Axel Ree Ltd. · ASX:AXL
Axel Ree — Spark Plus Australian Equities Day 2025
21 slides from Axel Ree's conference presentation, Oct 3, 2025
Slide 1: Spark+ Australian Equities Day Presentation October 2025
For personal use only 100Mt Inferred Resource - Gallium + 233Mt Inferred Resource - REE Caladão REE - Gallium Project – Lithium Valley - Brazil Nd Pr Dy Tb Ga SPARK+ AUSTRALIAN EQUITIES DAY PRESENTATION October 2025 Neodymium Praseodymium Dysprosium Terbium Gallium ASX: AXL | FSE: HN8
Slide 2: Disclaimers
Disclaimers These presentation materials and any accompanying verbal presentation (together, the Presentation Materials) have been arising out of or derived from, or for omissions from, this document including, without limitation, any financial information, prepared by Axel REE Limited (Company) as
Slide 3: Critical Metals Assets
Critical Metals Assets World Class Location Caladão Project For personal use only • Lithium Valley, Brazil – Tier 1 Mining Jurisdiction 100Mt @ 42ppm Ga • Excellent infrastructure, hydroelectric power and access to port 233Mt @ 2,143ppm TREO • Multiple projects neighbouring world class deposits/mine
Slide 4: Axel REE Strategy Execution – From IPO to Dual-Resource in ~15 months
Axel REE Strategy Execution – From IPO to Dual-Resource in ~15 months Fast tracking REE and Gallium exploration strategy July 2024 For personal use only • $13.3M ASX IPO • High grade Gallium • Commenced preliminary • Strategic collaboration discovery metallurgical studies agreements with Federation
Slide 5: Brazilian REE Peer Comparison
Brazilian REE Peer Comparison ASX Brazilian REE Explorers – EV/Contained REE ($/kt) 500x 3,000 461x 450x 2,500 400x For personal use only 350x 2,000 300x TREO (ppm) EV/TREO ($/kt) 250x 1,500 200x 1,000 150x 105x 115x 100x 75x 500 50x 10x 0x 0 AXL BCM MEI VMM BRE EV $4.4M EV $50.7M EV $372.1M EV $141
Slide 6: Corporate Snapshot
Board Corporate Snapshot Paul Dickson Non-Executive Chairman Low EV, strong cash balance • More than 30 years’ experience in the finance services industry • Currently Non-Executive Chairman of Alligator Energy Limited (ASX:AGE) and Non- Executive Director of Verity Resources Limited (ASX:VRL) • Foun
Slide 7: Caladão Project: Unique REE + Gallium Discoveries
Caladão Project 1. Caladão Project – Area A Unique REE + Gallium Discoveries Unique deposit profile with gallium mineralised in the surface lateritic soil profile For personal use only Whilst REE grade is increasing to depths up to ~80m, high grade Gallium is present predominately in the lateritic s
Slide 8: Globally Significant Discrete Gallium Mineral Resource Estimate
Globally Significant Discrete Gallium Mineral Resource Estimate 100 Mt Gallium Inferred • The only discrete gallium resource in Brazil not occurring as a by-product of aluminium/bauxite Mineral Resource • • Surface Resource limited to only 10m depth Laterite-hosted opens potential for low cost and e
Slide 9: Globally Significant REE Mineral Resource Estimate
233 Mt REE Inferred Globally Significant REE Mineral Resource Estimate Mineral Resource • JORC (2012) Inferred: 233 Mt @ 2,143 ppm TREO with 22% MREO/TREO at 450 ppm TREO cut-off, pit-constrained Estimate • Footprint ~33 km² (<10% of total Project area) • Contained metals: 499.9kt TREO and 107.9kt M
Slide 10: Preliminary Metallurgical Testing - REE
ANSTO Preliminary Testing • ANSTO metallurgy on holes DDH-018 and DDH-036, ~2km apart • NaCl and AMSUL leach at pH 4. Ionic Adsorption Clay confirmed • DDH-018: up to 52% MREO recovery with NaCl Preliminary Metallurgical • DDH-036 hosts non-ionic REE with very high head grades incl. up to 1,125 ppm
