Announcement PDF Brazilian Rare Earths + Gallium Advancing toward ISR field trial and trial mining pathway www.axelreelimited.com.au patience@axelreelimited.com.au From Moving Rocks to Moving Ions Pioneering the ISR Development Pathway for Ionic Adsorption Clay Rare Earths in Minas Gerais — An Axel REE Limited Case Study Investor Webinar Managing Director: Dr Patience Mpofu Nd Neodymium Pr Praseodymium Dy Dysprosium Tb Terbium Ga Gallium Sc Scandium DISCLAIMER These presentation materials and any accompanying verbal presentation (together, the Presentation Materials) have been prepared by Axel REE Limited (Company) as at 7 October 2026 and statements are current only as at that date. Information in the Presentation Materials remains subject to change without notice. The Company has no responsibility or obligation to inform you of any matter arising or coming to its notice, after the date of this document, which may affect any matter referred to in this document. By receiving the Presentation Materials, you acknowledge and represent to the Company that you have read, understood and accepted the terms of this disclaimer. It is the responsibility of all recipients of these Presentation Materials to obtain all necessary approvals to receive these Presentation Materials and receipt of the Presentation Materials will be taken by the Company to constitute a representation and warranty that all relevant approvals have been obtained. Not an Offer These Presentation Materials are for information purposes only. The Presentation Materials do not comprise a prospectus, product disclosure statement or other offering document under Australian law (and will not be lodged with the Australian Securities and Investments Commission) or any other law. The Presentation Materials also do not constitute or form part of any invitation, offer for sale or subscription or any solicitation for any offer to buy or subscribe for any securities nor shall they or any part of them form the basis of or be relied upon in connection therewith or act as any inducement to enter into any contract or commitment with respect to securities. In particular, these Presentation Materials do not constitute an offer to sell or a solicitation to buy, securities in the United States of America. Not Investment Advice The Presentation Materials are not investment or financial product advice (nor tax, accounting or legal advice) and are not intended to be used for the basis of making an investment decision. Recipients should obtain their own advice before making any investment decision. Summary Information The Presentation Materials do not purport to be all inclusive or to contain all information about the Company or any of the assets, current or future, of the Company. The Presentation Materials contain summary information about the Company and its activities which is current as at the date of the Presentation Materials. The information in the Presentation Materials is of a general nature and does not purport to contain all the information which a prospective investor may require in evaluating a possible investment in the Company or that would be required in a prospectus or product disclosure statement or other offering document prepared in accordance with the requirements of Australian law or the laws of any other jurisdiction, including the United States of America. While reasonable care has been taken in relation to the preparation of the Presentation Materials, none of the Company or its directors, officers, employees, contractors, agents, or advisers nor any other person (Limited Party) guarantees or makes any representations or warranties, express or implied, as to or takes responsibility for, the accuracy, reliability, completeness or fairness of the information, opinions, forecasts, reports, estimates and conclusions contained in this document. No Limited Party represents or warrants that this document is complete or that it contains all information about the Company that a prospective investor or purchaser may require in evaluating a possible investment in the Company or acquisition of shares in the Company. To the maximum extent permitted by law, each Limited Party expressly