Axel Ree Ltd. · ASX:AXL
Axel Ree — Investor Presentation (October 2026)
33 slides from Axel Ree's investor presentation, Oct 7, 2026
Slide 1: From Moving Rocks to Moving Ions
From Moving Rocks to Moving Ions Pioneering the ISR Development Pathway for Ionic Adsorption Clay Rare Earths in Minas Gerais — An Axel REE Limited Case Study Investor Webinar Managing Director: Dr Patience Mpofu Brazilian Rare Earths + Gallium Advancing toward ISR field trial and trial mining pathw
Slide 2: Disclaimer
DISCLAIMER These presentation materials and any accompanying verbal presentation (together, the Presentation Materials) have omissions from, this document including, without limitation, any financial information, any estimates or projections and been prepared by Axel REE Limited (Company) as at 7 Oc
Slide 3: Overview
OVERVIEW 1. Executive Summary: Investment Rationale 2. The Strategic Opportunity 3. The Axel Competitive Advantage: Latest update: MRE Upgrade 4. Our ISR Development Strategy 5. The Development Roadmap 6. Creating Shareholder Value 7. Corporate Overview
Slide 4: Key Strategic Questions
KEY STRATEGIC QUESTIONS 1. Why should you invest in Axel right now? 2. Why does Axel matter in the global rare earth supply chain? What are the key trends and drivers of global REE supply and demand? 3. Why is Axel uniquely positioned to succeed? 4. How does ISR create a competitive advantage in lig
Slide 5: 1. Investment Rationale
1. INVESTMENT RATIONALE Positioned within the rapidly growing Non-Chinese rare earth supply chain with a growing demand Large-scale ionic clay resource with expansion potential of HREE and Gallium upside. Brazil resource scale: Axel now sits among major developers with the latest Resource Upgrade On
Slide 6: 2.1 The Strategic Opportunity: Magnetic REE Demand
2.1 THE STRATEGIC OPPORTUNITY: MAGNETIC REE DEMAND The energy transition, industrial automation and geopolitical security are transforming magnet REE into strategic minerals of national importance. Axel's ISR development strategy is aligned with the growing global need for scalable, responsible and
Slide 7: 2.2 The Strategic Opportunity: Global Supply of REE and Reserves
2.2 THE STRATEGIC OPPORTUNITY: GLOBAL SUPPLY OF REE AND RESERVES China dominates the critical minerals value chain. Brazil is uniquely positioned to diversify global supply, with the world's second-largest REE reserve base but less than 1% of current mine production, creating the strategic opportuni
Slide 8: 3. Large Resource Located in Stable Mining Jurisdiction
3. THE AXEL COMPETITIVE ADVANTAGE: LARGE RESOURCE LOCATED IN STABLE MINING JURISDICTION Brazil has the resource scale and the world has the supply-chain risk. Axel’s opportunity is to convert Brazil’s underdeveloped REE endowment into a lower-impact, scalable ISR supply option for magnet rare earths
Slide 9: 3.1 Large Ionic Clay Resource
3.1 THE AXEL COMPETITIVE ADVANTAGE: LARGE IONIC CLAY RESOURCE Resource Growth in 18 Months 708.6 +42% +476% 575.7 439 572 499 100 TREO (kt) Gallium (Mt) Aug-25 Dec-25 Sep-26 Current Mineral Resource Estimate (Sept 2026) REE Resource Gallium Resource (Inferred + Indicated) (Inferred + Indicated) 709M
Slide 10: 3.1 Large Ionic Clay Resource: Caladão MRE Areas and Deposits
3.1 THE AXEL COMPETITIVE ADVANTAGE: LARGE IONIC CLAY RESOURCE Caladão Project, MRE Areas and Key Deposits Current Mineral Resource Estimate: Caladão REE + Ga Deposit JORC Category Tonnes (Mt) TREO (ppm) Caladão Area A Inferred 233.00 2,133 Marambaia Inferred 126.00 1,154 Tiger Creek Inferred 85.00 1
Slide 11: 3.1 Large Ionic Clay Resource
3.1 THE AXEL COMPETITIVE ADVANTAGE: LARGE IONIC CLAY RESOURCE One of the first known emerging ISR Ion Adsorption Clay REE developers in Minas Gerais in Brazil outside of Asia Caladão Project, MRE Areas and Key Deposits Current Mineral Resource Estimate: Caladão REE + Ga 709Mt @ 1,443ppm TREO and 5
