Announcement PDF ASX: AXL Annual Report 2026 Axel REE Limited AXELREELIMITED.COM.AU ABN 50 064 921 273 2026 Annual Report Page | 2 CONTENTS Letter to Shareholders............................................................................................................................................3 FY2026 Review of Operations .................................................................................................................................4 Directors’ Report .................................................................................................................................................14 Remuneration Report...........................................................................................................................................23 Auditor’s Independence Declaration.....................................................................................................................32 Consolidated Statement of Profit or Loss and Other Comprehensive Income ..........................................................33 Consolidated Statement of Financial Position .......................................................................................................34 Consolidated Statement of Changes in Equity .......................................................................................................35 Consolidated Statement of Cash Flows ................................................................................................................36 Notes to the financial statements .........................................................................................................................37 Consolidated Entity Disclosure Statement ............................................................................................................53 Directors’ Declaration..........................................................................................................................................54 Independent Auditor’s Report...............................................................................................................................55 Supplementary Information..................................................................................................................................60 Corporate Directory .............................................................................................................................................66 2026 Annual Report Page | 3 Letter to Shareholders Dear Shareholders, On behalf of the Board, we present Axel REE Limited's Annual Report for the year ended 30 June 2026 (FY26). This was the year Axel began to move from broad exploration toward resource definition, metallurgy and development studies across its Brazilian critical minerals portfolio. Most of this work was undertaken at the Caladão Rare- Earth Elements (REE) and Gallium (Ga) Project in Minas Gerais. Drilling, resource definition and metallurgical programs continued across our principal target areas, and Woolrich remained the priority area for assessing an in-situ recovery (ISR) pathway. Our metallurgical work returned encouraging ionic rare earth recoveries under magnesium sulphate leaching conditions. Soon after year-end, Axel announced positive outcomes from its Woolrich drilling campaign. On 24 September 2026 we issued an upgraded Woolrich Mineral Resource of 264.6Mt @ 1,101ppm total rare earth oxide (TREO) and 34.7ppm Ga, more than double the previous 128Mt Inferred Resource delineated in 2025. It includes a maiden Indicated Resource of 110.1Mt @ 1,073ppm TREO and 35.1ppm Ga, about 42% of the total and the first Indicated Resource at Caladão. The global Caladão Mineral Resource now stands at 708.6Mt @ 1,443ppm TREO, up 24%, and the gallium Mineral Resource has grown 31% to 575.7Mt @ 37.05ppm Ga. All deposits within the 420km2 Caladão Project remain open along strike and at depth. The 2026 Annual Report’s Review of Operations sets out the year's exploration and technical results in more detail. The next step at Woolrich is to finish leach optimisation and hydrogeological work, then design a controlled ISR field validation program. That program will test how the system behaves under field conditions and give us the site-specific evidence needed to decide whether to move to larger-scale pilot testing. We are also looking at low-impact ways to recover gallium, which could improve project economics. The Caldas Project remains an important part of the portfolio. Work there continued on the scale and continuity of its clay-hosted rare earth mineralisation and its potential processing characteristics. On the corporate side, we continued to build Axel's international market profile and strengthened the Company's leadership and technical capability as the business moves toward the next stage of project evaluation. The Group reported a FY26 net loss after tax of $3,640,527 and finished the