disclaims any and all liability, including, without limitation, any liability arising out of fault or negligence, for any loss arising from the use of or reliance on information contained in this document including representations or warranties or in relation to the accuracy or completeness of the information, statements, opinions, forecasts, reports or other matters, express or implied, contained in, arising out of or derived from, or for omissions from, this document including, without limitation, any financial information, any estimates or projections and any other financial information derived therefrom. Exploration Licences (Tenements) Tenements are at various stages of application and grant. There can be no assurance that the tenement applications that are currently pending will be granted. There can be no assurance that if the licences are granted, they will be granted in their entirety. Additionally, some of the tenement areas applied for may be excluded, reduced in size, divided or amended in accordance with the Brazil Department of Mines (ANM) requirements. Forward Looking Statements Certain statements contained in the Presentation Materials, including information as to the future financial or operating performance of the Company and its projects, are forward looking statements. Such forward looking statements involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of the Company and which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements. Forward looking statements are provided as a general guide only, and should not be relied on as an indication or guarantee of future performance. Given these uncertainties, recipients are cautioned to not place undue reliance on any forward looking statement. Subject to any continuing obligations under applicable law the Company disclaims any obligation or undertaking to disseminate any updates or revisions to any forward looking statements in this document to reflect any change in expectations in relation to any forward looking statements or any change in events, conditions or circumstances on which any such statement is based. Competent Person Statement The information in this report that relates to Exploration Targets and Exploration Results is based on information compiled by Mr Antonio de Castro, BSc (Hons), MAusIMM, CREA, who acts as Axel REE’s Senior Consulting Geologist through the consultancy firm ADC Geologia Ltda. Mr de Castro has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration, and to the activity being undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code). Mr de Castro consents to the inclusion in this report of the matters based on his information in the form and context in which it appears. The information in this report that relates to the Caladão Mineral Resources is based on, and fairly represents, information compiled by Mr Antonio de Castro, Senior Consulting Geologist through ADC Geologia Ltda, Mr Marcelo Antônio Batelochi, SRK Associate Consultant, and Mr Leonardo Silva Santos Rocha, GE21 Associate Consultant. Mr de Castro and Mr Batelochi are members of the Australasian Institute of Mining and Metallurgy, and Mr Rocha is a member of the Australasian Institute of Geoscientists. Mr de Castro is the Competent Person for the geological and mineralisation database, including drilling information; Mr Batelochi is the Competent Person for the geological and mineralisation model, 3D model construction and Mineral Resource estimation for the Caladão Area A Mineral Resource; and Mr Rocha is the Competent Person for the 3D geological/mineralisation model construction and Mineral Resource estimation for the Caladão Area B North, South and East Mineral Resource. Each Competent Person has sufficient experience relevant to the styles of mineralisation and types of deposits under consideration, and to the activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the JORC Code. Mr de Castro, Mr Batelochi and Mr Rocha consent to the inclusion in this report of the matters based on their information in the form and context in which it appears. 