Announcement PDF Brazilian Rare Earths + Gallium Advancing toward ISR field trial and trial mining pathway www.axelreelimited.com.au investors@axelreelimited.com.au Unlocking Strategic Rare Earth Supply: Axel REE’s ISR Development Strategy & Roadmap Investor Relations Webinar Managing Director: Dr Patience Mpofu Nd Neodymium Pr Praseodymium Dy Dysprosium Tb Terbium Ga Gallium Sc Scandium Disclaimer These presentation materials and any accompanying verbal presentation (together, the Presentation Materials) have been prepared by Axel REE Limited (Company) as at 8 July 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. 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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 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 report that relates to the Caladão Mineral Resources is based on, and fairly represents, information compiled by Mr Antonio de Castro, Senior Consulting Geologist through ADC Geologia Ltda, Mr Marcelo Antônio Batelochi, SRK Associate Consultant, and Mr Leonardo Silva Santos Rocha, GE21 Associate Consultant. Mr de Castro and Mr Batelochi are members of the Australasian Institute of Mining and Metallurgy, and Mr Rocha is a member of the Australasian Institute of Geoscientists. Mr de Castro is the Competent Person for the geological and mineralisation database, including drilling information; Mr Batelochi is the Competent Person for the geological and mineralisation model, 3D model construction and Mineral Resource estimation for the Caladão Area A Mineral Resource; and Mr Rocha is the Competent Person for the 3D geological/mineralisation model construction and Mineral Resource estimation for the Caladão Area B North, South and East Mineral Resource. Each Competent Person has sufficient experience relevant to the styles of mineralisation and types of deposits under consideration, and to the activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the JORC Code. Mr de Castro, Mr Batelochi and Mr Rocha consent to the inclusion in this report of the matters based on their information in the form and context in which it appears. 2 1. Executive Summary: Investment Rationale 2. The Strategic Opportunity 3. The Axel Competitive Advantage 4. Our ISR Development Strategy 5. The Development Roadmap 6. Creating Shareholder Value 7. Corporate Overview OVERVIEW 1. Why should you invest in Axel right now? 2. Why does Axel matter in the global rare earth supply chain? What are the key trends and drivers of global REE supply and demand? 3. Why is Axel uniquely positioned to succeed? 4. How does ISR create a competitive advantage? 5. How will Axel systematically execute and de-risk the project? 6. How will value be created for shareholders? 7. Why invest in Axel today? KEY STRATEGIC QUESTIONS Positioned within the rapidly growing Non-Chinese rare earth supply chain with a growing demand Large-scale ionic clay resource with expansion potential of HREE and Gallium upside One of Australia’s emerging FIRST ISR Ionic Adsorption Clay REE developers in Minas Gerais in Brazil outside of Asia Low cost ISR development strategy progressing through clearly defined technical milestones ISR known for low capital (high capital efficiency) vs conventional processing methods ISR known for low environmental impact Brazil is a stable and friendly mining jurisdiction Clear roadmap focused on disciplined de-risking and long-term value 1. INVESTMENT RATIONALE The energy transition, industrial automation and geopolitical security are transforming magnet REE into strategic minerals of national importance. Axel's ISR development strategy is aligned with the growing global need for scalable, responsible and diversified REE supply. Key Drivers • Rapid global EV adoption • Shift to high-efficiency motors • Strong government electrification policies Electric Vehicles Wind Energy Industrial Motors & Automation X: Overall Impact Key Trends and Changes Consumer Electronics 2.1 THE STRATEGIC OPPORTUNITY: MAGNETIC REE DEMAND • Rapid factory automation • Growth in AI and robotics • Energy-efficient motor replacement • Accelerating offshore wind deployment • Larger, more powerful turbines • Renewable energy investment