Slide 11: Preliminary Metallurgical Testing - Gallium
Corporate Snapshot ANSTO Preliminary Testing Low EV, strong cash balance • • Early acid leach achieved up to 25% Ga recovery; Enhancement of Ga extraction with acidity and leach duration Preliminary Metallurgical • • confirms extractable Ga in lateritic soils; potential dedicated low-cost Ga stream
Slide 12: Caladão Project: District Scale REE + Gallium Discovery
Corporate Snapshot Caladão Project Low EV, strong cash balance District Scale REE + Gallium Discovery District Scale Discovery High Grade REE + Gallium High grade Gallium discovered in 116 km2 mineralised drilled area the lateritic soil profile at surface For personal use only 34% of total 420km2 pr
Slide 13: The Gallium Opportunity
The Gallium Opportunity Rapidly Growing Supply Critical Metal Gallium Spot price $1,233 per kg (1/10/2025) 1 Global Strategic Metal Recognised as a critical metal due to its role in high-tech industries (chips used in AI), solar energy, aerospace and For personal use only military defense applicatio
Slide 14: High Value Magnet REE Profile
Caladão Project – Area A 1. Caladão Project – Area A High Value Magnet REE Profile $557 REE Critical for Permanent Magnets For personal use only Light Rare Earths Magnet REEs are rarer and more valuable Heavy Rare Earths Caladão Mineral Resource Estimate has a strong high value MREO profile – 22% MR
Slide 15: Key Government Partnerships
Key Government Partnerships MoUs signed to expedite project development Federation of Industries of Minas Gerais (FIEMG) Collaboration on the production of rare earth magnets – potential for Axel REE to supply REE raw materials for For personal use only production of rare earth magnets State Secreta
Slide 16: Caldas Project: Poços De Caldas Alkaline Intrusive
Corporate Snapshot Caldas Project Low EV, strong cash balance 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 228k
Slide 17: Axel Value Proposition
Axel Value Proposition Fully funded $8.7M cash (at 30 June 2025) Caladão Project For personal use only 100Mt @ 42ppm Ga 233Mt @ 2,143ppm TREO Executing IPO Strategy: over 8,444m drilled since IPO in July 2024 Caladão Project – unique, discrete surface REE (233Mt) + Gallium (100Mt) Mineral Resource E
Slide 18: Contacts
For personal use only CONTACTS Paul Dickson – Chairman pd@axelreelimited.com.au Andrew Willis – Investor Relations awillis@nwrcommunications.com.au 18
Slide 19: References
References References to previous announcements • AXL ASX release 1 October 2025 “REE Mineral Resource Estimate” • AXL ASX release 10 September 2025“Further REE-Gallium Mineralisation Identified at Caladao” For personal use only • AXL ASX release 22 August 2025 “100Mt Maiden Gallium Mineral Resource
Slide 20: Appendix A: Source Data for Peer Comparisons
Appendix A Source Data for Peer Comparisons Resource TREO Company Project Classification Mt (ppm) Stage) Source Indicated 248 759 ASX Announcement 21 February 2025. Brazilian Critical For personal use only Minerals Limited Ema Inferred 695 701 Scoping Study Updated Mineral Resource for Ema 97% (ASX:
Slide 21: Appendix B: REE Mineral Resource Estimate
Appendix B REE Mineral Resource Estimate Average Grade Contained Dy2O3+ Nd2O3+ For personal use only Regolith JORC Tonnes TREO1 MREO Tb4O7 Pr2O3 TREO MREO Domain Category (Mt) (ppm) (ppm) (ppm) (ppm) (kt) (kt) Saprolite Inferred 233.0 2,143.3 463.2 23.3 439.9 499.9 107.9 Sources: SRK, 2025 Notes: •