year with a strong cash balance of $5,733,346. Looking ahead to FY27, our focus is on advancing the Woolrich field program and the wider Caladão technical work while keeping the Company's financial position flexible. Thank you to our shareholders for their ongoing support, and to our employees and consultants for their work efforts through the year. Last but not least, we want to convey our appreciation to local communities and regional authorities for their ongoing support as we develop our Brazilian critical minerals portfolio. Yours sincerely, Paul Dickson Non-Executive Chairman Dr Patience Mpofu Managing Director 2026 Annual Report Page | 4 FY2026 Review of Operations Overview Axel REE Limited (ASX: AXL, FSE: HN8) (Axel or the Company) is a critical minerals exploration company. It holds two projects in Minas Gerais, Brazil: the Caladão REE-Gallium Project in the Lithium Valley district, and the Caldas REE Project around the margins of the Poços de Caldas Alkaline Complex. The Company entered the financial year with no declared Mineral Resource. It finished the year with a combined Inferred Mineral Resource at Caladão of 572Mt at 1,506ppm TREO and 439Mt at 38ppm gallium, declared across three separate estimates delivered between August and December 2025. The second half of the year moved the emphasis from resource definition to development testwork. Magnesium sulphate leach results from the Woolrich deposit in Area B, followed by column leach testing at Core Resources in Brisbane, supported an in-situ recovery (ISR) development concept for the ionic clay hosted rare earths. Woolrich was selected in April 2026 as the site of the Company's first ISR field trial, and infill drilling was completed over the deposit to support an upgrade in resource classification. A separate acid leach programme at the Australian Nuclear Science and Technology Organisation (ANSTO) improved gallium extraction and identified scandium as a potential co-product. Map of Axel REE key projects in Brazil. 2026 Annual Report Page | 5 Mineral Resources at 30 June 2026 All Caladão Mineral Resources at 30 June 2026 were classified as Inferred under the JORC Code (2012). The Area A estimates were prepared by SRK Consulting (Brazil) and the Area B estimates by GE21 Consultoria Mineral Ltda. Rare earth elements Deposit JORC category Tonnes (Mt) TREO (ppm) MREO (ppm) Area A Inferred 233 2,133 463 Marambaia (Area B) Inferred 126 1,154 274 Tiger Creek (Area B) Inferred 85 1,050 125 Woolrich (Area B) Inferred 128 1,013 190 Total Inferred 572 1,506 Gallium Deposit JORC category Tonnes (Mt) Ga (ppm) Area A Inferred 100 42 Marambaia (Area B) Inferred 126 35.8 Tiger Creek (Area B) Inferred 85 40.1 Woolrich (Area B) Inferred 128 35.1 Total Inferred 439 38 Area A REE reported at a 450ppm TREO cut-off within the saprolite domain and Area A gallium at a 35ppm Ga cut-off within the lateritic cover, for 4.2kt of contained gallium. Area B reported at a 500ppm TREO cut-off. Refer ASX announcements dated 22 August 2025, 1 October 2025 and 23 December 2025. Caladão REE-Gallium Project The Caladão Project covers approximately 415km² in the Lithium Valley district of Minas Gerais. Mineralisation is hosted in the weathering profile developed over the Caladão Granite and the Padre Paraíso Charnockite, with gallium concentrated in the lateritic cover and rare earths concentrated in the underlying saprolite. The drilled mineralised footprint stood at approximately 151km² at year end, about 35% of the project area. Area A Axel declared its maiden gallium Inferred Mineral Resource for Area A on 22 August 2025: 100Mt at 42ppm Ga for 4.2kt of contained gallium, at a 35ppm Ga cut-off. The estimate was confined to lateritic cover averaging about 10 metres in thickness over a mineralised area of roughly 33km². SRK Consulting (Brazil) prepared the estimate. A maiden REE Inferred Mineral Resource for Area A followed on 1 October 2025: 233Mt at 2,133ppm TREO with 22% MREO/TREO, reported at a 450ppm TREO cut-off within the saprolite domain. SRK applied metallurgical efficiencies of 31.2% in the upper saprolite and 26.7% in the lower saprolite, drawn from historical parameters for a deposit in a different Brazilian state. SRK identified metallurgical recovery as the main factor limiting the material captured within FY2026 Review of Operations (Continued) 2026 Annual Report Page | 6 the modelled envelopes, and its internal scenarios indicated that recoveries above 50% would increase the estimate by more than 100%. On 17 October 2025 the Agência Nacional de Mineração granted three exploration licences totalling approximately 867 hectares (831.515/2020, 831.383/2025 and 831.384/2025), contiguous with Area A and covering the same plateau setting of lateritic cover over the Caladão Granite. A 49 hole auger programme commenced over the granted ground. The licences are held by Lobo Guara Mineracao e Representacao Eire and were agreed to transfer to Axel on