Announcement PDF Axel REE (ASX:AXL | FSE:HN8) Investor Presentation | February 2026 Bell Potter Unearthed Conference Accelerating Caladão Project to Planned ISR Field Recovery Trials 2 Disclaimer These presentation materials and any accompanying verbal presentation (together, the Presentation Materials) have been prepared by Axel REE Limited (Company) as 11 February 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. 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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. 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Competent Person Statement The information in this announcement that relates to Exploration Results and Metallurgy and Metallurgical Test Work 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 reporting of exploration results and analytical and metallurgical test work 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. The information in this announcement that relates to the Caladão Mineral Resources is based on and fairly represents information compiled by Mr. Antonio de Castro (Senior Consulting Geologist through the consultancy firm, ADC Geologia Ltda) and Mr. Leonardo Rocha (associate of GE21 Consultoria Mineral Ltda). Mr. de Castro is a member of the Australasian Institute of Mining and Metallurgy, and Mr. Rocha is a member of Australasian Institute of Geoscientists. Both have sufficient experience of relevance to the styles of mineralisation and types of deposits under consideration, and to activities undertaken to qualify as Competent Persons as defined in the 2012 Edition of the Joint Ore Reserve Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr. de Castro is the Competent Person for the geological and mineralization model database (including all drilling information). Mr. Rocha is the Competent Person for the construction of the 3D geology/mineralisation model plus the mineral resource estimation. Mr Leonardo Rocha undertook a site visit to the Caladão Project between 11th to 13th November 2025. Mr de Castro has planned, managed and/or conducted work programmes for the Caladão Project, including drilling. He has visited the site on numerous occasions. Mr. de Castro and Mr. Rocha consent to the inclusion in this report of the matters on their information in the form and context in which they appear. 2 3 Chinese Rare Earth ISL Operation ‘The Global Standard’ China began using Magnesium Sulphate as a leaching agent (Epsom Salts) in 2010. ISL-Approximately 70% of the global mine production in China. ISL is a LOW COST and world proven process ISL is Low CAPEX, low OPEX vs. other western operators in Brazil Lower environmental impact – simpler permitting process In Situ Leaching since 1997 Google Earth 3D view of an ISL rare earth operation Jiangxi Province, China showing hill-slope leaching areas feeding a hydrometallurgical processing plant. 4 Caladão Project, MRE Areas and Key Deposits The combined Area A + B MRE now stands at 572 Mt @ 1,506 ppm TREO and 439 Mt @ 38 ppm Ga, covering ~151 km² (~35% of the Caladão Project area). Two main areas identified for ISR mining: Area B 339Mt@1,075ppm TREO and 36ppm Ga Woolrich Deposit 128Mt@ 1,013ppmTREO and 35ppm Ga 2,000 Ha mineralised footprint with potential for 12 individual wellfields Area A 233Mt@2,133ppm TREO and 100Mt@42ppm Ga Paraíso Prospect Up to nine (9) potential wellfield domains over 1,000 Ha. Paraíso ISR Prospect Woolrich ISR Deposit 5 Paraíso Target -9 Wellfields Planned Hole ID Interval (m) Soluble TREO (ppm) From (m) To (m) Grade-thickness (gram-metre) CLD-AUG-028 8.00 1,046 12.00 20.00 8,372 CLD-DDH-028 22.15 619 28.00 50.15 13,705 CLD-DDH-003 19.32 662 27.00 46.32 12,476 CLD-DDH-018 20.00 600 19.00 39.00 12,006 CLD-AUG-073 12.00 760 0.00 12.00 9,126 CLD-AUG-233 13.00 667 4.00 17.00 8,668 CLD-AUG-069 14.00 594 0.00 14.00 8,320 CLD-DDH-035 13.00 621 35.00 48.00 8,077 CLD-AUG-019 10.00 760 0.00 10.00 6,688 CLD-AUG-124 10.00 626 5.00 15.00 6,261 CLD-AUG-072 11.00 590 0.00 11.00 6,494 CLD-AUG-077 7.00 886 2.00 9.00 6,204 Grade-thickness values up to 13,705 gram-metre TREO indicate stacked, laterally coherent mineralised clay horizons. Paraíso confirms a magnet-rich ionic rare earth assemblage, with soluble MREO averaging ~41–42% of soluble TREO and NdPr averaging ~39–40% 6 Caladão – The Right Fit for ISR Resource Profile & Geology – Made for ISR, similar to Chinese ISR mines • Coarse weathered granites = excellent permeability • Gravity works in our favour (leaching from hilltops) • Granite basement – ideal controlled floor for solution flow Schematic diagram of the in situ leaching process for rare earth ore Source info: Hu, Mingbing & Shao, Yajian & Chen, Guoliang. (2025). Kinetics of Ion Exchange in Magnesium Sulfate Leaching of Rare Earths and Aluminum from Ionic Rare Earth Ores. Minerals. 