Announcement PDF ASX ANNOUNCEMENT Dalaroo Metals Ltd | ACN 648 476 699 Level 50, 108 St Georges Terrace Perth WA 6000 T +61 8 6380 9675 E info@dalaroometals.com.au ASX: DAL | OTCQB: DALMF dalaroometals.com.au Blue Lagoon Exploration Defines Regional REE System and Multiple New Targets Largest field program completed transforms Blue Lagoon from an exploration concept into a well-defined rare earth system supporting future drill targeting Highlights: Dalaroo Metals Ltd (ASX: DAL, OTCQB: DALMF) is pleased to provide shareholders with an update on the Company's ongoing 2026 exploration program at its 100%-owned Blue Lagoon Rare Earth Project in southern Greenland. The 2026 exploration season marks a major milestone for the Blue Lagoon Rare Earth Project, with Dalaroo successfully completing its largest and most comprehensive field program undertaken at the project to date. Through the integration of geological and structural mapping, regional reconnaissance, Ground Penetrating Radar (GPR), bathymetric surveys, lagoon and offshore sediment sampling, and extensive surface geochemistry, the Company has significantly advanced its understanding of the geological controls on rare earth mineralisation and the evolution of the Blue Lagoon intrusive complex. Importantly, the program has transformed Blue Lagoon from an early-stage exploration concept into a well- defined regional rare earth system. Geological mapping has identified multiple fertile alkaline intrusive centres, confirmed the widespread distribution of prospective REE-bearing lithologies, expanded the Company's exploration footprint with four new target areas, and substantially strengthened Dalaroo's emerging source-to- sink exploration model. These integrated datasets provide the foundation for the first comprehensive three- dimensional geological model of the project and will underpin future drill targeting. With field activities now complete, more than 200 geological, rock chip, stream sediment and surface sediment samples are being transported to ALS Laboratories in Perth for comprehensive multi-element analysis, together with selected mineralogical and preliminary metallurgical test work. The integration of these analytical results 13 July 2026 • Largest exploration program completed to date at the 100%-owned Blue Lagoon REE Project • Four new REE target areas identified through regional geological mapping • Blue Lagoon South expands prospective exploration footprint by approximately 34km² adjacent to Amaroq's Ilua REE discovery • 200 geological, rock chip, stream sediment and surface samples collected across the project • Detailed geological and structural mapping defines complex multi-phase alkaline intrusive system prospective for REE mineralisation • Ground Penetrating Radar (GPR), bathymetric surveys and Van Veen sediment sampling completed to support drill targeting • Multiple Potential REE-bearing pegmatites and eudialyte-like mineral occurrences mapped during field program • Assay, mineralogical and metallurgical studies now underway to support future drilling 2 dalaroometals.com.au | ASX: DAL with geological mapping, structural interpretation, GPR, bathymetric and sediment datasets is expected to identify the most fertile intrusive phases, define the principal sediment transport pathways and prioritise high- confidence drill targets across the expanding Blue Lagoon Project. For further information about the Blue Lagoon REE Project Click Here. Geological Mapping The 2026 geological mapping and surface sampling program at Dalaroo's 100%-owned Blue Lagoon Rare Earth Project has now been successfully completed, representing the most comprehensive geological investigation undertaken across the project to date. The program has significantly advanced the Company's understanding of the Blue Lagoon intrusive complex and is providing the geological framework required to support future exploration and drill targeting. Detailed geological mapping has confirmed that Blue Lagoon hosts a complex, multi-phase alkaline intrusive system comprising several generations of rare earth prospective alkaline granites, pegmatites, aplite dykes and late-stage intrusive phases. The increasing complexity of the intrusive architecture is considered highly encouraging, as evolved alkaline magmatic systems are recognised globally as favourable hosts for rare earth element ("REE") mineralisation. Establishing the relationships between these intrusive phases is expected to play a critical role in identifying the most prospective source rocks responsible for the rare earth-bearing heavy mineral assemblages previously identified within the Blue Lagoon basin. Figure 1. Outcrop of alkaline granite containing localised, red-coloured minerals visually interpreted in the field as eudialyte-like mineral phases. The occurrence comprises scattered, irregularly distributed grains and aggregates hosted within coarse-grained alkaline granite. The visual identification is preliminary only and is subject to confirmation through laboratory mineralogical and geochemical analysis. Assay and mineralogical results are expected following receipt of laboratory analyses. 