grant, with Axel taking legal and beneficial interest in all metals and minerals other than lithium. The Paraíso target within Area A returned magnesium sulphate leach results on 2 February 2026 that identified a second leachable centre at Caladão alongside Woolrich. Grade thickness values reached 13,705 gram metres of soluble TREO in CLD-DDH-028, with soluble MREO averaging about 41% to 42% of soluble TREO and NdPr about 39% to 40%. Axel interprets Paraíso as comprising up to nine potential wellfield domains. Area B and Area C Auger drilling at Area B through the first half of the year returned consistent shallow gallium intercepts from surface. Results reported on 16 July 2025 included CLD-AUG-468 at 15m at 83g/t Ga2O3 from surface, CLD-AUG-477 at 19m at 74g/t Ga2O3 from surface and CLD-AUG-464 at 9m at 86g/t Ga2O3 from surface. Rare earth intercepts from the same programme included CLD-AUG-447 at 5m at 4,801ppm TREO (20% MREO) from 15 metres. Step-out drilling reported on 10 September 2025 extended Area B to the northeast and east, returning CLD-AUG-479 at 17m at 69g/t Ga2O3 from surface and CLD-AUG-487 at 17m at 65g/t Ga2O3 from surface, together with REE intervals including CLD-AUG-520 at 10m at 2,311ppm TREO (30% MREO) from 4 metres. The same programme identified a new zone, Area C, from seven holes for 48 metres. Area C sits on lateritic cover over leucogranitic and monzogranitic rocks, a different host to Areas A and B, and returned gallium up to 70.07g/t Ga2O3 from surface in CLD-AUG-490. The new ground added 23.4km² to the mineralised footprint, taking it to 115.6km² at that date. GE21 Consultoria Mineral Ltda was appointed on 13 November 2025 to prepare the Area B Mineral Resource Estimate. The maiden Area B Inferred Mineral Resource was declared on 23 December 2025 at 339Mt at 1,075ppm TREO and 36.6ppm Ga, using a 500ppm TREO cut-off, across three deposits: Marambaia, Tiger Creek and Woolrich. Adding Area A, the combined Caladão inventory increased to 572Mt at 1,506ppm TREO, a 145% increase, and 439Mt at 38ppm Ga, a 339% increase. FY2026 Review of Operations (Continued) 2026 Annual Report Page | 7 Caladão REE-Gallium Project area (415km²) Woolrich ISR deposit Woolrich contributed 128Mt at 1,013ppm TREO and 35.1ppm Ga to the Area B estimate and became the Company's priority deposit during the second half of the year. On 26 November 2025 Axel reported the first magnesium sulphate leach results from auger samples at Woolrich, tested by SGS at pH 4.5 under ambient conditions. Soluble TREO averaged 464ppm across the tested intervals, with MREO at approximately 42% of soluble TREO, NdPr at approximately 40% and DyTb at approximately 2%. The strongest intercepts were CLD-AUG-520 at 8m at 597ppm soluble TREO from 6 metres, ending in 609ppm, and CLD-AUG-510 at 10m at 590ppm soluble TREO from 5 metres. Several holes recorded higher soluble grades in the deepest sample than the interval average, and mineralisation remained open at depth. The Company compared these grades with the 486ppm soluble TREO resource grade reported for the operating Gerik ISL rare earths mine in Perak State, Malaysia. FY2026 Review of Operations (Continued) 2026 Annual Report Page | 8 On 1 3 April 2026 Axel selected Woolrich as the location for its first ISR field trial and defined an area of approximately 2 hectares for the test. The selection was based on low relief topography suited to gravity assisted drainage of pregnant leach solution, a well developed lateritic regolith over coarse pegmatitic granite, bedrock immediately below the mineralisation expected to act as a hydraulic boundary, and proximity to the strongest auger intersections from the November 2025 leach programme. Pregnant leach solution from the trial is to be supplied to Core Resources in Australia for downstream mixed rare earth carbonate production. Assays for 137 holes from a 258 hole infill and step-out auger programme at Woolrich were reported on 6 May 2026. The programme was drilled on a 200m by 200m spacing across a footprint of approximately 2,000 hectares to support conversion of the Inferred Resource to Indicated classification and to provide geological inputs for wellfield design. Results included 1m at 8,517ppm TREO (41% MREO) with 269ppm DyTb, 4m at 3,740ppm TREO (36% MREO) and 10m at 3,055ppm TREO (34% MREO). Several intervals exceeded 10 to 12 metres in thickness from as shallow as 1 metre, including CLD-AUG-748 at 6m at 3,324ppm TREO from 1 metre and CLD-AUG-779 at 12m at 2,552ppm TREO from 1 metre. The assays also confirmed enrichment in dysprosium, terbium and yttrium, a heavy rare earth profile that differs from the predominantly light rare earth weighted deposits elsewhere in Brazil. Mineralised intervals were submitted to SGS for magnesium sulphate leach testing to define soluble rare earth distribution by domain. Metallurgical testwork and the ISR development pathway Metallurgical work during the year ran along two