Axel Ree Ltd. · ASX:AXL
Axel Ree — Investor Presentation (November 2025)
24 slides from Axel Ree's investor presentation, Nov 27, 2025
Slide 1: Accelerating Caladão Project – Field Recovery Trials
Accelerating Caladão Project – Field Recovery Trials 100Mt @ 42ppm Inferred Gallium Resource 233Mt @ 2,143ppm TREO Inferred REE Resource Nd Pr Dy Tb Ga INVESTOR PRESENTATION November 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: Transforming Axel into a Rare Earths & Gallium Developer
Transforming Axel into a Rare Earths & Gallium Developer De-risking and advancing Caladão into a low cost REE and Gallium developer World Class, Tier 1 Location • Lithium Valley, Brazil – Tier 1 Mining Jurisdiction • Excellent infrastructure, hydroelectric power and access to port Caladão Project (A
Slide 4: Corporate Snapshot: Low EV, strong cash balance
Corporate Snapshot Board Low EV, strong cash balance Paul Dickson Non-Executive Chairman • 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) Capital
Slide 5: Axel's Value/Leverage compared to Brazilian REE Projects
Axel’s Value/Leverage compared to Brazilian REE Projects ASX Brazilian REE Peers – EV/Contained REE ($/kt) 600x 3,000 EV/kt TREO (x) Resource Grade (TREO) 540x 500x 2,500 400x 2,000 TREO (ppm) EV/TREO ($/kt) 300x 1,500 200x 1,000 107x 112x 100x 500 67x 14x 0x 0 AXL BCM MEI VMM BRE EV $6.9M EV $45.4M
Slide 6: The Valuation Anomaly
The Valuation Anomaly The market has priced AXL as an early-stage REE explorer, but AXL is already fully funded to advance to trial ISR REE mining, gallium process development and real-ore processing, which will generate feasibility-level data and accelerate to the next stage in project development
Slide 7: Axel's In Situ Recovery - Mixed Rare Earth Carbonate (MREC)
Axel’s In Situ Recovery - Mixed Rare Earth Carbonate (MREC) Caladão Area B – Woolrich ISR Trial Area A – Heap Leach process (planned) Lower CAPEX/OPEX Area A – 100Mt @ 42ppm Ga 233Mt @ 2,143ppm TREO Ga + REE MRE at Area B (Dec 25) Quicker Path to Production Woolrich ISR Trial Premium MREC Target up
Slide 8: Caladão Area B Woolrich Target: The Right Fit for ISR
Caladão – Area B Woolrich Target “Economics based on real The Right Fit for ISR production data.” Resource Profile & Geology – Made for ISR, similar to Chinese ISR mines • Coarse weathered granites = excellent permeability • Gravity works in our favour (leaching from hilltops) Schematic diagram of t
Slide 9: In Situ Recovery Mining – A Proven Low Cost, Environmentally Friendly Process
In Situ Recovery Mining – A Proven Low Cost, Environmentally Friendly Process Key technical and environmental advantages of Caladão – Area B Woolrich Target 01 02 03 No Open Pit or Strip Mining Lower Capital Intensity Lower Operating Costs • Ore is leached in place via wells, avoiding large • No pri
Slide 10: Proven Recoveries, Now confirming Chemistry & Testing Economics
Proven Recoveries, Now confirming Economics based on real Chemistry & Testing Economics production data Axel plans to commence in situ trial mining in 2026 and use real product to model an economic case, at a fraction of the cost and with a multitude of other benefits: AXL Trial Mining Characteristi
Slide 11: Clear Value Milestones
Clear Value 1. Caladão Milestones Project – Area A Accelerated pathway to production and company re-rating PLS specs (target 10k Produce MREC specs litres) Area B – Woolrich Target: Pilot ISR wellfield, modular plant, offtake Caladão MRE upgrade Metallurgy and samples – Area A - Gallium metallurgy a
Slide 12: Unique Gallium Opportunity
Unique Gallium Opportunity Gallium Spot price $1,541 per kg (25/11/2025) 1 Gallium is a globally critical technology metal 98% of global supply controlled by China → export bans in 2024. AXL hosts Brazil’s only defined primary gallium resource & one of the largest resources globally Essential for En
Slide 13: Investment Highlights
Investment Highlights • 233Mt @ ~2,143ppm TREO (Inferred, Area A) with ~22% magnet REO and 100Mt @ 42ppm Ga (4,200 t contained). 01 • District-scale laterite and ionic-clay system covering ~400 km² in Brazil’s Lithium Valley. Unique REE + Gallium Deposit • Shallow, soft, permeable regolith profile i
Slide 14: Contacts
CONTACTS Paul Dickson – Chairman pd@axelreelimited.com.au Andrew Willis – Investor Relations awillis@nwrcommunications.com.au 14
Slide 15: Supplementary Information: Caladão Project
Supplementary Information Caladão Project 15
Slide 16: Corporate Snapshot: Caladão Project
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 34% of total 420km2 project area Potentially
Slide 17: Caladão Project – Area A: 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 Whilst REE grade is increasing to depths up to ~80m, high grade Gallium is present predominately in the lateritic soil layer from surface
Slide 18: 233 Mt REE Inferred 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 19: 100 Mt Gallium Inferred 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 20: Supplementary Information: Caldas Project
Supplementary Information Caldas Project 20
Slide 21: Corporate Snapshot: Caldas Project
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 22: Appendix A – Peer Comparisons
Appendix A – Peer Comparisons Source Data for Peer Comparisons Resource TREO Company Project Classification Mt (ppm) Stage) Source Indicated 248 759 ASX Announcement 21 February 2025. Brazilian Critical Minerals Limited Ema Inferred 695 701 Scoping Study Updated Mineral Resource for Ema 97% (ASX:BCM
Slide 23: Appendix B – Mineral Resource Estimates
Appendix B – Mineral Resource Estimates REE Mineral Resource Estimate Average Grade Contained Dy2O3+ Nd2O3+ 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 No
Slide 24: References
References References to previous announcements • AXL ASX release 26 November 2025 “Breakthrough REE Metallurgy at Caladao In Situ Leach Target” • AXL ASX release 1 October 2025 “REE Mineral Resource Estimate” • AXL ASX release 10 September 2025“Further REE-Gallium Mineralisation Identified at Calad