
The Company has adopted a Corporate Governance Plan which provides the written terms of
reference for the Company’s corporate governance duties.
Due to the current size and nature of the existing Board, and the magnitude of the Company’s
operations, the Board does not consider that the Company will gain any benefit from individual
Board committees; its resources would be better utilised in other areas, as the Board is of the
strong view that at this stage the experience and skill set of the current Board is sufficient to
perform these roles. Under the Company’s Board Charter, the duties that would ordinarily be
assigned to individual committees are currently carried out by the full Board under the written
terms of reference for those committees.
The Company’s Corporate Governance Plan is available on the Company’s website at
www.barklyrareearths.com.
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Principle 1: Lay solid foundations for management and oversight
Recommendation 1.1
A listed entity should have and
disclose a board charter which sets
out the respective roles and
responsibilities of the Board, the
Chair and management, and
includes a description of those
matters expressly reserved to the
Board and those delegated to
management.
YES The Company has adopted a Board
Charter that sets out the specific roles
and responsibilities of the Board, the
Chair and management and includes a
description of those matters expressly
reserved to the Board and those
delegated to management.
The Board Charter sets out the specific
responsibilities of the Board,
requirements as to the Board’s
composition, the roles and
responsibilities of the Chairman and
Company Secretary, the establishment,
operation and management of Board
Committees, Directors’ access to
Company records and information,
details of the Board’s relationship with
management, details of the Board’s
performance review and details of the
Board’s disclosure policy.
A copy of the Company’s Board Charter,
which is part of the Company’s
Corporate Governance Plan, is available
on the Company’s website.
Recommendation 1.2
A listed entity should:
undertake appropriate checks
before appointing a director or
senior executive or putting someone
forward for election as a Director;
and
provide security holders with all
material information in its
possession relevant to a decision on
whether or not to elect or re-elect a
Director.
YES (a) The Company has guidelines for the
appointment and selection of the
Board and senior executives in its
Corporate Governance Plan. The
Company’s Nomination Committee
Charter (in the Company’s
Corporate Governance Plan)
requires the Nomination Committee
(or, in its absence, the Board) to
ensure appropriate checks
(including checks in respect of
character, experience, education,
criminal record and bankruptcy
history (as appropriate)) are
undertaken before appointing a
person, or putting forward to
security holders a candidate for
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election, as a Director. In the event
of an unsatisfactory check, a
Director is required to submit their
resignation.
(b) Under the Nomination Committee
Charter, all material information
relevant to a decision on whether or
not to elect or re-elect a Director
must be provided to security
holders in the Notice of Meeting
containing the resolution to elect or
re-elect a Director.
Recommendation 1.3
A listed entity should have a written
agreement with each Director and
senior executive setting out the
terms of their appointment.
YES The Company’s Nomination Committee
Charter requires the Nomination
Committee (or, in its absence, the
Board) to ensure that each Director and
senior executive is personally a party to
a written agreement with the Company
which sets out the terms of that
Director’s or senior executive’s
appointment.
The Company has written agreements
with each of its Directors and senior
executives.
Recommendation 1.4
The Company Secretary of a listed
entity should be accountable
directly to the Board, through the
Chair, on all matters to do with the
proper functioning of the Board.
YES The Board Charter outlines the roles,
responsibility and accountability of the
Company Secretary. In accordance with
this, the Company Secretary is
accountable directly to the Board,
through the Chair, on all matters to do
with the proper functioning of the Board.
Recommendation 1.5
A listed entity should:
(a) have and disclose a diversity
policy;
(b) through its board or a
committee of the board set
measurable objectives for
achieving gender diversity in the
composition of its board, senior
YES (a) The Company has adopted a
Diversity Policy which provides a
framework for the Company to
establish, achieve and measure
diversity objectives. The Diversity
Policy is available, as part of the
Corporate Governance Plan, on the
Company’s website.
(b) The Diversity Policy allows the
Board to set measurable gender
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executives and workforce
generally; and
(i) disclose in relation to each
reporting period:
(ii) the measurable objectives
set for that period to
achieve gender diversity;
(iii) the entity’s progress
towards achieving those
objectives; and
either:
(A) the respective
proportions of men
and women on the
Board, in senior
executive positions
and across the whole
workforce (including
how the entity has
defined “senior
executive” for these
purposes); or
(B) if the entity is a
“relevant employer”
under the Workplace
Gender Equality Act,
the entity’s most
recent “Gender
Equality Indicators”, as
defined in the
Workplace Gender
Equality Act.
diversity objectives if considered
appropriate, and to continually
monitor both the objectives if any
have been set and the Company’s
progress in achieving them.