tracks: magnesium sulphate leaching of the ionic clay hosted rare earths for in situ recovery, and acid leaching of the shallow oxidised profile for gallium and scandium. Magnesium sulphate and in situ recovery First stage diagnostic testwork at ANSTO, reported on 30 July 2025, was completed on 39 three metre composites from two diamond holes 2km apart in Area A, DDH-018 and DDH-036. Ammonium sulphate and sodium chloride leaching at pH 4 for 30 minutes at ambient temperature desorbed magnet rare earths at up to 48% and 52% recovery respectively, confirming ionic adsorption clay rare earths at Caladão. DDH-018 returned an 18 metre interval averaging 632ppm MREO, of which 249ppm was leached. DDH-036 returned up to 139ppm DyTb together with substantial yttrium recoverable by acid leach. First pass acid leaching recovered 25% of the gallium. Axel also engaged CETEM, Brazil's national mineral technology research centre, to run a six week characterisation and magnetic separation study on approximately 5kg of gallium bearing material at its Rio de Janeiro laboratories. Diagnostic and column leach testing moved to Core Resources in Brisbane during the March and June 2026 quarters. Eight diagnostic tests, reported on 20 April 2026, established that soluble TREO is relatively insensitive to magnesium sulphate concentration but responsive to pH. At pH 4.0, concentrations of 0.25M, 0.5M and 0.75M returned soluble TREO of 491ppm, 486ppm and 475ppm, while testing at the natural slurry pH of about 6.2 returned 356ppm. Acid consumption stayed at approximately 1.1 to 1.2kg/t H2SO4. The strongest diagnostic result was 546ppm at pH 3.5 with 0.25M magnesium sulphate. The first two columns, CLT-01 and CLT-02, achieved liquor breakthrough during April. Column results reported on 22 June 2026 confirmed the ISR concept under dynamic flow conditions. CLT-01 recovered 560ppm soluble TREO at 39% MREO using 0.25M magnesium sulphate at pH 4.0, a 14% improvement on the LT02 diagnostic base case and higher than the best static diagnostic result, achieved under less aggressive chemistry. CLT- 02, operated at 0.125M, recovered 494ppm. Impurity mobilisation stayed low throughout, with cumulative aluminium below 2ppm, iron below 0.5ppm, thorium below 5.5ppm and uranium below 4ppm. The column programme generated the first laboratory derived ISR operating parameters for Woolrich, covering breakthrough behaviour, recovery kinetics, reagent response and solution chemistry. A second pair of columns, CLT-03 and CLT-04, commenced following review of the first results. FY2026 Review of Operations (Continued) 2026 Annual Report Page | 9 Gallium and scandium acid leach ANSTO testwork reported on 27 January 2026 doubled gallium extraction from the earlier 25% to approximately 50%, using oxalic acid on three metre composites from DDH-036 at pH 1 with acidity increasing to 64g/L at 50 degrees Celsiusover 72 hours. Gallium recovery was still rising atthe end of the test period. The same tests confirmed scandium reporting to solution under the same conditions, introducing a potential co-product. Follow up optimisation and downstream recovery studies were placed with Core Resources. Further ANSTO acid leach results on 11 February 2026 compared hydrochloric and sulphuric acid on composites from the same two diamond holes. Hydrochloric acid gave the stronger response, with MREO recovery above 96% and up to 100% on selected composites, against 28% reported from the earlier five day sulphuric acid tests. Gallium recovery in these tests reached approximately 30%. The results define a longer term acid leach option capable of treating the portions of the profile that are not ionic clays, alongside the near term magnesium sulphate ISR pathway. Caldas REE Project The Caldas Project covers more than 228km² across multiple exploration licences inside the Poços de Caldas caldera and along its weathering contact, with tenure distributed across the northern, southern and central sectors of the complex. Caldas Project FY2026 Review of Operations (Continued) 2026 Annual Report Page | 10 Auger results reported during the year confirmed broad near surface rare earth mineralisation developed over weathered leucogranite and gneissic basement on the outer margin of the caldera. At Caldas North, CAL-AUG-079 returned 6m at 1,370ppm TREO with 33% MREO and 26% HREO from 1 metre. At Caldas East, CAL-AUG-083 returned 10m at 1,552ppm TREO with 24% MREO, CAL-AUG-081 returned 3m at 1,237ppm TREO with 31% MREO and CAL-AUG- 086 returned 2m at 1,110ppm TREO with 30% MREO. A 40-hole auger programme commenced at the Caldas South prospect along the external margin of the caldera in the same month. Auger drilling was completed across the North, Central, East and South prospects during the March 2026 quarter. The geology team then began integrating the drilling and assay data to define an initial Exploration Target for the project in accordance with the JORC Code (2012), work