Announcement PDF Axel REE (ASX:AXL | FSE:HN8) RIU Resources Round-up | May 2026 Advancing Towards Well Field Trial Mining in Brazil’s Lithium Valley (ASX:AXL) 2 Disclaimer These presentation materials and any accompanying verbal presentation (together, the Presentation Materials) have been prepared by Axel REE Limited (Company) as 4th May 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. 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 (ASX:AXL) 3 Corporate Snapshot Low EV, strong cash balance 3 Capital Structure ASX Code AXL Share Price (market close (4.5.2026) $0.072 Shares on Issue 176.0M AXLOF Listed Options on Issue 102.4M Market Capitalisation (4.5.2026, undiluted) $12.7M Cash (31 March 2026) $6.6M 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 • 30+ years’ experience in financial services, capital markets and resources corporate advisory (Founding Director, Paradigm Capital) • Current Non-Executive Chairman of Alligator Energy (ASX:AGE) and Non-Executive Director of Verity Resources (ASX:VRL) with private equity experience (Proserpine Capital) Pat Volpe Non-Executive Director • Founder of Axel REE with 38+ years’ global minerals and metals exploration experience and discovery track record • Founded A-CAP Energy (acquired by Lotus Resources, ASX:LOT) and led discovery of a world-class uranium deposit; former Executive Chairman of Botswana Metals (now Verity Resources, ASX:VRL) with base and precious metals discoveries (Ni-Cu-PGE). Aidan Nania Non-Executive Director • 15+ years’ experience as an investment banking executive and company director across natural resources, critical minerals and technology. • Senior leadership in graphite: former Director of Skaland Graphite (Europe’s largest natural graphite producer) and current Executive Director of International Graphite (ASX:IG6) advancing high-value processing in Australia and Europe. Ian Reid Non-Executive Director • 40+ years’ geoscience executive; led Karoon Energy’s (ASX:KAR) global geoscience function for ~10 years with deep Brazil (Santos/Campos) operating experience and major transaction support (incl. Baúna). • Subsurface and in-situ resource specialist directly relevant to ISR; former Shell senior technical roles and Exploration Director (Gold Oil), with Imperial College London geology (First Class Honours) and Royal School of Mines associateship. (ASX:AXL) 4 Caladão Project, MRE Areas and Key Deposits 233 499 100 4.2 572 861 439 16.7 REE (Mt) TREO (kt) Gallium (Mt) Ga Metal (kt) Initial (Aug 2025) Expanded (December 2025) +339% +145% Current Mineral Resource Estimate (Dec 2025) REE Resource 572Mt @ 1,506ppm TREO Gallium Resource 439Mt @ 38ppm Ga Total Gallium Metal 16.7kt Total TREO Contained 861kt +73% Rapid Resource Growth in 6 Months (ASX:AXL) 5 ISR: Globally Proven REE Extraction Process ISR rare earth operation, Jiangxi Province, China (Google Earth) ISR is the dominant extraction method for ionic clay rare earth deposits • Commercial ISR rare earth operations in southern China since the late 1990s • MagSul Modern ISR techniques adopted industry- wide since ~2018 • ~99% of global ionic clay rare earth production is via ISR • It is a proven, low-risk development pathway • Growth via hub and spoke strategy Axel REE' is applying this proven ISR methodology at the Caladão Project in Brazil • Asian standard mining method • Low environmental impact (ASX:AXL) 6 ISR Strategy: Environmentally Friendly, Modular, Low-Cost In Situ Recovery Why ISR (In Situ Recovery)? Schematic diagram of the in situ recovery process • Rare earths are recovered directly from ionic clays without conventional mining or crushing • Reagents circulate through modular wellfields before recovery at surface • Solutions are 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 Magnesium sulphate lixiviant used to recover rare earths (ASX:AXL) 7 Why ISR? Comparative Advantage Over Conventional Methods 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 Axel REE is applying proven ISR methodology — the dominant extraction method for ionic clay rare earths — at the Caladão Project in Brazil ISR Track Record • 99% of global ionic clay REE production via ISR • Commercial since the 1990s in China • Adopted industry-wide since ~2018 • Gerik ISR Mine (Malaysia) valued at ~A$205M after ~US$20M development (ASX:AXL) 8 District-scale ionic clay system amenable to modern in-situ Recovery (ISR) (ASX:AXL) 9 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$10.6M in FY20241 1. NPAT for year ended 31 July 2024 attributed to MCRE Resources Sdn Bhd (MCRE) 2. Southern Alliance Mining Ltd. (SGX:QNS) release 3 April 2025 “Execution Of Sale And Purchase Agreement And Shareholders’ Agreement In Relation To The Proposed Mcre Acquisition” Table: Comparative CAPEX costs from Brazilian peers (Refer Appendix A). Note: all rare earths in solution will report in the final product, the Mixed Rare Earth Carbonate (MREC) Company - Project Resource Size CAPEX US$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 128Mt - 464 42.0 40.0 2.0 Southern Alliance/MCRE Gerik 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 41% 42% 30% 25% 30% 35% 40% 45% AXL - Paraiso AXL - Woolrich Gerik High MREO Exposure in Solution Woolrich ISR Target: Similar tonnage and grade profile Comparable ionic clay geology and metallurgy Strong soluble TREO / MREO composition (ASX:AXL) 10 Woolrich Deposit – First Wellfield Field Trial to Commence • Field scale validation to commence at first targeted wellfield in Woolrich deposit • 2,000 Ha mineralised footprint with potential wellfields