In its Barkly Project, Phase 1 drilling has produced initial assay results from 28 holes over a 23 km area, revealing significant rare earth intercepts and indicating widespread shallow mineralisation.

Barkly Rare Earths reports strong early drilling results, with 28 consecutive intercepts across 28 holes showing significant mineralisation up to 23 kilometres apart.

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Assays show uranium and thorium concentrations are consistently low, reducing potential processing concerns.

Further assays and drilling are planned through the fourth quarter of 2026 to expand understanding of the mineralisation and resource potential.

Mineralisation begins at very shallow depths (around 3 metres) in near-horizontal Cretaceous sandstones linked to APS minerals, suggesting potential for a low-cost open-pit operation.

The context: Western nations are seeking critical mineral security amid China’s export controls on heavy rare earths, positioning Barkly’s deposit as a potential non-Chinese source of significance.

Metallurgical tests achieved about 99% extraction of high-value MREO using a straightforward caustic conversion and hydrochloric acid leach, while largely separating phosphorus impurities, which could reduce downstream purification costs.

Magnet rare earth oxides (MREO) make up 31-40% of TREO in most intercepts, highlighting neodymium and dysprosium as particularly valuable for magnets in EVs and wind turbines.

CEO Craig Wright says the results support a goal of defining a large-scale, high-grade resource and intends to drill 300+ more holes for expansion.

The report includes price action and technical indicators, with stock guidance for BAK and general risk considerations for potential investors.

Early highlights include high-grade intercepts such as 2 m at 2716 ppm TREO (including 0.5 m at 6064 ppm) and 1.5 m at 3228 ppm TREO (including 0.5 m at 5170 ppm).