Announcement PDF ASX ANNOUNCEMENT ASX : AXL 20 May 2025 SIGNIFICANT REE RESULTS EXPAND CALDAS PROJECT’S FOOTPRINT HIGHLIGHTS: • Auger drill program in the highly prospective Poços de Caldas Caldera continues to return high grade rare earth elements (REE) including high-value neodymium and praseodymium (NdPr), and dysprosium and terbium (DyTb) • Large prospect along the weathered zone at the northern contact point of the Caldera returned encouraging REE mineralisation • Excellent results from drilling inside the Caldera, with all holes ending in high-grade mineralisation, indicating continuity at depth • Best results include: CAL-AUG-022 8.8m @ 5,309ppm TREO (26% MREO) from surface including 1m @ 8,100ppm TREO (29% MREO) from 4m ending with 0.8m @ 6,289ppm TREO (27% MREO) from 8m CAL-AUG-024 10.8m @ 3,683ppm TREO (32% MREO) from surface including 1m @ 6,726ppm TREO (38% MREO) from 6m ending with 0.8m @ 3,452ppm TREO (32% MREO) from 10m CAL-AUG-025 11.4m @ 3,608ppm TREO (21% MREO) from surface including 1m @ 7,480ppm TREO (32% MREO) from 9m ending with 1.4m @ 5,994ppm TREO (32% MREO) from 10m Axel REE Limited (ASX:AXL, “Axel” or “the Company”) is pleased to announce further encouraging results from its shallow auger drilling conducted both inside and around the northern extents of the Poços de Caldas alkaline complex (Caldera) in Brazil, where the Company holds a large tenement portfolio (Caldas Project). The program tested multiple prospects inside the alkaline Caldera and along its northern prospects along weathered profiles developed over two key lithologies — the Botelhos leucogranite and the São João da Mata gneissic complex, both of which exhibit characteristics favourable for REE enrichment and potential ionic adsorption style mineralisation. The Axel Board commented: “The consistent flow of high-grade TREO results continue from our shallow auger drilling program inside the Poços de Caldas Alkaline Complex. The grades reported ASX : AXL ACN: 665 921 273 832 High St Kew East VIC Australia 3102 www.axelreelimited.com.au info@axelreelimited.com.au are consistent with major discoveries made by neighbours including Meteoric Resources NL (MEI) and Viridis Mining and Minerals Limited (VMM). Importantly, the high grade TREO mineralisation is increasing at the end of auger holes, demonstrating the mineralisation is open at depth and amenable to deeper drilling.” Figure 1 - Location Map of the Caldas project tenements inside and outside the Caldera Targets Inside the Alkaline Caldera Following on from previous high-grade results reported, the latest assays from all 20 auger holes in this reported batch returned mineralised intervals, averaging 3,229ppm TREO and 100% of assays returning above the cutoff 1,000ppm TREO (1m interval assays). The intercepts identify thick, high-grade clay-hosted mineralisation at Caldas, over 20 metres in width, remaining open at depth (Figures 2 to 6). ASX : AXL ACN: 665 921 273 832 High St Kew East VIC Australia 3102 www.axelreelimited.com.au info@axelreelimited.com.au 2 Figure 2 - Assay results of tenement 830.889/2023. ASX : AXL ACN: 665 921 273 832 High St Kew East VIC Australia 3102 www.axelreelimited.com.au info@axelreelimited.com.au 3 Figure 3 - Assay results of tenement 830.891/2023. ASX : AXL ACN: 665 921 273 832 High St Kew East VIC Australia 3102 www.axelreelimited.com.au info@axelreelimited.com.au 4 Figure 4 - Assay results of tenement 820.286/2023. ASX : AXL ACN: 665 921 273 832 High St Kew East VIC Australia 3102 www.axelreelimited.com.au info@axelreelimited.com.au 5 Figure 5 - Assay Results of tenement 830.890/2023. ASX : AXL ACN: 665 921 273 832 