Barkly Rare Earths Limited has achieved a 99% combined magnet rare earth oxide extraction rate to the acid leach solution in a single caustic conversion and hydrochloric acid leach sighter test on material from the Barkly Project.

The metallurgical test, independently completed by Nagrom on a composite sample from the Northern Territory deposit, represents a substantial technical improvement over earlier testwork, which extracted up to 74% of magnet rare earth oxides. The sighter test evaluated a composite sample with a calculated head grade of 970 ppm magnet rare earth oxides and 39 ppm yttrium, achieving a 94% extraction rate for yttrium to the acid leach solution.

The process also demonstrated phosphorus separation during the conversion stage, with 92% of phosphorus reporting to the caustic conversion solution while no measurable rare earths reported to those streams.

“This is an encouraging early metallurgical result for Barkly. Achieving 99% combined MREO extraction to the acid leach solution indicates that caustic conversion may unlock the rare earth minerals ahead of acid leaching while transferring most of the phosphate to a separate conversion-stage solution.”

“While it is based on one small composite, the outcome gives the Company an encouraging basis for further evaluation using larger-scale confirmatory testwork on representative samples to assess the repeatability, optimisation and potential flowsheet pathway for the Barkly Project.”

— Craig Wright, Managing Director

The company is advancing ongoing metallurgical evaluations alongside a 10,000-metre drilling program. Barkly expects laboratory assay results from the drilling during the third and fourth quarters of 2026, ahead of an anticipated Mineral Resource update targeted for the fourth quarter of 2026.

The 100%-owned flagship project spans 5,030 square kilometres and hosts an initial Inferred Mineral Resource of 40 million tonnes at 2,100 ppm Total Rare Earth Oxide. Barkly completed an oversubscribed initial public offering raising A$8.0 million in January 2026 to fund drilling and metallurgical programs across the asset.

To oversee future technical work, Barkly appointed Lu Zhang of MinPro Consult Pty Ltd as an independent metallurgical consultant to manage testwork design, coordinate with laboratories, and review results before public reporting.

Read the full announcement: 99% Extraction of MREO