3 dalaroometals.com.au | ASX: DAL The mapping program has also identified several previously unrecognised REE-prospective target areas across the expanded licence package, highlighting the significant regional-scale exploration potential of the Blue Lagoon Project. These newly recognised intrusive systems provide additional high-priority targets for follow-up geological mapping, geochemical sampling and future drill testing. Importantly, geological mapping has confirmed the widespread distribution of REE-prospective lithologies across the project area, with numerous pegmatites and alkaline granite outcrops identified during the field program. Several outcrops contain red-coloured minerals visually interpreted in the field as possible eudialyte- like phases. These observations are preliminary and require confirmation through laboratory mineralogical and geochemical analysis. Representative samples have been collected for laboratory geochemical, mineralogical and metallurgical assessment to confirm the composition of these mineral assemblages. As part of the 2026 field campaign, 200 rock chip, stream sediment and surface samples were collected across the project area. The comprehensive sampling program was designed to: • Test newly mapped granite, pegmatite and intrusive units; • Validate priority targets generated during geological mapping; • Assess the REE potential across the expanded licence area; • Extend geochemical coverage into newly identified prospective areas; and • Further evaluate the Company's emerging source-to-sink exploration model linking REE-bearing source rocks with sediment accumulation within the Blue Lagoon basin. The samples are currently being transported to Nuuk before being freighted to ALS Laboratories in Perth,Western Australia, for comprehensive multi-element geochemical analysis. In addition, a select number of representative samples have been submitted for preliminary metallurgical and mineralogical investigations. This work is designed to identify the primary rare earth-bearing minerals, assess mineral liberation characteristics and evaluate their potential response to conventional beneficiation techniques. The results will provide valuable early-stage information on the project's processing characteristics while supporting the Company's understanding of the REE-bearing mineral assemblages identified during geological mapping. Figure 2. Close-up photograph of red-coloured mineral grains visually interpreted as eudialyte-like minerals hosted within coarse- grained alkaline granite. The minerals occur as scattered grains and irregular aggregates within the host rock. The visual interpret 4 dalaroometals.com.au | ASX: DAL The analytical results from the surface sampling program will be integrated with geological mapping, structural mapping, Ground Penetrating Radar (GPR) surveys, bathymetric investigations and lagoon sediment sampling to develop the first comprehensive geological model of the Blue Lagoon REE system. This integrated interpretation is expected to refine priority exploration targets, identify the most prospective intrusive phases, strengthen the Company's source-to-sink exploration model and provide a robust technical framework for future drill targeting. With geological mapping and surface sampling now complete, Dalaroo has substantially advanced its understanding of the Blue Lagoon Project. The 2026 field program has transformed the Company's geological knowledge from reconnaissance-scale observations to a systematic understanding of the intrusive architecture, structural controls and sediment transport pathways that underpin what is emerging as one of southern Greenland's most prospective and underexplored rare earth systems. During geological mapping, several outcrops containing red-coloured minerals visually interpreted in the field as possible eudialyte-like phases were identified within alkaline granites and pegmatitic units. These observations are based solely on field inspection by the Competent Person and remain preliminary. The interpreted minerals occur as scattered grains and irregular aggregates within the host rock and no estimate of mineral abundance or grade should be inferred from these observations. Representative samples have been submitted for laboratory geochemical and mineralogical analysis to confirm mineral species, composition and rare earth element content. Analytical results will be released following receipt and interpretation of laboratory assays. Figure 3. Location of geological mapping, surface rock, sediment, lagoon and offshore sample sites completed during the 2026 Blue Lagoon exploration program. 