High St Kew East VIC Australia 3102 www.axelreelimited.com.au info@axelreelimited.com.au 6 Figure 6 – Cross-section of auger drill prospects inside the Caldera, showing REE mineralisation remains open at depth. Targets Along the Alkaline Caldera Contact Results along the northern contact zone confirmed the presence of potentially ion-adsorption type REE mineralisation, particularly over the granitic Botelhos unit, where weathering has led to clay-hosted enrichment in valuable LREE and HREE. The presence of high MREO percentages underscores the economic relevance of these results, particularly for the permanent magnet supply chain. The geological setting comprises: • Botelhos leucogranite: A biotite-rich, syenogranitic to granodioritic unit with mylonitic deformation, containing quartz, perthitic microcline, plagioclase, and biotite — favourable for REE-bearing minerals such as monazite and allanite; and • São João da Mata gneissic complex: Migmatitic, granodioritic to granitic, composed of plagioclase, quartz, K-feldspar, biotite, and amphibole. Both units have undergone tropical to subtropical weathering, promoting the leaching of primary REE phases and the development of adsorbed REE clays in the saprolite horizon — a key characteristic of economic ionic clay-style REE deposits. Key intercepts along the Caldera contact: • • • CLD-AUG-071: CLD-AUG-069: CLD-AUG-068: ASX : AXL ACN: 665 921 273 6 metres @ 1,320 ppm TREO, (30% MREO) 2 metres @ 1,300 ppm TREO (27% MREO) 1 metre @ 1,218 ppm TREO (27% MREO) 832 High St Kew East VIC Australia 3102 www.axelreelimited.com.au info@axelreelimited.com.au 7 Figure 7 - TREO results of the Northern Caldera tenements. ASX : AXL ACN: 665 921 273 832 High St Kew East VIC Australia 3102 www.axelreelimited.com.au info@axelreelimited.com.au 8 Above - Shallow mineralised interval in auger hole CAL-AUG-071 with 1m @ 1,458ppm TREO from 2m, with 31% MREO. Caldas Project The first phase of the auger drill program at the Caldas Project has been completed with 93 holes for a total of 1,068 meters. The program consisted of scout auger drilling across Axel’s prospects both inside and along the weathered contact point of the Caldera, which met the Board’s objective of confirming high grade mineralisation across these areas. Axel’s northern Caldera prospects along the the contact zone and the adjacent hosts rocks returned encouraging results, confirming the Company’s concept of REE mineralisation present along this weathered zone of the Caldera. The mineralised zone is interpreted to remain open along strike and across the broader weathered profile. Axel’s extensive tenure along the northern, southern, and eastern margins of the Caldera offers kilometres of underexplored ground, directly contiguous with these early intercepts. This positions Axel to significantly expand its rare earth footprint and build a district-scale exploration portfolio focused on potentially leachable clays enriched in magnetic rare earths at Caldas. ASX : AXL ACN: 665 921 273 832 High St Kew East VIC Australia 3102 www.axelreelimited.com.au info@axelreelimited.com.au 9 Table 1 - Summary of significant auger (AUG) REE intercepts (1,000ppm TREO cutoff) ASX : AXL ACN: 665 921 273 HoleID From To Interval CAL-AUG-021 CAL-AUG-022 CAL-AUG-023 CAL-AUG-024 CAL-AUG-025 CAL-AUG-026 CAL-AUG-027 CAL-AUG-028 CAL-AUG-029 CAL-AUG-030 CAL-AUG-030 CAL-AUG-031 CAL-AUG-031 CAL-AUG-032 CAL-AUG-032 CAL-AUG-033 CAL-AUG-034 CAL-AUG-034 CAL-AUG-034 CAL-AUG-035 CAL-AUG-035 CAL-AUG-035 CAL-AUG-035 CAL-AUG-036 CAL-AUG-036 CAL-AUG-037 CAL-AUG-038 CAL-AUG-039 CAL-AUG-040 CAL-AUG-040 CAL-AUG-041 CAL-AUG-042 CAL-AUG-042 