Slide 12: 3.2 Gallium Upside
3.2 THE AXEL COMPETITIVE ADVANTAGE: GALLIUM UPSIDE Caladão’s ISR concept positions Axel as one of the few companies globally with a large, in-situ gallium resource not dependent on bauxite refineries, and a potential future supplier of gallium and magnet rare earths into de-risking Western supply ch
Slide 13: 3.3 Low Environmental Impact, Modular, Low-Cost In-Situ Recovery
3.3 THE AXEL COMPETITIVE ADVANTAGE: LOW ENVIRONMENTAL IMPACT, MODULAR, LOW-COST, LOW CAPITAL, IN-SITU RECOVERY Rare earths are recovered directly from ionic clays without conventional mining or crushing Why ISR (In-Situ Recovery)? Ionic Clays Amenable to ISR Magnesium • Rare earths are recovered dir
Slide 14: 3.4 Low Cost ISR vs Conventional REE Mining
3.4 THE AXEL COMPETITIVE ADVANTAGE: LOW COST ISR VS CONVENTIONAL REE MINING In-Situ Recovery mining is a cost-effective, low environmental impact method of REE mining CONVENTIONAL REE MINING HIGH CAPEX | HIGH OPEX | LARGE FOOTPRINT Hard-rock ore Gravity Froth Magnetic Leaching Purification MREC mona
Slide 15: 3.5 Low Cost Ionic Adsorption Clay REE: ISR vs Tank Leach Mining
3.5 THE AXEL COMPETITIVE ADVANTAGE: LOW COST IONIC ADSORPTION CLAY REE: ISR VS TANK LEACH MINING In-Situ Recovery mining is a cost-effective, low environmental impact method of Ionic Clay REE mining Tank (VAT) Leach Process Flowsheet – 10 Steps HIGH CAPEX | HIGH OPEX | LARGE FOOTPRINT Carbonate Mini
Slide 16: 3.6 Developing REE Responsibly
3.6 THE AXEL COMPETITIVE ADVANTAGE: DEVELOPING REE RESPONSIBLY In-Situ Recovery strategy is designed to align technical innovation with responsible resource development. Responsible mining is becoming a competitive advantage, not simply a licence to operate ISR (In-Situ Recovery) Open Pit Mining Hea
Slide 17: 3.7 Low Cost ISR Development Strategy
3.7 THE AXEL COMPETITIVE ADVANTAGE: LOW COST ISR DEVELOPMENT STRATEGY Being on the first quartile of the cost curve is a source of competitive advantage. A favourable position on the Ionic Clays industry cost curve gives differentiating attributes Illustrative Cost Curve Cost Curve implications Th
Slide 18: 3.8 Capex: ISR Capex a Fraction of Peers
3.8 THE AXEL COMPETITIVE ADVANTAGE: CAPEX: ISR CAPEX A FRACTION OF PEERS BCM's Ema ISR project needs US$74M to reach first production, against US$449mill–$781mill for mined ionic clay projects and US$900mill–$1.2bn for hard rock Reported initial capex by project What drives the gap Ema (ISR) needs
Slide 19: 3.9 ISR Soluble TREO vs Capex
3.9 THE AXEL COMPETITIVE ADVANTAGE: ISR SOLUBLE TREO VS CAPEX A FRACTION OF PEERS Value Proposition: Axel ISR Targets vs Gerik ISR Mine (Malaysia) Comments Company - Project Resource CAPEX SOLUBLE MREO/ NdPr/ DyTb/ Size US$M TREO TREO % TREO % TREO % ppm • SGX-listed Southern Alliance Mining Ltd com
Slide 20: 3.10 Competitive Landscape: Axel Sits Among Brazil's Peers
3.10 COMPETITIVE LANDSCAPE: RESOURCES: AXEL SITS AMONG BRAZIL’S PEERS Classified resources, Mt of mineralised material. Five selected major peers plus Axel. 1,800 1,500 1,200 900 600 300 0 Resouro Meteoric BCM AXEL Viridis Aclara Tiros Caldeira Ema Caladão Colossus Carina Indicated Measured Inferred
Slide 21: 3.11 Competitive Landscape: Axel Among Major REE Peers
3.11 COMPETITIVE LANDSCAPE: RESOURCES: AXEL SITS AMONG MAJOR REE PEERS Contained TREO vs grade, ionic clay peers · bubble size = MRE (Mt) 3,000 ASX:VMM ASX:MEI 2,500 2,000 TREO grade (ppm) TSX:ARA 1,500 ASX:AXL LSE:HREE 1,000 ASX:AR3 ASX:BCM 500 ASX:IXR 0 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,
Slide 22: 4.0 ISR Development Strategy and Roadmap
4.0 ISR DEVELOPMENT STRATEGY AND ROADMAP: The Company is at a pivotal technical validation stage — with column test results supporting the next phase of REE exploratory field tests COMPLETED COMPLETED COMPLETED I N PROGRESS I N PROGRESS ADVANCI NG NEXT MI LESTONE MRE Delivered Metallurgical Test Col