continues to grow • Smarter, connected devices • Growth in AI hardware and data centres • Miniaturisation of electronic components Defence & Aerospace • Higher global defence spending • Increased demand for advanced weapons systems • Focus on secure critical mineral supply chains 0 20 40 60 80 100 120 140 160 180 2024 2025 2030 2035 2040 Magnet REE demand, kt REE Magnetic REE demand, kt REE Source: International Energy Agency (IEA). (2025). Rare Earth Elements 2025: Outlook for Key Energy Transition Minerals. Paris: International Energy Agency. Published 21 May 2025. Available at: https://www.iea.org/reports/rare-earth-elements-2025. Magnet REEs: Nd, Pr, Dy and Tb. China dominates the critical minerals value chain. Brazil is uniquely positioned to diversify global supply, with the world's second-largest REE reserve base but less than 1% of current mine production, creating the strategic opportunity that Axel is targeting. Source: International Energy Agency (IEA). (2025). Rare Earth Elements 2025: Outlook for Key Energy Transition Minerals. Paris: International Energy Agency. Published 21 May 2025. Available at: https://www.iea.org/reports/rare-earth-elements-2025. U.S. Geological Survey (USGS). (2025). Mineral Commodity Summaries 2025: Rare Earths. Reston, Virginia: U.S. Department of the Interior, U.S. Geological Survey. DOI: 10.3133/mcs2025. Available at: https://www.usgs.gov/publications/mineral-commodity-summaries-2025 68.8% 11.5% 7.9% 3.3% 3.3% 3.3% 1.9% 14% China Global REE Mine Production 2025 Global REE Reserves (Mt (REO) 2.2 THE STRATEGIC OPPORTUNITY: GLOBAL SUPPLY OF REE AND RESERVES ROW Nigeria Australia Myanmar USA Thailand 49% 23% 8% 7% 4% 4% 2% 2% Vietnam Russia Australia India Brazil USA ROW 3. THE AXEL COMPETITIVE ADVANTAGE: LARGE RESOURCE LOCATED IN STABLE MINING JURISDICTION Brazil has the resource scale and the world has the supply-chain risk. Axel’s opportunity is to convert Brazil’s underdeveloped REE endowment into a lower-impact, scalable ISR supply option for magnet rare earths. • World Class Endowment: Brazil hosts one of the world's largest rare earth resource bases, providing long-term development potential • It is poised to become a key supplier as governments seek to diversify critical mineral supply beyond China • Home to globally significant ionic adsorption clay (IAC) rare earth systems suited to low-impact extraction technologies • Established mining jurisdiction with expanding infrastructure, skilled workforce and supportive critical minerals investment • Flagship Caladão REE + Gallium situated in the Minas Gerais region Caladão REE-Ga & Caldas REE Project Areas Comments REE Resource (Inferred) 572Mt @ 1,506ppm TREO Gallium Resource (Inferred) 439Mt @ 38ppm Ga Total Gallium Metal 16.7kt Total TREO Contained 861kt One of the first known emerging ISR Ion Adsorption Clay REE developers in Minas Gerais in Brazil outside of Asia Caladão Project, MRE Areas and Key Deposits Current Mineral Resource Estimate: Caladão REE + Ga 3.1 THE AXEL COMPETITIVE ADVANTAGE: LARGE IONIC CLAY RESOURCE ▪ 572Mt @ 1,502ppm TREO and 439Mt @ 38ppm Ga ▪ Resource drilling upgrade to indicated in progress ▪ Woolrich Deposit selected as the inaugural ISR development target area ▪ Additional target areas provide further growth upside ▪ Up to 39% soluble MREO/TREO from column testing at Woolrich • Axel hosts Brazil’s only known defined primary gallium resource & one of the largest known discrete resources globally. Caladão gallium resource: 439Mt at 38ppm Ga • Gallium is recognised as both a critical and strategic mineral by multiple major jurisdictions (Australia, EU, USA and Japan) due to its importance in semiconductors, defense and advanced technologies. • Gallium is essential for advanced semiconductors, AI, telecommunications and defense technologies. • A gallium resource could provide strategic exposure to one of the fastest-growing technology supply chains. 