CAL-AUG-043 CAL-AUG-043 CAL-AUG-044 CAL-AUG-044 CAL-AUG-045 CAL-AUG-046 CAL-AUG-047 CAL-AUG-048 CAL-AUG-048 CAL-AUG-049 CAL-AUG-050 CAL-AUG-050 CAL-AUG-051 CAL-AUG-052 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3.0 0.0 3.0 0.0 2.0 1.0 0.0 8.0 13.0 0.0 3.0 6.0 9.0 0.0 7.0 1.0 0.0 0.0 0.0 8.0 2.0 0.0 6.0 0.0 5.0 0.0 4.0 0.0 1.0 1.0 1.0 5.0 0.0 0.0 2.0 0.0 0.0 9.75 8.8 6.6 10.8 11.4 14.0 14.0 9.0 10.0 2.0 9.0 1.0 15.0 1.0 9.0 5.0 2.0 9.0 20.0 1.0 4.0 7.0 11.0 1.0 16.0 5.0 13.0 9.0 1.0 17.0 3.0 3.0 11.0 1.0 15.0 1.0 14.0 20.0 10.0 4.0 2.0 8.0 10.0 1.0 13.0 12.0 2.0 9.75 8.8 6.6 10.8 11.4 14.0 14.0 9.0 10.0 2.0 6.0 1.0 12.0 1.0 7.0 4.0 2.0 1.0 7.0 1.0 1.0 1.0 2.0 1.0 9.0 4.0 13.0 9.0 1.0 9.0 1.0 3.0 5.0 1.0 10.0 1.0 10.0 20.0 9.0 3.0 1.0 3.0 10.0 1.0 11.0 12.0 2.0 TREO MREO MREO NdPr DyTb ppm ppm % ppm ppm 3,743 781 20 749 31 5,309 1,443 26 1,380 63 1,776 419 22 392 26 3,683 1,260 32 1,215 45 3,608 882 22 847 35 2,382 528 22 505 23 2,540 577 23 554 24 1,807 335 17 318 17 1,537 210 13 196 14 1,560 67 4 57 11 3,844 922 24 863 59 1,631 27 2 18 9 1,917 272 14 250 22 1,008 68 7 54 15 2,594 520 20 478 42 3,500 797 21 756 42 1,755 19 1 10 8 1,274 238 19 222 16 2,767 568 20 539 30 1,678 16 1 7 10 1,031 111 11 93 18 1,020 144 14 127 17 1,197 174 14 150 24 1,297 18 1 8 10 1,151 163 14 151 13 1,762 267 15 242 24 1,509 128 9 112 16 1,645 201 12 158 43 4,330 28 1 17 11 1,674 211 13 193 18 1,013 157 15 137 20 1,306 43 3 32 11 1,963 331 16 302 29 4,087 139 3 118 21 2,564 329 14 307 22 1,782 49 3 36 12 2,148 406 18 378 27 1,912 254 13 224 30 1,670 291 16 269 22 1,187 234 19 220 14 1,015 75 7 60 15 1,434 177 12 155 22 1,692 193 10 178 15 1,301 48 4 39 9 1,605 255 15 237 18 2,401 673 28 651 22 1,287 74 6 59 14 832 High St Kew East VIC Australia 3102 www.axelreelimited.com.au info@axelreelimited.com.au 10 HoleID From To Interval CAL-AUG-052 CAL-AUG-053 CAL-AUG-054 CAL-AUG-055 CAL-AUG-056 CAL-AUG-057 CAL-AUG-058 CAL-AUG-058 CAL-AUG-059 CAL-AUG-060 CAL-AUG-061 CAL-AUG-067 CAL-AUG-068 CAL-AUG-068 CAL-AUG-069 CAL-AUG-071 3.0 0.0 0.0 0.0 0.0 0.0 0.0 8.0 0.0 0.0 0.0 2.0 7.0 10.0 3.0 0.0 7.0 8.0 10.0 2.0 3.0 3.0 7.0 9.5 2.0 3.0 3.0 3.0 8.0 11.0 5.0 6.0 4.0 8.0 10.0 2.0 3.0 3.0 7.0 1.5 2.0 3.0 3.0 1.0 1.0 1.0 2.0 6.0 TREO MREO MREO ppm ppm % 1,815 232 13 1,702 346 20 1,208 195 16 1,527 308 20 1,624 322 20 2,147 496 23 1,246 223 18 1,469 282 19 1,296 219 16 1,428 277 19 1,256 201 16 1,044 266 25 1,218 324 27 1,118 352 31 1,300 352 27 1,320 388 30 NdPr DyTb ppm ppm 220 12 330 15 184 11 298 11 309 13 477 19 211 12 268 14 208 10 265 12 191 10 244 23 306 19 336 15 334 17 355 33 Table 2 - Assay Results (1,000ppm TREO cutoff) HoleID From To Length (m) TREO ppm MREO ppm CAL-AUG-021 CAL-AUG-021 CAL-AUG-021 CAL-AUG-021 CAL-AUG-021 CAL-AUG-021 CAL-AUG-021 CAL-AUG-021 CAL-AUG-021 CAL-AUG-021 CAL-AUG-022 CAL-AUG-022 CAL-AUG-022 CAL-AUG-022 CAL-AUG-022 CAL-AUG-022 CAL-AUG-022 CAL-AUG-022 CAL-AUG-022 CAL-AUG-023 CAL-AUG-023 CAL-AUG-023 CAL-AUG-023 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 0.00 1.00 2.00 3.00 1.00 2.00 3.00 4.00 5.00 9.75m@3,743 ppm TREO 6.00 7.00 8.00 9.00 9.75 1.00 2.00 3.00 4.00 8.8m@5,309 5.00 ppm TREO 6.00 7.00 8.00 8.80 1.00 2.00 6.6m@1,776 ppm TREO 3.00 4.00 1,730 2,050 3,857 4,693 3,674 3,346 5,329 4,336 4,218 4,350 2,139 3,226 5,488 5,705 8,100 5,216 4,192 7,619 6,289 2,833 2,792 1,795 1,415 179 266 884 1,056 822 753 1,240 933 892 782 316 798 1,760 1,829 2,317 1,372 1,021 1,943 1,681 771 720 410 295 ASX : AXL ACN: 665 921 273 832 High St Kew East VIC Australia 3102 MREO % HREO ppm HREO % DyTb ppm NdPr ppm 10 142 13 158 23 300 23 368 22 321 23 305 23 529 22 412 21 419 18 357 15 166 25 253 32 