DALAROO METALS LTD — Capital/Financing Update 2026

Apr 13, 2026

ASX ANNOUNCEMENT

Dalaroo Expands Blue Lagoon Rare Earth Project Landholding in Greenland

Dalaroo Metals Limited (ASX: DAL; OTCQB: DALMF) (“ Dalaroo ” or “ the Company ”) is pleased to announce a significant expansion of its Blue Lagoon Critical Minerals Project in southwest Greenland, with the Company applying for two additional exploration licences adjacent to its existing tenure. The expanded landholding consolidates Dalaroo’s strategic position within a prospective coastal geological corridor considered favourable for rare earth element (REE), zirconium (Zr) and niobium (Nb) mineralisation. Granting of the licences are expected by the end of May 2026.

Highlights:

• Dalaroo applies for two additional exploration licences adjacent to the Blue Lagoon Project

• New licences: M-516 (50.51 km²) and M-517 (192.26 km²)

• Total additional area under application: 242.77 km²

• Expands Dalaroo’s Greenland landholding to 259.77 km²

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Figure 1. Map of Dalaroo's Blue Lagoon Project with exploration licenses application M-516 and M- 517 shown in red. Gardaq A/S licenses shown in green.

For more information about Dalaroo, please follow the link: Click Here

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About the Blue Lagoon Project

The Blue Lagoon Project is a 100%-owned critical minerals exploration asset held by Dalaroo Metals Limited in south-west Greenland under exploration licence MEL 2022-07. The Project is located within the Gardar Alkaline Province, a globally recognised geological belt prospective for rare earth element (REE)-enriched alkaline intrusive systems, including zirconium (Zr), niobium (Nb) and rare earth elements. The province comprises a series of alkaline intrusive complexes widely recognised for hosting critical mineral systems, providing a strong geological framework for exploration.

Dalaroo completed the acquisition of the Project in January 2026, securing full ownership and operational control of the licence. This provides flexibility to systematically advance exploration and refine geological models in line with the Company’s broader strategy and disciplined capital allocation framework.

The Project area hosts a coastal lagoon and nearshore sedimentary system interpreted to be derived from erosion of surrounding REE-bearing alkaline and granitic source rocks. Weathering and coastal processes may facilitate the liberation and mechanical concentration of heavy minerals within lagoonal and shallow marine environments, particularly in zones of reduced energy and sediment accumulation.

Recent reconnaissance geochemical sampling¹ has identified elevated concentrations of rare earth elements and associated pathfinder elements, including anomalous total rare earth oxides (TREO), zirconium (Zr) and hafnium (Hf). Peak results include ZrO₂ values of up to 4.42% and Hf values of up to 99 ppm, supporting the presence of zircon-rich mineral assemblages. REE enrichment within finer grain size fractions is consistent with heavy mineral concentration processes.

These results are considered consistent with the interpreted geological model; however, further systematic exploration is required to evaluate the scale, continuity and potential economic significance of any mineralisation.

The Blue Lagoon Project is surrounded by exploration licences held by Gardaq A/S, a Greenland-based exploration company headquartered in Nuuk. Gardaq A/S operates as a 51/49 joint venture between Amaroq Minerals Limited (51%) and GCAM LP (49%), targeting critical minerals within the Gardar Province.

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Figure 2. Photograph of Blue Lagoon Beach.

1 Refer to ASX Announcement (DAL), “Sampling Reveals District Scale Critical Minerals- Greenland”, 16th of January 2026. No new exploration results are reported in this announcement.

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Figure 3. Location Map of Southern Greenland showing the Blue Lagoon project.

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Geological Setting

The Project lies within the Paleoproterozoic rift province of southern Greenland and is intruded by Mesoproterozoic Gardar-age alkaline complexes, which are globally recognised for hosting rare earth element (REE)-enriched critical mineral systems. The Gardar Province comprises a series of alkaline intrusive centres emplaced during extensional tectonic events, including granites, syenites, nepheline syenites and associated dyke swarms. These lithologies are widely associated with elevated concentrations of zirconium (Zr), niobium (Nb) and REE mineralisation, typically hosted within specialised mineral phases developed during late-stage magmatic differentiation.

The licence area is located within the Helene alkaline granite, forming the westernmost exposure of the Nunarsuit Complex — the largest and youngest Gardar intrusion in the region. This complex represents a significant magmatic centre within the province and is interpreted to reflect an evolved intrusive system with potential for enrichment of incompatible elements. As such, it is considered prospective for the development of primary critical mineral-bearing systems, as well as the potential for weathering and erosional processes to redistribute mineralised material into adjacent surficial environments.

The surrounding geology, including extensive alkalic syenite units and associated intrusive complexes, further supports the prospectivity of the Project area for REE, zirconium and niobium mineralisation. These lithologies are recognised for their capacity to host mineralised phases such as zircon, eudialyte and other REE-bearing minerals. Their spatial distribution and structural relationships provide a favourable geological framework for both primary mineralisation within the intrusive complexes and the potential development of derived sediment-hosted systems within nearby lagoonal and coastal environments.

Jurisdictional Significance

The Blue Lagoon Project is closely aligned with Dalaroo Metals Limited ’s strategy to build exposure to highvalue critical minerals within stable, premier jurisdictions. Greenland has emerged as an increasingly important focus for governments and industry seeking secure, transparent and responsibly developed sources of critical minerals, including rare earth elements, niobium and zirconium. The region’s significant geological endowment, combined with a supportive regulatory framework and growing geopolitical relevance, positions Greenland as a potential future contributor to Western critical minerals supply chains.