(c) The Board does not presently intend
to set measurable gender diversity
objectives because the Board does
not anticipate there will be a need
to appoint any new Directors or
senior executives, due to the
Board’s view that the existing
Directors and senior executives
have sufficient skill and experience
to carry out the Company’s plans.
.
Recommendation 1.6
A listed entity should:
(a) have and disclose a process for
periodically evaluating the
performance of the Board, its
YES (a) The Company’s Nomination
Committee (or, in its absence, the
Board) is responsible for evaluating
the performance of the Board, its
committees and individual
Directors on an annual basis. It may
do so with the aid of an independent
advisor. The process for this is set
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committees and individual
Directors; and
(b) disclose for each reporting
period whether a performance
evaluation has been undertaken
in accordance with that process
during or in respect of that
period.
out in the Company’s Corporate
Governance Plan, which is available
on the Company’s website.
(b) The Company’s Corporate
Governance Plan requires the
Company to disclose whether or not
performance evaluations were
conducted during the relevant
reporting period. The Company
intends to complete performance
evaluations in respect of the Board,
its committees (if any) and
individual Directors for each
financial year in accordance with
the above process.
Recommendation 1.7
A listed entity should:
(a) have and disclose a process for
evaluating the performance of
its senior executives at least
once every reporting period; and
(b) disclose for each reporting
period whether a performance
evaluation has been undertaken
in accordance with that process
during or in respect of that
period.
YES (a) The Company’s Nomination
Committee (or, in its absence, the
Board) is responsible for evaluating
the performance of the Company’s
senior executives on an annual
basis. The Company’s
Remuneration Committee (or, in its
absence, the Board) is responsible
for evaluating the remuneration of
the Company’s senior executives on
an annual basis. A senior executive,
for these purposes, means key
management personnel (as defined
in the Corporations Act) other than
a non-executive Director.
(b) The applicable processes for these
evaluations can be found in the
Company’s Corporate Governance
Plan, which is available on the
Company’s website.
(c) The Company’s Corporate
Governance Plan requires the
Company to disclose whether or not
performance evaluations were
conducted during the relevant
reporting period. The Company
intends to complete performance
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evaluations in respect of the senior
executives (if any) for each financial
year in accordance with the
applicable processes.
Principle 2: Structure the Board to be effective and add value
Recommendation 2.1
The Board of a listed entity should:
(a) have a nomination committee
which:
(i) has at least three
members, a majority of
whom are independent
Directors; and
(ii) is chaired by an
independent Director,
and disclose:
(iii) the charter of the
committee;
(iv) the members of the
committee; and
(v) as at the end of each
reporting period, the
number of times the
committee met throughout
the period and the
individual attendances of
the members at those
meetings; or
(b) if it does not have a nomination
committee, disclose that fact
and the processes it employs to
address Board succession
issues and to ensure that the
Board has the appropriate
balance of skills, knowledge,
experience, independence and
diversity to enable it to
YES (a) The Company does not have a
Nomination Committee. The
Company’s Nomination Committee
Charter provides for the creation of
a Nomination Committee (if it is
considered it will benefit the
Company).
(b) The Company does not have a
Nomination Committee as the
Board considers that the Company
will not currently benefit from its
establishment. In accordance with
the Company’s Board Charter, the
Board carries out the duties that
would ordinarily be carried out by
the Nomination Committee under
the Nomination Committee Charter,
including the following processes to
address succession issues and to
ensure the Board has the
appropriate balance of skills,
experience, independence and
knowledge of the entity to enable it
to discharge its duties and
responsibilities effectively:
(i) devoting time at least annually
to discuss Board succession
issues and updating the
Company’s Board skills matrix;
and
(ii) all Board members being
involved in the Company’s
nomination process, to the
maximum extent permitted
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discharge its duties and
responsibilities effectively.
under the Corporations Act
and ASX Listing Rules.
Recommendation 2.2
A listed entity should have and
disclose a Board skills matrix setting
out the mix of skills that the Board
currently has or is looking to achieve
in its membership.
YES Under the Nomination Committee
Charter (in the Company’s Corporate
Governance Plan), the Nomination
Committee (or, in its absence, the
Board) is required to prepare a Board
skills matrix setting out the mix of skills
that the Board currently has (or is
looking to achieve) and to review this at
least annually against the Company’s
Board skills matrix to ensure the
appropriate mix of skills to discharge its
obligations effectively and to add value
and to ensure the Board has the ability
to deal with new and emerging business
and governance issues.
The Company has a Board skill matrix
setting out the mix of skills and diversity
that the Board currently has or is looking
to achieve in its membership. A copy is
available in the Company’s Annual
Report.
