Annual Report to shareholders
Released
Released
Announcement PDF
ANNUAL REPORT
2025
Axel REE Limited
ACN 665 921 273
1
2025 Annual Report
CONTENTS
Letter to Shareholders............................................................................................................................................3
Axel REE – Critical Minerals in Brazil ........................................................................................................................4
Directors’ Report .................................................................................................................................................12
Remuneration Report ...........................................................................................................................................21
Auditor’s Independence Declaration.....................................................................................................................29
Consolidated Statement of Profit or Loss and Other Comprehensive Income .......................................................... 30
Consolidated Statement of Financial Position .......................................................................................................31
Consolidated Statement of Changes in Equity .......................................................................................................32
Consolidated Statement of Cash Flows ................................................................................................................33
Notes to the financial statements .........................................................................................................................34
Consolidated Entity Disclosure Statement ............................................................................................................51
Directors’ Declaration ..........................................................................................................................................52
Independent Auditor’s Report ...............................................................................................................................53
Supplementary Information..................................................................................................................................58
Corporate Directory .............................................................................................................................................63
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2025 Annual Report
Letter to Shareholders
Dear Shareholders,
I would like to welcome you to Axel REE Limited (ASX: AXL)
Annual Report for FY25, which marked Axel REE’s first year
as a publicly listed company.
Our strategy was to establish Axel as a leader in the
discovery and development of critical minerals and in just
12 months, we have advanced from IPO to delivering a
significant critical minerals discovery at our flagship
Caladão REE-Gallium Project in Brazil’s Lithium Valley.
Quite remarkably, shortly after the financial year, we
delivered a Maiden Gallium Mineral Resource Estimate at
Area A of 100Mt @ 42ppm Ga (4.2kt contained metal) at a
35ppm cutoff having completed an extensive first-year
drilling program.
This is Brazil’s first discrete in-situ gallium resource, not
associated with bauxite or alumina processing and one of
the largest known deposits globally outside of China. The
mineralisation is shallow, averaging ~10 depth and
provides the potential for low-cost extraction above our
rare earth horizon.
The timing of this discovery is critical. Gallium demand is
increasing, driven by semiconductors, 5G networks, radar,
satellites, LEDs, EV power electronics, advanced solar and
medical imaging. Over the last 12 months, gallium and
other critical minerals have been brought into the spotlight,
when China who currently controls ~94% of global gallium
production, initiated an export ban. With this backdrop of
fragile supply chains, Axel’s Caladão discovery is emerging
as a genuine alternative source of gallium for the West,
complementing efforts by the US, EU, Japan and Australia
to secure strategic supply chains.
What is particularly exciting is that this milestone only
reflects a fraction of the project’s potential. With just ~25%
of the mineralised footprint drilled, the scale opportunity
ahead of us is substantial.
Beyond gallium, Caladão continues to deliver outstanding
REE results, with assays up to 28,321ppm TREO and
multiple drillholes ending in mineralisation. Early
metallurgical test work at ANSTO has confirmed
recoverability of both REE and gallium, de-risking the
project further. Together, this provides Axel with the
opportunity to become a cornerstone supplier of two of the
most important critical minerals of the decade.
At the Caldas REE Project, located in the highly prospective
Poços de Caldas Alkaline Complex alongside Meteoric
Resources and Viridis Mining, drilling has consistently
returned thick, high-grade clay-hosted REE mineralisation
from surface, with high proportions of valuable magnet rare
earths (Nd, Pr, Dy, Tb). We look forward to ongoing
exploration at our Caldas Project in the year ahead.
Recognising the importance of aligning with downstream
markets, Axel signed MoUs with the Federation of
Industries of Minas Gerais, operator of South America’s
first rare earth magnet facility and the State Economic
Development Department (Invest Minas) to support project
development and fast-track permitting. These partnerships
strengthen our position to move rapidly from discovery
towards development.
We have also engaged ANSTO, to undertake early
metallurgical test work, which has confirmed recoverability
of both REE and gallium, de-risking the project further.
In just 12 months, Axel REE has transformed from a newly
listed explorer into a company with the potential to emerge
with one of Brazil’s most exciting critical mineral resources.
