Announcement PDF ASX ANNOUNCEMENT ASX: AXL | FSE: HN8 15 October 2025 ASX : AXL | FSE: HN8 ACN: 665 921 273 832 High St Kew East VIC Australia 3102 www.axelreelimited.com.au info@axelreelimited.com.au Axelto Accelerate Poços de CaldasREE ProjectFollowing Further Positive Drill Results Highlights • REE mineralised footprint expands across the Caldas Project, in the world class Poços de Caldas Alkaline Complex (Caldera), host to Meteoric and Viridis REE deposits • Two prospects along the Caldera contact returned thick REE auger drill intercepts • Additional auger drill program in progress at Caldas South prospect along the external margin of the Caldera • Following completion of drilling, data to be reviewed to form an Exploration Target across the 228km2 Caldas Project, and to progress metallurgical studies Axel REE Limited (ASX: AXL, FSE:HN8, “Axel” or “the Company”) is pleased to announce that auger drilling results at the Caldas Project located in the Poços de Caldas Alkaline Complex (Caldera), have confirmed broad, near-surface rare earth elements (REE) mineralisation, reinforcing the project’s credentials as a district-scale potentially ionic clay discovery. Following these encouraging results, the Company has commenced auger drilling at the Caldas Southprospect,targeting REE along the outermargin of the Caldera. This new phase of exploration represents a major step in expanding the Company’s footprint beyond the Caldas Central prospect, where Axel’s earlier programs returned exceptional REE results in line with those reported by Meteoric Resources (ASX: MEI) (Caldeira project) and Viridis Mining and Minerals (ASX: VMM) (Colossus project). The Caldas South prospect is positioned along the external contact zone of the Caldera, where intense tropical weathering of granitic and gneissic basement rocks provides ideal conditions for the development of IAC-style REE mineralisation. Non-Executive Chairman, Paul Dickson, commented: “Today’s results from Caldas reinforce our conviction in Axel REE’s Brazilian portfolio and the strategic importance of building non-China supply chains for critical rare earths (and gallium). The shallow auger program is doing exactly what it should at this stage: demonstrating lateral continuity of REE-enriched saprolite across multiple domains around the Poços de Caldas Alkaline Complex and highlighting meaningful proportions of high value magnet REE. On the back of this momentum, we are commencing the technical work to frame an Exploration Target for Caldas. This will be supported by metallurgical testing tailored to ionic-adsorption clay style mineralisation. Our team is executing to plan, and we look forward to updating shareholders as we advance resource definition and value creation at Caldas.” ASX : AXL | FSE: HN8 ACN: 665 921 273 832 High St Kew East VIC Australia 3102 www.axelreelimited.com.au info@axelreelimited.com.au Figure 1. Caldas Project location. Caldas Project - Exploration Target and Metallurgical Studies Axel will use the current and forthcoming auger drilling across Caldas North, East, Central and South prospects to compile the datasets required to frame an Exploration Target for the Caldas Project in accordance with the JORC Code (2012). The work program is designed to define the lateral continuity and thickness of REE-enriched saprolite developed over leucogranite and gneissic protoliths along the Poços de Caldas Alkaline Complex margin, and to characterise grade distribution using the Company’s existing QA/QC-supported assays (including TREO, MREO/TREO proportions and NdPr, DyTb metrics). In parallel, Axel plans to advance metallurgical testwork on representative composite samples from key Caldas prospects. Testwork will focus on ionic-adsorption clay processing routes typical for clay-hosted deposits discovered in the Caldera (Meteoric, Viridis). Caldas North Caldas East Caldas South ASX : AXL | FSE: HN8 ACN: 665 921 273 832 High St Kew East VIC Australia 3102 www.axelreelimited.com.au info@axelreelimited.com.au Caldas North Prospects Drilling completed across the Northern Caldera prospects, located along the outer margin of the Caldera, returned highly encouraging results confirming the presence of REE mineralisation developed over weathered leucogranite and gneissic