98% of global supply controlled by China → export bans in 2024. • Axel REE is positioning gallium as a future upside and a separate development pathway alongside the core REE in-situ recovery pathway 1. Source: International Energy Agency (2025). Global Critical Minerals Outlook 2025. Paris: International Energy Agency Caladão’s ISR concept positions Axel as one of the few companies globally with a large, in-situ gallium resource not dependent on bauxite refineries, and a potential future supplier of gallium and magnet rare earths into de-risking Western supply chains Key Strategic Optionality Global Gallium Market Outlook 3.2 THE AXEL COMPETITIVE ADVANTAGE: GALLIUM UPSIDE • Rare earths are recovered directly from ionic clays without conventional mining or crushing • MgSO4 (environmentally friendly) reagent is circulated through modular wellfields before recovery at surface • Pregnant liquor Solution is then precipitated and impurities removed and processed into mixed rare earth carbonate (MREC) Key Advantages: • No open pit mining required • Low capital intensity development • Low operating cost structure • Low environmental impact with a small surface footprint • Modular wellfield expansion enabling scalable growth Schematic diagram of the in situ recovery process Magnesium sulphate lixiviant used to recover rare earths 3.3 THE AXEL COMPETITIVE ADVANTAGE: LOW ENVIRONMENTAL IMPACT, MODULAR, LOW-COST, LOW CAPITAL, IN-SITU RECOVERY Ionic Clays Amenable to ISR Why ISR (In-Situ Recovery)? Rare earths are recovered directly from ionic clays without conventional mining or crushing 3.4. THE AXEL COMPETITIVE ADVANTAGE: LOW COST ISR VS CONVENTIONAL REE MINING In-Situ Recovery mining is a cost-effective, low environmental impact method of REE mining CONVENTIONAL REE MINING HIGH CAPEX | HIGH OPEX | LARGE FOOTPRINT Hard-rock ore monazite, bastnäsite, xenotime Mining Crush & Mill Froth Flotation, Drying Leaching Purification MREC Waste streams: waste rock · overburden · tailings dam · dust · noise · emissions · long-term rehabilitation liabilities Axel ISR PATHWAY — IN-SITU RECOVERY LOW CAPEX | LOW OPEX | SMALL FOOTPRINT Ionic clay ore ion-adsorption clays In-Situ Leaching MgSO4 lixiviant circulated via wellfields Solution Recovery pregnant liquor solution (PLS) to surface Impurity Removal & Precipitation low-impurity leach chemistry MREC mixed rare earth carbonate Recycled reagents returned to wellfield No open-pit mining No crushing or milling Minimal surface disturbance Simple four-step process Note: The Axel flowsheet is conceptual at this stage. Only column (bench-scale) testwork has been undertaken to date. These results are preliminary and actual outcomes may vary once field trials are completed. There is no certainty that further testwork will realise the outcomes indicated in this conceptual flowsheet. Gravity Separation Magnetic Separation Being on the first quartile of the cost curve is a source of competitive advantage. A favourable position on the Ionic Clays industry cost curve gives differentiating attributes ▪ The Net Cash Cost Curve is an indication of operating efficiency & the ability to sweat assets for which the capital was invested in prior years ▪ Key drivers are cash operating costs and volume production ▪ Both parameters within management control SOURCE OF FUNDS FOR FUTURE PROJECTS: • When prices are high, being lower down the cost curve gives an operation access to higher margins than the rest of the industry • When prices are low, there is a lower likelihood of being squeezed out of margins, thereby threatening sustainability • Higher margins are a source of cash flow which when retained, provide a source of funds for projects required to feed future demand Cost Curve implications Illustrative Cost Curve 3.5 THE AXEL COMPETITIVE ADVANTAGE: LOW COST ISR DEVELOPMENT STRATEGY $10 $20 $30 $40 US$/t REO (indicative) Ionic clay ISR projects China ionic clays Lynas Mt Weld Other hard rock Other Other Axel's target position: low-cost ionic clay ISR 1st quartile First quartile Illustrative conceptual cost curve only — does not represent company cost estimates or forecasts. ISR (In-Situ Recovery) Open Pit Mining Heap Leach Capital Intensity Low Very High High Environmental Footprint Minimal Large Moderate Time to First Production Faster 5-10+ years 3-7 years Scalability Modular – add wellfields Fixed infrastructure Fixed infrastructure Proven at Scale? Yes – S.E Asia since 1990s Yes Yes