5 dalaroometals.com.au | ASX: DAL Four Additional REE Targets Regional geological mapping, prospecting and reconnaissance sampling have identified four additional rare earth element (REE) prospects associated with favourable REE host geological units, significantly expanding the Company's exploration pipeline within the project area. The newly identified Qilluakitsoq, Quernertullip and Taseq prospects are located to the east of the Company's main project area, while Blue Lagoon South is situated approximately 1 km south of the flagship Blue Lagoon prospect and covers an area of approximately 34 km². The identification of Blue Lagoon South is considered particularly significant due to its close proximity to Amaroq Minerals' Ilua REE pegmatite discovery, where an extensive drilling program is currently testing a mineralised system over approximately 5 km of strike. The presence of prospective REE host geology within Blue Lagoon South highlights the potential for the continuation of favourable geological architecture into the Company's tenure and represents a compelling exploration target for follow-up mapping, geochemical sampling and drill target generation. These new prospects materially increase the Company's portfolio of high-priority REE targets and demonstrate the regional-scale prospectivity of the project area. Figure 4. Location of four additional REE targets relative to Amaroq's Ilua REE discovery and Dalaroo's Blue Lagoon Project. The Qilluakitsoq prospect has been identified as a highly prospective layered alkaline intrusive complex within the greater Nunarssuit intrusive system. Geological interpretation indicates emplacement of highly fractionated 6 dalaroometals.com.au | ASX: DAL mafic sills together with alkaline granites and syenites along a network of deep-seated northeast-southwest (NE- SW) trending structures that are characteristic of the REE-endowed Gardar Province. Field mapping and reconnaissance sampling have identified a significant orbicular Rapakivi Granite unit at Qilluakitsoq. Rapakivi granites are distinctive Proterozoic A-type granites characterised by large potassium feldspar ovoids mantled by plagioclaseand arerecognisedglobally as highly fractionated intrusiverocks capable of hosting elevated concentrations of rare earth elements and other critical metals. The prospect also contains an extensive network of mafic intrusive sills comprising gabbroic and olivine-poor basaltic lithologies. Reconnaissance mapping has identified accumulations of black magnetic mineral sands proximal to these mafic units, with representative samples collected for laboratory analysis. The occurrence of magnetic heavy mineral sands at Qilluakitsoq is considered significant as it may represent a second mineral sand system within the Company's project portfolio, located east of the primary Blue Lagoon Project. Assay results are pending and will be used to assess the REE and critical mineral potential of the mineral sand occurrence, together with the broader intrusive complex. The identification of the Qilluakitsoq prospect further demonstrates the regional-scale prospectivity of the Company's Greenland tenure and provides an additional high-priority target for systematic follow-up geological mapping, geochemical sampling and drill target generation. Figure 5. Geological map of the Qilluakitsoq REE target showing mapping and sampling locations. 7 dalaroometals.com.au | ASX: DAL Figure 6. Rapakivi Granite outcrop at the Qilluakitsoq REE prospect. Figure 7. Black magnetic mineral sand accumulated along the shoreline at the Qilluakitsoq REE prospect. 8 dalaroometals.com.au | ASX: DAL The Quernertullipprospect comprises a well-defined layered,ring-shaped alkalineintrusive complex considered prospective for rare earth element (REE) mineralisation. Initial geological mapping and reconnaissancesampling were focused on the elevated topographic rim of the caldera-like intrusive structure, where favourable lithological contacts and structural features are well exposed. Mapping confirmed the presence of prospective alkaline geological units, including syenites and alkali granites, with numerous contact zones identified between these intrusive phases. Localised metasomatic alteration associated with these contacts was also observed, representing favourable geological environments for REE enrichment within alkaline intrusive systems. The exploration team also identified numerous felsic and mafic dyke intrusions proximal to the principal contact zones, together with localised brittle deformation affecting quartz veins and pegmatitic bodies. These structural and intrusive relationships are considered important controls on hydrothermal fluid movement and potential REE mineralisation and will form the focus of ongoing geological mapping and geochemical sampling. The Quernertullip prospect represents another high-priority exploration target within the Company's expanding Greenland portfolio and further demonstrates the regional prospectivity of the Gardar alkaline intrusive province for REE mineralisation. Figure 8. Geological mapping and surface sampling completed at the Quernertullip REE target. 