2 1. Executive Summary: Investment Rationale 2. The Strategic Opportunity 3. The Axel Competitive Advantage: Latest update: MRE Upgrade 4. Our ISR Development Strategy 5. The Development Roadmap 6. Creating Shareholder Value 7. Corporate Overview OVERVIEW 1. Why should you invest in Axel right now? 2. Why does Axel matter in the global rare earth supply chain? What are the key trends and drivers of global REE supply and demand? 3. Why is Axel uniquely positioned to succeed? 4. How does ISR create a competitive advantage in light of the latest MRE Upgrade? 5. How will Axel systematically execute and de-risk the project? 6. How will value be created for shareholders? 7. Why invest in Axel today? KEY STRATEGIC QUESTIONS Positioned within the rapidly growing Non-Chinese rare earth supply chain with a growing demand Large-scale ionic clay resource with expansion potential of HREE and Gallium upside. Brazil resource scale: Axel now sits among major developers with the latest Resource Upgrade One of Australia’s emerging FIRST ISR Ionic Adsorption Clay REE developers in Minas Gerais in Brazil outside of Asia Low cost ISR development strategy progressing through clearly defined technical milestones ISR known for low capital (high capital efficiency) vs conventional processing methods ISR known for low environmental impact Brazil is a stable and friendly mining jurisdiction Clear roadmap focused on disciplined de-risking and long-term value 1. INVESTMENT RATIONALE The energy transition, industrial automation and geopolitical security are transforming magnet REE into strategic minerals of national importance. Axel's ISR development strategy is aligned with the growing global need for scalable, responsible and diversified REE supply. Key Drivers • Rapid global EV adoption • Shift to high-efficiency motors • Strong government electrification policies Electric Vehicles Wind Energy Industrial Motors & Automation X: Overall Impact Key Trends and Changes Consumer Electronics 2.1 THE STRATEGIC OPPORTUNITY: MAGNETIC REE DEMAND • Rapid factory automation • Growth in AI and robotics • Energy-efficient motor replacement • Accelerating offshore wind deployment • Larger, more powerful turbines • Renewable energy investment continues to grow • Smarter, connected devices • Growth in AI hardware and data centres • Miniaturisation of electronic components Defence & Aerospace • Higher global defence spending • Increased demand for advanced weapons systems • Focus on secure critical mineral supply chains 0 20 40 60 80 100 120 140 160 180 2024 2025 2030 2035 2040 Magnet REE demand, kt REE Magnetic REE demand, kt REE Source: International Energy Agency (IEA). (2025). Rare Earth Elements 2025: Outlook for Key Energy Transition Minerals. Paris: International Energy Agency. Published 21 May 2025. Available at: https://www.iea.org/reports/rare-earth-elements-2025. Magnet REEs: Nd, Pr, Dy and Tb. China dominates the critical minerals value chain. Brazil is uniquely positioned to diversify global supply, with the world's second-largest REE reserve base but less than 1% of current mine production, creating the strategic opportunity that Axel is targeting. Source: International Energy Agency (IEA). (2025). Rare Earth Elements 2025: Outlook for Key Energy Transition Minerals. Paris: International Energy Agency. Published 21 May 2025. Available at: https://www.iea.org/reports/rare-earth-elements-2025. U.S. Geological Survey (USGS). (2025). Mineral Commodity Summaries 2025: Rare Earths. Reston, Virginia: U.S. Department of the Interior, U.S. Geological Survey. DOI: 10.3133/mcs2025. Available at: https://www.usgs.gov/publications/mineral-commodity-summaries-2025 68.8% 11.5% 7.9% 3.3% 3.3% 3.3% 1.9% 14% China Global REE Mine Production 2025 Global REE Reserves (Mt (REO) 2.2 THE STRATEGIC OPPORTUNITY: GLOBAL SUPPLY OF REE AND RESERVES ROW Nigeria Australia Myanmar USA Thailand 49% 23% 8% 7% 4% 4% 2% 2% Vietnam Russia Australia India Brazil USA ROW Caldas REE 3. THE AXEL COMPETITIVE ADVANTAGE: LARGE RESOURCE LOCATED IN STABLE MINING JURISDICTION Brazil has the resource scale and the world has the supply-chain risk. Axel’s opportunity is to convert Brazil’s underdeveloped REE endowment into a lower-impact, scalable ISR supply option for magnet rare earths. • World Class Endowment: Brazil hosts one