6 7 Strategic Roadmap: “Pod” Implementation Model1 2027 Pilot Pod 2028 Ramp Up Pod 2029 Steady State Pods 100-300t REO/yr benchmark1 300-600t REO/yr benchmark1 0.5-1.5kt REO/yr per pod benchmark1 • Validate site hydrology • Optimise well spacing and reagent parameters • Establish environmental baseline • Optimise injection-to- recovery ratios • Improve sweep efficiency • Refine containment and monitoring systems • Demonstrate commercial viability • Deploy multiple independent pods • Stable production • Predictable cash flow • Replicable operating model 1. Disclaimer: This is a conceptual benchmark model drawn from typical Chinese ion-adsorption clay ISL operations (refer Appendix B) and does not constitute a production forecast or guarantee. Actual results depend on site- specific hydrogeology, metallurgy, permitting, and study outcomes. The Pod Implementation Model is entirely conceptual and based on bench leach tests reported by the Company (ASX release 26 November 2025 and 2 February 2026). More representative column leaching has already commenced with Core Resources Australia to better simulate how the leaching process performs over time. Field trials are planned to commence later in 2026 and will be utilised to confirm recoveries, reagent consumption, leach solution handling and recycling requirements, and overall environmental performance under site conditions. 2026 Field Trials Woolrich Deposit • Modelling orebody (infill drilling at 2m spacing) • Injection well drilling • Testwork: chemistry, permeability, flow rates • REO PLS specs • Customer testing Feasibility Studies Mine Planning and Permitting 8 Potential to scale via Interconnected Hubs in the Woolrich district • Woolrich (Anchor Asset): 2,000 Ha mineralised footprint with potential for 12 individual wellfields identified • Paraíso Prospect: 1,000 Ha area with 9 potential wellfields identified via exploration drilling, amenable to replicate the Woolrich model • Future Growth Tiers: Tiger Creek and adjacent tenements provide a massive inventory for sequential expansion. • The "Hub & Spoke" Concept: Connecting multiple extraction pods to centralised processing facilities to drive down unit CAPEX. Asset Portfolio & Regional Scalability 9 Gerik ISR Mine Vs Axels’ Woolrich & Paraíso Targets Gerik ISR Mine - Malaysia Comparison • Malaysia’s first profitable ionic clay ISR mine operation, producing 4,000tpa REO, making a net profit after tax of S$10.6M in FY20241 • SGX-listed SAM completed acquisition of 40% equity in MCRE for ~A$82M in September 20252 (valuing Gerik at ~A$205M) • Woolrich ISR Target: • similar tonnes and grade, • geology, • metallurgy, • strong profile of soluble TREO/MREO 1. NPAT for year ended 31 July 2024 attributed to MCRE Resources Sdn Bhd (MCRE) 2. Southern Alliance Mining Ltd. (SGX:QNS) release 3 April 2025 “Execution Of Sale And Purchase Agreement And Shareholders’ Agreement In Relation To The Proposed Mcre Acquisition” Comparative CAPEX costs from Brazilian peers (Refer Appendix A). Note: all rare earths in solution will report in the final product, the Mixed Rare Earth Carbonate (MREC) Company - Project Resourc e Size CAPEX US$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 128Mt - 464 42.0 40.0 2.0 MCRE Resources/Southern Alliance Mining - Gerik ISL REE Mine 120Mt 20 486 30.0 27.0 3.0 Brazilian Critical Minerals (ASX:BCM) – EMA Project 55 - 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 10 Proven Recoveries, now confirming Chemistry & Testing Economics Economics based on real production data 10 AXL Trial Mining Characteristics vs PFS/DFS Saves time 6–12 months vs 18–30 months for PFS/DFS. Saves costs ~A$2 m vs ~A$10–20m traditional route Delivers real data Reagent use, recoveries, energy & labor curves Produces product Commercial-spec MREC → customer testing starts Accelerates strategic partnership discussions Real ore performance Measures actual reagent use Delivers recoveries + product specs Commercial MREC product for potential customers 11 Unique Gallium Opportunity Gallium Spot price $2,101.60 per kg (03/02/2026)1 Gallium is a globally critical technology metal 98% of global supply controlled by China → export bans in 2024. AXL hosts Brazil’s only