484 32 557 29 910 26 657 24 633 26 1,268 27 1,071 27 394 26 530 23 340 21 191 8 8 8 8 9 9 10 10 10 8 8 8 9 10 11 13 15 17 17 14 19 19 13 14 15 27 34 29 29 52 40 41 34 17 25 47 53 88 64 59 120 102 36 50 33 18 165 250 857 1,022 792 724 1,188 893 851 748 299 773 1,713 1,776 2,229 1,308 962 1,823 1,579 735 670 378 277 www.axelreelimited.com.au info@axelreelimited.com.au 11 HoleID From CAL-AUG-023 CAL-AUG-023 CAL-AUG-023 CAL-AUG-024 CAL-AUG-024 CAL-AUG-024 CAL-AUG-024 CAL-AUG-024 CAL-AUG-024 CAL-AUG-024 CAL-AUG-024 CAL-AUG-024 CAL-AUG-024 CAL-AUG-024 CAL-AUG-025 CAL-AUG-025 CAL-AUG-025 CAL-AUG-025 CAL-AUG-025 CAL-AUG-025 CAL-AUG-025 CAL-AUG-025 CAL-AUG-025 CAL-AUG-025 CAL-AUG-025 CAL-AUG-026 CAL-AUG-026 CAL-AUG-026 CAL-AUG-026 CAL-AUG-026 CAL-AUG-026 CAL-AUG-026 CAL-AUG-026 CAL-AUG-026 CAL-AUG-026 CAL-AUG-026 CAL-AUG-026 CAL-AUG-026 CAL-AUG-026 CAL-AUG-027 CAL-AUG-027 CAL-AUG-027 CAL-AUG-027 CAL-AUG-027 4.00 5.00 6.00 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 10.00 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 10.00 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 10.00 11.00 12.00 13.00 0.00 1.00 2.00 3.00 4.00 ASX : AXL ACN: 665 921 273 Length (m) TREO ppm MREO ppm MREO % HREO ppm HREO % DyTb ppm NdPr ppm 5.00 6.00 6.60 1.00 2.00 3.00 4.00 5.00 10.8m@3,683 6.00 ppm TREO 7.00 8.00 9.00 10.00 10.80 1.00 2.00 3.00 4.00 5.00 11.4@3,608 6.00 ppm TREO 7.00 8.00 9.00 10.00 11.40 1.00 2.00 3.00 4.00 5.00 6.00 7.00 14m@2,382 ppm TREO 8.00 9.00 10.00 11.00 12.00 13.00 14.00 1.00 2.00 14m@2,540 3.00 ppm TREO 4.00 5.00 1,091 1,071 1,210 1,817 1,556 1,683 2,536 3,845 4,255 6,726 4,400 5,809 4,384 3,452 3,380 1,977 2,248 1,697 2,164 2,393 2,357 4,452 4,588 7,480 5,994 1,745 2,040 1,983 2,137 2,534 2,710 2,375 2,474 2,485 2,539 2,744 2,640 2,630 2,319 2,016 2,733 2,989 2,862 2,613 215 208 240 261 302 516 951 1,427 1,370 2,544 1,623 2,231 1,497 1,111 236 349 386 333 399 381 515 1,102 1,298 2,361 1,926 179 357 388 428 556 682 531 573 596 577 663 664 634 562 276 512 653 605 567 20 19 20 14 19 31 38 37 32 38 37 38 34 32 7 18 17 20 18 16 22 25 28 32 32 10 18 20 20 22 25 22 23 24 23 24 25 24 24 14 19 22 21 22 140 158 164 167 143 206 355 536 459 805 566 787 643 623 209 228 237 206 241 249 263 372 466 801 751 170 199 199 210 230 275 237 254 267 288 312 324 331 294 175 220 260 240 239 13 15 14 9 9 12 14 14 11 12 13 14 15 18 6 12 11 12 11 10 11 8 10 11 13 10 10 10 10 9 10 10 10 11 11 11 12 13 13 9 8 9 8 9 13 15 16 15 14 19 33 50 43 76 55 76 61 61 20 22 24 21 24 24 25 34 43 72 67 17 19 19 19 21 25 21 23 24 26 27 29 30 27 17 20 23 22 22 202 193 224 246 288 497 918 1,377 1,327 2,468 1,568 2,155 1,436 1,049 216 327 363 312 375 356 490 1,067 1,255 2,290 1,860 163 338 369 408 535 657 510 550 573 551 636 635 604 535 259 492 629 583 545 To 832 High St Kew East VIC Australia 3102 www.axelreelimited.com.au info@axelreelimited.com.au 12 HoleID From To CAL-AUG-027 CAL-AUG-027 CAL-AUG-027 CAL-AUG-027 CAL-AUG-027 CAL-AUG-027 CAL-AUG-027 CAL-AUG-027 CAL-AUG-027 CAL-AUG-028 CAL-AUG-028 CAL-AUG-028 CAL-AUG-028 CAL-AUG-028 CAL-AUG-028 CAL-AUG-028 CAL-AUG-028 CAL-AUG-028 CAL-AUG-029 CAL-AUG-029 CAL-AUG-029 CAL-AUG-029 CAL-AUG-029 CAL-AUG-029 CAL-AUG-029 CAL-AUG-029 CAL-AUG-029 CAL-AUG-029 CAL-AUG-030 CAL-AUG-030 CAL-AUG-030 CAL-AUG-030 CAL-AUG-030 CAL-AUG-030 CAL-AUG-030 CAL-AUG-030 CAL-AUG-030 CAL-AUG-031 5.00 6.00 7.00 8.00 9.00 10.00 11.00 12.00 13.00 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 0.00 6.00 7.00 8.00 9.00 10.00 11.00 12.00 13.00 14.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 10.