of the world's largest rare earth resource bases, providing long-term development potential • It is poised to become a key supplier as governments seek to diversify critical mineral supply beyond China • Home to globally significant ionic adsorption clay (IAC) rare earth systems suited to low-impact extraction technologies • Established mining jurisdiction with expanding infrastructure, skilled workforce and supportive critical minerals investment • Flagship Caladão REE + Gallium situated in the Minas Gerais region • Caldas: have encouraging soluble REE intersections. Caldas could add another distinct ionic clay project to Axel’s established Caladão resource base Caladão REE-Ga & Caldas REE Project Areas Comments 499 572 708.6 TREO (kt) Aug-25 Dec-25 Sep-26 100 439 575.7 Gallium (Mt) +476% Current Mineral Resource Estimate (Sept 2026) +42% Resource Growth in 18 Months REE Resource (Inferred + Indicated) 709Mt @ 1,443ppm TREO Gallium Resource (Inferred + Indicated) 576Mt @ 37ppm Ga Total Gallium Metal 21.3kt Total TREO Contained 1.02Mt 3.1 THE AXEL COMPETITIVE ADVANTAGE: LARGE IONIC CLAY RESOURCE 709 Mt 575 Mt 1023 kt Caladão Project, MRE Areas and Key Deposits Current Mineral Resource Estimate: Caladão REE + Ga Deposit JORC Category Tonnes (Mt) TREO (ppm) Caladão Area A Inferred 233.00 2,133 Marambaia Inferred 126.00 1,154 Tiger Creek Inferred 85.00 1,050 Woolrich Inferred 154.51 1,120 Woolrich Indicated 110.08 1,073 Total Caladão Inferred 598.51 1,512 Total Caladão Indicated 110.08 1,073 Total MRE Inferred + Indicated 708.6 1,443 Deposit JORC Category Tonnes (Mt) Gallium (ppm) Caladão Area A Inferred 100.00 42.23 Marambaia Inferred 126.07 35.80 Tiger Creek Inferred 85.02 40.10 Woolrich Inferred 154.51 34.48 Woolrich Indicated 110.08 35.05 Total Caladão Inferred 465.60 37.53 Total Caladão Indicated 110.08 35.05 Total MRE Inferred + Indicated 575.68 37.05 3.1 THE AXEL COMPETITIVE ADVANTAGE: LARGE IONIC CLAY RESOURCE One of the first known emerging ISR Ion Adsorption Clay REE developers in Minas Gerais in Brazil outside of Asia Caladão Project, MRE Areas and Key Deposits Current Mineral Resource Estimate: Caladão REE + Ga 3.1 THE AXEL COMPETITIVE ADVANTAGE: LARGE IONIC CLAY RESOURCE  709Mt @ 1,443ppm TREO and 576Mt @ 37ppm Ga, including  Indicated MRE 265Mt @ 1,101ppm TREO and 35ppm Ga  Resource drilling upgrade to indicated  Woolrich Deposit selected as the inaugural ISR development target area  Additional target areas provide further growth upside  Up to 39% soluble MREO/TREO from column testing at Woolrich REE Resource (Inferred + Indicated) 709Mt @ 1,443ppm TREO Gallium Resource (Inferred + Indicated) 576Mt @ 37ppm Ga Total Gallium Metal 21.3kt Total TREO Contained 1.02Mt • Axel hosts Brazil’s only known defined primary gallium resource & one of the largest known discrete resources globally. Caladão gallium resource: 576Mt at 37ppm Ga • Gallium is recognised as both a critical and strategic mineral by multiple major jurisdictions (Australia, EU, USA and Japan) due to its importance in semiconductors, defense and advanced technologies. • Gallium is essential for advanced semiconductors, AI, telecommunications and defense technologies. • A gallium resource could provide strategic exposure to one of the fastest-growing technology supply chains. 98% of global supply controlled by China → export bans in 2024. • Axel REE is positioning gallium as a future upside and a separate development pathway alongside the core REE in-situ recovery pathway 1. Source: International Energy Agency (2025). Global Critical Minerals Outlook 2025. Paris: International Energy Agency Caladão’s ISR concept positions Axel as one of the few companies globally with a large, in-situ gallium resource not dependent on bauxite refineries, and a potential future supplier of gallium and magnet rare earths into de-risking Western supply chains Key Strategic Optionality Global Gallium Market Outlook 3.2 THE AXEL COMPETITIVE ADVANTAGE: GALLIUM UPSIDE • Rare earths are recovered directly from ionic clays without conventional mining or crushing • MgSO4 (environmentally friendly) reagent is circulated through modular wellfields before recovery at surface • Pregnant liquor