The coming year will see updates to our maiden resource at
Caladão, continued scale expansion drilling, and the
refinement of processing pathways for both REE and
gallium.
I would like to thank our shareholders for their
commitment, our team for their exceptional work, and our
Brazilian partners and stakeholders for their continued
support.
Sincerely,
Paul Dickson
Chairman
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2025 Annual Report
Axel REE – Critical Minerals in Brazil
Review of Operations
Axel REE Limited is an Australia listed (ASX: AXL) focused on the exploration of its portfolio 100% owned rare earth
elements (REE) and gallium projects located in Brazil. Axel is currently focused on developing two key projects:
•
Caladáo REE-Gallium Project, located in the “Lithium Valley” region of the northern Minas Gerais State
•
Caldas REE Project, located in the southern Minas Gerais State, bordering with São Paulo State.
Figure 1: Axel REE Project location map amongst major REE deposits in Brazil.
The Company commenced the year with its successful Initial Public Offering (IPO) on the Australian Securities
Exchange (ASX) on 23rd July 2024, raising $13.3 million at $0.20 per share (before costs), issuing 66,418,875 IPO shares.
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2025 Annual Report
The funds raised by the IPO were applied toi advance Axel’s exploration portfolio, primarily fast tracking the flagship
Caladão REE-Gallium Project to a Maiden 100Mt Inferred Resource.
Caladão REE-Gallium Project
The First REE District-scale Discovery in ‘Lithium Valley’, Minas Gerais, and one of the largest Gallium
Resources in the world
The Caladão Project spans 430km² in Minas Gerais, Brazil’s renowned ‘Lithium Valley’. Phase 1 drilling, comprising
both diamond and auger programs, was designed to test the depth and extension potential of the extensive REE
mineralisation already outlined over 25km of strike across the Project’s two key prospects, Area A and Area B.
Axel has completed 8,449 metres of drilling for 599 holes across primary targets at Caladão.
Figure 2: Caladão Project Area A,B and C with completed drilling to the date of this report.
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2025 Annual Report
Gallium Discovery at Caladão
A dual gallium–REE laterite system of economic interest
In 2024, following a review of drilling data, Axel identified widespread gallium mineralisation at surface, shaping
Caladão into a unique REE and Gallium deposit with high grade Gallium occurring at surface in the upper lateritic soil
profile, providing a key point of difference to other rare earth projects.
Throughout the year, Axel reported the continuation of significant at surface gallium and REE assays from primary
targets Area A and Area B, which extended into Area C post year end. To date, the total mineralised drilled area spans
over 115km2, representing only ~25% of the total potential area prospective for gallium and REE mineralisation.
Concurrently as the Company reported high grade Gallium results, high grade REE results continued. Being spatially
associated with the gallium-rich horizons, the REE intercepts confirm that Caladão hosts a dual gallium–REE laterite
system of economic interest. The REE distribution features a meaningful proportion of magnet rare earths (Nd, Pr, Dy,
Tb), adding strategic value to the potential resource.
Maiden Gallium Mineral Resource Estimate (MRE) – Area A
Post reporting period, in August 2025, Axel announced its maiden gallium JORC (2012) Inferred Mineral Resource
Estimate at Area A of the Caladão REE-Gallium Project. The resource totals 100Mt at 42ppm Ga, containing 4.2kt of
gallium metal, reported at a 35ppm Ga cut-off (refer ASX announcement 22 August 2025). This gallium mineralisation
is hosted in the lateritic soils from surface, with an average depth of approximately 10m, covering an area of ~33km².
The JORC resource represents Brazil’s first in-situ gallium deposit not associated with bauxite or alumina processing,
and establishes Caladão as one of the largest non-bauxite/alumina gallium deposits globally. Importantly, Area B, with
an additional 58km² of mineralised zone, is expected to provide significant expansion potential for future gallium
resource growth.
