Barkly Rare Earths (BAK) is moving ahead with its initial 10,000-metre Phase 1 drilling program at the Barkly project. Civil crews are currently on-site establishing access tracks and preparing drill pads, with the heavy machinery required for the approximately 400-hole campaign now in place. Drilling is scheduled to commence next week, supported by an on-site diesel supply and portable pXRF units to provide rapid indicative screening data as samples are collected.

"This is an exciting step for Barkly. With site and pad preparation commencing this week, we are readying our initial 10,000 m Phase 1 drilling programme aimed at testing the next stage of growth from our existing 40 million tonne Inferred Mineral Resource."

— Craig Wright, Managing Director

The program is designed to expand the current 40 million tonne Inferred Mineral Resource, which currently grades 2,100 ppm Total Rare Earth Oxide (TREO). The company aims to test lateral extensions of mineralisation within the "Immediate Zone" and further across the broader project area. Management notes that the site’s "soft rock" deposit structure, characterized by surface mineralisation and low levels of deleterious radioactive elements, distinguishes it from typical global hard rock rare earth projects. The upcoming drilling will also provide bulk density and sample quality data, which the team intends to use to support future resource classification upgrades.

Investors can expect a steady flow of news over the coming months. Results from the drilling are expected throughout Q3 and Q4 of 2026, culminating in a planned update to the Mineral Resource estimate in Q4. Alongside the rare earths focus, the company continues to advance its secondary exploration interests at the Buntine Base Metals Project. Fieldwork there has been completed, with reconnaissance mapping and rock-chip sampling results anticipated during the third quarter.

To support this busy period of activity, the company has engaged Perth-based Leeuwin Wealth Pty Ltd as a capital markets adviser. The agreement, spanning an 18-month term, is intended to assist with investor engagement as the company works to execute its growth strategy. The executive team has also established performance-linked remuneration milestones that tie management incentives to specific increases in the Mineral Resource, reinforcing alignment with project development goals. With logistics secured and on-ground activities beginning, the focus now shifts to operational execution at the project site.

Read the full announcement: 10,000m Drill Program on Site Update