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 1.00 CAL-AUG-031 CAL-AUG-031 CAL-AUG-031 CAL-AUG-031 CAL-AUG-031 1.00 2.00 3.00 4.00 5.00 2.00 3.00 4.00 5.00 6.00 ASX : AXL ACN: 665 921 273 Length (m) 9m@1,807 ppm TREO 10m@1,537 ppm TREO 2m@1,560 ppm TREO 6m@3,844 ppm TREO 1m@1,631 ppm TREO 12m@1,917 ppm TREO TREO ppm MREO ppm MREO % HREO ppm HREO % DyTb ppm NdPr ppm 2,429 2,722 2,553 2,884 2,493 2,220 2,027 2,573 2,441 1,305 1,342 1,412 1,574 1,672 1,745 2,119 2,277 2,813 1,248 1,256 1,275 1,203 1,352 1,500 1,725 1,989 1,931 1,895 2,035 1,086 988 1,851 2,668 5,662 4,703 4,408 3,769 1,631 531 614 602 735 606 534 522 682 642 108 106 102 200 302 351 502 622 726 70 82 74 161 176 226 268 319 326 403 71 63 116 314 710 1222 1212 1140 934 27 22 23 24 25 24 24 26 27 26 8 8 7 13 18 20 24 27 26 6 7 6 13 13 15 16 16 17 21 3 6 12 17 27 22 26 26 25 2 244 286 283 332 292 265 243 321 309 157 157 154 156 172 176 193 229 274 122 152 140 148 147 153 148 156 151 180 135 109 120 197 434 776 892 985 764 111 10 11 11 12 12 12 12 12 13 12 12 11 10 10 10 9 10 10 10 12 11 12 11 10 9 8 8 9 7 10 12 11 16 14 19 22 20 7 22 26 25 29 25 23 21 28 27 16 15 16 15 17 17 16 20 24 12 15 14 15 15 15 14 13 13 17 12 10 10 17 39 68 76 87 66 9 509 589 578 706 581 511 501 654 615 92 90 86 184 285 334 486 602 702 58 67 60 146 161 210 254 306 314 386 60 54 106 297 671 1154 1136 1053 869 18 990 980 1,744 1,683 1,743 47 70 152 249 251 5 7 9 15 14 162 125 217 288 312 16 13 12 17 18 12 10 18 25 26 35 59 134 224 225 832 High St Kew East VIC Australia 3102 www.axelreelimited.com.au info@axelreelimited.com.au 13 HoleID From To CAL-AUG-031 CAL-AUG-031 CAL-AUG-031 CAL-AUG-031 CAL-AUG-031 CAL-AUG-031 CAL-AUG-031 CAL-AUG-031 CAL-AUG-031 CAL-AUG-032 6.00 7.00 8.00 9.00 10.00 11.00 12.00 13.00 14.00 0.00 7.00 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 1.00 CAL-AUG-032 CAL-AUG-032 CAL-AUG-032 CAL-AUG-032 CAL-AUG-032 CAL-AUG-032 CAL-AUG-032 CAL-AUG-032 CAL-AUG-033 CAL-AUG-033 CAL-AUG-033 CAL-AUG-033 CAL-AUG-033 CAL-AUG-034 CAL-AUG-034 CAL-AUG-034 CAL-AUG-034 CAL-AUG-034 CAL-AUG-034 CAL-AUG-034 CAL-AUG-034 CAL-AUG-034 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 0.00 1.00 2.00 3.00 4.00 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 1.00 2.00 3.00 4.00 5.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 CAL-AUG-034 CAL-AUG-034 CAL-AUG-034 CAL-AUG-034 CAL-AUG-034 CAL-AUG-034 CAL-AUG-034 CAL-AUG-034 CAL-AUG-034 CAL-AUG-034 CAL-AUG-034 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.00 17.00 18.00 19.00 10.00 11.00 12.00 13.00 14.00 15.00 16.00 17.00 18.00 19.00 20.00 ASX : AXL ACN: 665 921 273 Length (m) 1m@1,008 ppm TREO 7m@2,594 ppm TREO 4m@3,500 ppm TREO 2m@1,755 ppm TREO 1m@1,274 ppm TREO 7m@2,767 ppm TREO TREO ppm MREO ppm MREO % HREO ppm HREO % DyTb ppm NdPr ppm 1,712 1,743 1,538 1,965 1,943 1,571 2,673 1,941 2,744 1,008 172 125 194 356 328 277 255 380 529 68 10 7 13 18 17 18 10 20 19 7 234 215 266 283 238 198 223 266 339 195 14 12 17 14 12 13 8 14 12 19 19 20 22 24 21 18 21 24 30 15 153 106 172 333 307 259 235 356 500 54 932 1,373 2,629 3,015 2,795 2,879 2,688 2,779 973 1,480 2,411 2,392 7,715 1,923 1,587 898 638 869 627 809 917 1,274 101 237 535 611 590 577 559 531 83 246 485 529 1928 17 21 110 83 92 70 142 142 238 11 17 20 20 21 20 21 19 9 17 20 22 25 1 1 12 13 11 11 18 15 19 195 264 435 517 548 588 588 596 155 249 325 359 976 107 93 144 106 108 102 129 132 193 21 19 17 17 20 20 22 21 16 17 13 15 13 6 6 16 17 12 16 16 14 15 15 21 37 43 47 49 48 50 12 21 28 31 86 9 8 13 9 9 9 11 12 16 86 215 498 568 543 528 511 481 71 225 457 498 1843 8 13 97 74 82 61 131 130 222 689 566 590 759 1,035 3,259 2,314 2,724 1,319 3,874 4,841 95 84 81 116 141 273 427 664 378 1060 1035 14 15 14 15 14 8 18 24 29 27 