Solution is then precipitated and impurities removed and processed into mixed rare earth carbonate (MREC) Key Advantages: • No open pit mining required • Low capital intensity development • Low operating cost structure • Low environmental impact with a small surface footprint • Modular wellfield expansion enabling scalable growth Schematic diagram of the in situ recovery process Magnesium sulphate lixiviant used to recover rare earths 3.3 THE AXEL COMPETITIVE ADVANTAGE: LOW ENVIRONMENTAL IMPACT, MODULAR, LOW-COST, LOW CAPITAL, IN-SITU RECOVERY Ionic Clays Amenable to ISR Why ISR (In-Situ Recovery)? Rare earths are recovered directly from ionic clays without conventional mining or crushing 3.4 THE AXEL COMPETITIVE ADVANTAGE: LOW COST ISR VS CONVENTIONAL REE MINING In-Situ Recovery mining is a cost-effective, low environmental impact method of REE mining CONVENTIONAL REE MINING HIGH CAPEX | HIGH OPEX | LARGE FOOTPRINT Hard-rock ore monazite, bastnäsite, xenotime Mining Crush & Mill Froth Flotation, Drying Leaching Purification MREC Waste streams: waste rock · overburden · tailings dam · dust · noise · emissions · long-term rehabilitation liabilities Axel ISR PATHWAY — IN-SITU RECOVERY LOW CAPEX | LOW OPEX | SMALL FOOTPRINT Ionic clay ore ion-adsorption clays In-Situ Leaching MgSO4 lixiviant circulated via wellfields Solution Recovery pregnant liquor solution (PLS) to surface Impurity Removal & Precipitation low-impurity leach chemistry MREC mixed rare earth carbonate Recycled reagents returned to wellfield No open-pit mining No crushing or milling Minimal surface disturbance Simple four-step process Note: The Axel flowsheet is conceptual at this stage. Only column (bench-scale) testwork has been undertaken to date. These results are preliminary and actual outcomes may vary once field tests are completed. There is no certainty that further testwork will realise the outcomes indicated in this conceptual flowsheet. Gravity Separation Magnetic Separation 3.5 THE AXEL COMPETITIVE ADVANTAGE: LOW COST IONIC ADSORPTION CLAY REE: ISR VS TANK LEACH MINING In-Situ Recovery mining is a cost-effective, low environmental impact method of Ionic Clay REE mining Tank (VAT) Leach Process Flowsheet – 10 Steps HIGH CAPEX | HIGH OPEX | LARGE FOOTPRINT Mining Ionic Exchange Carbonate Precipitation Clay Washing Clay Transport Backfill/ Remediation MREC Waste streams: waste rock · overburden · backfill waste· dust · noise · emissions · long-term rehabilitation liabilities Axel ISR PATHWAY — IN-SITU RECOVERY LOW CAPEX | LOW OPEX | SMALL FOOTPRINT Ionic clay ore ion-adsorption clays In-Situ Leaching MgSO4 lixiviant circulated via wellfields Solution Recovery pregnant liquor solution (PLS) to surface Impurity Removal & Precipitation low-impurity leach chemistry MREC mixed rare earth carbonate Recycled reagents returned to wellfield No open-pit mining No crushing or milling Minimal surface disturbance Simple four-step process Note: The Axel flowsheet is conceptual at this stage. Only column (bench-scale) testwork has been undertaken to date. These results are preliminary and actual outcomes may vary once field tests are completed. There is no certainty that further testwork will realise the outcomes indicated in this conceptual flowsheet. Impurity Removal Nanofiltration & RO Clay Transport ISR (In-Situ Recovery) Open Pit Mining Heap Leach Capital Intensity Low Very High High Environmental Footprint Minimal Large Moderate Time to First Production Faster 5-10+ years 3-7 years Scalability Modular – add wellfields Fixed infrastructure Fixed infrastructure Proven at Scale? Yes – S.E Asia since 1990s Yes Yes Licensing / Permitting Low – simplified in Minas Gerais, Brazil (Caladão Project) Complex & lengthy Complex & lengthy Reduced Surface Disturbance No Open Pit Mining No Crushing or Milling Lower CAPEX 3.6 THE AXEL COMPETITIVE ADVANTAGE: DEVELOPING REE RESPONSIBLY In-Situ Recovery strategy is designed to align technical innovation with responsible resource development. Responsible mining is becoming a competitive advantage, not simply a licence to operate Being on the first quartile of the cost curve is a source of competitive advantage. A favourable position on the Ionic