identified • Up to 464 ppm soluble TREO via leaching tests, comparable to operating ISR mines • Magnet-rich REE assemblage (~42% MREO including NdPr and DyTb) • Leaching results provide a strong basis for field-scale validation of the Caladão ISR concept. • Demonstrates potential for scalable ISR wellfield development Future growth plans: • Paraíso (1,000 Ha, 9 wellfields) and Tiger Creek provide significant expansion inventory (ASX:AXL) 11 Paraíso Deposit – ISR Potential Wellfields Identified with excellent grade thickness values 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%. Soluble TREO grades and grade-thickness values exceed typical ionic clay ISR commercial benchmarks Hole ID Interval (m) Soluble TREO (ppm) MREO/TREO (%) From (m) To (m) Grade- thickness (gram- metre) CLD-AUG-028 8.00 1,046 43 12.00 20.00 8,372 CLD-DDH-028 22.15 619 43 28.00 50.15 13,705 CLD-DDH-003 19.32 662 43 27.00 46.32 12,476 CLD-DDH-018 20.00 600 39 19.00 39.00 12,006 CLD-AUG-073 12.00 760 38 0.00 12.00 9,126 CLD-AUG-233 13.00 667 50 4.00 17.00 8,668 CLD-AUG-069 14.00 594 36 0.00 14.00 8,320 CLD-DDH-035 13.00 621 42 35.00 48.00 8,077 CLD-AUG-019 10.00 760 43 0.00 10.00 6,688 CLD-AUG-124 10.00 626 42 5.00 15.00 6,261 CLD-AUG-072 11.00 590 43 0.00 11.00 6,494 CLD-AUG-077 7.00 886 43 2.00 9.00 6,204 (ASX:AXL) 12 Strategic Roadmap: “Pod” Implementation Model (Woolrich) Pilot Pod Ramp Up Pod Steady State Pods 100-300t REO/yr benchmark1 300-600t REO/yr benchmark1 0.5-1.5kt REO/yr per pod1 • 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 A - references) and does not constitute a production forecast or guarantee; actual results depend on site-specific hydrogeology, metallurgy, permitting, and study outcomes.Pod implementation model is entirely conceptual and based bench leach tests reported to date (ASX release 26 November 2025). 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 scale validation Woolrich Deposit • Modelling orebody • Injection well drilling • Testwork: chemistry, permeability, flow rates • REO PLS specs • Customer testing Feasibility Studies Mine Planning and Permitting (ASX:AXL) 13 Proven Recoveries, now confirming Chemistry & Testing Economics Economics based on real production data 13 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 (ASX:AXL) 14 Unique Gallium Opportunity Gallium Spot price $2,101.60 per kg (03/02/2026)1 Gallium is a globally critical technology metal 98% of global supply controlled by China → export bans in 2024. AXL hosts Brazil’s only defined primary gallium resource & one of the largest resources globally Integral to Defense, Solar Energy, EVs, and Next-Gen semiconductors for AI Data Centres Strategic Optionality • Having a standalone gallium resource creates opportunities • Attracts interest from governments and tech manufacturers looking to secure non-Chinese sources of strategic critical metals Parallel Development Path • Axel REE is positioning gallium as a future upside and a separate development pathway alongside the core REE in-situ leach project Caladão’s ISR concept positions Axel as one of the few companies globally with a large, in-situ gallium resource not dependent on bauxite refineries, and a potential future supplier of responsibly produced gallium and magnet rare earths into de-risking Western supply chains 1. Source: Gallium metal spot price at 3 February 2026, https://strategicmetalsinvest.com/gallium-prices/ (ASX:AXL) 15 Gallium & Scandium: Confirmed Recovery Potential Independent Metallurgical Testwork ANSTO-led program confirms a pathway to recover gallium and co-recover scandium from the Caladão mineralisation • Testwork demonstrates encouraging gallium recoveries improving with continued optimisation • Ongoing metallurgical program to further optimise recoveries • Potential for a multi-commodity critical minerals development from the same system AXL’s gallium and scandium potential provides optionality for downstream product strategy and partnership discussions, subject to ongoing metallurgy and economic studies. (ASX:AXL) 16 Valuation Leverage to Brazilian Peers 16 10x 86x 141x 183x 0 500 1,000 1,500 2,000 2,500 3,000 0x 100x 200x 300x 400x 500x 600x AXL BCM MEI VMM BRE TREO (ppm) EV/TREO ($/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) Axel’s Valuation Leverage • Emerging developer with a faster pathway to production via ISR • Fully funded to deliver pilot ISR wellfield data • Gerik analogue highlights potential for low-capex ISR development • Valuation leverage on success: • ISR fast track development pathway • Scalable, modular wellfield strategy • District scale gallium upside Axel has demonstrated comparable ionic clay grades and magnet REE basket composition. (ASX:AXL) 17 Investment Summary Low-Cost, Fast-Tracked ISR Development Pathway ISR enables potential low-cost REE development; pilot wellfield program planned. Strategic Gallium Opportunity Brazil’s first standalone gallium resource and a potential non-China supply source. Advancing Toward Development 29 ISR wellfields identified with only ~20% of the project drilled; fully funded for the ISR field trial validation program (2026). Strategic Positioning Positioned to supply Western critical minerals supply chains amid growing demand for non- China sources Near-Term Catalysts Pilot ISR wellfield program, metallurgical optimisation and strategic gallium partnerships 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 Gaby Hold The Capital Network gaby@thecapitalnetwork.com.au www.axelreelimited.com.au Julia Maguire The Capital Network julia@thecapitalnetwork.com.au