9 dalaroometals.com.au | ASX: DAL Figure 9. Overview of the Quernertullip REE prospect. The Taseq prospect comprises a prospective alkaline granite intrusive complex displaying widespread geological features considered favourable for rare earth element (REE) mineralisation. Initial geological mapping identified localised pink metasomatic alteration developed along the western and eastern margins of the intrusion, interpreted to reflect the circulation of alkaline hydrothermal fluids through the upper levels of the intrusive system. Pink aplite sills were mapped at both the northern and southern extents of the intrusive complex, while a major brittle shear zone transects the southern portion of the prospect, cutting pink syenite and alkaline granite units. Localised quartz veining, brecciation and structural deformation associated with the shear zone highlight multiple pathways for fluid migration and represent favourable exploration targets for hydrothermal REE mineralisation. The combination of alkaline intrusive lithologies, metasomatic alteration, aplite intrusions and structurally controlled hydrothermal activity indicates a highly prospective geological setting for REE mineralisation. The Taseq prospect is also strategically located immediately east of Amaroq Minerals' Ilua REE discovery, providing potential for continuation of the broader fertile alkaline intrusive system into the Company's ground. The Company considers Taseq to be a high-priority exploration target, with further detailed mapping, systematic geochemical sampling and target generation planned to evaluate the extent and significance of any REE mineralisation associated with the intrusive complex. 10 dalaroometals.com.au | ASX: DAL Figure 10. Geological mapping and surface sampling completed at the Taseq REE target. Figure 11. Major shear zone and associated alteration hosted within pink syenites and alkaline granites at the Taseq REE prospect. 11 dalaroometals.com.au | ASX: DAL Blue Lagoon South Geological mapping supported by airborne reconnaissance using Sermeq Helicopters has identified an additional 34 km² of highly prospective rare earth element (REE) source rocks immediately south of the Company's flagship Blue Lagoon Project, substantially expanding the overall exploration footprint. Initial field mapping has confirmed the presence of geological units analogous to those observed at Blue Lagoon, including extensive fenite alteration, quartz syenites and pink alkaline granites. These lithologies are recognised as favourable host rocks for REE mineralisation within alkaline intrusive systems and provide compelling targets for systematic follow-up exploration. Blue Lagoon South is strategically positioned immediately adjacent to Amaroq Minerals' Ilua REE discovery, where drilling is currently evaluating an extensive mineralised system. The proximity of Blue Lagoon South to the Ilua project, together with the continuation of favourable alkaline intrusive geology onto the Company's tenure, highlights the potential for the extension of prospective REE-bearing geological systems into the project area. Mapping also identified tourmaline-rich granites, aplite and pegmatite intrusions, quartz vein swarms and extensive areas of deep colluvial cover interpreted to be derived from the surrounding alkaline intrusive rocks. These geological features are considered highly prospective and warrant further geological mapping, systematic geochemical sampling and target definition to assess the potential for REE mineralisation and continuity south of the main Blue Lagoon Project. The identification of Blue Lagoon South significantly enhances the Company's regional exploration portfolio and reinforces the district-scale prospectivity of its Greenland tenure within the Gardar alkaline province. Figure 12. Airborne reconnaissance of the Blue Lagoon South REE target. 12 dalaroometals.com.au | ASX: DAL Figure 13. Geological mapping and surface sampling completed at the Blue Lagoon South REE target. Figure 14. Intense fenitisation observed at the Blue Lagoon South REE target. 13 dalaroometals.com.au | ASX: DAL Structural Mapping The 2026 field program has completed the most comprehensive structural mapping undertaken across the original Blue Lagoon Project to date. This work has significantly improved Dalaroo's understanding of the structural architecture of the project and will form the basis of the first detailed geological and structural map of the original Blue Lagoon licence area. The structural mapping has been undertaken in conjunction with detailed lithological mapping, allowing the exploration team to identify the relationships between the various alkaline granite phases, pegmatites, intrusive contacts and major structural features observed throughout the project. These datasets will be integrated to establish the relative timing and emplacement sequence of the magmatic events that formed the Blue Lagoon intrusive complex. Understanding the temporal evolution of the Blue Lagoon intrusive complex, including