21 130 122 133 137 153 252 254 352 179 610 547 19 22 23 18 15 8 11 13 14 16 11 11 10 11 12 12 23 23 32 16 54 49 83 74 70 104 129 251 404 632 362 1006 986 832 High St Kew East VIC Australia 3102 www.axelreelimited.com.au info@axelreelimited.com.au 14 HoleID From To Length (m) TREO ppm MREO ppm MREO % HREO ppm HREO % DyTb ppm NdPr ppm CAL-AUG-035 0.00 1.00 1,678 16 1 109 6 10 7 CAL-AUG-035 CAL-AUG-035 CAL-AUG-035 1.00 2.00 3.00 2.00 3.00 4.00 1m@1,678 ppm TREO 666 879 1,031 25 50 111 4 6 11 112 115 197 17 13 19 9 10 18 16 40 93 CAL-AUG-035 CAL-AUG-035 CAL-AUG-035 4.00 5.00 6.00 5.00 6.00 7.00 835 869 1,020 99 109 144 12 13 14 163 143 199 20 16 20 15 13 17 84 96 127 CAL-AUG-035 CAL-AUG-035 CAL-AUG-035 CAL-AUG-035 CAL-AUG-036 7.00 8.00 9.00 10.00 0.00 8.00 9.00 10.00 11.00 1.00 865 965 1,116 1,278 1,297 118 135 156 192 18 14 14 14 15 1 211 214 316 312 121 24 22 28 24 9 16 16 24 24 10 102 119 133 168 8 CAL-AUG-036 CAL-AUG-036 CAL-AUG-036 CAL-AUG-036 CAL-AUG-036 CAL-AUG-036 CAL-AUG-036 CAL-AUG-036 CAL-AUG-036 CAL-AUG-036 CAL-AUG-036 CAL-AUG-036 CAL-AUG-036 CAL-AUG-036 CAL-AUG-036 CAL-AUG-037 CAL-AUG-037 CAL-AUG-037 CAL-AUG-037 CAL-AUG-037 CAL-AUG-038 CAL-AUG-038 CAL-AUG-038 CAL-AUG-038 CAL-AUG-038 CAL-AUG-038 CAL-AUG-038 CAL-AUG-038 CAL-AUG-038 CAL-AUG-038 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 0.00 1.00 2.00 3.00 4.00 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.00 1.00 2.00 3.00 4.00 5.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 10.00 844 952 742 880 924 848 1,066 1,106 1,412 1,307 1,141 1,003 1,033 1,104 1,188 837 1,445 1,651 1,826 2,127 1,597 1,872 1,158 1,013 1,085 1,032 1,070 1,407 2,827 1,471 55 111 88 114 131 121 169 168 131 188 174 115 131 190 202 83 223 304 266 276 22 30 41 44 61 119 105 69 48 227 7 12 12 13 14 14 16 15 9 14 15 11 13 17 17 10 15 18 15 13 1 2 4 4 6 12 10 5 2 15 101 124 119 124 148 153 156 163 139 141 128 101 117 143 151 179 284 320 290 304 158 171 157 172 205 227 261 184 184 250 12 13 16 14 16 18 15 15 10 11 11 10 11 13 13 21 20 19 16 14 10 9 14 17 19 22 24 13 7 17 8 11 11 11 13 14 14 15 13 13 11 9 11 13 14 14 24 26 23 25 11 12 10 11 14 17 18 14 16 18 47 100 78 102 118 107 155 153 119 175 162 106 120 177 188 69 199 278 242 251 11 18 31 33 47 102 87 55 32 210 ASX : AXL ACN: 665 921 273 1m@1,031 ppm TREO 1m@1,020 ppm TREO 2m@1,197 ppm TREO 1m@1,297 ppm TREO 9m@1,151 ppm TREO 4m@1,762 ppm TREO 13m@1,509 ppm TREO 832 High St Kew East VIC Australia 3102 www.axelreelimited.com.au info@axelreelimited.com.au 15 HoleID From To CAL-AUG-038 CAL-AUG-038 CAL-AUG-038 CAL-AUG-039 CAL-AUG-039 CAL-AUG-039 CAL-AUG-039 CAL-AUG-039 CAL-AUG-039 CAL-AUG-039 CAL-AUG-039 CAL-AUG-039 CAL-AUG-040 10.00 11.00 12.00 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 0.00 11.00 12.00 13.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 1.00 CAL-AUG-040 CAL-AUG-040 CAL-AUG-040 CAL-AUG-040 CAL-AUG-040 CAL-AUG-040 CAL-AUG-040 CAL-AUG-040 CAL-AUG-040 CAL-AUG-040 CAL-AUG-040 CAL-AUG-040 CAL-AUG-040 CAL-AUG-040 CAL-AUG-040 CAL-AUG-040 CAL-AUG-041 CAL-AUG-041 CAL-AUG-041 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.00 0.00 1.00 2.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.00 17.00 1.00 2.00 3.00 CAL-AUG-041 CAL-AUG-042 CAL-AUG-042 CAL-AUG-042 CAL-AUG-042 CAL-AUG-042 CAL-AUG-042 CAL-AUG-042 CAL-AUG-042 CAL-AUG-042 CAL-AUG-042 3.00 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 4.