Slide 23: 4.1 ISR Development Strategy and Roadmap
4.1 ISR DEVELOPMENT STRATEGY AND ROADMAP: WORKSTREAM Q1 Q2 Q3 Q4 Resource upgrade to Indicated Maiden 110Mt Indicated MRE at Woolrich ISR, 24% Increase in Global REE MRE (0.71Bt) 31% increase in Gallium MRE (0.58Bt) Further resource upgrade Infill drilling Hydrological studies Hydraulic response Exp
Slide 24: 5 Our ISR Development Strategy
5 OUR ISR DEVELOPMENT STRATEGY Woolrich Deposit – First Wellfield Exploratory Tests to Commence Comments • Exploratory field testwork to commence at first targeted wellfield in Woolrich deposit • Up to 560 ppm soluble TREO via ISR column leach testing, comparable to operating ISR mines • Magnet-rich
Slide 25: 5. The Development Strategy: Woolrich First Field Trial & Growth Strategy
5. THE DEVELOPMENT STRATEGY: WOOLRICH FIRST FIELD TRIAL & GROWTH STRATEGY Woolrich Deposit – First Field Trial Area Comments Can the process work consistently in the ground, at scale?? First Field Trial at Woolrich • Woolrich selected as anchor asset: • 2,000 Ha mineralised footprint with 12 potenti
Slide 26: Caldas Project: Poços de Caldas Alkaline Intrusive
CALDAS PROJECT: POÇOS DE CALDAS ALKALINE INTRUSIVE This unique Alkaline Complex hosts globally significant ionic adsorption clay (IAC) REE discoveries including Meteoric Resources NL and Viridis Mining & Minerals Limited Axel’s Caldas Project covers 232km2 and licences are situated inside, around th
Slide 27: Caldas South: Second Potential ISR Area Identified
CALDAS SOUTH: SECOND POTENTIAL ISR AREA IDENTIFIED Magnesium sulphate leach assays identify a laterally continuous ionic adsorption clay (IAC) REE system at Caldas South, on the south-western margin of the Poços de Caldas Alkaline Complex Soluble mineralisation is continuous down-hole and near-surfa
Slide 28: 7. Investment Rationale
7. INVESTMENT RATIONALE Positioned within the rapidly growing Non-Chinese rare earth supply chain with a growing demand Large-scale ionic clay resource with expansion potential of HREE and Gallium upside. Brazil resource scale: Axel now sits among major developers with the latest Resource Upgrade On
Slide 29: Corporate Snapshot
CORPORATE SNAPSHOT LOW EV, STRONG CASH BALANCE Board Dr Patience Mpofu Managing Director Capital Structure • 25+ years’ experience spanning metallurgy, mining operations, corporate strategy, capital markets, ESG and critical minerals. Deep technical expertise in clay-hosted mineral systems and rare
Slide 30: Unlocking Strategic Rare Earth Supply: Axel REE's ISR Development Strategy
Unlocking Strategic Rare Earth Supply: Axel REE’s ISR Development Strategy & Roadmap Investor Relations Webinar Managing Director: Dr Patience Mpofu Brazilian Rare Earths + Gallium Advancing toward ISR field trial and trial mining pathway Nd Pr Dy Tb Ga Sc Neodymium Praseodymium Dysprosium Terbium G
Slide 31: Appendix A – Peer Comparisons
APPENDIX A – PEER COMPARISONS Source Data for Peer Comparisons Company Project M / I / Inf (Mt) Total Mt TREO (ppm) Stage ASX Release/Reference (MRE, Cash position) Caladão Exploration/Pre- Axel REE Limited (ASX:AXL) 0 / 110.08 / 598.51 708.6 1,443 (global) development 24 Sep 2026, Annual Report 30
Slide 32: Appendix B – Mineral Resource Estimates
APPENDIX B – MINERAL RESOURCE ESTIMATES REE Mineral Resource Estimate (572Mt) Deposit JORC Category Tonnes (Mt) TREO (ppm) Caladão Area A Inferred 233.00 2,133 Marambaia Inferred 126.00 1,154 Tiger Creek Inferred 85.00 1,050 Woolrich Inferred 154.51 1,120 Woolrich Indicated 110.08 1,073 Total Caladã
Slide 33: References
REFERENCES References to previous announcements • AXL ASX release 24 September 2026 “GLOBAL MRE INCREASES TO 0.71BT REE AND 0.6BT GALLIUM” • AXL ASX release 7 July 2026 “95% Gallium, 74% Scandium Extraction Achieved at Tiger Creek” • AXL ASX release 30 June 2026 “Caldas South Identified as New ISR R