Licensing / Permitting Low – simplified in Minas Gerais, Brazil (Caladão Project) Complex & lengthy Complex & lengthy Reduced Surface Disturbance No Open Pit Mining No Crushing or Milling Lower CAPEX 3.6 THE AXEL COMPETITIVE ADVANTAGE: DEVELOPING REE RESPONSIBLY In-Situ Recovery strategy is designed to align technical innovation with responsible resource development. Responsible mining is becoming a competitive advantage, not simply a licence to operate Current Positioning ▪ The Company is at a pivotal technical validation stage — with column test results supporting the next phase of REE field trials. ▪ Column testing producing strong REE results to date ▪ Axel REE is pre-scoping study but rapidly de-risking. The Company is following a similar technical validation pathway to ASX:BCM (pre-development stage) ▪ Each completed milestone builds the technical evidence base required to advance toward trial mining and future economic studies MRE Delivered 572Mt @ 1,502ppm TREO 439Mt @ 38ppm Ga (Inferred) Metallurgical Diagnostic Test Work Column Testing Strong progress results Resource Upgrade Drilling 4. OUR ISR DEVELOPMENT STRATEGY AND ROADMAP The Company is at a pivotal technical validation stage — with column test results supporting the next phase of REE field trials COMPLETED COMPLETED IN PROGRESS SELECTED IN PROGRESS ADVANCING NEXT MILESTONE ISR Field Trial Area Field Trial Pathway Scoping Study ▪ ISR proof-of-concept confirmed ▪ Strong soluble TREO result: CLT-01 recovered 560 ppm soluble TREO ▪ Magnet-rich rare earth basket: 39% MREO, including Dy and Tb ▪ Clear next step: Field-scale ISR validation ▪ Exceptionally low impurity levels may reduce downstream processing complexity, lower environmental risk and strengthen the project's potential ISR development pathway. Axel has moved from diagnostic leach evidence to column-based ISR validation, strengthening the technical foundation for a scalable, low-acid rare earth development pathway in Brazil, with exceptionally low impurity levels. Woolrich Column Testing Results Significance 4.1 OUR ISR DEVELOPMENT STRATEGY: COLUMN TESTING ▪ Results support the next stage of technical validation and will inform: ▪ Field trial design parameters ▪ Reagent selection and optimisation ▪ Recovery assumptions for future studies ▪ Economic study inputs (Scoping) Low Impurity Levels – Key Milestone Al <2.0 Low Al reduces reagent consumption and simplifies downstream impurity removal. Fe <0.5 Low Fe minimises contamination of the pregnant leach solution and downstream processing complexity Th <5.5 Low radioactive element content supports permitting, waste management and ESG performance U <4.0 Low uranium reduces environmental, regulatory and processing risks. • Field Trials to commence at first targeted wellfield in Woolrich deposit • Up to 560 ppm soluble TREO via ISR column leach testing, comparable to operating ISR mines • Magnet-rich REE assemblage (~39% MREO including NdPr and DyTb) • Metallurgical results validate the ISR development concept at Caladão • Demonstrates potential for scalable ISR wellfield development Comments Woolrich Deposit – First Wellfield Field Trial to Commence 4.2 OUR ISR DEVELOPMENT STRATEGY Woolrich First Field Trial & Growth Strategy First Field Trial at Woolrich • Woolrich selected as anchor asset: • 2,000 Ha mineralised footprint with 12 potential wellfields identified • First wellfield selected for ISR field recovery trial Modular Growth via "Hub & Spoke" • Proposed satellite wellfields connect to centralised processing, driving down unit CAPEX • Paraíso and Tiger Creek provide significant expansion inventory • Additional hubs can be deployed, scaling total production 5. THE DEVELOPMENT STRATEGY: Comments Woolrich Deposit – First Field Trial Area 5. THE DEVELOPMENT ROADMAP: NEAR TERM CATALYSTS 01 Further column test results First test MREC production 02 Resource upgrade drilling results Infill drilling to improve confidence 03 ISR field trial design finalisation Operational plan and parameters 04 Environmental and permitting progress Regulatory approvals pathway 05 Field trial commencement In-ground validation program 06 Field trial pathway Modular ISR development plan 07 