defined primary gallium resource & one of the largest resources globally Integral to Defense, Solar Energy, EVs, and Next-Gen semiconductors for AI Data Centres Strategic Optionality • Having a standalone gallium resource creates opportunities • Attracts interest from governments and tech manufacturers looking to secure non-Chinese sources of strategic critical metals Parallel Development Path • Axel REE is positioning gallium as a future upside and a separate development pathway alongside the core REE in-situ leach project Caladão’s ISR concept positions Axel as one of the few companies globally with a large, in-situ gallium resource not dependent on bauxite refineries, and a potential future supplier of responsibly produced gallium and magnet rare earths into de-risking Western supply chains 1. Source: Gallium metal spot price at 3 February 2026, https://strategicmetalsinvest.com/gallium-prices/ 12 Valuation disconnect vs Brazilian REE peers 12 10x 86x 141x 183x 0 500 1,000 1,500 2,000 2,500 3,000 0x 100x 200x 300x 400x 500x 600x AXL BCM MEI VMM BRE TREO (ppm) EV/TREO ($/kt) EV/kt TREO (x) ASX Brazilian REE Peers – EV/Contained REE ($/kt) NOTE: Illustrative only. Axel REE’s rare earths resource is Inferred (ASX release 23 December 2025) and not directly comparable to peers with Indicated/Measured resources or advanced studies. Refer to Appendix C for source data for peer comparisons. Enterprise Value (EV) calculations based on closing ASX share price on 11 February 2026 minus cash position reported in each company’s December 2025 Quarterly Activities Report/Appendix 5B reported to the ASX (AXL: 28 January 2026, BCM: 27 January 2026, MEI: 28 January 2026, VMM: 28 January 2026, and BRE: 29 January 2026) • Trading as early-stage explorer • Fully funded to generate feasibility-level ISR data • Valuation does not reflect ISR + gallium optionality +$1.0Bn 13 Clear Value Milestones Acceleratedpathwaytoproductionandcompanyre-rating 13 `z`` Ionic clays confirmed at Caladão Project ANSTO preliminary studies 233Mt @ 2,133ppm TREO REE Mineral Resource Estimate SRK Brazil 100Mt @ 42ppm Ga Mineral Resource Estimate SRK Brazil 2025 What We Achieved De-risking, foundation building Marketable PLS specs Area B – Woolrich Deposit: Pilot ISR wellfield trials, modular plant, offtake, permitting Produce MREC specs Metallurgy and samples – Area A and Area B - Gallium metallurgy and process development - - REE ISR data to feed scoping-level/feasibility studies Strategic partnerships Area B ISR lab optimisation, hydro work, test cells, flowsheet Area B MRE – Increase Global MRE to 572Mt REE and 439Mt Ga Ge21 Consultoria What We Are Doing ISR Test work, optimization Where We Are Going Pilot/Trial mine, Partnerships 2026 2027 14 Corporate Snapshot Low EV, strong cash balance 14 Capital Structure ASX Code AXL Share Price (market close 11.2.2026) $0.091 Shares on Issue 176.0M AXLOF Listed Options on Issue 102.4M Market Capitalisation (11.2.2026, undiluted) $16.0M Cash (31 December 2025) $7.1M Shareholders` Top 20 63% Board & Management 37% Escrowed Shares (exp. July 2026) 42% Escrowed Shares 37% 63% Board and Management Others Board Paul Dickson Non-Executive Chairman • More than 30 years’ experience in the finance services industry • Currently Non-Executive Chairman of Alligator Energy Limited (ASX:AGE) and Non- Executive Director of Verity Resources Limited (ASX:VRL) • Founding Director at Paradigm Capital, a boutique corporate advisory firm specialising in junior and mid-tier ASX listed resources companies, and a Director of Proserpine Capital a private equity firm for circa 4 years Pat Volpe Non-Executive Director • Founder of Axel REE, has over 38 years’ experience in minerals and metals exploration and made discoveries globally • Founder of A-CAP Energy Limited (acquired by Lotus Resources Limited ASX:LOT) and led the discovery of a World-class uranium deposit in Botswana • Previously Executive Chairman of Botswana Metals Limited (renamed Verity Resources Ltd, ASX:VRL), which made base and precious metals discoveries (nickel, copper and PGE) Aidan Nania Non-Executive Director • Experienced investment banking executive and company director with over 15 years’ experience across the natural resources, critical minerals, and technology sectors. • Previously served as Head of Investment Banking for several U.S. and Australian financial institutions, advising on capital markets, project development, and strategic transactions. • Served as a Director of Skaland Graphite