Recent public commentary from both the European Union and the United States Government has highlighted Greenland’s potential role in diversifying global critical minerals supply. These initiatives emphasise the importance of establishing resilient supply chains capable of delivering responsibly sourced rare earth elements and other strategic metals, as Western economies seek to reduce reliance on concentrated supply sources and strengthen long-term industrial security.

Against this backdrop, Dalaroo’s exploration activities at Blue Lagoon provide exposure to a jurisdiction attracting increasing international interest. Early field programs have identified geological characteristics considered favourable for critical minerals mineralisation. This positions the Company to advance exploration within a region that is expected to play an increasingly important role in the global supply of strategic minerals.

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Next Steps

Dalaroo is currently planning for the upcoming exploration season at the Blue Lagoon Project. The Company is undertaking in-country engagement with local contractors and suppliers to finalise the timing, logistics and mobilisation of this year’s exploration program, following a recent site visit to Nuuk to facilitate face-toface discussions.

Planned exploration activities include:

• Detailed geological mapping across the expanded licence area

• Auger drilling within coastal and lagoonal sediment systems

• Ground Penetrating Radar (GPR) surveys to map beach and nearshore sediment architecture

• Bathymetric surveying to determine lagoon depth and sediment accumulation zones

• Diamond or percussion coring of granitic and dyke lithologies to assess potential REE source rocks

Management Commentary

Dalaroo’s CEO John Morgan Commented:

“The expansion of the Blue Lagoon Project marks an important step in building scale within one of the world’s more prospective regions for critical minerals.

The additional licences significantly increase Dalaroo’s landholding across a geological setting considered prospective for rare earth elements and associated minerals, strengthening the Company’s position in Greenland.

This expanded footprint provides a strong platform to advance exploration and systematically evaluate the potential of both intrusive and sedimentary mineral systems.”

This announcement has been authorised for release to the ASX by the Company's Board of Directors.

ENDS

For more Information:

Please visit our website for more information: Dalaroo Metals Website

John Morgan Chief Executive Officer T: +61 410 774 319 E: info@dalaroometals.com.au

References:

1 Refer to ASX Announcement (DAL), “Sampling Reveals District Scale Critical Minerals- Greenland”, 16th of January 2026.

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ABOUT DALAROO METALS

Dalaroo Metals Limited is an ASX-listed exploration company focused on the discovery and development of high-quality gold and critical minerals projects across Australia and international jurisdictions. The Company is building a diversified portfolio of exploration assets targeting commodities essential to both traditional mining and the global energy transition, with a focus on rare earth elements and associated critical minerals.

The Company’s portfolio includes the Blue Lagoon Project in southern Greenland, prospective for rare earth elements (REE), zirconium (Zr) and niobium (Nb), a growing suite of gold exploration assets in Côte d’Ivoire located within the highly endowed Birimian Greenstone Belt of West Africa, and the Lyons River Project and Namban Project in Western Australia. These projects provide exposure to a combination of established mineral provinces and emerging exploration regions, offering multiple pathways for discovery and value creation.

Dalaroo’s strategy is to systematically advance its projects through the application of modern exploration techniques, robust geological interpretation and disciplined capital allocation. The Company is focused on identifying and testing high-priority targets, progressing resource definition opportunities where appropriate, and leveraging technical expertise to maximise the potential of its asset base. This approach is designed to generate new discoveries while building a pipeline of exploration opportunities across its portfolio.

The Company also seeks to enhance project value through strategic partnerships, in-country expertise and effective stakeholder engagement, particularly within its international operations. Dalaroo maintains a strong focus on operational execution, risk management and maintaining flexibility in its exploration programs to respond to evolving geological understanding and market conditions.

Dalaroo is committed to responsible and sustainable exploration practices, strong corporate governance and maintaining constructive relationships with local communities, governments and industry stakeholders. The Company aims to operate in a manner that supports long-term value creation for shareholders while aligning with global standards for environmental stewardship, transparency and social responsibility.

COMPETENT PERSON STATEMENT

The information in this report that relates to exploration results is based on information compiled by John Morgan, a Member of the Australasian Institute of Mining and Metallurgy (AusIMM) and the CEO of Dalaroo Metals Limited. Mr Morgan has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity undertaken to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code). Mr Morgan consents to the inclusion in this report of the matters based on this information in the form and context in which it appears.

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FORWARD-LOOKING STATEMENTS

This announcement contains forward-looking statements which are based on current expectations, assumptions, estimates and projections. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially from those expressed or implied. These risks include, but are not limited to, exploration success, geological interpretation, commodity price fluctuations, regulatory approvals, permitting timelines, operational risks and market conditions.

Any statements regarding potential mineralisation, exploration targets, grades, scale or development concepts are conceptual in nature and based on early-stage surface sampling only. These statements do not constitute, and should not be construed as, a Mineral Resource or Ore Reserve estimate as defined under the JORC Code. References to peer projects, market pricing, strategic significance or potential future development pathways are provided for contextual purposes only and should not be interpreted as a forecast of future performance or valuation. Commodity pricing information is indicative only, subject to market volatility and should not be relied upon as a projection of future prices. Investors are cautioned not to place undue reliance on forward-looking statements. Dalaroo Metals Limited undertakes no obligation to update or revise any forward-looking statements, except as required by law.

The Company confirms it is not aware of any new information or data that materially affects the information included in this announcement.

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