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 10.00 ASX : AXL ACN: 665 921 273 Length (m) 9m@1,645 ppm TREO 1m@4,330 ppm TREO 9m@1,674 ppm TREO 1m@1,013 ppm TREO 3m@1,306 ppm TREO 5m@1,963 ppm TREO TREO ppm MREO ppm MREO % HREO ppm HREO % DyTb ppm NdPr ppm 1,693 1,869 1,525 2,096 1,382 1,744 1,615 1,354 1,504 1,720 1,299 2,091 4,330 295 355 248 116 57 205 193 165 240 264 204 364 28 17 19 16 6 4 12 12 12 16 15 16 17 1 261 316 227 302 274 375 403 396 406 390 281 459 137 15 17 15 14 20 22 25 29 27 23 22 22 3 21 24 18 29 27 50 50 47 50 48 33 53 11 275 331 230 87 30 155 142 118 189 217 171 311 17 877 768 579 882 538 579 725 1,482 2,413 1,274 1,855 1,989 1,497 1,097 1,634 1,823 793 880 1,013 15 14 20 16 23 45 82 128 120 159 249 305 202 155 272 308 55 113 157 2 2 3 2 4 8 11 9 5 12 13 15 13 14 17 17 7 13 15 109 113 103 113 99 114 124 142 172 144 189 223 179 188 293 262 141 180 214 12 15 18 13 18 20 17 10 7 11 10 11 12 17 18 14 18 20 21 8 8 8 10 9 9 11 13 15 13 19 21 15 16 26 24 12 17 20 7 5 12 7 14 36 72 115 105 145 230 284 187 139 246 284 43 96 137 869 1,157 1,146 1,615 988 561 692 1,120 1,522 2,425 2,447 142 41 40 48 35 35 57 117 180 455 505 16 4 3 3 4 6 8 10 12 19 21 209 120 121 153 155 125 158 211 241 401 429 24 10 11 9 16 22 23 19 16 17 18 18 10 11 13 13 10 13 17 20 37 38 124 31 29 35 22 25 44 100 160 417 467 832 High St Kew East VIC Australia 3102 www.axelreelimited.com.au info@axelreelimited.com.au 16 HoleID From To CAL-AUG-042 CAL-AUG-043 10.00 0.00 11.00 1.00 CAL-AUG-043 CAL-AUG-043 CAL-AUG-043 CAL-AUG-043 CAL-AUG-043 CAL-AUG-043 CAL-AUG-043 CAL-AUG-043 CAL-AUG-043 CAL-AUG-043 CAL-AUG-043 CAL-AUG-043 CAL-AUG-043 CAL-AUG-043 CAL-AUG-044 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 10.00 11.00 12.00 13.00 14.00 0.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 1.00 CAL-AUG-044 CAL-AUG-044 CAL-AUG-044 CAL-AUG-044 CAL-AUG-044 CAL-AUG-044 CAL-AUG-044 CAL-AUG-044 CAL-AUG-044 CAL-AUG-044 CAL-AUG-044 CAL-AUG-044 CAL-AUG-044 CAL-AUG-045 CAL-AUG-045 CAL-AUG-045 CAL-AUG-045 CAL-AUG-045 CAL-AUG-045 CAL-AUG-045 CAL-AUG-045 CAL-AUG-045 CAL-AUG-045 CAL-AUG-045 CAL-AUG-045 CAL-AUG-045 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 10.00 11.00 12.00 13.00 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 10.00 11.00 12.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 10.00 11.00 12.00 13.00 14.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 10.00 11.00 12.00 13.00 ASX : AXL ACN: 665 921 273 Length (m) 1m@4,087 ppm TREO 10m@2,564 ppm TREO 1m@1,782 ppm TREO 10m@2,148 ppm TREO 20m@1,912 ppm TREO TREO ppm MREO ppm MREO % HREO ppm HREO % DyTb ppm NdPr ppm 2,301 4,087 399 139 17 3 376 214 16 5 35 21 364 118 918 451 502 701 1,149 1,954 2,568 5,458 2,355 2,397 2,131 2,373 2,575 2,684 1,782 40 28 43 74 98 125 198 265 338 420 408 463 445 526 49 4 6 9 11 9 6 8 5 14 18 19 20 17 20 3 149 101 105 106 132 136 171 221 240 261 249 273 276 313 151 16 22 21 15 11 7 7 4 10 11 12 12 11 12 8 12 8 9 10 12 12 17 23 22 25 23 26 26 29 12 29 20 34 64 86 113 181 242 315 396 385 437 418 497 36 976 855 967 1,134 1,437 2,480 2,120 2,456 2,137 2,385 2,494 2,558 2,275 2,402 1,191 1,794 3,208 1,751 1,618 1,721 1,651 1,287 1,215 1,416 1,480 1,602 27 28 36 57 116 249 348 522 504 576 605 594 485 31 44 159 131 150 150 182 177 135 134 169 202 257 3 3 4 5 8 10 16 21 24 24 24 23 21 1 4 9 4 9 9 11 11 10 11 12 14 16 114 109 188 208 208 228 228 331 349 374 404 408 397 133 241 634 570 551 406 363 400 286 247 344 299 302 12 13 19 18 14 9 11 13 16 16 16 16 17 6 20 35 18 31 25 21 24 22 20 24 20 19 9 9 14 17 16 20 21 30 30 33 36 36 35 10 18 57 47 37 32 29 31 22 21 27 27 27 18 20 23 40 100 229 327 492 474 543 569 558 451 21 26 102 84 113 118 153 147 113 113 142 175 230 832 High St Kew East VIC Australia 3102 www.axelreelimited.com.au info@axelreelimited.com.au 17 HoleID From To CAL-AUG-045 CAL-AUG-045 CAL-AUG-045 CAL-AUG-045 CAL-AUG-045 CAL-AUG-045 CAL-AUG-045 CAL-AUG-046 CAL-AUG-046 CAL-AUG-046 CAL-AUG-046 CAL-AUG-046 CAL-AUG-046 CAL-AUG-046 CAL-AUG-046 CAL-AUG-046 CAL-AUG-046 CAL-AUG-047 CAL-AUG-047 CAL-AUG-047 CAL-AUG-047 CAL-AUG-048 CAL-AUG-048 13.00 14.00 15.00 16.00 17.00 18.00 19.00 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 0.00 1.00 2.00 3.00 0.00 1.00 14.00 15.00 16.00 17.00 18.00 19.00 20.