Axel Ree Ltd. · ASX:AXL
Axel Ree — RIU Resources Round-up May 2026
18 slides from Axel Ree's conference presentation, May 5, 2026
Slide 1: Advancing Towards Well Field Trial Mining in Brazil’s Lithium Valley
Axel REE (ASX:AXL | FSE:HN8) RIU Resources Round-up | May 2026 Advancing Towards Well Field Trial Mining in Brazil’s Lithium Valley
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 4th May
Slide 3: Corporate Snapshot
Corporate Snapshot Low EV, strong cash balance Board Capital Structure Paul Dickson Non-Executive Chairman ASX Code AXL • 30+ years’ experience in financial services, capital markets and resources corporate Share Price (market close $0.072 advisory (Founding Director, Paradigm Capital) (4.5.2026) •
Slide 4: Caladão Project, MRE Areas and Key Deposits
Caladão Project, MRE Areas and Key Deposits Rapid Resource Growth in 6 Months +73% 861 +145% 572 +339% 499 439 233 100 4.2 16.7 REE (Mt) TREO (kt) Gallium (Mt) Ga Metal (kt) Initial (Aug 2025) Expanded (December 2025) Current Mineral Resource Estimate (Dec 2025) REE Resource Gallium Resource 572Mt 4
Slide 5: ISR: Globally Proven REE Extraction Process
ISR: Globally Proven REE Extraction Process ISR is the dominant extraction method for ionic clay rare earth deposits • Commercial ISR rare earth operations in southern China since the late 1990s • MagSul Modern ISR techniques adopted industry- wide since ~2018 • ~99% of global ionic clay rare earth
Slide 6: ISR Strategy: Environmentally Friendly, Modular, Low-Cost In Situ Recovery
ISR Strategy: Environmentally Friendly, Modular, Low-Cost In Situ Recovery Why ISR (In Situ Recovery)? Magnesium sulphate lixiviant • Rare earths are recovered directly from ionic clays used to recover rare earths without conventional mining or crushing • Reagents circulate through modular wellfield
Slide 7: Why ISR? Comparative Advantage Over Conventional Methods
Why ISR? Comparative Advantage Over Conventional Methods ISR (In-Situ Open Pit Mining Heap Leach Recovery) ISR Track Record Capital Intensity Low Very High High • 99% of global ionic clay REE production via ISR Environmental Minimal Large Moderate • Commercial since the 1990s Footprint in China • Ad
Slide 8: District-scale ionic clay system amenable to modern in-situ Recovery
District-scale ionic clay system amenable to modern in-situ Recovery (ISR) (ASX:AXL) 8
Slide 9: Value Proposition: Axel ISR Targets vs Gerik ISR Mine
Value Proposition: Axel ISR Targets vs Gerik ISR Mine (Malaysia) Company - Project Resource CAPEX SOLUBLE MREO/ NdPr/ DyTb/ • SGX-listed Southern Alliance Mining Ltd completed Size US$M TREO TREO % TREO % TREO % acquisition of 40% equity in MCRE for ~A$82M in ppm September 20252 (valuing Gerik at ~A
Slide 10: Woolrich Deposit – First Wellfield Field Trial to Commence
Woolrich Deposit – First Wellfield Field Trial to Commence • Field scale validation to commence at first targeted wellfield in Woolrich deposit • 2,000 Ha mineralised footprint with potential wellfields identified • Up to 464 ppm soluble TREO via leaching tests, comparable to operating ISR mines • M
Slide 11: Paraíso Deposit – ISR Potential Wellfields Identified
Paraíso Deposit – ISR Potential Wellfields Identified with excellent grade thickness values Soluble TREO grades and grade-thickness values exceed typical ionic clay ISR commercial benchmarks Hole ID Interval Soluble MREO/TREO From (m) To (m) Grade- (m) TREO (ppm) (%) thickness (gram- metre) CLD-AUG-
Slide 12: Strategic Roadmap: “Pod” Implementation Model
Strategic Roadmap: “Pod” Implementation Model (Woolrich) Steady State Pods Ramp Up Pod 0.5-1.5kt REO/yr per pod1 Pilot Pod 2026 300-600t REO/yr benchmark1 • Deploy multiple Field scale validation independent pods 100-300t REO/yr benchmark1 • Optimise injection-to- recovery ratios • Stable production
Slide 13: 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 14: Unique Gallium Opportunity
Unique Gallium Opportunity Gallium Spot price $2,101.60 per kg (03/02/2026)1 Gallium is a globally critical technology metal 98% of global supply controlled by China → export bans in 2024. AXL hosts Brazil’s only defined primary gallium resource & one of the largest resources globally Integral to De
Slide 15: Gallium & Scandium: Confirmed Recovery Potential
Gallium & Scandium: Confirmed Recovery Potential Independent Metallurgical Testwork ANSTO-led program confirms a pathway to recover gallium and co-recover scandium from the Caladão mineralisation • Testwork demonstrates encouraging gallium recoveries improving with continued optimisation • Ongoing m
Slide 16: Valuation Leverage to Brazilian Peers
Valuation Leverage to Brazilian Peers ASX Brazilian REE Peers – EV/Contained REE ($/kt) Axel has demonstrated comparable ionic clay grades 3,000 600x EV/kt TREO (x) and magnet REE basket composition. 500x 2,500 Axel’s Valuation Leverage • Emerging developer with a faster 400x 2,000 pathway to produc
Slide 17: Investment Summary
Investment Summary Low-Cost, Fast-Tracked ISR Development Pathway ISR enables potential low-cost REE development; pilot wellfield program planned. Strategic Gallium Opportunity Brazil’s first standalone gallium resource and a potential non-China supply source. Advancing Toward Development 29 ISR wel
Slide 18: 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 Gaby Hold Julia Maguire Chairman The Capital Network The Capital Network pd@axelreelimited.com.au gaby@thecapitalnetwork.com.au julia@thecap