Resource update Expanded MRE incorporating new drilling 08 Future scoping study planning First major economic assessment Value Proposition: Axel ISR Targets vs Gerik ISR Mine (Malaysia) • SGX-listed Southern Alliance Mining Ltd completed acquisition of 40% equity in MCRE for ~A$82M in September 20252 (valuing Gerik at ~A$205M) • A$205M valuation achieved after de-risking via a ~US$20M ISR development • Malaysia’s first profitable ionic clay ISR mine operation, producing 4,000tpa REO, making NPAT of S$10.6M in FY20241 Woolrich ISR Target: Similar tonnage, higher grade profile Comparable ionic clay geology and metallurgy Strong soluble TREO / MREO composition 1. NPAT for year ended 31 July 2024 attributed to MCRE Resources Sdn Bhd (MCRE) 2. Southern Alliance Mining Ltd. (SGX:QNS) release 3 April 2025 “Execution Of Sale And Purchase Agreement And Shareholders’ Agreement In Relation To The Proposed Mcre Acquisition” Table: Comparative CAPEX costs from Brazilian peers (Refer Appendix A). Note: all rare earths in solution will report in the final product, the Mixed Rare Earth Carbonate (MREC) Company - Project Resource Size CAPEX US$M SOLUBLE TREO ppm MREO/ TREO % NdPr/ TREO % DyTb/ TREO % Axel REE – Paraíso Prospect - 537 41.00 39.00 2.0 Axel REE – Woolrich Deposit 128Mt - 560 39.0 37.0 2.0 Southern Alliance/MCRE Gerik Mine 120Mt 20 486 30.0 27.0 3.0 Brazilian Critical Minerals (ASX:BCM) – EMA Project 74 - 41.5 40.6 0.9 Viridis Mining (ASX:VMM) – Colossus Project 358 - 39.0 37.5 1.4 Meteoric Resources (ASX:MEI) – Caldera Project 443 - 31.6 30.6 1.0 Aclara Resources (TSX: ARA) – Carina Project 680 459 31.5 27.4 4.1 41% 39% 30% 25% 30% 35% 40% 45% AXL - Paraiso AXL - Woolrich Gerik High MREO Exposure in Solution 6. CREATING SHAREHOLDER VALUE: COMPETITIVE LANDSCAPE Comments Positioned within the rapidly growing Non-Chinese rare earth supply chain with a growing demand Large-scale ionic clay resource with expansion potential of HREE and Gallium upside One of Australia’s emerging ISR Ion Adsorption Clay REE developers in Minas Gerais in Brazil outside of Asia Low Cost ISR Development strategy progressing through clearly defined technical milestones ISR known for low capital (high capital efficiency) vs conventional mining. ISR known for low environmental impact Brazil is a stable and friendly mining jurisdiction Clear roadmap focused on disciplined de-risking project to technical validation: MRE upgrade on track, proven metallurgical recoveries, Pilot ISR wellfield program on track and environmental & permitting pathway on track 7. INVESTMENT RATIONALE CORPORATE SNAPSHOT Low EV, strong cash balance 22 Capital Structure ASX Code AXL Share Price (market close 8.7.2026) $0.078 Shares on Issue 176.0M AXLOF Listed Options on Issue 102.4M Market Capitalisation (8.7.2026, undiluted) $13.7M Cash (31 March 2026) $6.6M Shareholders Top 20 63% Board & Management 37% Escrowed Shares (exp. July 2026) 42% Board Dr Patience Mpofu Managing Director • 25+ years’ experience spanning metallurgy, mining operations, corporate strategy, capital markets, ESG and critical minerals. Deep technical expertise in clay-hosted mineral systems and rare earth metallurgy • Current Non-Executive Director of Orion Minerals Limited (ASX/JSE: ORN) and recognized with the CEO Global Award for Most Influential Woman in Business and Government – Mining across Africa 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 ISR 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. Brazilian Rare Earths + Gallium Advancing toward ISR field trial and trial mining pathway www.axelreelimited.com.au investors@axelreelimited.com.au Unlocking Strategic Rare Earth Supply: Axel REE’s ISR Development Strategy & Roadmap Investor Relations Webinar Managing Director: Dr Patience Mpofu Nd Neodymium Pr Praseodymium Dy Dysprosium Tb Terbium Ga Gallium Sc Scandium Appendix A – Peer Comparisons Source Data for Peer Comparisons Company Project Resource Classification Mt TREO (ppm) Stage) Source Brazilian Critical Minerals Limited (ASX:BCM) Ema Indicated 248 759 Feasibility Study ASX Announcement 30 June 2026, 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 The peer comparison is illustrative only and not