# BAK: Annual Report to shareholders Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/bak-annual-report-to-shareholders--a7a4ee7f-3a2e-428c-992d-2704bc7b5cd7 Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03146769 Publisher: asx Original announcement: 2026-09-30T08:47:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-30T09:20:53.531Z Atlas analysis updated: 2026-09-30T09:20:53.531Z - Company: Barkly Rare Earths Limited - Ticker: BAK - Exchange: ASX - Region: Northern Territory - Primary commodity: Rare earths - Secondary commodities: Vanadium, Base metals - Document categories: Resource update, Drill results, Metallurgy, Other - Extracted: 2026-09-30 09:20:54 UTC Narrative sentiment: 0.60 · Bullish ## Minestarters Atlas summary Barkly Rare Earths Limited's Annual Report for FY2026 details significant progress on its Barkly project, including positive initial drill results extending rare earth mineralization over a wide area and an encouraging 99% MREO extraction rate from early-stage metallurgical testwork. Despite exploration delays due to weather, the company successfully completed an IPO, maintaining a strong cash position. The report also restates the project's initial Inferred Mineral Resource for rare earths and vanadium. Reasoning: The annual report highlights positive new drill results extending rare earth mineralization and an encouraging 99% MREO extraction rate from early-stage metallurgical testwork for the Barkly project. While these are key de-risking steps, the drill results are preliminary \(pXRF-screened\) and the metallurgy is early-stage sighter testwork, requiring further validation. The resource estimate is a restatement of an Inferred resource. - Positive factor: strong\_mreo\_extraction\_rate - Positive factor: positive\_drill\_intercepts - Positive factor: extends\_mineralization - Positive factor: high\_mreo\_treo\_ratio - Positive factor: low\_uranium\_thorium\_concentrations - Positive factor: successful\_ipo - Positive factor: strong\_cash\_position - Positive factor: co\_funding\_for\_exploration\_and\_metallurgy - Positive factor: favourable\_phosphorus\_deportment - Negative factor: exploration\_delays\_due\_to\_weather - Negative factor: drill\_intercepts\_pxrf\_screened\_only - Negative factor: metallurgy\_sighter\_test\_small\_scale\_non\_representative - Negative factor: resource\_estimate\_inferred\_only - Negative factor: financial\_loss\_for\_the\_year - Negative factor: average\_drill\_width\_lower\_than\_prior Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 42 ## Classification and evidence **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: The Mineral Resource estimates for the Barkly Project remain unchanged from those first reported in the report ‘Barkly and Buntine Projects, Northern Territory, Australia, Independent Technical Report’, included as Annexure A to the Company’s Prospectus dated 1 December 2025. Evidence · text > The Mineral Resource estimates for the Barkly Project remain unchanged from those first reported in the report ‘Barkly and Buntine Projects, Northern Territory, Australia, Independent Technical Report’, included as Annexure A to the Company’s Prospectus dated 1 December 2025. **Inferred Resource** Polarity: negative Story-specific tag Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The resource estimate is classified as an initial Inferred Mineral Resource Estimate. Evidence · text > initial Inferred Mineral Resource Estimate **All Inferred** Polarity: negative Story-specific tag Definition: 100% of resource is Inferred category — very early stage, no engineering confidence. Why it applies: The entire resource estimate for both rare earths and vanadium is classified as Inferred. Evidence · text > Total Inferred **JORC Compliant** Polarity: positive Story-specific tag Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The resource estimate is reported in accordance with the JORC Code \(2012\). Evidence · text > reported in accordance with the JORC Code \(2012\) **QP/CP Signed** Polarity: positive Story-specific tag Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: The Mineral Resource estimates are signed off by Mr Paul Teniere, a Competent Person. Evidence · text > The information in this Annual Report that relates to Mineral Resources is based on information compiled by Mr Paul Teniere, a Competent Person **Cut-off Disclosed** Polarity: positive Story-specific tag Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: The resource estimate is reported above a 430 ppm NdPr cut-off grade and a 0.10% V2O5 cut-off grade. Evidence · text > 430 ppm NdPr cut-off grade **Deleterious Elements Present** Polarity: negative Definition: Penalty elements \(arsenic, antimony, etc.\) or refractory concerns noted in the release. Why it applies: The Barkly REE resource has very low uranium and thorium concentrations, which is advantageous from a product handling, processing, and environmental perspective. Evidence · text > The Barkly REE resource has very low uranium and thorium concentrations, which is advantageous from a product handling, processing, and environmental perspective **Apparent Width Only** Polarity: negative Definition: Interval given as downhole width with no true width or drill orientation — apparent width may overstate true thickness. Why it applies: Drill intercepts are pXRF-screened intervals only, with full widths pending further assay, meaning the reported width may understate the mineralised zone. Evidence · text > pXRF-screened intervals only; full widths pending further assay **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: The release mentions pXRF screening and pending full assays, indicating QA/QC procedures are in place and disclosed. Evidence · text > pXRF-screened intervals only; full widths pending further assay **Step-Out Extension** Polarity: positive Definition: Mineralization extended beyond the previously known limit. Why it applies: Drillholes returned significant rare earth intercepts in holes up to 23 km apart across the Exploration Target, suggesting potential for lateral resource expansion. Evidence · text > every hole returned significant rare earth intercepts in holes up to 23 km apart across the Exploration Target **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: The company reported a 99% MREO extraction rate from a composite sample. Evidence · text > 99% MREO \(Table 3\) extraction rate from a composite sample from the Barkly Project **Recovery Improving** Polarity: positive Definition: Recovery improved versus a like-for-like prior test program on the same domain and route. Why it applies: The 99% MREO extraction result compares with 74% reported from earlier testwork, indicating a significant improvement. Evidence · text > The 99% MREO extraction result compares with 74% reported from earlier testwork **Bench Scale Only** Polarity: negative Definition: Only preliminary bench tests completed — no locked-cycle or pilot work. Why it applies: The result is from a single sighter test using a non-representative composite with no duplicate test of this route. Evidence · text > The result is from a single sighter test using a non-representative composite with