Clays industry cost curve gives differentiating attributes  The Net Cash Cost Curve is an indication of operating efficiency & the ability to sweat assets for which the capital was invested in prior years  Key drivers are cash operating costs and volume production  Both parameters within management control SOURCE OF FUNDS FOR FUTURE PROJECTS: • When prices are high, being lower down the cost curve gives an operation access to higher margins than the rest of the industry • When prices are low, there is a lower likelihood of being squeezed out of margins, thereby threatening sustainability • Higher margins are a source of cash flow which when retained, provide a source of funds for projects required to feed future demand Cost Curve implications Illustrative Cost Curve 3.7 THE AXEL COMPETITIVE ADVANTAGE: LOW COST ISR DEVELOPMENT STRATEGY $10 $20 $30 $40 US$/t REO (indicative) Ionic clay ISR projects China ionic clays Lynas Mt Weld Other hard rock Other Other Axel's target position: low-cost ionic clay ISR 1st quartile First quartile Illustrative conceptual cost curve only — does not represent company cost estimates or forecasts. BCM's Ema ISR project needs US$74M to reach first production, against US$449mill–$781mill for mined ionic clay projects and US$900mill–$1.2bn for hard rock  Ema (ISR) needs one-sixth of the capex of the next- cheapest clay project, and 6% of Nolans  Mined ionic clay projects still pay for open-pit mining, leach tanks, filtration and residue handling  Hard rock adds crushing, flotation and acid cracking; Nolans also builds on-site separation IMPLICATIONS FOR FUNDING: • Less equity and debt is needed to reach first production, limiting dilution • Modular wellfields let capacity expand in steps; Ema Stage 2 doubles capacity for US$27M • Less capital at risk protects returns when prices fall What drives the gap Reported initial capex by project 3.8 THE AXEL COMPETITIVE ADVANTAGE: CAPEX: ISR CAPEX A FRACTION OF PEERS Initial capex incl. contingency; Ema Stage 1 BFS (2026); Colossus DFS (Aug 2026); Caldeira DFS (Jul 2026); Carina FS (Apr 2026, mine only); Nolans (2024 update). Lynas = Mt Weld expansion A$500M + Kalgoorlie A$800M (brownfield) at A$1 = US$0.66. Clay projects produce MREC; Lynas and Nolans produce oxide. Source: company filings US$74M US$449M US$498M US$781M US$855M US$1,226M BCM Ema (ISR) Viridis Colossus (clay) Meteoric Caldeira (clay) Aclara Carina (clay) Lynas expansion (hard rock) Arafura Nolans (hard rock) Initial capex to first production, latest study Value Proposition: Axel ISR Targets vs Gerik ISR Mine (Malaysia) • SGX-listed Southern Alliance Mining Ltd completed acquisition of 40% equity in MCRE for ~A$82M in September 20252 (valuing Gerik at ~A$205M) • A$205M valuation achieved after de-risking via a ~US$20M ISR development • Malaysia’s first profitable ionic clay ISR mine operation, producing 4,000tpa REO, making NPAT of S$10.6M in FY20241 Woolrich ISR Target: Similar tonnage, higher grade profile Comparable ionic clay geology and metallurgy Strong soluble TREO / MREO composition 1. NPAT for year ended 31 July 2024 attributed to MCRE Resources Sdn Bhd (MCRE) 2. Southern Alliance Mining Ltd. (SGX:QNS) release 3 April 2025 “Execution Of Sale And Purchase Agreement And Shareholders’ Agreement In Relation To The Proposed Mcre Acquisition” Table: Comparative CAPEX costs from Brazilian peers (Refer Appendix A). Note: all rare earths in solution will report in the final product, the Mixed Rare Earth Carbonate (MREC) Company - Project Resource Size CAPEX US$M SOLUBLE TREO ppm MREO/ TREO % NdPr/ TREO % DyTb/ TREO % Axel REE – Paraíso Prospect - 537 41.00 39.00 2.0 Axel REE – Woolrich Deposit 265Mt - 560 39.0 37.0 2.0 Southern Alliance/MCRE Gerik Mine 120Mt 20 486 30.0 27.0 3.0 Brazilian Critical Minerals (ASX:BCM) – EMA Project 74 - 41.5 40.6 0.9 Viridis Mining (ASX:VMM) – Colossus Project 358 - 39.0 37.5 1.4 Meteoric Resources (ASX:MEI) – Caldera Project 443 - 31.6 30.6 1.0 Aclara Resources (TSX: ARA) – Carina Project 680 459 31.5 27.4 4.1 41% 39% 30% 25% 30% 35% 40% 45% AXL - Paraiso AXL - Woolrich Gerik High MREO Exposure in Solution Comments 3.9 THE AXEL COMPETITIVE ADVANTAGE: ISR SOLUBLE TREO VS