Barkly Rare Earths Ltd. · ASX:BAK
Barkly Rare Earths — Investor Presentation (September 2026)
22 slides from Barkly Rare Earths's investor presentation, Sep 3, 2026
Slide 1: Positioning Northern Australia to Deliver Magnet Rare Earths at Scale
ASX: BAK Positioning Northern For personal use only Australia to Deliver Magnet Rare Earths at Scale Mining the Territory September 2026 ASX: BAK
Slide 2: Important Notices and Disclaimer
ASX: BAK IMPORTANT NOTICES AND DISCLAIMER Disclaimer & Authorisation This presentation (Presentation), authorised for release Materials do not include all the information that would accordance with the requirements of Australian law or other things, (i) goals and strategies, (ii) plans for new by Ma
Slide 3: Disclosures
ASX: BAK DISCLOSURES Exploration Targets Competent Person’s Statement Report, as Annexure A to the Prospectus, dated 1 The references in these Presentation Materials to an The information in these Presentation Materials that December 2025 and posted on the ASX market Exploration Target should be rea
Slide 4: Accelerating the Barkly Rare Earth Project
ASX: BAK Accelerating the Barkly Rare Earth Project • Commanding land position secured across an emerging rare earth region in the Northern Territory Tier 1 Jurisdiction • Strategically located in range of road, port and rail across 7 granted ELs over 5,000 km2 • Inferred Mineral Resource1 of 40 Mt
Slide 5: Experienced Board and Management
ASX: BAK Experienced Board and Management For personal use only Gavin Lockyer Craig Wright René Sterk Gavin Beer Matt Shackleton Richard Hall Executive Chairman Managing Director Non-Executive Director Non-Executive Director CFO & Company General Manager— BBus, FCA MSc MAusIMM MSc FAusIMM CP(Geo), B
Slide 6: Corporate Overview
ASX: BAK Corporate Overview Capitalisation Summary1 Share Price Graph BAK Share Price (A$) Volume (m) Share Price ASX: BAK (2 September 2026) A$/share 0.20 $0.290 2.0 1.8 Shares on Issue #million 81.2 $0.270 1.6 Options on Issue ASX: BAKO (30c, January 2029) #million 59.0 $0.250 1.4 For personal use
Slide 7: Right Attributes, Right Time
ASX: BAK Right Attributes, Right Time Mineral Hard Deposit-Type Typical Attributes Barkly Clay Sand Rock Location Tier 1 For personal use only Scalable and homogenous deposit High MREO/TREO1 ratio 34% ~20–25% — the market-dominating rare earths Highly beneficiable2 Potential for by-products 3 Low ra
Slide 8: New Rare Earths Region
ASX: BAK New Rare Earths Region Barkly is located in a highly prospective region for rare earths, vanadium, and base metals in the Northern Territory, and is positioned to leverage existing infrastructure For personal use only Barkly is transected by State Route 16, allowing for efficient logistics,
Slide 9: Superior Scale | Close to Surface
ASX: BAK Superior Scale | Close to Surface Inferred Mineral Resource 40 Mt @ 2,100 ppm TREO, including W E 01 710 ppm MREO — high grade among regolith-hosted deposits1 280 VAC031 VAC005 Mineralisation is open in all directions and is hosted near- 270 For personal use only VAC006 02 surface, in a wea
Slide 10: Rare Earth Exploration Target Drilling
ASX: BAK Rare Earth Exploration Target Drilling 40 Mt Inferred Mineral Resource, located in two zones, with 01 four holes in between that suggest potential for lateral resource expansion between the two zones Significant upside exploration to potentially develop new 02 For personal use only resource
Slide 11: Drilling to Unlock Scale
ASX: BAK Drilling to Unlock Scale 01 Barkly is situated with the extensive host stratigraphy of a paleo ocean embayment1. Potential for widespread continuity of grade and For personal use only thickness, due to the nature of seabed deposits, 02 enables an ~800 m grid drilling pattern to target exten