basement rocks. Notably, auger hole CAL-079 intersected 6m @ 1,370ppm TREO, with 33% MREO and 26% HREO, from near surface within a thick, clay-rich saprolite horizon. The REE distribution, marked by elevated proportions of magnet and heavy rare earth oxides (MREO and HREO), is consistent with the geochemical signature of Chinese-style ionic clay deposits, where weathering of granitic protoliths under tropical conditions results in strong REE enrichment. These results confirm the high fertility of the northern Caldera margin and demonstrate that the favourable conditions for IAC formation extend well beyond the central alkaline complex. Above. Shallow mineralized interval from 2 to 3 meters depth in auger hole CAL-AUG-079 yielded 1,660 ppm TREO, with 34% MREO and 27% HREO (523ppm NdPr and 43ppm DyTb). HoleID From To Interval TREO ppm MREO ppm MREO % NdPr ppm DyTb ppm HREO ppm HREO % CAL-AUG-062 1 2 1 1,145 382 33 360 23 218 19 CAL-AUG-079 1 7 6 1,370 453 33 418 35 365 26 Table 1. Summary of significant auger (AUG) REE intercepts (1,000ppm TREO cutoff) ASX : AXL | FSE: HN8 ACN: 665 921 273 832 High St Kew East VIC Australia 3102 www.axelreelimited.com.au info@axelreelimited.com.au Figure 2. TREO results of the Caldas North prospects Caldas East Prospect Drilling at the Caldas East prospect returned consistently encouraging results, confirming the presence of ionic adsorption clay (IAC)-style REE mineralisation hosted within deeply weathered granite, granitoid, and gneissic basement rocks. Highlights from the auger program include CAL-AUG-081, which intersected 3m @ 1,237ppm TREO with 31% MREO, CAL-AUG-083 returning 10m @ 1,552ppm TREO with 24% MREO, and CAL-AUG-086, which intersected 2m @ 1,110ppm TREO with 30% MREO. ASX : AXL | FSE: HN8 ACN: 665 921 273 832 High St Kew East VIC Australia 3102 www.axelreelimited.com.au info@axelreelimited.com.au HoleID From To Interv al TREO ppm MREO ppm MREO % NdPr ppm DyTb ppm HREO ppm HREO % CAL-AUG-081 19 22 3 1,237 385 31 351 33 340 27 CAL-AUG-083 10 20 10 1,552 376 24 355 20 201 13 CAL-AUG-086 12 14 2 1,110 340 30 320 20 166 15 Table 2. Summary of significant auger (AUG) REE intercepts (1,000ppm TREO cutoff) Figure 3. Caldas East prospect TREO results. ASX : AXL | FSE: HN8 ACN: 665 921 273 832 High St Kew East VIC Australia 3102 www.axelreelimited.com.au info@axelreelimited.com.au Figure 4. Cross Section auger hole CAL-AUG-083 Caldas South Prospects – Drill Program Commenced TheCompany has commenced a further drill program at theCaldas South prospects,located along theouter margin of the Caldera. A total of 40 auger holes are planned in this initial phase, designed to test high-priority targets developed over granitic and gneissic basement rocks where deep tropical weathering has produced thick saprolite profiles favourable for ionic adsorption clay (IAC)-style rare earth mineralisation. The program will systematically evaluate the continuity of REE-enriched horizons identified in prior surface sampling. The contact zone with the alkaline complex is considered highly favourable for the development of IAC-style REE mineralisation. Prolonged tropical weathering of granitic and gneissic protoliths, coupled with the geochemical influence of the nearby alkaline complex, enhances the potential for mobilisation, concentration, and adsorption of REEs within clay-rich horizons. ASX : AXL | FSE: HN8 ACN: 665 921 273 832 High St Kew East VIC Australia 3102 www.axelreelimited.com.au info@axelreelimited.com.au Figure 5. Planned auger holes of the South block licenses over regional geology. About the Caldas Project The Caldas Project, held 100% by Axel REE, is located within the Poços de Caldas Alkaline Complex, Minas Gerais State,Brazil -one of the mostdistinctive geologicalfeatures in South America andglobally recognised for its association with rare earth element (REE) and uranium mineralisation. The project area consists of multiple exploration licences covering both inside the Caldera and along the weathering contact of the Caldera domains, with a combined area of more than 228km². Axel’s tenements are strategically distributed across the northern, southern, and central sectors of the Poços de Caldas Alkaline Complex, providing comprehensive geological coverage of the system. ASX : AXL | FSE: HN8 ACN: 665 921 273 832 High St Kew East VIC Australia 3102 www.axelreelimited.com.au info@axelreelimited.com.au Figure 6. Location of the Caldas project in Brazil This announcement was authorised by the Board of Directors. For enquiries regarding this release please contact: Axel REE Limited Investor & Media Relations investors@axelreelimited.com.au awillis@nwrcommunications.com.au About Axel REE Axel REE is an exploration company which is primarily focused on exploring the Caladão REE-Gallium and Caldas REE Projects in Brazil. Together, the project portfolio covers over 1,000km² of exploration tenure in Brazil, the third largest country globally in terms of REE Reserves. ASX : AXL | FSE: HN8 ACN: 665 921 273 832 High St Kew East VIC Australia 3102 www.axelreelimited.com.au info@axelreelimited.com.au The Company’s mission is to explore and develop REE and other critical minerals in vastly underexplored Brazil. These minerals are crucial for the advancement of modern technology and the transition towards a more sustainable global economy. Axel’s strategy includes extensive exploration plans to fully realize the potential of its current projects and seek new opportunities. Competent Persons Statement The information in this announcement that relates to Exploration Results is based on and fairly represents information and supporting documentation compiled by Mr Antonio de Castro, BSc (Hons), MAusIMM, CREA, who acts as AXEL´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 he is undertaking 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” (the JORC Code). Mr Castro consents to the inclusion in the announcement of the matters based on his information in the form and context in which it appears. Forward Looking Statement This announcement contains projections and forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Company. These risks and uncertainties could cause actual results and the Company’s plans and objectives to differ materially from those expressed in the forward-looking information. Actual results and future events could differ materially from anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are madeandexpressly qualified intheir entirety by this notice. The Company assumes no obligation to update forward-looking information should circumstances or management’s estimates or opinions change. Reference to Previous Announcements In addition to new results reported in this announcement, the information that relates to previous exploration results is extracted from: • AXL ASX release 20 May 2025 “Significant REE Results Expands Caldas Project Footprint” • AXL ASX release 28 January 2025 “19,493ppm TREO at High Grade Caldas Project” • AXL ASX release 23 October 2024 “Up to 7,099ppm TREO from high grade batch assays at Caldas” The Company confirms that it is not aware of any new information or data that materially affects the information contained in these announcements and, in the case of estimates of mineral resources, that all material assumptions and technical parameters underpinning the estimates in the announcements continue to apply and have not materially changed. ASX : AXL | FSE: HN8 ACN: 665 921 273 832 High St Kew East VIC Australia 3102 www.axelreelimited.com.au info@axelreelimited.com.au JORC Code, 2012 Edition – Table 1 Section 1 Sampling Techniques and Data (Criteria in this section apply to all succeeding sections.) Criteria JORC Code explanation Commentary Sampling techniques • Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. • Aspects of the determination of mineralisation that are Material to the Public Report. • In cases where ‘industry standard’ work has been done, this would be relatively simple (e.g., ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverized to produce a 30 g charge for fire assay’). In other cases, more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information. • Auger holes • At each drill site, the surface was thoroughly cleared. Soil and saprolite samples were gathered every 1 meter with precision, carefully logged and photographed. Each sample was then sealed in plastic bags and clearly labelled for identification. Drilling techniques • Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc). Augerdrilling • A motorized 2.5HP soil auger