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 10.00 1.00 2.00 3.00 4.00 1.00 2.00 CAL-AUG-048 CAL-AUG-048 CAL-AUG-048 CAL-AUG-048 CAL-AUG-048 CAL-AUG-048 CAL-AUG-049 CAL-AUG-049 CAL-AUG-049 CAL-AUG-049 CAL-AUG-049 CAL-AUG-049 CAL-AUG-049 CAL-AUG-049 CAL-AUG-049 CAL-AUG-049 CAL-AUG-050 2.00 3.00 4.00 5.00 6.00 7.00 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 0.00 3.00 4.00 5.00 6.00 7.00 8.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 10.00 1.00 CAL-AUG-050 CAL-AUG-050 CAL-AUG-050 1.00 2.00 3.00 2.00 3.00 4.00 ASX : AXL ACN: 665 921 273 Length (m) 9m@1,670 ppm TREO 3m@1,187 ppm TREO 1m@1,015 ppm TREO 3m@1,434 ppm TREO 10m@1,692 ppm TREO 1m@1,301 ppm TREO 11m@1,605 ppm TREO TREO ppm MREO ppm MREO % HREO ppm HREO % DyTb ppm NdPr ppm 2,078 1,881 1,638 2,219 2,490 2,717 2,871 835 1,193 1,180 1,180 1,761 2,093 2,264 1,776 1,780 1,801 906 1,006 1,174 1,382 720 1,015 346 327 317 447 488 597 634 23 21 25 177 369 474 449 368 365 371 52 130 264 308 43 75 17 17 19 20 20 22 22 3 2 2 15 21 23 20 21 21 21 6 13 22 22 6 7 403 361 270 310 335 383 410 221 216 195 273 269 291 316 286 298 332 140 131 164 174 148 191 19 19 16 14 13 14 14 26 18 17 23 15 14 14 16 17 18 15 13 14 13 21 19 36 32 26 29 31 34 36 14 14 14 20 23 25 27 25 25 28 12 12 15 16 11 15 310 295 292 417 457 564 599 9 7 10 157 345 450 423 343 340 342 41 118 249 292 32 60 869 770 944 1,403 1,240 1,658 2,628 1,389 1,305 1,118 1,083 1,165 1,837 1,855 2,446 2,092 1,301 96 105 103 154 163 214 71 22 25 35 87 135 350 338 463 400 48 11 14 11 11 13 13 3 2 2 3 8 12 19 18 19 19 4 196 208 219 245 265 323 148 112 90 94 119 138 209 208 275 263 111 23 27 23 17 21 19 6 8 7 8 11 12 11 11 11 13 9 16 16 17 19 21 26 13 10 8 9 11 13 19 19 25 24 9 80 89 86 135 142 188 58 13 16 26 76 122 332 319 438 376 39 663 1,198 1,254 31 42 56 5 4 4 102 111 113 15 9 9 8 10 10 23 32 46 832 High St Kew East VIC Australia 3102 www.axelreelimited.com.au info@axelreelimited.com.au 18 HoleID From To CAL-AUG-050 CAL-AUG-050 CAL-AUG-050 CAL-AUG-050 CAL-AUG-050 CAL-AUG-050 CAL-AUG-050 CAL-AUG-050 CAL-AUG-050 CAL-AUG-051 CAL-AUG-051 CAL-AUG-051 CAL-AUG-051 CAL-AUG-051 CAL-AUG-051 CAL-AUG-051 CAL-AUG-051 CAL-AUG-051 CAL-AUG-051 CAL-AUG-051 CAL-AUG-051 CAL-AUG-052 CAL-AUG-052 CAL-AUG-052 CAL-AUG-052 CAL-AUG-052 CAL-AUG-052 CAL-AUG-052 CAL-AUG-053 CAL-AUG-053 CAL-AUG-053 CAL-AUG-053 CAL-AUG-053 CAL-AUG-053 CAL-AUG-053 CAL-AUG-053 CAL-AUG-054 CAL-AUG-054 CAL-AUG-054 CAL-AUG-054 CAL-AUG-054 CAL-AUG-054 CAL-AUG-054 CAL-AUG-054 4.00 5.00 6.00 7.00 8.00 9.00 10.00 11.00 12.00 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 10.00 11.00 0.00 1.00 2.00 3.00 4.00 5.00 6.00 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 5.00 6.00 7.00 8.00 9.00 10.00 11.00 12.00 13.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 10.00 11.00 12.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 ASX : AXL ACN: 665 921 273 Length (m) 12m@2,401 ppm TREO 2m@1,287 ppm TREO 4m@1,815 ppm TREO 8m@1,702 ppm TREO 10m@1,208 ppm TREO TREO ppm MREO ppm MREO % HREO ppm HREO % DyTb ppm NdPr ppm 1,922 1,133 1,154 1,677 1,797 1,846 1,834 1,859 1,978 1,810 1,877 2,319 2,058 1,832 2,882 2,280 2,555 3,553 2,263 2,932 2,454 1,276 1,298 932 1,467 1,859 1,499 2,435 1,499 1,541 1,697 1,727 1,616 1,665 1,721 2,150 1,245 1,302 1,173 1,030 1,043 1,058