The Board Charter requires the
disclosure of each Board member’s
qualifications and expertise. Full details
as to each Director and senior
executive’s relevant skills and
experience are available in the
Company’s Annual Report and on the
Company’s website.
Recommendation 2.3
A listed entity should disclose:
(a) the names of the Directors
considered by the Board to be
independent Directors;
(b) if a Director has an interest,
position or relationship of the
type described in Box 2.3 of the
ASX Corporate Governance
Principles and
YES (a) The Board Charter requires the
disclosure of the names of
Directors considered by the Board
to be independent. The Company
will disclose those Directors it
considers to be independent in its
Annual Report
(b) The Board will consider the
independence of directors having
regard to the relationships listed in
Box 2.3 of the Principles &
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Recommendations (4th
Edition),
but the Board is of the opinion
that it does not compromise the
independence of the Director,
the nature of the interest,
position or relationship in
question and an explanation of
why the Board is of that opinion;
and
(c) the length of service of each
Director
Recommendations and the
Company’s materiality thresholds.
Where a Director is identified to
have a relationship of the type
described in Box 2.3, the Board
(independent of the Director) will
consider the Director’s
independence. The Company will
diclose the Director’s
independence (or otherwise) in its
Annual Report and the reasons they
are of that opinion.
(c) The Company’s Annual Report will
disclose the length of service of
each Director, as at the end of each
financial year.
Recommendation 2.4
A majority of the Board of a listed
entity should be independent
Directors.
NO The Company’s Board Charter requires
that, where practical, the majority of the
Board should be independent.
The Board currently comprises a total of
four directors, of whom one is
considered to be independent. As such,
independent directors currently do not
comprise the majority of the Board.
The Board does not currently consider
an independent majority of the Board to
be appropriate given:
(a) the speculative nature of the
Company’s business, and its
limited scale of activities, means
the Company only needs, and can
only commercially sustain, a small
Board of two (2) Directors other
than the executive Directors;
(b) the Company considers at least two
(2) Directors need to be executive
Directors for the Company to be
effectively managed;
(c) the Company considers it
necessary, given its speculative and
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small-scale activities, to attract and
retain suitable Directors by offering
Directors an interest in the
Company; and
(d) the Company considers it
appropriate to provide
remuneration to its Directors in the
form of securities in order to
conserve its limited cash reserves.
The Board will continue to review its
composition and as the Company’s
activities evolve, it will appoint further
independent directors when consdiered
appropriate.
Recommendation 2.5
The Chair of the Board of a listed
entity should be an independent
Director and, in particular, should
not be the same person as the CEO
of the entity.
PARTIALLY The Board Charter provides that, where
practical, the Chair of the Board should
be an independent Director and should
not be the CEO/Managing Director.
The Chair of the Company is not an
independent Director and is not the
CEO/Managing Director.
The Board considers that the Company
is not currently of a size and scale, nor
are its affairs of such complexity to
necessitate the appointment of an
independent Chairman.
Recommendation 2.6
A listed entity should have a
program for inducting new Directors
and for periodically reviewing
whether there is a need for existing
directors to undertake professional
development to maintain the skills
and knowledge needed to perform
their role as Directors effectively.
YES In accordance with the Company’s
Board Charter, the Nomination
Committee (or, in its absence, the
Board) is responsible for the approval
and review of induction and continuing
professional development programs
and procedures for Directors to ensure
that they can effectively discharge their
responsibilities. The Company Secretary
is responsible for facilitating inductions
and professional development including
receiving briefings on material
developments in laws, regulations and
accounting standards relevant to the
Company.
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Principle 3: Instil a culture of acting lawfully, ethically and responsibly
Recommendation 3.1
A listed entity should articulate and
disclose its values.
YES (a) The Company and its subsidiary
companies (if any) are committed to
conducting all of its business
activities fairly, honestly with a high
level of integrity, and in compliance
with all applicable laws, rules and
regulations. The Board,
management and employees are
dedicated to high ethical standards
and recognise and support the
Company’s commitment to
compliance with these standards.
(b) The Company’s values are set out in
its Code of Conduct (which forms
part of the Corporate Governance
Plan) and are available on the
Company’s website. All employees
are given appropriate training on the
Company’s values and senior
executives will continually
reference such values.
Recommendation 3.2
A listed entity should:
(a) have and disclose a code of
conduct for its Directors, senior
executives and employees; and
(b) ensure that the Board or a
committee of the Board is
informed of any material
breaches of that code.
YES (a) The Company’s Corporate Code of
Conduct applies to the Company’s
Directors, senior executives and
employees.