AS, Europe’s largest natural graphite producer, and is the Founder and CEO of Baker Street Mining & Energy Investments LLC. • Currently Executive Director of International Graphite (ASX:IG6), where he is leading the development of high-value graphite processing facilities in Australia and Europe. For more information, please contact: Accelerating Caladão Project – Field Recovery Trials Axel REE Limited (ASX:AXL | FSE:HN8) Paul Dickson Chairman pd@axelreelimited.com.au Investor Relations Julia Maguire The Capital Network julia@thecapitalnetwork.com.au www.axelreelimited.com.au 16 Appendix A AXL ASX release 2 February 2026 “Paraiso Deposit Further Validates REE In Situ Leach Pathway” AXL ASX release 27 January 2026 “Gallium Recovery Doubled, Breakthrough Scandium Co-Recovery” AXL ASX release 23 December 2025 “Axel MRE Delivers 145% REE Growth and 339% Gallium Growth” AXL ASX release 26 November 2025 “Breakthrough REE Metallurgy at Caladao In Situ Leach Target” AXL ASX release 1 October 2025 “REE Mineral Resource Estimate” AXL ASX release 10 September 2025“Further REE-Gallium Mineralisation Identified at Caladao” AXL ASX release 22 August 2025 “100Mt Maiden Gallium Mineral Resource Estimate” AXL ASX release 30 July 2025 “Ionic Clays Confirmed From Initial Met Tests at Caladao” References to previous announcements References to comparable companies’ CAPEX and MREO/TREO%, NdPr/TREO%, and DyTb/TREO% (Slide 9) Euroz Hartleys article published dated 30 October 2025 ‘Malaysian ISL REE Site Visit’, link. ASX: BCM Announcement dated 23 October 2025 ‘EMA REE Project Produces First High Grade MREC From Field Trial’. ASX: VMM Announcement dated 24 September 2024 ‘Colossus Maiden Mixed Rare Earth Carbonate (MREC) Product’. ASX: MEI Announcement dated 29 February 2024 ‘First Mixed Rare Earth Carbonate (MREC) Produced for Caldeira REE Project’. TSX:ARA Announcement dated 06 November 2025 ‘Aclara Announces Filing and Results of PRE-Feasibility Study For Its Flagship Carina Project’ 17 Appendix B – Pod Implementation Model References Xu, Z. (2014). The Research in Development and Strategy of Rare Earth Industry in Jiangxi Province. In: International Conference on Logistics Engineering, Management and Computer Science (LEMCS 2014). Atlantis Press. Yang, X-J., Lin, A., Li, X.-L., Wu, Y., Zhou, W., & Chen, Z. (2013). China’s ion-adsorption rare earth resources, mining consequences and preservation. Environmental Development, 8, 131–136. Chi, R. (et al.). (2015). Leaching of ion-adsorption rare earths using magnesium sulfate (MgSO₄) as an alternative to ammonium- based lixiviants (paper on MgSO₄ as a lower-ammonia alternative in IAC leaching). The Journal of Rare Earths (Elsevier/ScienceDirect). China ISR benchmark sources (Slide 7) 18 Appendix C – Source Data for Peer Comparisons Company Project Resource Classification Mt TREO (ppm) Stage) Source Brazilian Critical Minerals Limited (ASX:BCM) Ema Indicated 248 759 Scoping Study ASX Announcement 21 February 2025. Updated Mineral Resource for Ema 97% Increase of indicated tonnage 2025 Annual Report Inferred 695 701 Total 943 716 Meteoric Resources NL (ASX:MEI) Caldeira Measured 37 2,983 Pre-feasibility study ASX Announcement 15 April 2025 Maiden Barra do Pacu Resource adds strategic high-grade rare earths 2025 Annual Report Indicated 629 2,668 Inferred 832 2,097 Total 1,497 2,359 Viridis Mining and Minerals Limited (ASX:VMM) Colossus Measured 1 2,605 Pre-scoping study ASX Announcement 22 January 2025. Colossus Delivers Largest Measured & Indicated Resource and Highest MREO Grade IAC Project Globally 2025 Annual Report Indicated 329 2,680 Inferred 163 2,162 Total 493 2,508 Brazilian Rare Earths Limited (ASX:BRE) Rocha Da Rocha Inferred 510 1,513 Pre-scoping study Brazilian Rare Earths Prospectus 7 December 2023 2025 Half Year Report Total 510 1,513 19 Appendix D – Mineral Resource Estimates REE Mineral Resource Estimate Average Grade Project JORC Category Tonnes (Mt) TREO1 (ppm) MREO (ppm) Dy2O3+ Tb4O7 (ppm) Nd2O3+ Pr2O3 (ppm) Caladão Project – Area A Inferred 233.0 2,143.3 463 23 440 Caladão Project – Area B Inferred 339.0 1,075 205 11 194 Marambaia 126 1,154 274 13 261 Tiger Creek 85 1,050 125 8 117 Woolrich 128 1,013 190 11 179 Total (Global MRE) Inferred 572 1,506 310 16 294 Project JORC Category Tonnes (Mt) Gallium (ppm) Caladão Project – Area A Inferred 100 42 Caladão Project – Area B Inferred 339 37 Marambaia 126 36 Tiger Creek 85 40 Woolrich 128 35 Total (Global MRE) Inferred 439 38 Gallium Mineral Resource Estimate