Axel Ree Ltd. · ASX:AXL
Axel Ree — Bell Potter Unearthed Conference 2026
19 slides from Axel Ree's conference presentation, Feb 12, 2026
Slide 1: Accelerating Caladão Project to Planned ISR Field Recovery Trials
Axel REE (ASX:AXL | FSE:HN8) Investor Presentation | February 2026 Bell Potter Unearthed Conference Accelerating Caladão Project to Planned ISR Field Recovery Trials
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 11 Febr
Slide 3: Chinese Rare Earth ISL Operation 'The Global Standard'
Chinese Rare Earth ISL Operation ‘The Global Standard’ In Situ Leaching since 1997 China began using Magnesium Sulphate as a leaching agent (Epsom Salts) in 2010. ISL-Approximately 70% of the global mine production in China. ISL is a LOW COST and world proven process ISL is Low CAPEX, low OPEX vs. o
Slide 4: Caladão Project, MRE Areas and Key Deposits
Caladão Project, MRE Areas and Key Deposits The combined Area A + B MRE now stands at 572 Mt @ 1,506 ppm TREO and 439 Mt @ 38 ppm Ga, covering ~151 km² (~35% of the Caladão Project area). Two main areas identified for ISR mining: Paraíso ISR Area B Prospect 339Mt@1,075ppm TREO and 36ppm Ga Woolrich
Slide 5: Paraíso Target - 9 Wellfields Planned
Paraíso Target -9 Wellfields Planned Soluble TREO Grade-thickness Hole ID Interval (m) (ppm) From (m) To (m) (gram-metre) CLD-AUG-028 8.00 1,046 12.00 20.00 8,372 CLD-DDH-028 22.15 619 28.00 50.15 13,705 CLD-DDH-003 19.32 662 27.00 46.32 12,476 CLD-DDH-018 20.00 600 19.00 39.00 12,006 CLD-AUG-073 12
Slide 6: Caladão – The Right Fit for ISR
Caladão – The Right Fit for ISR Resource Profile & Geology – Made for ISR, similar to Chinese ISR mines • Coarse weathered granites = excellent permeability • Gravity works in our favour (leaching from hilltops) • Granite basement – ideal controlled floor for solution flow Schematic diagram of the i
Slide 7: Strategic Roadmap: "Pod" Implementation Model
Strategic Roadmap: “Pod” Implementation Model1 2029 Steady State Pods 2028 2027 Ramp Up Pod 0.5-1.5kt REO/yr per pod benchmark1 2026 Pilot Pod 300-600t REO/yr benchmark1 • Deploy multiple Field Trials independent pods 100-300t REO/yr benchmark1 • Optimise injection-to- recovery ratios • Stable produ
Slide 8: Asset Portfolio & Regional Scalability
Asset Portfolio & Regional Scalability Potential to scale via Interconnected Hubs in the Woolrich district • Woolrich (Anchor Asset): 2,000 Ha mineralised footprint with potential for 12 individual wellfields identified • Paraíso Prospect: 1,000 Ha area with 9 potential wellfields identified via exp
Slide 9: Gerik ISR Mine Vs Axel's Woolrich & Paraíso Targets
Gerik ISR Mine Vs Axels’ Woolrich & Paraíso Targets Company - Resourc CAPEX SOLUBLE MREO/ NdPr/ DyTb/ Gerik ISR Mine - Malaysia Comparison Project e Size US$M TREO TREO % TREO % TREO % ppm Axel REE – Paraíso - 537 41.00 39.00 2.0 • Malaysia’s first profitable ionic clay ISR mine Prospect operation,
Slide 10: Proven Recoveries, now confirming Chemistry & Testing Economics
Proven Recoveries, now confirming Economics based on real Chemistry & Testing Economics production data AXL Trial Mining Characteristics vs PFS/DFS Saves time 6–12 months vs 18–30 months for PFS/DFS. Real ore performance Saves costs ~A$2 m vs ~A$10–20m traditional route Measures actual reagent use R
Slide 11: Unique Gallium Opportunity
Unique Gallium Opportunity Gallium Spot price $2,101.60 per kg (03/02/2026)1 Gallium is a globally critical technology metal 98% of global supply controlled by China → export bans in 2024. AXL hosts Brazil’s only defined primary gallium resource & one of the largest resources globally Integral to De
Slide 12: Valuation disconnect vs Brazilian REE peers
Valuation disconnect vs Brazilian REE peers ASX Brazilian REE Peers – EV/Contained REE ($/kt) +$1.0Bn 600x 3,000 EV/kt TREO (x) 500x 2,500 • Trading as early-stage explorer 400x 2,000 TREO (ppm) • Fully funded to generate EV/TREO ($/kt) feasibility-level ISR data 300x 1,500 • Valuation does not refl
Slide 13: Clear Value Milestones
Clear Value Milestones Accelerated pathway to production and company re-rating Area B MRE – Increase Global MRE to 572Mt REE and 439Mt Ga Area B – Woolrich Deposit: Pilot ISR wellfield trials, modular plant, offtake, Ge21 Consultoria permitting Ionic clays confirmed at Caladão Project Metallurgy and
Slide 14: Corporate Snapshot
Corporate Snapshot Low EV, strong cash balance Board Capital Structure Paul Dickson ASX Code AXL Non-Executive Chairman • More than 30 years’ experience in the finance services industry Share Price (market close $0.091 • Currently Non-Executive Chairman of Alligator Energy Limited (ASX:AGE) and Non-
Slide 15: Accelerating Caladão Project – Field Recovery Trials
Accelerating Caladão Project – Field Recovery Trials For more information, please contact: Axel REE Limited (ASX:AXL | FSE:HN8) Investor Relations Paul Dickson Julia Maguire Chairman The Capital Network pd@axelreelimited.com.au julia@thecapitalnetwork.com.au www.axelreelimited.com.au
Slide 16: Appendix A
Appendix A References to previous announcements AXL ASX release 2 February 2026 “Paraiso Deposit Further Validates REE In Situ Leach Pathway” AXL ASX release 27 January 2026 “Gallium Recovery Doubled, Breakthrough Scandium Co-Recovery” AXL ASX release 23 December 2025 “Axel MRE Delivers 145% REE Gro
Slide 17: Appendix B – Pod Implementation Model References
Appendix B – Pod Implementation Model References China ISR benchmark sources (Slide 7) Xu, Z. (2014). The Research in Development and Strategy of Rare Earth Industry in Jiangxi Province. In: International Conference on Logistics Engineering, Management and Computer Science (LEMCS 2014). Atlantis Pre
Slide 18: Appendix C – Source Data for Peer Comparisons
Appendix C – Source Data for Peer Comparisons Resource TREO Company Project Classification Mt (ppm) Stage) Source Brazilian Critical Indicated 248 759 ASX Announcement 21 February 2025. Updated Mineral Resource Minerals Limited Ema Inferred 695 701 Scoping Study for Ema 97% Increase of indicated ton
Slide 19: Appendix D – Mineral Resource Estimates
Appendix D – Mineral Resource Estimates REE Mineral Resource Estimate Average Grade Dy2O3+ Nd2O3+ JORC Tonnes TREO1 MREO Tb4O7 Pr2O3 Project Category (Mt) (ppm) (ppm) (ppm) (ppm) Caladão Project – Area A Inferred 233.0 2,143.3 463 23 440 Caladão Project – Area B Inferred 339.0 1,075 205 11 194 Maram