the sequence of magma chamber emplacement and differentiation, is considered fundamental to identifying the most fertile intrusive phases responsible for rare earth mineralisation. By defining the distribution, geometry and relative age of the intrusive phases, Dalaroo aims to identify the most prospective and chemically evolved magmatic units that may represent the principal source of REE-bearing minerals now being recognised throughout the project and within the Blue Lagoon sedimentary basin. Figure 15. Dalaroo Exploration Manager (Greenland), Trystan Hughes, collecting structural measurements from an alkaline granite unit at the Blue Lagoon Project. The structural mapping program is improving the Company's understanding of intrusive relationships, magma emplacement and the geological controls on rare earth element mineralisation. The integration of structural mapping with geological mapping, geochemical results, mineralogical studies, Ground Penetrating Radar (GPR), bathymetric surveys and sediment sampling will enable the Company to develop a robust geological model of the Blue Lagoon REE system. This integrated interpretation is expected to improve the understanding of magma evolution, structural controls on mineralisation and sediment transport pathways, providing a strong technical framework for prioritising future exploration, drill targeting and ongoing metallurgical investigations. The Company believes that establishing the geological evolution of the Blue Lagoon intrusive complex is fundamental to understanding the fertility of the REE system and unlocking the full exploration potential of the project. 14 dalaroometals.com.au | ASX: DAL Source to Sink Model Advances With the first comprehensive field season completed under Dalaroo's ownership, the exploration team has been highly encouraged by the scale and extent of the valley systems draining into the Blue Lagoon basin. Detailed geological mapping has identified multiple well-developed drainage catchments ranging from approximately 1.3 km to 2.4 km in length, each sourced from REE-prospective alkaline granites and pegmatite-rich terrains mapped across the project area. Collectively, these drainage systems define a much larger catchment area than originally recognised, significantly increasing the volume of source rocks capable of contributing REE-bearing heavy minerals into the Blue Lagoon basin. Figure 16. Plan map of the Blue Lagoon Project showing the major valley systems and drainage catchments feeding into the Blue Lagoon basin, illustrating Dalaroo's source-to-sink exploration model and the principal sediment transport pathways from REE-prospective granites and pegmatites. The identification of these extensive drainage systems provides strong geological support for Dalaroo's source- to-sink exploration model. As the granites and pegmatites undergo natural weathering and erosion, resistant heavy minerals containing rare earth elements are transported downstream through these valleys before being deposited within the low-energy environment of the Blue Lagoon. Over geological time, this process has the potential to concentrate heavy mineral-rich sediments within favourable depocentres, creating significant sediment-hosted exploration targets. Importantly, each of the major valley systems has been systematically mapped and extensively sampled during the 2026 exploration program. Rock chip, stream sediment and surface sediment sampling has been completed 15 dalaroometals.com.au | ASX: DAL across the drainage networks to characterise the chemistry of the source rocks and evaluate how rare earth mineralisation is transported through the catchments into the lagoon. These datasets will provide critical information on the fertility of individual source areas and help identify the most prospective sediment transport pathways. Figure 17. Drone photograph looking northeast across the Blue Lagoon Project, illustrating the extensive valley systems draining REE- prospective granites and pegmatites into the Blue Lagoon basin, supporting Dalaroo's source-to-sink exploration model. The recognition of multiple large drainage systems significantly expands the scale of the Company's exploration model beyond the lagoon itself. Rather than relying on a single sediment source, Blue Lagoon appears to receive material from several independent catchments, each with the potential to contribute rare earth-bearing heavy minerals into the basin. This substantially increases the overall exploration opportunity and provides multiple priority areas for ongoing evaluation. Results from geological mapping, surface geochemistry, Ground Penetrating Radar (GPR), bathymetric surveys and lagoon sediment sampling will now be integrated into a single three-dimensional geological model. This work is expected to identify the principal sediment transport corridors, define areas of maximum sediment accumulation and further refine priority targets for follow-up exploration and future drill testing. The Company believes the combination of favourable source rocks, extensive drainage systems and a large sedimentary trap represented by the Blue Lagoon creates a compelling exploration model that is becoming increasingly supported by each stage of the 2026 field program. 