Slide 12: Magnet Rare Earth Market
ASX: BAK Magnet Rare Earth Market MREO Share of Total Rare Earth Market (2026) MREO Market Growth For personal use only Just four magnet rare earths — Nd, Pr, Tb & Dy — drive 96% of the total rare earth market by value The other 11 rare earth elements account for only 4% of market value, and combine
Slide 13: Leading MREO Ratio
ASX: BAK Leading MREO Ratio 1 TbDy Barkly: 340 kilograms of contained magnet rare earth oxides Barkly has more of the right elements NdPr per tonne of rare earth oxide that contribute 96% of the rare earths market value For personal use only The Project is unique among its regolith-hosted resources
Slide 14: Magnet Rare Earth Grade
ASX: BAK Magnet Rare Earth Grade Regolith-Hosted Mineral Resources Barkly sets a benchmark for MREO contained per resource tonne For personal use only among regolith-hosted resources Barkly’s consistently high MREO grade stapled to the potential for massive growth in tonnes1 spells opportunity 1. It
Slide 15: Metallurgical Step-Change
ASX: BAK Metallurgical Step-Change Sighter leach test on composite sample returned 99% MREO extraction1 to the acid leach solution, alongside 94% yttrium 01 — a step change from the 74% extraction announced from prior leach tests For personal use only 92% of phosphorus separated cleanly and early in
Slide 16: Buntine: Sleeper Base Metal Project
ASX: BAK Buntine: Sleeper Base Metal Project Lithostratigraphic correlation interpreted with McArthur Group, host to Glencore’s Zn-Pb-Ag McArthur River Mine 9+ km Outcropping Mineralisation Greenfields polymetallic mineralisation in For personal use only outcropping Blue Hole Formation and Campbell
Slide 17: Activity Update & Upcoming News Flow
ASX: BAK Activity Update & Upcoming News Flow Assay results from Phase 1 drilling programme of 10,000 m to commence in coming weeks and progress throughout Q3 & Q4 CY2026. Ongoing metallurgical testwork programme1 focused on mineralogical characterisation, separation, and extraction, building on exi
Slide 18: Investment Thesis
ASX: BAK Investment Thesis 01 Experienced technical and management team with performance equity that vests on clearing value accretive milestones 02 High-grade Inferred Mineral Resource of 40 Mt @ 2,100 ppm TREO with expansive resource growth potential Exploration Target1 of 200–1,000 Mt @ 1,600–1,9
Slide 19: Contact
ASX: BAK ASX: BAK Contact Registered Address 13 Rheola Street West Perth WA 6005 For personal use only Phone +61 8 9386 0855 Email ir@barklyrareearths.com Craig Wright Managing Director Gavin Lockyer Executive Chairman Investor Hub www.barklyrareearths.com
Slide 20: Appendix: Barkly Rare Earth Mineralogy
ASX: BAK Appendix: Barkly Rare Earth Mineralogy For personal use only 01 The Barkly Project is a quartz sandstone regolith-hosted REE deposit Back-Scatter Electron (BSE) images of REE minerals show them to be predominantly overgrowths on rims of quartz grains, and intergrowths 02 with clay and quart
Slide 21: Appendix: Barkly Ancillary Opportunity
ASX: BAK Appendix: Barkly Ancillary Opportunity Vanadium Inferred Mineral Resource Vanadium in Rare Earth Resource Overburden Shallow vanadium deposit within the overburden of the Barkly rare earth deposit Vanadium metallurgical extraction rates of up to 94% 01 For personal use only achieved in sigh
Slide 22: Appendix: Peer Regolith-Hosted REE Mineral Resources
ASX: BAK Appendix: Peer Regolith-Hosted REE Mineral Resources Stock Development TREO MREO MREO/ Company Name Ticker Project Country Reporting Code Reporting Date Classification Tonnage (Mt) Source Exchange Stage (ppm) (ppm) TREO (%) Measured 5.6 998 263 26.3 Indicated 41.6 856 225 26.3 ABx Group Lim
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