JORC
Category
Tonnes
Mt
Ga
ppm
Contained Ga
kt
Inferred
100
42
4.21
Table 1. Gallium Global Mineral Resource Estimate at 30ppm Ga cut off at Caladão Project - Area A
JORC
Category
Cutoff ppm
Ga
Tonnes
Mt
Ga
ppm
Ga
kt
Inferred
20
135
39.37
5.32
Inferred
25
134
39.56
5.29
Inferred
30
125
40.36
5.03
Inferred
35
100
42.23
4.21
Inferred
40
55
46.15
2.54
Inferred
45
25
50.85
1.27
Table 2. Gallium Global Mineral Resource Estimate – by cut off grade
Notes:
•
•
•
•
•
JORC Code (2012) were followed for Mineral Resources Estimates
Mineral Resources are reported using a Ga Cut-off of 35ppm, constrained by a preliminary optimized pit shell for REE.
The Mineral Resources statement has been prepared by Marcelo Antônio Batelochi, MAusIMM (CP), SRK Associate Consultant, who is
Competent Person.
Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
Totals may not balance due to rounding of figures.
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2025 Annual Report
•
•
•
•
The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political,
marketing, or other relevant factors.
Mineral resources were classified as Inferred.
Below are the RPEEE constrain for the first scenario for the pit envelope related to the REE which contains the declared MRE for gallium.
The results are presented in-situ and undiluted, are constrained within a preliminary optimized open pit shell for REE, and are considered
to have reasonable prospects of economic viability.
Strategic Significance
Gallium has been classified as a critical mineral by both the United States and the European Union, essential for
defence and high-technology applications including semiconductors, radar, satellites, 5G communications, highperformance LEDs and solar technologies. China currently supplies ~94% of global gallium, but imposed export bans
in December 2024, sending market prices to ~US$366,000–385,000/t (7N purity).
Gallium Opportunity
At Axel’s Caladão Project, the gallium zones which are unexpectedly rich and are now confirmed recoverable by acid
leach, have the potential to position the Company to become a significant supplier of this globally critical, high-value
metal.
Unlike traditional gallium producers (residues from bauxite or sphalerite/zinc ores), Caladão’s gallium is hosted in
weathered laterite over granite, reflecting a novel and attractive geochemical context. The presence in the soils and
saprolite environment offers potential for hydrometallurgical extraction, via acid leach, in conjunction with the REE,
generating gallium as a co-product alongside REE - an uncommon and cost-effective dual-commodity strategy.
Strategic Partnerships and Government Support
During the reporting period, Axel signed a series of strategic memorandum of understanding to support the
development of the Caladão Project. These included an MoU with the Federation of Industries Minas Gerais (FIEMG),
operator of the LabFab ITR, South America’s first rare earth magnet research and production facility, and an MoU with
the State Economic Development Department and Invest Minas aimed at supporting project licensing and approvals.
These partnerships provide strong validation of Caladão’s importance to Brazil’s industrial and strategic supply chain
ambitions.
Metallurgical Testwork
Post reporting period, Axel advised that the first metallurgical diagnostic test work completed at ANSTO had confirmed
the presence of ionic adsorption clay (IAC) REE and positive recoveries by desorption of REE using simple, low-cost
sodium chloride (NaCl) and ammonium sulfate (AMSUL) leaching methods at pH 4.
Additionally, strong initial gallium recovery results were also returned from ANSTO through acid leaching in preliminary
tests. Further test work is currently underway to develop a dedicated low-cost gallium recovery process.
3-meter composites from 2 diamond holes located 2 km apart successfully leached IAC by standard ammonium
sulphate (AMSUL) leach at pH 4 for 30 min, with similar recoveries using NaCl under the same conditions.
Acid leach tests were conducted on diamond drill holes DDH-018 and DDH-036 and in a composite with gallium, with
promising results to recover both IAC REE (DDH-018) and REE from the primary and secondary REE minerals (DDH036), as well as gallium, under acid leach conditions.
Due to the significant distance between the two holes tested and large-scale REE-Gallium Project area (over >65km2),
the metallurgical results from these two holes cannot be extrapolated across any area in the project at this stage and
only represent a style of REE mineralisation in the immediate vicinity to each sampled hole.
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2025 Annual Report
Initial testing indicates up to 25% gallium recovery via acid leaching, underscoring significant potential for supergeneenriched gallium production. The acid leach method demonstrated that gallium extraction significantly increases with
acidity and longer leach duration, indicating further optimisation potential.
This initial recovery highlights the Caladão Project’s potential for a dedicated gallium production stream,
complementing the extraction of rare earth elements and enhancing overall project economics.