no duplicate test of this route **Single Domain Only** Polarity: negative Definition: Testing limited to one composite or domain — representativeness not established. Why it applies: The test used a single sighter test using a non-representative composite, limiting its representativeness. Evidence · text > The result is from a single sighter test using a non-representative composite **Refractory Ore** Polarity: negative Definition: Ore requires oxidation/pressure treatment before recovery — a processing and recovery risk. Why it applies: The processing route involves caustic conversion and acid leaching, which are more complex than simple leaching, implying refractory characteristics for the rare earth elements. Evidence · text > The caustic conversion and acid leach sighter test resulted in 99% of MREO reporting to the combined acid leach liquor **Multi-Domain Tested** Polarity: positive Definition: Variability across ore domains \(oxide, transition, fresh\) has been addressed. Why it applies: 2 distinct composites were tested ## Extracted facts Stored fact records: 42. Some facts used in scoring do not have a stored record. ## Drill Results (16) ### BAK0133 [Link to this fact](https://atlas-staging.minestarters.com/news/bak-annual-report-to-shareholders--a7a4ee7f-3a2e-428c-992d-2704bc7b5cd7#fact-drill-facts-0) Barkly · rare\_earths #### Identity - Hole ID: BAK0133 - Project: Barkly - Commodity: rare\_earths - Region: australia\_nt - Reported Region: australia\_nt - Ticker: BAK #### Geometry - Grade: 2716 - Grade Unit: ppm - Intercept: 2 m - From: 11 m - To: 13 m - Intercept Depth: 11 m #### Classification - Program: mixed - Sample Type: drill - Group ID: BAK0133:11-13 #### QA/QC - QA/QC Disclosed: Yes #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: A 2m intercept at 2,716 ppm TREO is a good result for early-stage exploration, extending mineralization, but is based on pXRF screening with full assays pending. - Positive factor: significant\_intercept - Positive factor: extends\_mineralization - Negative factor: pXRF\_screening\_only - Negative factor: full\_assays\_pending - Negative factor: average\_width\_lower\_than\_prior Evidence · text > BAK0133 2,716 ppm TREO \(951 ppm MREO\): 2 m from 11 m #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: qaqc\_disclosed is true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: drill\_program\_type is "mixed" ### BAK0133 [Link to this fact](https://atlas-staging.minestarters.com/news/bak-annual-report-to-shareholders--a7a4ee7f-3a2e-428c-992d-2704bc7b5cd7#fact-drill-facts-1) Barkly · rare\_earths #### Identity - Hole ID: BAK0133 - Project: Barkly - Commodity: rare\_earths - Region: australia\_nt - Reported Region: australia\_nt - Ticker: BAK #### Geometry - Grade: 951 - Grade Unit: ppm - Intercept: 2 m - From: 11 m - To: 13 m - Intercept Depth: 11 m #### Classification - Program: mixed - Sample Type: drill - Group ID: BAK0133:11-13 #### QA/QC - QA/QC Disclosed: Yes #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: A 2m intercept at 951 ppm MREO is a good result for early-stage exploration, extending mineralization, but is based on pXRF screening with full assays pending. - Positive factor: significant\_intercept - Positive factor: extends\_mineralization - Negative factor: pXRF\_screening\_only - Negative factor: full\_assays\_pending - Negative factor: average\_width\_lower\_than\_prior Evidence · text > BAK0133 2,716 ppm TREO \(951 ppm MREO\): 2 m from 11 m #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: qaqc\_disclosed is true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: drill\_program\_type is "mixed" ### BAK0133 [Link to this fact](https://atlas-staging.minestarters.com/news/bak-annual-report-to-shareholders--a7a4ee7f-3a2e-428c-992d-2704bc7b5cd7#fact-drill-facts-2) Barkly · rare\_earths #### Identity - Hole ID: BAK0133 - Project: Barkly - Commodity: rare\_earths - Region: australia\_nt - Reported Region: australia\_nt - Ticker: BAK #### Geometry - Grade: 6064 - Grade Unit: ppm - Intercept: 0.5 m - From: 11.5 m - To: 12 m - Intercept Depth: 11.5 m #### Classification - Program: mixed - Sample Type: drill - Group ID: BAK0133:11.5-12 #### QA/QC - QA/QC Disclosed: Yes #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: A 0.5m intercept at 6,064 ppm TREO is a very high-grade result, indicating a bonanza component within the broader interval, but is based on pXRF screening with full assays pending. - Positive factor: bonanza\_intercept - Positive factor: high\_grade\_component - Negative factor: pXRF\_screening\_only - Negative factor: full\_assays\_pending - Negative factor: narrow\_intercept - Negative factor: average\_width\_lower\_than\_prior Evidence · text > including 6,064 ppm TREO \(2,273 ppm MREO\): 0.5 m from 11.5 m #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: qaqc\_disclosed is true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: drill\_program\_type is "mixed" ### BAK0133 [Link to this fact](https://atlas-staging.minestarters.com/news/bak-annual-report-to-shareholders--a7a4ee7f-3a2e-428c-992d-2704bc7b5cd7#fact-drill-facts-3) Barkly · rare\_earths #### Identity - Hole ID: BAK0133 - Project: Barkly - Commodity: rare\_earths - Region: australia\_nt - Reported Region: australia\_nt - Ticker: BAK #### Geometry - Grade: 2273 - Grade Unit: ppm - Intercept: 0.5 m - From: 11.5 m - To: 12 m - Intercept Depth: 11.5 m #### Classification - Program: mixed - Sample Type: drill - Group ID: BAK0133:11.5-12 #### QA/QC - QA/QC Disclosed: Yes #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: A 0.5m intercept at 2,273 ppm MREO is a very high-grade result, indicating a bonanza component within the broader interval, but is based on pXRF screening with full assays pending. - Positive factor: bonanza\_intercept - Positive factor: high\_grade\_component - Negative factor: pXRF\_screening\_only - Negative factor: full\_assays\_pending - Negative factor: narrow\_intercept - Negative factor: average\_width\_lower\_than\_prior Evidence · text > including 6,064 ppm TREO \(2,273 ppm MREO\): 0.5 m from 11.5 m #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: qaqc\_disclosed is true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: drill\_program\_type is "mixed" ### BAK0080 [Link to this fact](https://atlas-staging.minestarters.com/news/bak-annual-report-to-shareholders--a7a4ee7f-3a2e-428c-992d-2704bc7b5cd7#fact-drill-facts-4) Barkly · rare\_earths #### Identity - Hole ID: BAK0080 - Project: Barkly - Commodity: rare\_earths - Region: australia\_nt - Reported Region: australia\_nt - Ticker: BAK #### Geometry - Grade: 3228 - Grade Unit: ppm - Intercept: 1.5 m - From: 15 m - To: 16.5 m - Intercept Depth: 15 m #### Classification - Program: mixed - Sample Type: drill - Group ID: BAK0080:15-16.5 #### QA/QC - QA/QC Disclosed: Yes #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: A 1.5m intercept at 3,228 ppm TREO is a good result for early-stage exploration, extending mineralization, but is based on pXRF screening with full assays pending. - Positive factor: significant\_intercept - Positive factor: extends\_mineralization - Negative factor: pXRF\_screening\_only - Negative factor: full\_assays\_pending - Negative factor: average\_width\_lower\_than\_prior Evidence · text > BAK0080 3,228 ppm TREO \(1,195 ppm MREO\): 1.5 m from 15 m #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: qaqc\_disclosed is true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: drill\_program\_type is "mixed" ### BAK0080 [Link to this fact](https://atlas-staging.minestarters.com/news/bak-annual-report-to-shareholders--a7a4ee7f-3a2e-428c-992d-2704bc7b5cd7#fact-drill-facts-5) Barkly · rare\_earths #### Identity - Hole ID: BAK0080 - Project: Barkly - Commodity: rare\_earths - Region: australia\_nt - Reported Region: australia\_nt - Ticker: BAK #### Geometry - Grade: 1195 - Grade Unit: ppm - Intercept: 1.5 m - From: 15 m - To: 16.5 m - Intercept Depth: 15 m #### Classification - Program: mixed - Sample Type: drill - Group ID: BAK0080:15-16.5 #### QA/QC - QA/QC Disclosed: Yes #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: A 1.5m intercept at 1,195 ppm MREO is a good result for early-stage exploration, extending mineralization, but is based on pXRF screening with full assays pending. - Positive factor: significant\_intercept - Positive factor: extends\_mineralization - Negative factor: pXRF\_screening\_only - Negative factor: full\_assays\_pending - Negative factor: average\_width\_lower\_than\_prior Evidence · text > BAK0080 3,228 ppm TREO \(1,195 ppm MREO\): 1.5 m from 15 m #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: qaqc\_disclosed is true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: drill\_program\_type is "mixed" ### BAK0080 [Link to this fact](https://atlas-staging.minestarters.com/news/bak-annual-report-to-shareholders--a7a4ee7f-3a2e-428c-992d-2704bc7b5cd7#fact-drill-facts-6) Barkly · rare\_earths #### Identity - Hole ID: BAK0080 - Project: Barkly - Commodity: rare\_earths - Region: australia\_nt - Reported Region: australia\_nt - Ticker: BAK #### Geometry - Grade: 5170 - Grade Unit: ppm - Intercept: 0.5 m - From: 15.5 m - To: 16 m - Intercept Depth: 15.5 m #### Classification - Program: mixed - Sample Type: drill - Group ID: BAK0080:15.5-16 #### QA/QC - QA/QC Disclosed: Yes #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: A 0.5m intercept at 5,170 ppm TREO is a very high-grade result, indicating a bonanza component within the broader interval, but is based on pXRF screening with full assays pending. - Positive factor: bonanza\_intercept - Positive factor: high\_grade\_component - Negative factor: pXRF\_screening\_only - Negative factor: full\_assays\_pending - Negative factor: narrow\_intercept - Negative factor: average\_width\_lower\_than\_prior Evidence · text > including 5,170 ppm TREO \(2,053 ppm MREO\): 0.5 m from 15.5 m #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: qaqc\_disclosed is true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: drill\_program\_type is "mixed" ### BAK0080 [Link to this fact](https://atlas-staging.minestarters.com/news/bak-annual-report-to-shareholders--a7a4ee7f-3a2e-428c-992d-2704bc7b5cd7#fact-drill-facts-7) Barkly · rare\_earths #### Identity - Hole ID: BAK0080 - Project: Barkly - Commodity: rare\_earths - Region: australia\_nt - Reported Region: australia\_nt - Ticker: BAK #### Geometry - Grade: 2053 - Grade Unit: ppm - Intercept: 0.5 m - From: 15.5 m - To: 16 m - Intercept Depth: 15.5 m #### Classification - Program: mixed - Sample Type: drill - Group ID: BAK0080:15.5-16 #### QA/QC - QA/QC Disclosed: Yes #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: A 0.5m intercept at 2,053 ppm MREO is a very high-grade result, indicating a bonanza component within the broader interval, but is based on pXRF screening with full assays pending. - Positive factor: bonanza\_intercept - Positive factor: high\_grade\_component - Negative factor: pXRF\_screening\_only - Negative factor: full\_assays\_pending - Negative factor: narrow\_intercept - Negative factor: average\_width\_lower\_than\_prior Evidence · text > including 5,170 ppm TREO \(2,053 ppm MREO\): 0.5 m from 15.5 m #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: qaqc\_disclosed is true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: drill\_program\_type is "mixed" ### Fact 9 [Link to this fact](https://atlas-staging.minestarters.com/news/bak-annual-report-to-shareholders--a7a4ee7f-3a2e-428c-992d-2704bc7b5cd7#fact-drill-facts-34) Buntine · zinc Historical result Needs review: historical\_restatement #### Identity - Project: Buntine - Commodity: zinc - Region: australia\_nt - Reported Region: australia\_nt - Ticker: BAK #### Geometry - Grade: 667 - Grade Unit: ppm #### Classification - Sample Type: surface #### QA/QC - QA/QC Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-12-01T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Historical rock chip sample showing zinc mineralisation at Buntine, indicating polymetallic potential. - Positive factor: polymetallic\_mineralisation - Negative factor: historical\_data - Negative factor: surface\_sample\_only Evidence · text > Rock chip samples grade up to 667 ppm Zn #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: qaqc\_disclosed is true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### Fact 10 [Link to this fact](https://atlas-staging.minestarters.com/news/bak-annual-report-to-shareholders--a7a4ee7f-3a2e-428c-992d-2704bc7b5cd7#fact-drill-facts-35) Buntine · lead Historical result Needs review: historical\_restatement #### Identity - Project: Buntine - Commodity: lead - Region: australia\_nt - Reported Region: australia\_nt - Ticker: BAK #### Geometry - Grade: 1 - Grade Unit: % #### Classification - Sample Type: surface #### QA/QC - QA/QC Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-12-01T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Historical rock chip sample showing lead mineralisation at Buntine, indicating polymetallic potential. - Positive factor: polymetallic\_mineralisation - Negative factor: historical\_data - Negative factor: surface\_sample\_only Evidence · text > 1% Pb #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: qaqc\_disclosed is true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### Fact 11 [Link to this fact](https://atlas-staging.minestarters.com/news/bak-annual-report-to-shareholders--a7a4ee7f-3a2e-428c-992d-2704bc7b5cd7#fact-drill-facts-36) Buntine · cobalt Historical result Needs review: historical\_restatement #### Identity - Project: Buntine - Commodity: cobalt - Region: australia\_nt - Reported Region: australia\_nt - Ticker: BAK #### Geometry - Grade: 1760 - Grade Unit: ppm #### Classification - Sample Type: surface #### QA/QC - QA/QC Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-12-01T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Historical rock chip sample showing cobalt mineralisation at Buntine, indicating polymetallic potential. - Positive factor: polymetallic\_mineralisation - Negative factor: historical\_data - Negative factor: surface\_sample\_only Evidence · text > 1,760 ppm Co #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: qaqc\_disclosed is true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### Fact 12 [Link to this fact](https://atlas-staging.minestarters.com/news/bak-annual-report-to-shareholders--a7a4ee7f-3a2e-428c-992d-2704bc7b5cd7#fact-drill-facts-37) Buntine · copper Historical result Needs review: historical\_restatement #### Identity - Project: Buntine - Commodity: copper - Region: australia\_nt - Reported Region: australia\_nt - Ticker: BAK #### Geometry - Grade: 316 - Grade Unit: ppm #### Classification - Sample Type: surface #### QA/QC - QA/QC Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-12-01T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Historical rock chip sample showing copper mineralisation at Buntine, indicating polymetallic potential. - Positive factor: polymetallic\_mineralisation - Negative factor: historical\_data - Negative factor: surface\_sample\_only Evidence · text > 316 ppm Cu #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: qaqc\_disclosed is true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### Fact 13 [Link to this fact](https://atlas-staging.minestarters.com/news/bak-annual-report-to-shareholders--a7a4ee7f-3a2e-428c-992d-2704bc7b5cd7#fact-drill-facts-38) Buntine · manganese Historical result Needs review: historical\_restatement #### Identity - Project: Buntine - Commodity: manganese - Region: australia\_nt - Reported Region: australia\_nt - Ticker: BAK #### Geometry - Grade: 10 - Grade Unit: % #### Classification - Sample Type: surface #### QA/QC - QA/QC Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-12-01T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Historical rock chip sample showing manganese mineralisation at Buntine, indicating polymetallic potential. - Positive factor: polymetallic\_mineralisation - Negative factor: historical\_data - Negative factor: surface\_sample\_only Evidence · text > 10% Mn #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: qaqc\_disclosed is true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### Fact 14 [Link to this fact](https://atlas-staging.minestarters.com/news/bak-annual-report-to-shareholders--a7a4ee7f-3a2e-428c-992d-2704bc7b5cd7#fact-drill-facts-39) Buntine · nickel Historical result Needs review: historical\_restatement #### Identity - Project: Buntine - Commodity: nickel - Region: australia\_nt - Reported Region: australia\_nt - Ticker: BAK #### Geometry - Grade: 7100 - Grade Unit: ppm #### Classification - Sample Type: surface #### QA/QC - QA/QC Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-12-01T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Historical rock chip sample showing nickel mineralisation at Buntine, indicating polymetallic potential. - Positive factor: polymetallic\_mineralisation - Negative factor: historical\_data - Negative factor: surface\_sample\_only Evidence · text > 7,100 ppm Ni #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: qaqc\_disclosed is true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### Fact 15 [Link to this fact](https://atlas-staging.minestarters.com/news/bak-annual-report-to-shareholders--a7a4ee7f-3a2e-428c-992d-2704bc7b5cd7#fact-drill-facts-40) Buntine · chromium Historical result Needs review: historical\_restatement #### Identity - Project: Buntine - Commodity: chromium - Region: australia\_nt - Reported Region: australia\_nt - Ticker: BAK #### Geometry - Grade: 239 - Grade Unit: ppm #### Classification - Sample Type: surface #### QA/QC - QA/QC Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-12-01T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Historical rock chip sample showing chromium mineralisation at Buntine, indicating polymetallic potential. - Positive factor: polymetallic\_mineralisation - Negative factor: historical\_data - Negative factor: surface\_sample\_only Evidence · text > 239 ppm Cr #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: qaqc\_disclosed is true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### Fact 16 [Link to this fact](https://atlas-staging.minestarters.com/news/bak-annual-report-to-shareholders--a7a4ee7f-3a2e-428c-992d-2704bc7b5cd7#fact-drill-facts-41) Barkly · vanadium Historical result Needs review: historical\_restatement #### Identity - Project: Barkly - Commodity: vanadium - Region: australia\_nt - Reported Region: australia\_nt - Ticker: BAK #### Geometry - Grade: 1.26 - Grade Unit: % #### Classification - Sample Type: surface #### QA/QC - QA/QC Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Historical rock chip sample showing high-grade vanadium at Barkly, indicating early potential, but from old data. - Positive factor: high\_grade\_component - Negative factor: historical\_data - Negative factor: surface\_sample\_only - Negative factor: old\_data Evidence · text > highly anomalous vanadium in rock-chip samples with up to 1.26% V2O5 #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: qaqc\_disclosed is true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ## Resource Estimates (22) ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/bak-annual-report-to-shareholders--a7a4ee7f-3a2e-428c-992d-2704bc7b5cd7#fact-resource-facts-8) Barkly · rare\_earths Historical result Needs review: historical\_restatement #### Identity - Project: Barkly - Commodity: rare\_earths - Region: australia\_nt - Reported Region: Northern Territory - Ticker: BAK #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Paul Teniere - Resource group id: resource:45c5c7dae6cf686b2c04 - Deposit or zone: Vanadis #### Resource Data - Category: inferred - Tonnes: 25000000 - Grade: 1700 - Grade Unit: ppm - Contained Metal: 42000 - Contained Unit: t - Cutoff Grade: 430 - Cutoff Unit: ppm NdPr #### Prior Estimate - Resource Date: 2025-12-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-12-01T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Restatement of an initial Inferred Mineral Resource for TREO at Vanadis, which is positive for project definition but low novelty. The MREO/TREO ratio is 36%. - Positive factor: JORC\_compliant - Positive factor: shallow\_resource - Positive factor: cut\_off\_disclosed - Negative factor: inferred\_resource\_only - Negative factor: restatement\_of\_prior\_estimate Evidence · table > 1,700 Context: 25 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/bak-annual-report-to-shareholders--a7a4ee7f-3a2e-428c-992d-2704bc7b5cd7#fact-resource-facts-9) Barkly · rare\_earths Historical result Needs review: historical\_restatement #### Identity - Project: Barkly - Commodity: rare\_earths - Region: australia\_nt - Reported Region: Northern Territory - Ticker: BAK #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Paul Teniere - Resource group id: resource:45c5c7dae6cf686b2c04 - Deposit or zone: Vanadis #### Resource Data - Category: inferred - Tonnes: 25000000 - Grade: 600 - Grade Unit: ppm - Cutoff Grade: 430 - Cutoff Unit: ppm NdPr #### Prior Estimate - Resource Date: 2025-12-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-12-01T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Restatement of an initial Inferred Mineral Resource for NdPr at Vanadis, which is positive for project definition but low novelty. - Positive factor: JORC\_compliant - Positive factor: shallow\_resource - Positive factor: cut\_off\_disclosed - Negative factor: inferred\_resource\_only - Negative factor: restatement\_of\_prior\_estimate Evidence · table > 600 Context: 25 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/bak-annual-report-to-shareholders--a7a4ee7f-3a2e-428c-992d-2704bc7b5cd7#fact-resource-facts-10) Barkly · rare\_earths Historical result Needs review: historical\_restatement #### Identity - Project: Barkly - Commodity: rare\_earths - Region: australia\_nt - Reported Region: Northern Territory - Ticker: BAK #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Paul Teniere - Resource group id: resource:45c5c7dae6cf686b2c04 - Deposit or zone: Vanadis #### Resource Data - Category: inferred - Tonnes: 25000000 - Grade: 630 - Grade Unit: ppm - Cutoff Grade: 430 - Cutoff Unit: ppm NdPr #### Prior Estimate - Resource Date: 2025-12-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-12-01T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Restatement of an initial Inferred Mineral Resource for MREO at Vanadis, which is positive for project definition but low novelty. - Positive factor: JORC\_compliant - Positive factor: shallow\_resource - Positive factor: cut\_off\_disclosed - Negative factor: inferred\_resource\_only - Negative factor: restatement\_of\_prior\_estimate Evidence · table > 630 Context: 25 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/bak-annual-report-to-shareholders--a7a4ee7f-3a2e-428c-992d-2704bc7b5cd7#fact-resource-facts-11) Barkly · rare\_earths Historical result Needs review: historical\_restatement #### Identity - Project: Barkly - Commodity: rare\_earths - Region: australia\_nt - Reported Region: Northern Territory - Ticker: BAK #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Paul Teniere - Resource group id: resource:45c5c7dae6cf686b2c04 - Deposit or zone: Vanadis #### Resource Data - Category: inferred - Tonnes: 25000000 - Grade: 130 - Grade Unit: ppm - Cutoff Grade: 430 - Cutoff Unit: ppm NdPr #### Prior Estimate - Resource Date: 2025-12-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-12-01T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Restatement of an initial Inferred Mineral Resource for HREO at Vanadis, which is positive for project definition but low novelty. - Positive factor: JORC\_compliant - Positive factor: shallow\_resource - Positive factor: cut\_off\_disclosed - Negative factor: inferred\_resource\_only - Negative factor: restatement\_of\_prior\_estimate Evidence · table > 130 Context: 25 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/bak-annual-report-to-shareholders--a7a4ee7f-3a2e-428c-992d-2704bc7b5cd7#fact-resource-facts-12) Barkly · uranium Historical result Needs review: historical\_restatement #### Identity - Project: Barkly - Commodity: uranium - Region: australia\_nt - Reported Region: Northern Territory - Ticker: BAK #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Paul Teniere - Resource group id: resource:45c5c7dae6cf686b2c04 - Deposit or zone: Vanadis #### Resource Data - Category: inferred - Tonnes: 25000000 - Grade: 3 - Grade Unit: ppm - Cutoff Grade: 430 - Cutoff Unit: ppm NdPr #### Prior Estimate - Resource Date: 2025-12-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-12-01T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Restatement of an initial Inferred Mineral Resource for uranium at Vanadis, notable for low concentrations which is a positive processing indicator. - Positive factor: low\_deleterious\_elements - Positive factor: cut\_off\_disclosed - Negative factor: inferred\_resource\_only - Negative factor: restatement\_of\_prior\_estimate Evidence · table > 3 Context: 25 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/bak-annual-report-to-shareholders--a7a4ee7f-3a2e-428c-992d-2704bc7b5cd7#fact-resource-facts-13) Barkly · thorium Historical result Needs review: historical\_restatement #### Identity - Project: Barkly - Commodity: thorium - Region: australia\_nt - Reported Region: Northern Territory - Ticker: BAK #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Paul Teniere - Resource group id: resource:45c5c7dae6cf686b2c04 - Deposit or zone: Vanadis #### Resource Data - Category: inferred - Tonnes: 25000000 - Grade: 6 - Grade Unit: ppm - Cutoff Grade: 430 - Cutoff Unit: ppm NdPr #### Prior Estimate - Resource Date: 2025-12-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-12-01T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Restatement of an initial Inferred Mineral Resource for thorium at Vanadis, notable for low concentrations which is a positive processing indicator. - Positive factor: low\_deleterious\_elements - Positive factor: cut\_off\_disclosed - Negative factor: inferred\_resource\_only - Negative factor: restatement\_of\_prior\_estimate Evidence · table > 6 Context: 25 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/bak-annual-report-to-shareholders--a7a4ee7f-3a2e-428c-992d-2704bc7b5cd7#fact-resource-facts-14) Barkly · rare\_earths Historical result Needs review: historical\_restatement #### Identity - Project: Barkly - Commodity: rare\_earths - Region: australia\_nt - Reported Region: Northern Territory - Ticker: BAK #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Paul Teniere - Resource group id: resource:39ceb946fe7c3030f3f6 - Deposit or zone: Benmara North #### Resource Data - Category: inferred - Tonnes: 15000000 - Grade: 2700 - Grade Unit: ppm - Contained Metal: 40000 - Contained Unit: t - Cutoff Grade: 430 - Cutoff Unit: ppm NdPr #### Prior Estimate - Resource Date: 2025-12-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-12-01T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Restatement of an initial Inferred Mineral Resource for TREO at Benmara North, which is positive for project definition but low novelty. The MREO/TREO ratio is 32%. - Positive factor: JORC\_compliant - Positive factor: shallow\_resource - Positive factor: cut\_off\_disclosed - Negative factor: inferred\_resource\_only - Negative factor: restatement\_of\_prior\_estimate Evidence · table > 2,700 Context: 15 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/bak-annual-report-to-shareholders--a7a4ee7f-3a2e-428c-992d-2704bc7b5cd7#fact-resource-facts-15) Barkly · rare\_earths Historical result Needs review: historical\_restatement #### Identity - Project: Barkly - Commodity: rare\_earths - Region: australia\_nt - Reported Region: Northern Territory - Ticker: BAK #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Paul Teniere - Resource group id: resource:39ceb946fe7c3030f3f6 - Deposit or zone: Benmara North #### Resource Data - Category: inferred - Tonnes: 15000000 - Grade: 820 - Grade Unit: ppm - Cutoff Grade: 430 - Cutoff Unit: ppm NdPr #### Prior Estimate - Resource Date: 2025-12-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-12-01T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Restatement of an initial Inferred Mineral Resource for NdPr at Benmara North, which is positive for project definition but low novelty. - Positive factor: JORC\_compliant - Positive factor: shallow\_resource - Positive factor: cut\_off\_disclosed - Negative factor: inferred\_resource\_only - Negative factor: restatement\_of\_prior\_estimate Evidence · table > 820 Context: 15 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/bak-annual-report-to-shareholders--a7a4ee7f-3a2e-428c-992d-2704bc7b5cd7#fact-resource-facts-16) Barkly · rare\_earths Historical result Needs review: historical\_restatement #### Identity - Project: Barkly - Commodity: rare\_earths - Region: australia\_nt - Reported Region: Northern Territory - Ticker: BAK #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Paul Teniere - Resource group id: resource:39ceb946fe7c3030f3f6 - Deposit or zone: Benmara North #### Resource Data - Category: inferred - Tonnes: 15000000 - Grade: 840 - Grade Unit: ppm - Cutoff Grade: 430 - Cutoff Unit: ppm NdPr #### Prior Estimate - Resource Date: 2025-12-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-12-01T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Restatement of an initial Inferred Mineral Resource for MREO at Benmara North, which is positive for project definition but low novelty. - Positive factor: JORC\_compliant - Positive factor: shallow\_resource - Positive factor: cut\_off\_disclosed - Negative factor: inferred\_resource\_only - Negative factor: restatement\_of\_prior\_estimate Evidence · table > 840 Context: 15 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/bak-annual-report-to-shareholders--a7a4ee7f-3a2e-428c-992d-2704bc7b5cd7#fact-resource-facts-17) Barkly · rare\_earths Historical result Needs review: historical\_restatement #### Identity - Project: Barkly - Commodity: rare\_earths - Region: australia\_nt - Reported Region: Northern Territory - Ticker: BAK #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Paul Teniere - Resource group id: resource:39ceb946fe7c3030f3f6 - Deposit or zone: Benmara North #### Resource Data - Category: inferred - Tonnes: 15000000 - Grade: 150 - Grade Unit: ppm - Cutoff Grade: 430 - Cutoff Unit: ppm NdPr #### Prior Estimate - Resource Date: 2025-12-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-12-01T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Restatement of an initial Inferred Mineral Resource for HREO at Benmara North, which is positive for project definition but low novelty. - Positive factor: JORC\_compliant - Positive factor: shallow\_resource - Positive factor: cut\_off\_disclosed - Negative factor: inferred\_resource\_only - Negative factor: restatement\_of\_prior\_estimate Evidence · table > 150 Context: 15 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/bak-annual-report-to-shareholders--a7a4ee7f-3a2e-428c-992d-2704bc7b5cd7#fact-resource-facts-18) Barkly · uranium Historical result Needs review: historical\_restatement #### Identity - Project: Barkly - Commodity: uranium - Region: australia\_nt - Reported Region: Northern Territory - Ticker: BAK #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Paul Teniere - Resource group id: resource:39ceb946fe7c3030f3f6 - Deposit or zone: Benmara North #### Resource Data - Category: inferred - Tonnes: 15000000 - Grade: 3 - Grade Unit: ppm - Cutoff Grade: 430 - Cutoff Unit: ppm NdPr #### Prior Estimate - Resource Date: 2025-12-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-12-01T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Restatement of an initial Inferred Mineral Resource for uranium at Benmara North, notable for low concentrations which is a positive processing indicator. - Positive factor: low\_deleterious\_elements - Positive factor: cut\_off\_disclosed - Negative factor: inferred\_resource\_only - Negative factor: restatement\_of\_prior\_estimate Evidence · table > 3 Context: 15 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/bak-annual-report-to-shareholders--a7a4ee7f-3a2e-428c-992d-2704bc7b5cd7#fact-resource-facts-19) Barkly · thorium Historical result Needs review: historical\_restatement #### Identity - Project: Barkly - Commodity: thorium - Region: australia\_nt - Reported Region: Northern Territory - Ticker: BAK #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Paul Teniere - Resource group id: resource:39ceb946fe7c3030f3f6 - Deposit or zone: Benmara North #### Resource Data - Category: inferred - Tonnes: 15000000 - Grade: 9 - Grade Unit: ppm - Cutoff Grade: 430 - Cutoff Unit: ppm NdPr #### Prior Estimate - Resource Date: 2025-12-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-12-01T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Restatement of an initial Inferred Mineral Resource for thorium at Benmara North, notable for low concentrations which is a positive processing indicator. - Positive factor: low\_deleterious\_elements - Positive factor: cut\_off\_disclosed - Negative factor: inferred\_resource\_only - Negative factor: restatement\_of\_prior\_estimate Evidence · table > 9 Context: 15 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/bak-annual-report-to-shareholders--a7a4ee7f-3a2e-428c-992d-2704bc7b5cd7#fact-resource-facts-20) Barkly · rare\_earths Historical result Needs review: historical\_restatement #### Identity - Project: Barkly - Commodity: rare\_earths - Region: australia\_nt - Reported Region: Northern Territory - Ticker: BAK #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Paul Teniere - Resource group id: resource:d107a3eb1632fadd81f8 - Deposit or zone: Total #### Resource Data - Category: inferred - Tonnes: 40000000 - Grade: 2100 - Grade Unit: ppm - Contained Metal: 82000 - Contained Unit: t - Cutoff Grade: 430 - Cutoff Unit: ppm NdPr #### Prior Estimate - Resource Date: 2025-12-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-12-01T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Restatement of an initial Inferred Mineral Resource for TREO, which is positive for project definition but low novelty. The MREO/TREO ratio is 34%. - Positive factor: JORC\_compliant - Positive factor: shallow\_resource - Positive factor: cut\_off\_disclosed - Negative factor: inferred\_resource\_only - Negative factor: restatement\_of\_prior\_estimate Evidence · table > 2,100 Context: 40 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/bak-annual-report-to-shareholders--a7a4ee7f-3a2e-428c-992d-2704bc7b5cd7#fact-resource-facts-21) Barkly · rare\_earths Historical result Needs review: historical\_restatement #### Identity - Project: Barkly - Commodity: rare\_earths - Region: australia\_nt - Reported Region: Northern Territory - Ticker: BAK #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Paul Teniere - Resource group id: resource:d107a3eb1632fadd81f8 - Deposit or zone: Total #### Resource Data - Category: inferred - Tonnes: 40000000 - Grade: 690 - Grade Unit: ppm - Cutoff Grade: 430 - Cutoff Unit: ppm NdPr #### Prior Estimate - Resource Date: 2025-12-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-12-01T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Restatement of an initial Inferred Mineral Resource for NdPr, which is positive for project definition but low novelty. - Positive factor: JORC\_compliant - Positive factor: shallow\_resource - Positive factor: cut\_off\_disclosed - Negative factor: inferred\_resource\_only - Negative factor: restatement\_of\_prior\_estimate Evidence · table > 690 Context: 40 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/bak-annual-report-to-shareholders--a7a4ee7f-3a2e-428c-992d-2704bc7b5cd7#fact-resource-facts-22) Barkly · rare\_earths Historical result Needs review: historical\_restatement #### Identity - Project: Barkly - Commodity: rare\_earths - Region: australia\_nt - Reported Region: Northern Territory - Ticker: BAK #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Paul Teniere - Resource group id: resource:d107a3eb1632fadd81f8 - Deposit or zone: Total #### Resource Data - Category: inferred - Tonnes: 40000000 - Grade: 710 - Grade Unit: ppm - Cutoff Grade: 430 - Cutoff Unit: ppm NdPr #### Prior Estimate - Resource Date: 2025-12-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-12-01T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Restatement of an initial Inferred Mineral Resource for MREO, which is positive for project definition but low novelty. - Positive factor: JORC\_compliant - Positive factor: shallow\_resource - Positive factor: cut\_off\_disclosed - Negative factor: inferred\_resource\_only - Negative factor: restatement\_of\_prior\_estimate Evidence · table > 710 Context: 40 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/bak-annual-report-to-shareholders--a7a4ee7f-3a2e-428c-992d-2704bc7b5cd7#fact-resource-facts-23) Barkly · rare\_earths Historical result Needs review: historical\_restatement #### Identity - Project: Barkly - Commodity: rare\_earths - Region: australia\_nt - Reported Region: Northern Territory - Ticker: BAK #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Paul Teniere - Resource group id: resource:d107a3eb1632fadd81f8 - Deposit or zone: Total #### Resource Data - Category: inferred - Tonnes: 40000000 - Grade: 130 - Grade Unit: ppm - Cutoff Grade: 430 - Cutoff Unit: ppm NdPr #### Prior Estimate - Resource Date: 2025-12-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-12-01T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Restatement of an initial Inferred Mineral Resource for HREO, which is positive for project definition but low novelty. - Positive factor: JORC\_compliant - Positive factor: shallow\_resource - Positive factor: cut\_off\_disclosed - Negative factor: inferred\_resource\_only - Negative factor: restatement\_of\_prior\_estimate Evidence · table > 130 Context: 40 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/bak-annual-report-to-shareholders--a7a4ee7f-3a2e-428c-992d-2704bc7b5cd7#fact-resource-facts-24) Barkly · uranium Historical result Needs review: historical\_restatement #### Identity - Project: Barkly - Commodity: uranium - Region: australia\_nt - Reported Region: Northern Territory - Ticker: BAK #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Paul Teniere - Resource group id: resource:d107a3eb1632fadd81f8 - Deposit or zone: Total #### Resource Data - Category: inferred - Tonnes: 40000000 - Grade: 3 - Grade Unit: ppm - Cutoff Grade: 430 - Cutoff Unit: ppm NdPr #### Prior Estimate - Resource Date: 2025-12-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-12-01T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Restatement of an initial Inferred Mineral Resource for uranium, notable for low concentrations which is a positive processing indicator. - Positive factor: low\_deleterious\_elements - Positive factor: cut\_off\_disclosed - Negative factor: inferred\_resource\_only - Negative factor: restatement\_of\_prior\_estimate Evidence · table > 3 Context: 40 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/bak-annual-report-to-shareholders--a7a4ee7f-3a2e-428c-992d-2704bc7b5cd7#fact-resource-facts-25) Barkly · thorium Historical result Needs review: historical\_restatement #### Identity - Project: Barkly - Commodity: thorium - Region: australia\_nt - Reported Region: Northern Territory - Ticker: BAK #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Paul Teniere - Resource group id: resource:d107a3eb1632fadd81f8 - Deposit or zone: Total #### Resource Data - Category: inferred - Tonnes: 40000000 - Grade: 7 - Grade Unit: ppm - Cutoff Grade: 430 - Cutoff Unit: ppm NdPr #### Prior Estimate - Resource Date: 2025-12-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-12-01T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Restatement of an initial Inferred Mineral Resource for thorium, notable for low concentrations which is a positive processing indicator. - Positive factor: low\_deleterious\_elements - Positive factor: cut\_off\_disclosed - Negative factor: inferred\_resource\_only - Negative factor: restatement\_of\_prior\_estimate Evidence · table > 7 Context: 40 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/bak-annual-report-to-shareholders--a7a4ee7f-3a2e-428c-992d-2704bc7b5cd7#fact-resource-facts-26) Barkly · vanadium Historical result Needs review: historical\_restatement #### Identity - Project: Barkly - Commodity: vanadium - Region: australia\_nt - Reported Region: Northern Territory - Ticker: BAK #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Paul Teniere - Resource group id: resource:02339c1d18b56029cf6a - Deposit or zone: Vanadis #### Resource Data - Category: inferred - Tonnes: 40000000 - Grade: 0.13 - Grade Unit: % V2O5 - Contained Metal: 55000 - Contained Unit: t - Cutoff Grade: 0.1 - Cutoff Unit: % V2O5 #### Prior Estimate - Resource Date: 2025-12-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-12-01T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Restatement of an initial Inferred Mineral Resource for vanadium at Vanadis, which is positive for project definition but low novelty. - Positive factor: JORC\_compliant - Positive factor: cut\_off\_disclosed - Negative factor: inferred\_resource\_only - Negative factor: restatement\_of\_prior\_estimate Evidence · table > 0.13 Context: 40 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/bak-annual-report-to-shareholders--a7a4ee7f-3a2e-428c-992d-2704bc7b5cd7#fact-resource-facts-27) Barkly · vanadium Historical result Needs review: historical\_restatement #### Identity - Project: Barkly - Commodity: vanadium - Region: australia\_nt - Reported Region: Northern Territory - Ticker: BAK #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Paul Teniere - Resource group id: resource:4ebc47a04c9931e1d4cc - Deposit or zone: Benmara North #### Resource Data - Category: inferred - Tonnes: 100000000 - Grade: 0.12 - Grade Unit: % V2O5 - Contained Metal: 120000 - Contained Unit: t - Cutoff Grade: 0.1 - Cutoff Unit: % V2O5 #### Prior Estimate - Resource Date: 2025-12-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-12-01T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Restatement of an initial Inferred Mineral Resource for vanadium at Benmara North, which is positive for project definition but low novelty. - Positive factor: JORC\_compliant - Positive factor: cut\_off\_disclosed - Negative factor: inferred\_resource\_only - Negative factor: restatement\_of\_prior\_estimate Evidence · table > 0.12 Context: 100 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/bak-annual-report-to-shareholders--a7a4ee7f-3a2e-428c-992d-2704bc7b5cd7#fact-resource-facts-28) Barkly · vanadium Historical result Needs review: historical\_restatement #### Identity - Project: Barkly - Commodity: vanadium - Region: australia\_nt - Reported Region: Northern Territory - Ticker: BAK #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Paul Teniere - Resource group id: resource:b6847c6ed53bd77413bd - Deposit or zone: Benmara South #### Resource Data - Category: inferred - Tonnes: 60000000 - Grade: 0.12 - Grade Unit: % V2O5 - Contained Metal: 65000 - Contained Unit: t - Cutoff Grade: 0.1 - Cutoff Unit: % V2O5 #### Prior Estimate - Resource Date: 2025-12-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-12-01T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Restatement of an initial Inferred Mineral Resource for vanadium at Benmara South, which is positive for project definition but low novelty. - Positive factor: JORC\_compliant - Positive factor: cut\_off\_disclosed - Negative factor: inferred\_resource\_only - Negative factor: restatement\_of\_prior\_estimate Evidence · table > 0.12 Context: 60 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/bak-annual-report-to-shareholders--a7a4ee7f-3a2e-428c-992d-2704bc7b5cd7#fact-resource-facts-29) Barkly · vanadium Historical result Needs review: historical\_restatement #### Identity - Project: Barkly - Commodity: vanadium - Region: australia\_nt - Reported Region: Northern Territory - Ticker: BAK #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Paul Teniere - Resource group id: resource:9a60a5bf94f39208b863 - Deposit or zone: Total #### Resource Data - Category: inferred - Tonnes: 200000000 - Grade: 0.12 - Grade Unit: % V2O5 - Contained Metal: 240000 - Contained Unit: t - Cutoff Grade: 0.1 - Cutoff Unit: % V2O5 #### Prior Estimate - Resource Date: 2025-12-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-12-01T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Restatement of an initial Inferred Mineral Resource for vanadium, which is positive for project definition but low novelty. - Positive factor: JORC\_compliant - Positive factor: cut\_off\_disclosed - Negative factor: inferred\_resource\_only - Negative factor: restatement\_of\_prior\_estimate Evidence · table > 0.12 Context: 200 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ## Metallurgical Results (4) ### sighter test [Link to this fact](https://atlas-staging.minestarters.com/news/bak-annual-report-to-shareholders--a7a4ee7f-3a2e-428c-992d-2704bc7b5cd7#fact-metallurgical-facts-30) Barkly · rare\_earths #### Identity - Project: Barkly - Commodity: rare\_earths - Region: australia\_nt - Reported Region: Northern Territory - Ticker: BAK #### Test Work - Program Status: preliminary - Test Type: sighter test - Processing Route: caustic conversion and acid leach - Sample: composite sample 24C001 - Leach Time: 4 hours #### Recovery - Recovery: 99 % - Recovery Basis: actual\_test - Head Grade: 970 - Head Grade Unit: ppm #### Reagents - Reagent Notes: caustic conversion at 150°C for two hours, HCl leaching at 50°C for two hours to a target pH of 1 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: An exceptional 99% MREO extraction rate from early-stage sighter testwork is a strong positive, showing improvement over prior tests, but the test is small-scale, non-representative, and has head reconciliation issues, lowering confidence. - Positive factor: high\_recovery - Positive factor: excellent\_extraction\_rate - Positive factor: favourable\_phosphorus\_deportment - Positive factor: recovery\_improving - Negative factor: bench\_scale\_only - Negative factor: single\_domain\_only - Negative factor: non\_representative\_sample - Negative factor: head\_reconciliation\_issues - Negative factor: conditions\_not\_optimised - Negative factor: downstream\_purification\_not\_demonstrated Evidence · text > 99% MREO \(Table 3\) extraction rate from a composite sample from the Barkly Project ### sighter test [Link to this fact](https://atlas-staging.minestarters.com/news/bak-annual-report-to-shareholders--a7a4ee7f-3a2e-428c-992d-2704bc7b5cd7#fact-metallurgical-facts-31) Barkly · yttrium #### Identity - Project: Barkly - Commodity: yttrium - Region: australia\_nt - Reported Region: Northern Territory - Ticker: BAK #### Test Work - Program Status: preliminary - Test Type: sighter test - Processing Route: caustic conversion and acid leach - Sample: composite sample 24C001 - Leach Time: 4 hours #### Recovery - Recovery: 94 % - Recovery Basis: actual\_test - Head Grade: 39 - Head Grade Unit: ppm #### Reagents - Reagent Notes: caustic conversion at 150°C for two hours, HCl leaching at 50°C for two hours to a target pH of 1 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: A strong 94% yttrium extraction rate from early-stage sighter testwork is positive, but the test is small-scale, non-representative, and has head reconciliation issues, lowering confidence. - Positive factor: high\_recovery - Positive factor: excellent\_extraction\_rate - Negative factor: bench\_scale\_only - Negative factor: single\_domain\_only - Negative factor: non\_representative\_sample - Negative factor: head\_reconciliation\_issues - Negative factor: conditions\_not\_optimised - Negative factor: downstream\_purification\_not\_demonstrated Evidence · text > 94% of yttrium reporting to those streams ### sighter test [Link to this fact](https://atlas-staging.minestarters.com/news/bak-annual-report-to-shareholders--a7a4ee7f-3a2e-428c-992d-2704bc7b5cd7#fact-metallurgical-facts-32) Barkly · phosphorus #### Identity - Project: Barkly - Commodity: phosphorus - Region: australia\_nt - Reported Region: Northern Territory - Ticker: BAK #### Test Work - Program Status: preliminary - Test Type: sighter test - Processing Route: caustic conversion - Sample: composite sample 24C001 - Leach Time: 2 hours #### Recovery - Recovery: 92 % - Recovery Basis: actual\_test - Head Grade: 0.28 - Head Grade Unit: % #### Reagents - Reagent Notes: caustic conversion at 150°C for two hours #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: A 92% phosphorus deportment to the caustic conversion liquor is a positive early processing indicator, simplifying future purification, but from a small-scale sighter test. - Positive factor: favourable\_phosphorus\_deportment - Positive factor: simplifies\_future\_purification - Negative factor: bench\_scale\_only - Negative factor: single\_domain\_only - Negative factor: non\_representative\_sample - Negative factor: conditions\_not\_optimised Evidence · text > 92% of phosphorus reported to the caustic conversion liquor and associated washes ### sighter test [Link to this fact](https://atlas-staging.minestarters.com/news/bak-annual-report-to-shareholders--a7a4ee7f-3a2e-428c-992d-2704bc7b5cd7#fact-metallurgical-facts-33) Barkly · rare\_earths Historical result Needs review: historical\_restatement #### Identity - Project: Barkly - Commodity: rare\_earths - Region: australia\_nt - Reported Region: Northern Territory - Ticker: BAK #### Test Work - Program Status: preliminary - Test Type: sighter test - Processing Route: NaOH treatment followed by HCl leaching - Sample: earlier testwork #### Recovery - Recovery: 74 % - Recovery Basis: actual\_test #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Historical MREO extraction rate of 74% from earlier testwork, used for comparison with new results. - Negative factor: bench\_scale\_only - Negative factor: unspecified\_sample - Negative factor: historical\_data Evidence · text > 74% reported from earlier testwork using NaOH treatment followed by HCl leaching ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.