(b) The Company’s Corporate Code of
Conduct (which forms part of the
Company’s Corporate Governance
Plan) is available on the Company’s
website. Any material breaches of
the Code of Conduct are reported to
the Board or a committee of the
Board.
Recommendation 3.3
A listed entity should:
(a) have and disclose a
whistleblower policy; and
(b) ensure that the Board or a
committee of the Board is
YES The Company’s Whistleblower
Protection Policy (which forms part of
the Corporate Governance Plan) is
available on the Company’s website.
Any material breaches of the
Whistleblower Protection Policy are to
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informed of any material
incidents reported under that
policy.
be reported to the Board or a committee
of the Board.
Recommendation 3.4
A listed entity should:
(a) have and disclose an anti-
bribery and corruption policy;
and
(b) ensure that the Board or
committee of the Board is
informed of any material
breaches of that policy.
YES The Company’s Anti-Bribery and Anti-
Corruption Policy (which forms part of
the Corporate Governance Plan) is
available on the Company’s website.
Any material breaches of the Anti-
Bribery and Anti-Corruption Policy are to
be reported to the Board or a committee
of the Board.
Principle 4: Safeguard the integrity of corporate reports
Recommendation 4.1
The Board of a listed entity should:
(a) have an audit committee which:
(i) has at least three
members, all of whom are
non-executive Directors
and a majority of whom are
independent Directors; and
(ii) is chaired by an
independent Director, who
is not the Chair of the
Board,
and disclose:
(iii) the charter of the
committee;
(iv) the relevant qualifications
and experience of the
members of the
committee; and
(v) in relation to each reporting
period, the number of
times the committee met
throughout the period and
the individual attendances
YES The Company does not have an Audit
and Risk Committee as the Board
considers the Company will not
currently benefit from its establishment.
In accordance with the Company’s
Board Charter, the Board carries out the
duties that would ordinarily be carried
out by the Audit and Risk Committee
under the Audit and Risk Committee
Charter including the following
processes to independently verify the
integrity of the Company’s periodic
reports which are not audited or
reviewed by an external auditor, as well
as the processes for the appointment
and removal of the external auditor and
the rotation of the audit engagement
partner:
(a) the Board devotes time at annual
Board meetings to fulfilling the roles
and responsibilities associated with
maintaining the Company’s internal
audit function and arrangements
with external auditors; and
(b) all members of the Board are
involved in the Company’s audit
function to ensure the proper
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of the members at those
meetings; or
(b) if it does not have an audit
committee, disclose that fact
and the processes it employs
that independently verify and
safeguard the integrity of its
corporate reporting, including
the processes for the
appointment and removal of the
external auditor and the rotation
of the audit engagement
partner.
maintenance of the entity and the
integrity of all financial reporting.
Recommendation 4.2
The Board of a listed entity should,
before it approves the entity’s
financial statements for a financial
period, receive from its CEO and
CFO a declaration that the financial
records of the entity have been
properly maintained and that the
financial statements comply with
the appropriate accounting
standards and give a true and fair
view of the financial position and
performance of the entity and that
the opinion has been formed on the
basis of a sound system of risk
management and internal control
which is operating effectively.
YES The Company’s Audit and Risk
Committee Charter require the CEO and
CFO (or, if none, the person(s) fulfilling
those functions) to provide a sign-off on
these terms. The Board will fulfill all of
the roles and responsibilities of the
Audit and Risk Committee.
The Company intends to obtain a sign-
off on these terms for each of its
financial statements in each financial
year.
Recommendation 4.3
A listed entity should disclose its
process to verify the integrity of any
periodic corporate report it releases
to the market that is not audited or
reviewed by an external auditor.
YES The Company will include in each of its
(to the extent that the information
contained in the following is not audited
or reviewed by an external auditor):
(a) annual reports or on its website, a
description of the process it
undertakes to verify the integrity of
the information in its annual
directors’ report;
(b) quarterly reports, or in its annual
report or on its website, a
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RECOMMENDATIONS (4th
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description of the process it
undertakes to verify the integrity of
the information in its quarterly
reports;
(c) integrated reports, or in its annual
report (if that is a separate
document to its integrated report)
or on its website, a description of
the process it undertakes to verify
the integrity of the information in its
integrated reports; and
(d) periodic corporate reports (such as
a sustainability or CSR report), or in
its annual report or on its website, a
description of the process it
undertakes to verify the integrity of
the information in these reports.
Principle 5: Make timely and balanced disclosure
Recommendation 5.1
A listed entity should have and
disclose a written policy for
complying with its continuous
disclosure obligations under listing
rule 3.1.