with a 4” drill bit, reaching depths of up to 20 meters, was used to drill. The drilling is an open hole, meaning there is a significant chance of contamination from the surface and other parts of the auger hole. Holes are vertical and not oriented. Drill sample recovery • Method of recording and assessing core and chip sample recoveries and results assessed. • Measures taken to maximise sample recovery and ensure representative nature of the samples. • Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse Auger drilling No recoveries arerecorded. • No relationship is believed to exist between recovery and grade. ASX : AXL | FSE: HN8 ACN: 665 921 273 832 High St Kew East VIC Australia 3102 www.axelreelimited.com.au info@axelreelimited.com.au Criteria JORC Code explanation Commentary material. Logging • Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. • The total length and percentage of the relevant intersections logged. The geology was described in a core facility by a geologist - logging focused on the soil (humic) horizon, saprolite, and fresh rock boundaries. The depth of geological boundaries is honored and described with downhole depth – not meter by meter. Other important parameters for collecting data include grain size, texture, and color, which can help identify the parent rock beforeweathering. All drilled holes have a digital photographic record. The log is stored in a Microsoft Excel template with inbuilt validation tables and a pick list to avoid data entry errors. Sub- sampling techniques and sample preparation • If core, whether cut or sawn and whether quarter, half or all core taken. • If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. • For all sample types, the nature, quality and appropriateness of the sample preparation technique. • Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. • Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling. • Whether sample sizes are appropriate to the grain size of the material being sampled. Sample preparation (drying, crushing, splitting and pulverising) is carried out by SGS laboratory, in Vespasiano MG, using industry-standard protocols: • dried at60°C • thefreshrockis75%crushedtosub3mm • the saprolite is just disaggregated with hammers • Riffle split sub-sample • 250 g pulverized to 95% passing 150 mesh, monitored bysieving. • Aliquot selectionfrompulppacket Quality of assay data and laboratory tests • The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. • For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. • Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established. 1 blank sample, 1 certified reference material (standard) sample and 1 field duplicate sample were inserted by company into each 25 sample sequence. Standard laboratory QA/QC procedures were followed, including inclusion of standard, duplicate and blank samples. The assay technique used was Sodium Peroxide Fusion ICP OES / ICP MS (SGS code ICM90A). Elements analyzed at ppm levels: Al 100 – 250,000 Dy 0.05 – 1,000 Ce 0.1 – 10,000 Eu 0.05 – 1,000 Er 0.05 – 1,000 Gd 0.05 – 1,000 La 0.1 – 10,000 Ho 0.05 – 1,000 Nd 0.1 – 10,000 Li 10 – 15,000 Sm 0.1 – 1,000 Pr 0.05 – 1,000 ASX : AXL | FSE: HN8 ACN: 665 921 273 832 High St Kew East VIC Australia 3102 www.axelreelimited.com.au info@axelreelimited.com.au Criteria JORC Code explanation Commentary Th 0.1 – 1,000 Tb 0.05 – 1,000 U 0.05 – 10,000 Tm 0.05 – 1,000 Yb 0,1 – 1,000 Y 0.05 – 1,000 The sample preparation and assay techniques used are industry standard and provide total analysis. The SGS laboratory used for assays is ISO 9001 and 14001 and 17025 accredited. Verification of sampling and assaying • The verification of significant intersections by either independent or alternative company personnel. • The use of twinned holes. • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. • Discuss any adjustment to assay data. Apart from the routine QA/QC procedures by the Company and the laboratory, there was no other independent or alternative verification of sampling and assaying procedures. No twinned holes were used. Primary data collection follows a structured protocol, with standardized data entry procedures ensure that any issues are identified and rectified. All data is stored both in physical forms, such as hard copies