Axel is reviewing the potential for a simple two-stage heap leach process utilising readily available reagents (NaCl or
ammonium sulfate). The first stage at pH 4 and the second one increasing the acidity to extract additional REE and
gallium. This novel approach may significantly lower environmental impacts and operational costs, aligning with global
ESG standards.
The proposed heap leach process requires no drilling, blasting, crushing, or milling, and no tailings dam, greatly
reducing environmental impact and capital expenditure requirements.
Future Work
Further work at the Caladão REE-Gallium Project will include:
• Finalisation of maiden REE JORC Inferred Resource Estimate for Area A
• Finalisation of maiden Gallium & REE JORC Inferred Resource Estimate for Area B
• Development of two-stage heap leach processing flowsheet at ANSTO for both IAC REE and gallium
• Metallurgical testing for alternative processes to recover the proportion of non-ionic REE
• Ongoing gallium-focused metallurgical testing at CETEM
• Infill drilling to support resource classification upgrade
• Commencement of baseline environmental studies to expedite project permitting
Caldas REE Project
High grade mineralisation across prospects both inside and along the weathered contact point of the Caldera
The Caldas REE Project, located in the highly prospective Poços de Caldas Alkaline Complex (Caldera), a world-class
REE intrusive in the southwest region of the State of Minas Gerais, comprises 232 km² of granted exploration licenses
and exploration license applications. This unique Caldera has a diameter of over 30 km and hosts globally significant
IAC REE discoveries including Meteoric Resources NL (ASX:MEI) and Viridis Mining & Minerals Limited’s (ASX:VMM)
world class REE deposits.
Since commencing its maiden drill program in late 2024, Axel has reported consistently thick, high-grade clay-hosted
REE mineralisation across multiple auger drill campaigns. Importantly, drill holes were ended in mineralisation,
confirming excellent continuity at depth. Significant intercepts (1,000ppm TREO cutoff) included:
CAL-AUG-001:
11m @ 3,273ppm TREO (24% MREO) from surface
including
1m @ 7,099ppm TREO (34% MREO) from 9m
ending with
3m @ 5,609ppm TREO (34% MREO) from 9m
CAL-AUG-002:
including
ending with
CAL-AUG-003:
12.7m @ 2,222ppm TREO (24% MREO) from surface
1m @ 3,033 ppm TREO (31%) from 9m
8m @ 2,602ppm TREO (30% MREO)from 5m
20m @ 3,082ppm TREO (26% MREO) from surface
including
1m @ 6,536ppm TREO (32% MREO) from 15m
ending with
11m @ 3,699ppm TREO (30% MREO) from 9m
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2025 Annual Report
CAL-AUG-009:
13m @ 5,735ppm TREO (30% MREO) from surface
including
5m @ 10,526 ppm TREO (30% MREO) from 8m
ending with
1m @ 19,493ppm TREO (33% MREO) from 11m
CAL-AUG-014:
14m @ 3,051ppm TREO (25% MREO) from surface
CAL-AUG-019:
10m @ 4,874ppm TREO (34% MREO) from surface
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
Concentrations of high-value magnetic rare earth oxides (Nd, Pr, Dy, Tb) consistently exceed 25-40% of the total rare
earth oxide content, adding strategic importance to the mineralisation.
Exploration to date has confirmed that the Caldas Project hosts exceptionally thick and laterally consistent
mineralisation, with auger holes typically limited to ~20m depth but consistently finishing in high-grade REE. This
demonstrates strong potential for additional scale as drilling tests deeper into the saprolite profile. With only a fraction
of the extensive landholding explored to date, and results directly comparable to neighbouring tier-one deposits,
Caldas is emerging as a highly significant growth asset.
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2025 Annual Report
Figure 3: Caldas Project location amongst other REE deposits
At Caldas, the mineralised zone is interpreted to remain open along strike and across the broader weathered profile.
The Company believes its extensive tenure along the northern, southern, and eastern margins of the Caldera offers
significant underexplored ground, directly contiguous with these early intercepts, positioning Axel to expand its rare
earth footprint and build a district-scale exploration portfolio focused on potentially leachable clays enriched in
magnetic rare earths at Caldas.