16 dalaroometals.com.au | ASX: DAL GPR work and Bathymetric survey completed The 2026 Ground Penetrating Radar (GPR) and bathymetric survey program at the Blue Lagoon Rare Earth Project has now been successfully completed, marking another significant milestone in Dalaroo Metals' largest exploration campaign undertaken at the project to date. The program comprised detailed GPR surveys across five priority beach systems together with a comprehensive bathymetric survey covering the entire Blue Lagoon. The surveys were designed to map sediment thickness, define the geometry of sedimentary basins, identify paleochannels and source-to-sink transport pathways, and prioritise areas prospective for the accumulation of heavy mineral sands and rare earth-bearing sediments. The completed surveys provide extensive subsurface coverage across the project area and represent the first integrated geophysical assessment of the Blue Lagoon sedimentary system. The datasets are expected to significantly improve Dalaroo's understanding of sediment distribution, basin architecture and the geological controls on heavy mineral concentration throughout the lagoon environment. Processing, interpretation and three-dimensional modelling of the GPR and bathymetric datasets are now underway, with results expected to define sediment architecture, identify areas of maximum sediment accumulation, delineate paleochannels and refine priority targets for follow-up exploration and future drilling. The interpreted geophysical datasets will be integrated with geological mapping, structural interpretation, surface geochemistry, lagoon and offshore sediment sampling, and forthcoming laboratory assay results to develop a comprehensive exploration model for the Blue Lagoon Project. This integrated approach will provide a robust geological framework for the source-to-sink rare earth mineralisation system and guide the next phase of exploration across the project. Figure 18. GPR and Bathymetrical surveys being completed at the Blue Lagoon Project. Offshore sampling The 2026 Van Veen sediment sampling program has now been successfully completed across the Blue Lagoon Project, representing another important component of Dalaroo's integrated source-to-sink exploration strategy. The program focused on collecting unconsolidated sediment samples from across the Blue Lagoon basin to evaluate the distribution and concentration of rare earth-bearing heavy minerals within the lagoon environment. Sampling was designed to complement the Company's geological mapping, surface sampling, Ground 17 dalaroometals.com.au | ASX: DAL Penetrating Radar (GPR) and bathymetric surveys, providing a comprehensive understanding of sediment transport, deposition and areas of potential heavy mineral accumulation. Van Veen grab sampling was completed across the Blue Lagoon, with samples collected from strategically selected locations designed to test varying water depths, sedimentary environments and interpreted depositional centres identified from the bathymetric survey. Figure 19. Van Veen grab sampler used during the 2026 exploration program to collect sediment samples from the Blue Lagoon and selected nearshore marine locations. Offshore marine sampling was more limited than originally planned due to adverse weather conditions encountered during the field program and the Company awaiting approval of Exploration Licence M-523, which covers the broader offshore extension of the Blue Lagoon system. Despite these constraints, the exploration team successfully completed sampling at several nearshore marine locations adjacent to the current licence boundary, providing an important first assessment of the offshore sedimentary environment. All sediment samples are currently being transported to Nuuk before shipment to ALS Laboratories in Perth, Western Australia, for comprehensive multi-element geochemical analysis. The results will be integrated with geological mapping, structural mapping, surface geochemistry, GPR and bathymetric datasets to identify areas of enhanced rare earth enrichment and further refine the Company's source-to-sink exploration model. Subject to the grant of Exploration Licence M-523, Dalaroo intends to undertake a significantly expanded offshoresampling programduring futureexploration campaigns to evaluatethebroader marinesediment system and determine the extent of rare earth-bearing sediment accumulation beyond the current project area. Figure 20. Photograph of the Van Veen grab sampler collecting an unconsolidated sediment sample from the nearshore ocean floor during the 2026 exploration program. 18 dalaroometals.com.au | ASX: DAL The Van Veen program provides the first systematic assessment of sediment chem