and electronically, in secure databases with regular backups. The adjustments to the data were made transforming the elementvaluesinto the oxide values.The conversion factors used are included in the table below. (source: https://www.jcu.edu.au/advanced-analytical- centre/resources/element-to-stoichiometric-oxide- conversion-factors) Element ppm Conversion Factor Oxide Form Al 1.8895 Al2O3 Ce 1.2284 CeO2 Dy 1.1477 Dy2O3 Er 1.1435 Er2O3 Eu 1.1579 Eu2O3 Ga 1.3442 Ga2O3 Gd 1.1526 Gd2O3 Ho 1.1455 Ho2O3 La 1.1728 La2O3 Lu 1.1371 Lu2O3 Nd 1.1664 Nd2O3 Pr 1.2082 Pr6O11 Sm 1.1596 Sm2O3 Tb 1.1762 Tb4O7 Tm 1.1421 Tm2O3 Y 1.2699 Y2O3 Yb 1.1387 Yb2O3 Rare earth oxide is the industry accepted form for reporting rare earths. The following calculations are used for compiling REO into their reporting and evaluation groups: TREO (Total Rare Earth Oxide) = La2O3 + CeO2 + Pr6O11 + Nd2O3 + Sm2O3 + Eu2O3 + Gd2O3 + Tb4O7 + Dy2O3 + Ho2O3 + Er2O3 + Tm2O3 + Yb2O3 + Y2O3 + Lu2O3 LREO (Light Rare Earth Oxide) = La2O3 + CeO2 + Pr6O11 + Nd2O3 ASX : AXL | FSE: HN8 ACN: 665 921 273 832 High St Kew East VIC Australia 3102 www.axelreelimited.com.au info@axelreelimited.com.au Criteria JORC Code explanation Commentary HREO (Heavy Rare Earth Oxide) = Sm2O3 + Eu2O3 + Gd2O3 + Tb4O7 + Dy2O3 + Ho2O3 + Er2O3 + Tm2O3 + Yb2O3 + Y2O3 + Lu2O3 CREO (Critical Rare Earth Oxide) = Nd2O3 + Eu2O3 + Tb4O7 + Dy2O3 + Y2O3 (From U.S. Department of Energy, Critical Material Strategy, December 2011) MREO (Magnetic Rare Earth Oxide) = Nd2O3 + Pr6O11 + Tb4O7 + Dy2O3 NdPr = Nd2O3 + Pr6O11 DyTb = Dy2O3 + Tb4O7 In elemental from the classifications are: TREE: La+Ce+Pr+Nd+Sm+Eu+Gd+Tb+Dy+Ho+Er+Tm+Tb+Lu+Y HREE: Sm+Eu+Gd+Tb+Dy+Ho+Er+Tm+Tb+Lu+Y CREE: Nd+Eu+Tb+Dy+Y LREE: La+Ce+Pr+Nd Location of data points • Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. • Specification of the grid system used. • Quality and adequacy of topographic control. The UTM SIRGAS2000 zone 23S grid datum is used for current reporting. The auger collar coordinates for the holes reported are currently controlled by hand-held GPS. Data spacing and distribution • Data spacing for reporting of Exploration Results. • Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. • Whether sample compositing has been applied. Collar plan displayed in the body of the release. No resources are reported. Orientation of data in relation to geological structure • Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. • If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material. All auger holes were drilled vertically, which is deemed the most suitable orientation for this type of supergene deposit. These deposits typically have a broad horizontal extent relative to the thickness of the mineralised body, exhibiting horizontal continuity with minimal variation in thickness. Given the extensive lateral spread and uniform thickness of the deposit, vertical drilling is optimal for achieving unbiased sampling. This orientation allows for consistent intersections of the horizontal mineralised zones, providing an accurate depiction of the geological framework and mineralisation. No evidence suggests that the vertical orientation has introduced any sampling bias concerning the ASX : AXL | FSE: HN8 ACN: 665 921 273 832 High St Kew East VIC Australia 3102 www.axelreelimited.com.au info@axelreelimited.com.au Criteria JORC Code explanation Commentary key mineralised structures. The alignment of the drilling with the deposit's known geology ensures accurate and representative sampling. Any potential bias from the drilling orientation is considered negligible. Sample security • The measures taken to ensure sample security. All samples were collected by field personnel and securely sealed in labeled plastic bags to ensure proper identification and prevent contamination. All samples for submission to the lab are packed in plastic bags (in batches) and sent to the lab where it is processed as reported above. The transport from the Caldas Project to the SGS laboratory in Poços de Caldas-MG was undertaken by field personnel. Audits or reviews • The results of any audits or reviews of sampling techniques and data. No independent audit has beencompleted. Section 2 Reporting of Exploration Results Criteria JORC Code explanation Commentary