Axel Ree Ltd. · ASX:AXL
Axel Ree — Emerging Wealth Winners Presentation April 2026
18 slides from Axel Ree's conference presentation, Apr 17, 2026
Slide 1: Advancing Towards Well Field Trial Mining in Brazil's Lithium Valley
Axel REE (ASX:AXL | FSE:HN8) Emerging Wealth Winners Presentation | April 2026 For personal use only 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 opinions, forecasts, reports or other matters, express or implied, contained in, arising out of or derived from, or for been prepared by Axel REE Limited (Company) as 17 April
Slide 3: Corporate Snapshot
Corporate Snapshot Low EV, strong cash balance Board Capital Structure Paul Dickson Non-Executive Chairman ASX Code AXL For personal use only • 30+ years’ experience in financial services, capital markets and resources corporate Share Price (market close $0.080 advisory (Founding Director, Paradigm
Slide 4: Caladão Project, MRE Areas and Key Deposits
Caladão Project, MRE Areas and Key Deposits Rapid Resource Growth in 6 Months +73% For personal use only 861 +339% +145% 572 499 439 233 100 4.2 16.7 Gallium (Mt) REE (Mt) Ga Metal (kt) TREO (kt) Initial (Aug 2025) Expanded (December 2025) Current Mineral Resource Estimate (Dec 2025) REE Resource Ga
Slide 5: ISR: Globally Proven REE Extraction Process
ISR: Globally Proven REE Extraction Process ISR is the dominant extraction method for ionic clay rare earth deposits For personal use only • Commercial ISR rare earth operations in southern China since the late 1990s • Modern ISR techniques adopted industry-wide since ~2010 • ~70% of global ionic cl
Slide 6: ISR Strategy: Environmentally Friendly, Modular, Low-Cost In Situ Recovery
ISR Strategy: Environmentally Friendly, Modular, Low-Cost In Situ Recovery Why ISR (In Situ Recovery)? Magnesium sulphate lixiviant • Rare earths are recovered directly from ionic clays used to recover For personal use only rare earths without conventional mining or crushing • Reagents circulate thr
Slide 7: Why ISR? Comparative Advantage Over Conventional Methods
Why ISR? Comparative Advantage Over Conventional Methods ISR (In-Situ Open Pit Mining Heap Leach Recovery) ISR Track Record For personal use only Capital Intensity Low Very High High • 70% of global ionic clay REE production via ISR Environmental Minimal Large Moderate • Commercial since the 1990s F
Slide 8: District-scale ionic clay system amenable to modern in-situ leaching (ISL)
District-scale ionic clay system amenable to modern in-situ leaching (ISL) For personal use only (ASX:AXL) 8
Slide 9: Value Proposition: Axel ISR Targets vs Gerik ISR Mine (Malaysia)
Value Proposition: Axel ISR Targets vs Gerik ISR Mine (Malaysia) Company - Project Resource CAPEX SOLUBLE MREO/ NdPr/ DyTb/ • SGX-listed Southern Alliance Mining Ltd completed Size US$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 Trials to commence at first targeted wellfield in For personal use only Woolrich deposit • 2,000 Ha mineralised footprint with 12 wellfields identified • Up to 464 ppm soluble TREO via ISR leach testing, comparable to operating ISR m
Slide 11: Paraíso Deposit – ISR Wellfields Identified with excellent grade thickness values
Paraíso Deposit – ISR Wellfields Identified with excellent grade thickness values Soluble TREO grades and grade-thickness values exceed typical ionic clay ISR commercial benchmarks For personal use only Hole ID Interval Soluble MREO/TREO From (m) To (m) Grade- (m) TREO (ppm) (%) thickness (gram- met
Slide 12: Strategic Roadmap: "Pod" Implementation Model (Woolrich)
Strategic Roadmap: “Pod” Implementation Model (Woolrich) Steady State Pods For personal use only Ramp Up Pod 0.5-1.5kt REO/yr per pod1 2026 Pilot Pod 300-600t REO/yr benchmark1 • Deploy multiple Field Trials independent pods 100-300t REO/yr benchmark1 • Optimise injection-to- recovery ratios • Stabl
Slide 13: Proven Recoveries, now confirming Economics based on real production data
Proven Recoveries, now confirming Economics based on real Chemistry & Testing Economics production data For personal use only 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 Measure
Slide 14: Unique Gallium Opportunity
Unique Gallium Opportunity Gallium Spot price $2,101.60 per kg (03/02/2026)1 Gallium is a globally critical technology metal 98% of global supply controlled by China → export bans in 2024. For personal use only AXL hosts Brazil’s only defined primary gallium resource & one of the largest resources g
Slide 15: Gallium & Scandium: Confirmed Recovery Potential
Gallium & Scandium: Confirmed Recovery Potential Independent Metallurgical Testwork ANSTO-led program confirms a pathway to recover gallium For personal use only and co-recover scandium from the Caladão clay system • Testwork demonstrates encouraging gallium recoveries improving with continued optim
Slide 16: Valuation Leverage to Brazilian Peers
Valuation Leverage to Brazilian Peers ASX Brazilian REE Peers – EV/Contained REE ($/kt) Axel has demonstrated comparable ionic clay grades For personal use only 600x EV/kt TREO (x) 3,000 and magnet REE basket composition. 500x 2,500 Axel’s Valuation Leverage • Emerging developer with a faster 400x 2
Slide 17: Investment Summary
Investment Summary Low-Cost, Fast-Tracked ISR Development Pathway For personal use only 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
Slide 18: Accelerating Caladão Project – Field Recovery Trials
For personal use only 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@thecapitalnetwo
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