CAPEX A FRACTION OF PEERS 3.10 COMPETITIVE LANDSCAPE: RESOURCES: AXEL SITS AMONG BRAZIL’S PEERS Classified resources, Mt of mineralised material. Five selected major peers plus Axel. 0 300 600 900 1,200 1,500 1,800 Resouro Tiros Meteoric Caldeira BCM Ema AXEL Caladão Viridis Colossus Aclara Carina Indicated Measured Inferred Caregory Resouro Meteoric BCM AXEL Viridis Aclara Measured (Mt) 367 128 — — 31.45 27 Indicated (Mt) 1,000 574 392 110.08 274.02 233.8 Inferred (Mt) 500 928 681 598.51 167.52 41.3 AXEL: 708.6 Mt total; 110.08 Mt Indicated at Woolrich 100% project resources. Cut-offs, dates and geology differ (Refer Appendix A. Rounded category totals may vary. ASX:AXL ASX:VMM ASX:MEI TSX:ARA LSE:HREE ASX:IXR ASX:BCM ASX:AR3 0 500 1,000 1,500 2,000 2,500 3,000 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 TREO grade (ppm) Contained TREO (kt) Contained TREO vs grade, ionic clay peers · bubble size = MRE (Mt) 3.11 COMPETITIVE LANDSCAPE: RESOURCES: AXEL SITS AMONG MAJOR REE PEERS Current Positioning MRE Delivered Metallurgical Test work Delivered Column Testing Delivered Resource Upgrade Drilling 4.0 ISR DEVELOPMENT STRATEGY AND ROADMAP: The Company is at a pivotal technical validation stage — with column test results supporting the next phase of REE exploratory field tests COMPLETED COMPLETED IN PROGRESS IN PROGRESS ADVANCING NEXT MILESTONE Hydrogeological Environmental & Permitting Field Exploratory Tests Scoping Study COMPLETED 23 4.1 ISR DEVELOPMENT STRATEGY AND ROADMAP: WORKSTREAM Q1 Q2 Q3 Q4 Resource upgrade to Indicated Maiden 110Mt Indicated MRE at Woolrich ISR, 24% Increase in Global REE MRE (0.71Bt) 31% increase in Gallium MRE (0.58Bt) Further resource upgrade Infill drilling Hydrological studies Hydraulic response Exploratory field tests Leaching behaviour, operating parameters; ISR technically validated Scoping study First integrated technical & economic view of the project Environmental studies & permitting Ongoing Today ◆ Milestone • Exploratory field testwork to commence at first targeted wellfield in Woolrich deposit • Up to 560 ppm soluble TREO via ISR column leach testing, comparable to operating ISR mines • Magnet-rich REE assemblage (~39% MREO including NdPr and DyTb) • Metallurgical results validate the ISR development concept at Caladão • Demonstrates potential for scalable ISR wellfield development Comments Woolrich Deposit – First Wellfield Exploratory Tests to Commence 5 OUR ISR DEVELOPMENT STRATEGY Can the process work consistently in the ground, at scale?? First Field Trial at Woolrich • Woolrich selected as anchor asset: • 2,000 Ha mineralised footprint with 12 potential wellfields identified • First wellfield selected for ISR exploatory field testing Modular Growth via "Hub & Spoke" • Proposed satellite wellfields connect to centralised processing, driving down unit CAPEX • Paraíso and Tiger Creek provide significant expansion inventory • Additional hubs can be deployed, scaling total production 5. THE DEVELOPMENT STRATEGY: WOOLRICH FIRST FIELD TRIAL & GROWTH STRATEGY Comments Woolrich Deposit – First Field Trial Area CALDAS PROJECT: POÇOS DE CALDAS ALKALINE INTRUSIVE 26 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 232km2 and licences are situated inside, around the edge and within the Intrusive High grade REE and MREO Intercepts in kaolinite clays: CAL-AUG-001: 11m @ 3,273ppm TREO 24% MREO from surface including 1m @ 7,099ppm TREO, 27% MREO from 9m CAL-AUG-003: 20m @ 3,082ppm TREO, 26% from surface including 1m @ 6,536ppm TREO, 32% MREO from 15m ending with 11m @ 3,699ppm TREO, 30% MREO from 9m CAL-AUG-009: 13m @ 5,735ppm TREO, 25% MREO from surface including 5m @ 10,526 ppm TREO, 30% MREO from 8m ending with 1m @ 19,493ppm TREO, 35% MREO from 11m CAL-AUG-019: 10m @ 4,874ppm TREO, 34% MREO from surface including 6m @ 6,730 ppm TREO, 38% MREO from surface ending with 1m @ 7,166ppm TREO, 40% MREO from 11m CALDAS SOUTH: SECOND POTENTIAL ISR AREA IDENTIFIED 27 Magnesium sulphate leach assays identify a laterally continuous ionic adsorption clay (IAC) REE system at Caldas South, on the south-western margin of the Poços de Caldas Alkaline Complex Soluble mineralisation is continuous down-hole an