Barkly Rare Earths

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The Barkly Project is located approximately 350 kilometres northeast of Tennant Creek in the Northern Territory, Australia. Its granted exploration licences cover 5,030 square kilometres and are 100% owned by Barkly Rare Earths Limited.

The project area includes sedimentary rocks of the Carpentaria and Georgina basins, and sedimentary and volcanic rocks of the McArthur Basin. Refer to Sections 4–9 of the Independent Technical Assessment Report at Annexure A of the Prospectus for detailed geological and resource information and full disclosure of the summary information, below.

 across 5000 km2 of granted licences for resource expansion

710 ppm MREO grade (Nd, Pr, Dy & Tb oxides)

High grade flotation concentrate of 88 ppm Tb4O7, 287 ppm Dy2O3 and 9,824 ppm NdPr

The Company has disclosed an initial Inferred Mineral Resource Estimate at the Barkly Project of ~40 Mt at 2,100 ppm TREO (JORC, 2012) for 82,000 tonnes of contained TREO with a MREO/TREO ratio of 34%, within a REE-bearing quartz sandstone, using a cut-off of 430 ppm NdPr. Refer to the Independent Technical Assessment Report for full disclosure.

TREO = La2O3+ CeO2 + Pr6O11 + Nd2O3 + Sm2O3 + Eu2O3 + Gd2O3 + Tb4O7 + Dy2O3 + Ho2O3 + Er2O3 + Tm2O3 + Yb2O3 + Lu2O3 + Y2O
NdPr = Nd2O3 + Pr6O11
HREO = Gd2O3 + Tb4O7 + Dy2O3 + Ho2O3 + Er2O3 + Tm2O3 + Yb2O3 + Lu2O3 + Y2O3
MREO = Pr6O11 + Nd2O3 + Tb4O7 + Dy2O3

Reported above a 430-ppm NdPr cut-off, and within a preliminary optimised pit shell.

Mineral Resources classified in accordance with the JORC Code (2012).

Estimates are rounded to reflect the level of confidence in the Mineral Resource Estimate at the time of reporting. Differences may occur in totals due to rounding.

By comparison to peer regolith-hosted resources, the Barkly Project initial Inferred Mineral Resource has a high MREO/TREO ratio of 34%.

Correspondingly, the Barkly Mineral Resource’s MREO grade ranks in the top tier of its regolith-hosted REE mineral resources peer group. The magnet rare earth elements (Nd, Pr, Dy, Tb) are in higher demand than the non-magnet REE, and drive price/margin differentiation across global REE assets.

The Barkly REE resource has very low U and Th concentrations, which is advantageous from a product handling, processing, and environmental perspective, and is a notable strength of the project. The grade of uranium (U) and thorium (Th) is often compounded in the processing of REE ores and can create considerable downstream cost, management, and environmental issues.

An Exploration Target has been prepared to assess the exploration potential of the REE at the Barkly Project. The REE Exploration Target of 200–1,000 Mt at 1,600–1,900 ppm TREO (including 500–700 ppm NdPr) is reported in accordance with the JORC Code (2012) and represents potential mineralisation extensions beyond the Inferred Mineral Resource of the Barkly Project, based on the mapped geological continuity of the host sediments. The REE Exploration Target is reported as ranges of tonnes and grades in the table and map, below. Exploration Targets are approximations. The potential quantity and grade of the Exploration Target is conceptual in nature, and there has been insufficient exploration to estimate an Inferred Mineral Resource. It is uncertain if further exploration will result in the estimation of a Mineral Resource.

A second Inferred Mineral Resource is also estimated for the Barkly Project of 200 Mt at 0.12% V2O5 for approximately 240,000 tonnes of contained V2O5, reported above a 0.10% V2O5 cut-off. At Vanadis, the Vanadium mineralisation occurs 2–4 metres above the rare earth enriched horizon.

The Company has prepared an Exploration Target to assess the exploration potential of the vanadium at the Barkly Project. The vanadium Exploration Target of 300–1,000 Mt at 0.12–0.14% V2O5 is reported in accordance with the JORC Code (2012) and represents potential mineralisation extensions beyond the Inferred Mineral Resource, based on the mapped geological continuity of the host sediments. Exploration Targets are approximations. The potential quantity and grade of the Exploration Target is conceptual in nature, and there has been insufficient exploration to estimate an Inferred Mineral Resource. It is uncertain if further exploration will result in the estimation of  an Inferred Mineral Resource.

The Exploration Target relates to areas where the presence of a mineral deposit can be suggested on the basis of demonstrated geological continuity but has not been confirmed by drilling. The company plans to test the validity of the Exploration Target through further drilling in 2026. Initial testing is likely to include several widely spaced drill lines across the tenements.