YES (a) The Company’s Corporate
Governance Plan details the
Company’s Continuous Disclosure
policy.
(b) The Corporate Governance Plan,
which incorporates the Continuous
Disclosure policy, is available on
the Company’s website.
Recommendation 5.2
A listed entity should ensure that its
board receives copies of all material
market announcements promptly
after they have been made.
YES Under the Company’s Continuous
Disclosure Policy (which forms part of
the Corporate Governance Plan), all
members of the Board will receive
material market announcements
promptly after they have been made.
Recommendation 5.3
A listed entity that gives a new and
substantive investor or analyst
presentation should release a copy
of the presentation materials on the
ASX Market Announcements
Platform ahead of the presentation.
YES All substantive investor or analyst
presentations will be released on the
ASX Markets Announcement Platform
ahead of such presentations.
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Principle 6: Respect the rights of security holders
Recommendation 6.1
A listed entity should provide
information about itself and its
governance to investors via its
website.
YES Information about the Company and its
governance is available in the Corporate
Governance Plan which can be found on
the Company’s website.
Recommendation 6.2
A listed entity should have an
investor relations program that
facilitates effective two-way
communication with investors.
YES The Company has adopted a
Shareholder Communications Strategy
which aims to promote and facilitate
effective two-way communication with
investors. The Strategy outlines a range
of ways in which information is
communicated to shareholders and is
available on the Company’s website as
part of the Company’s Corporate
Governance Plan.
Recommendation 6.3
A listed entity should disclose how it
facilitates and encourages
participation at meetings of security
holders.
YES Shareholders are encouraged to
participate at all general meetings and
AGMs of the Company in line with the
Company’s Shareholder
Communication Strategy.
All substantive resolutions at
securityholder meetings will be decided
by a poll rather than a show of hands.
Recommendation 6.4
A listed entity should ensure that all
substantive resolutions at a meeting
of security holders are decided by a
poll rather than by a show of hands.
YES All substantive resolutions at
securityholder meetings will be decided
by a poll rather than a show of hands.
Recommendation 6.5
A listed entity should give security
holders the option to receive
communications from, and send
communications to, the entity and
its security registry electronically.
YES The Shareholder Communication
Strategy provides that security holders
can register with the Company to
receive email notifications when an
announcement is made by the
Company to the ASX, including the
release of the Annual Report, half yearly
reports and quarterly reports. Links are
made available to the Company’s
website on which all information
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provided to the ASX is immediately
posted.
Shareholders’ queries should be
referred to the Company Secretary at
first instance.
Principle 7: Recognise and manage risk
Recommendation 7.1
The Board of a listed entity should:
(a) have a committee or
committees to oversee risk,
each of which:
(i) has at least three
members, a majority of
whom are independent
Directors; and
(ii) is chaired by an
independent Director,
and disclose:
(iii) the charter of the
committee;
(iv) the members of the
committee; and
(v) as at the end of each
reporting period, the
number of times the
committee met throughout
the period and the
individual attendances of
the members at those
meetings; or
(b) if it does not have a risk
committee or committees that
satisfy (a) above, disclose that
fact and the process it employs
for overseeing the entity’s risk
management framework.
YES The Company does not have an Audit
and Risk Committee. The Board has
assumed the responsibilities of the
Audit and Risk Committee. The
Company’s Corporate Governance Plan
contains an Audit and Risk Committee
Charter that provides for the review of
the risk framework of the Company on
an annual basis. A copy of the
Corporate Governance Plan is available
on the Company’s website. The Board
will continue to monitor the structure
and composition of its committees,
including the potential establishment of
a committee focused on risk
management.
Recommendation 7.2 YES (a) The Audit and Risk Committee
Charter require that the Audit and
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The Board or a committee of the
Board should:
(a) review the entity’s risk
management framework at
least annually to satisfy itself
that it continues to be sound
and that the entity is operating
with due regard to the risk
appetite set by the Board; and
(b) disclose in relation to each
reporting period, whether such
a review has taken place.
Risk Committee (or, in its absence,
the Board) should, at least annually,
satisfy itself that the Company’s
risk management framework
continues to be sound and that the
Company is operating with due
regard to the risk appetite set by the
Board.
(b) The Company’s Corporate
Governance Plan requires the
Company to disclose at least
annually whether such a review of
the Company’s risk management
framework has taken place.
Recommendation 7.3
A listed entity should disclose:
(a) if it has an internal audit
function, how the function is
structured and what role it
performs; or
(b) if it does not have an internal
audit function, that fact and the
processes it employs for
evaluating and continually
improving the effectiveness of
its go
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