Strategic Leadership Transition
Owing to the Company transitioning from a pure explorer to a potential developer of REE and gallium at the Caladão
Project, a corporate and management restructure was undertaken and announced in May.
The restructure was carried out to strengthen Axel’s operational capacity in Brazil, maximise the drilling potential at
Caladão, whilst introducing and building its Australian-based leadership to guide the Company through the next phase
of growth.
As such the following changes were implemented:
•
Resignation of Dr Fernando Tallarico as Managing Director of the Company, effective 31 May 2025
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2025 Annual Report
•
Appointment of Mr Antonio de Castro as consulting Chief Geologist and Competent Person, overseeing
geological interpretations, JORC resource estimation and technical reporting
•
Mr José Roberto Souza appointed as Operations Manager – Brazil, responsible for the ongoing field programs
and exploration strategy
•
Initiation of an executive search process for an Australian-based Managing Director with a proven track record
in project development, mine permitting, offtake negotiations and capital markets
These changes reflect Axel’s strategic transition, with the Company currently advancing its maiden JORC (2012) Mineral
Resource Estimation for REE and gallium, and metallurgical testwork to determine the optimal economic extraction
pathways and project feasibility.
Dual Listing
Post reporting period Axel advised it had successfully dual listed in the Frankfurt Stock Exchange (FSE) under ticker
FSE.HN8.
The dual listing will provide European investors enhanced access to the Company’s Brazilian portfolio of assets. Europe
has witnessed an increased level of interest in critical mineral projects investment following China’s export controls on
gallium and germanium.
The Company also advised of its plan to list on OTC markets in the United States to offer access for North American
invetors, following recent news of Apple Inc. US$500 million deal with MP Materials, and the U.S. Department of
Defense pledging similar-sized support to strengthen non-Chinese rare earth magnet supply chains.
Competent Persons Statement (Exploration)
The information in this announcement that relates to Exploration Results is based on and fairly represents information
and supporting documentation compiled by Mr Antonio de Castro, BSc (Hons), MAusIMM, CREA who acts as AXEL´s
Senior Consulting Geologist through the consultancy firm, ADC Geologia Ltda. Mr. de Castro has sufficient experience
which is relevant to the style of mineralisation and type of deposit under consideration and to the activity he is
undertaking to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of
Exploration Results, Mineral Resources and Ore Reserves” (the JORC Code). Mr Castro consents to the inclusion in the
announcement of the matters based on his information in the form and context in which it appears.
Where reference is made to the Prospectus or previous announcements of Exploration Results and Geological Data,
the Company confirms that it is not aware of any new information or data that materially affects the information
included in those announcements and all material assumptions and technical parameters underpinning the estimates
included in those announcements continue to apply and have not materially changed.
Competent Persons Statement (Mineral Resource Estimate)
The information in this announcement that relates to the Caladão Gallium Mineral Resource 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. Marcelo Antônio Batelochi, (SRK associate Consultant). Mr. de Castro and Mr. Batelochi
are members of the Australasian Institute of Mining and Metallurgy. 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 database
(including all drilling information). Mr. Belocchi is the Competent Person for the geological and mineralisation model,
the construction of the 3D geology/mineralisation model plus the estimation. Mr. de Castro and Mr. Belocchi
completed the site visits in different occasions and consents to the inclusion in this report of the matters on their
information in the form and context in which they appear.
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2025 Annual Report
Directors’ Report
The Directors present their report on Axel REE Limited (Axel or the Company) and the entities it controlled (the
Group) at the end of, and during the year ended 30 June 2025.
Directors
The Directors of Axel at any time during the reporting period up to the date of this report, unless otherwise stated
were:
• Paul Dickson
• Dr. Fernando Tallarico (resigned 31 May 2025)
• Patrick (Pat) John Volpe
• Ian Kiers
Paul Dickson (Non-Executive Chairman)
B.Ed. SF Fin Grad Dip TA
Paul Dickson has over 35 years of experience in the finance services industry. He has worked with a number of stock
broking firms including Ord Minett Ltd and Colonial Stock-broking Limited and more recently has been a director of a
number of corporate advisory boutiques.