Mineral tenement and land tenure status • Type, reference name/number, location and ownership, including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. • The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area. All samples were sourced from tenements fully owned by Axel REE Ltd. Exploration done by other parties • Acknowledgment and appraisal of exploration • by other parties. In the Caldas Project, there is currently ongoing REE ionic absorption clay minerals exploration programs in course belong in to other junior explorers, e.g., Meteoric Resources (ASX:MEI) and Viridis Mining and Minerals Limited (ASX:VMM). There is also an exhausted uranium mine that belongs to Industrias Nucleares Brasileiras (INB). CBA, Companhia Brasileira de Aluminio (CBA 3) produces aluminium from bauxite ore since 1955. Geology • Deposit type, geological setting and style of mineralisation. The rare earth elements (REE) deposit type is supergene and related to Ionic Absorption Clay minerals(IAC).The mineralizationis developedbythe weathering of a Cretaceous Alkaline Igneous Complex, known as the Poços de Caldas Complex. The weathering of theses alkaline rocks produces a clay-rich horizon that retains the REE minerals. ASX : AXL | FSE: HN8 ACN: 665 921 273 832 High St Kew East VIC Australia 3102 www.axelreelimited.com.au info@axelreelimited.com.au Drill hole Information • A summary of all information material to the understanding of the exploration results, including a tabulation of the following information for all Material drill holes: o Easting and northing of the drill hole collar o elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar o Dip and azimuth of the hole o down hole length and interception depth o hole length. • If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case. Reported in the body of the announcement. Data aggregation methods • In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated. • Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. • The assumptions used for any reporting of metal equivalent values should be clearly stated. Data has been aggregated according to downhole intercept lengths above the lower cut-off grade. A lower cut-off grade of 1,000 ppm TREO (Total Rare Earth Oxides) has been applied using a minimum composite length of 1 meters and no internal diluition. Data acquisition for this project encompasses results from auger drilling. The dataset was compiled in its entirety, with no selective exclusion of information. All analytical techniques and data aggregation were conducted in strict accordance with industry best practices, as outlined in prior technical discussions. Relationship between mineralisation widths and intercept lengths • These relationships are particularly important in the reporting of Exploration Results. • If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. • If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g. ‘down hole length, true width not known’). All holes are vertical, and mineralisation is developed in a flat-lying clay and transition zone within the regolith profile. Weathering is intense and develop thick clay-rich regoliths that extend laterally over the entire Poços de Caldas Alkaline Compex. Diagrams • Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate Reported in the body of the text. ASX : AXL | FSE: HN8 ACN: 665 921 273 832 High St Kew East VIC Australia 3102 www.axelreelimited.com.au info@axelreelimited.com.au sectional views. Balanced reporting • Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results. The data presented in this report aims to provide a transparent and comprehensive overview of the exploration activities and findings. All relevant information, including sampling techniques, geological context, prior exploration work, and assay results, has been thoroughly documented. Cross-references to previous announcements have been included where applicable to ensure continuity and clarity. The use of diagrams, such as geological maps and tables, is intended to enhance understanding of the data. This report accurately reflects the exploration activities and findings without bias or omission. Other substantive exploration data • Other exploration data, if meaningful and material, should be reported including (but not limit