Mr Dickson is currently independent non-executive chair of Alligator Energy Ltd (ASX:AGE) and was appointed nonexecutive chair in 2018, where he oversaw the development of the Samphire Uranium Project’s Blackbush Deposit
and has progressed to scoping study.
Mr Dickson was a founder/director of Paradigm Capital Pty Ltd and DDM Capital Pty Ltd, which provided a range of
services including capital raising and general corporate advice for small-cap companies and Proserpine Capital
Partners Pty Ltd, a private equity business based in Melbourne.
Former directorships in last 3 years: Cobold Metals Limited
Dr. Fernando Tallarico (Managing Director, resigned 31 May 2025)
B.Sc. Geology, M.Sc., Ph.D. and P.Geo.
Dr. Fernando Tallarico is a resident of Brazil and a geologist with over 30 years international experience, who has been
responsible for grass roots discoveries for Vale, Falconbridge/Noranda and BHP in Brazil.
Dr. Tallarico was CEO/Managing Director of Aguia Resources Limited (ASX:AGR) from 2019 to 2023 following his role
of Technical Director from 2010 to 2019 and was instrumental in assembling the Aguia phosphate and copper
portfolio, that resulted in greenfield discoveries in Southern Brazil.
Dr. Tallarico has also held positions as Technical Director at Forbes & Manhattan Brazil, Project Manager at BHP
Billiton, Senior Geologist at Falconbridge and Vale, leading world-class discoveries in potash, diamonds, nickel
laterite and PGE respectively.
Former directorships in last 3 years: Aguia Resources Limited
Patrick (Pat) John Volpe (Non-Executive Director)
CPA, Post Grad Taxation
Pat Volpe is the Founder of the Company and has over 35 years’ experience in minerals and metals exploration
globally, including spending the previous 10 years developing strong relationships in Brazil where he accumulated the
Company’s portfolio across four states. Mr Volpe has intimate knowledge of Brazil’s Mining laws and regulations and
brings his strong relationships with local explorers and governments to the Company.
Page | 12
Directors’ Report (Continued)
2025 Annual Report
Mr Volpe was the founding director of A-Cap Resources Limited (acquired by Lotus Resources Limited ASX:LOT), who
led the discovery and development of what is now known as one of the top 10 largest undeveloped uranium deposits
in the world. Pat was the executive chairman of Botswana Metals Limited (renamed SI6 Metals Ltd, ASX:SI6), which
made base and precious metals discoveries (nickel, copper and PGE’s) in north-eastern Botswana and attracted a
joint venture with Botswana’s largest miner and smelting operation - BCL Limited, which is government owned.
Mr Volpe also chairs a private venture which has made a district scale graphite discovery in Botswana. He was also
the founder and chairman of ASX-listed Cardia Bioplastics Limited (renamed Secos Limited, ASX:SES).
Former directorships in last 3 years: Nil
Ian Kiers (Non-Executive Director)
LB, BComm
Ian Kiers is an experienced private equity and mergers and acquisition specialist. He is currently Managing Director of
Halcyon Consulting Pty Ltd which is a specialist family office advisory company. Prior to Halcyon Consulting he
was Chief Executive Officer of a private family office (GBM Group) for 19 years having previously held positions as Head
of Mergers and Acquisitions and Head of Group Strategy.Before GBM Group, Mr Kiers was employed at National
Australia Bank Limited in its structured finance and project finance division in Melbourne. While at the NAB he worked
on numerous project financings in the resources sector.
Mr Kiers holds a Bachelor of Laws and Bachelor of Commerce from Melbourne University and was admitted to the
Supreme Court of Victoria as a Barrister and Solicitor in 1989
Former directorships in last 3 years: Verity Resources Limited (ASX:VRL)
Company Secretary
Mr Patrick Antonio Volpe was Company Secretary during the whole reporting period up to the date of this report.
Patrick Volpe (Company Secretary)
MB Econ, BCom (Eco, Fin), AGIA, MAICD
Patrick Volpe is an experienced corporate governance and financial services professional and has provided corporate
governance management and company secretary services for private, not-for-profit, unlisted public and ASX-listed
entities. He is currently Managing Director of a boutique corporate advisory firm and currently holds directorships and
company secretarial positions in a range of ventures in metals and minerals resources explorati
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