that continued through the June 2026 quarter. Metallurgical testwork was initiated on composite samples from the key prospects, tailored to ionic clay processing routes, to assess rare earth recoveries and reagent requirements. Corporate Frankfurt Stock Exchange listing Axel shares commenced trading on the Frankfurt Stock Exchange under the ticker HN8 on 18 July 2025, as part of a dual listing and international outreach strategy intended to improve access for European investors to the Company's Brazilian critical minerals projects. No new shares were issued in connection with the listing and the ASX remains the Company's primary exchange. Board and management Mr Aidan Nania was appointed a Non-Executive Director on 21 October 2025. Mr Nania is an investment banking executive and company director with more than 15 years across the natural resources, critical minerals and technology sectors, previously Head of Investment Banking for Casimir Capital (Australia) and Lucerne Investment Partners. He is Founder and Director of Arctic Graphite AS, Founder and CEO of Baker Street Mining & Energy Investments LLC, and a Director of Neoeco Limited. Mr Ian Kiers resigned as a Non-Executive Director on the same date due to other professional commitments, having served since the Company's initial public offering in July 2024. Mr Ian Reid was appointed a Non-Executive Director on 3 March 2026. Mr Reid is a geoscience executive with more than 40 years of international experience, including subsurface and in situ resource expertise in Brazil, and was formerly Global Geoscience Lead at Karoon Energy Limited (ASX: KAR). Dr Patience Mpofu was appointed Managing Director on 11 June 2026. Dr Mpofu has more than 25 years in the resources sector spanning metallurgy, mining operations, corporate strategy, capital markets, ESG and stakeholder engagement, including senior roles with South32 Limited, Anglo American and Sibanye-Stillwater. She holds a PhD in Mineral Processing focused on clay mineralogy, interfacial chemistry and sustainable processing systems, which is directly relevant to the Company's planned ISR field trials. Dr Mpofu is a Non-Executive Director of Orion Minerals Limited (ASX/JSE: ORN) and Founder and CEO of Insight Mining Experts. Securities On 14 November 2025 the Company advised that vesting conditions had been satisfied in respect of 1,500,000 restricted Performance Rights held by Non-Executive Chairman Paul Dickson and former director Ian Kiers. The rights vested under Milestone A, relating to conditional ASX listing approval and continued service twelve months after admission, and Milestone E, relating to the announcement of a 10Mt Inferred Resource at a minimum grade of 1,000ppm TREO. The rights converted into restricted fully paid ordinary shares that remain subject to escrow. FY2026 Review of Operations (Continued) 2026 Annual Report Page | 11 Events after the reporting period Updated Woolrich Mineral Resource and maiden Indicated classification GE21 Consultoria Mineral Ltda completed an updated Mineral Resource Estimate for the Woolrich deposit with an effective date of 30 July 2026, incorporating drilling completed through July 2026. The updated estimate is 264.6Mt at 1,101ppm TREO and 34.7ppm Ga at a 500ppm TREO cut-off, an increase of approximately 107% in tonnage on the previous 128Mt Inferred Resource. It includes a maiden Indicated Mineral Resource of 110.1Mt at 1,073ppm TREO and 35.1ppm Ga, about 42% of the updated Woolrich estimate, with the remaining 154.5Mt at 1,120ppm TREO and 34.5ppm Ga classified as Inferred. This is the Company's first Indicated Mineral Resource. Deposit JORC category Tonnes (Mt) TREO (ppm) Ga (ppm) Woolrich Indicated 110.08 1,073 35.05 Woolrich Inferred 154.51 1,120 34.48 Total Woolrich Indicated + Inferred 264.60 1,101 34.72 Updated Woolrich Mineral Resource Estimate, effective date 30 July 2026, prepared by GE21 Consultoria Mineral Ltda. The update takes the consolidated Caladão rare earth Mineral Resource to approximately 708.6Mt at 1,443ppm TREO, a 24% increase, and the consolidated gallium Mineral Resource to approximately 576Mt, a 31% increase. Woolrich remains the Company's priority area for ISR evaluation. The updated estimate is based on total geochemical assays and is separate from the ongoing soluble rare earth metallurgical programme. GE21 has recommended further infill drilling to improve short range confidence, together with additional bulk density measurements including natural moisture determination. Deposit JORC category Tonnes (Mt) TREO (ppm) Caladão Area A Inferred 233.00 2,133 Marambaia Inferred 126.00 1,154 Tiger Creek Inferred 85.00 1,050 Woolrich Inferred 154.51 1,120 Woolrich Indicated 110.08 1,073 Total Caladão Inferred 598.51 1,512 Total Caladão Indicated 110.08 1,073 Total MRE Inferred + Indicated 708.6 1,443 Global REE Mineral Resource Estimate at the Caladão Project, Minas Gerais FY2026 Review of Operations (Continued) 2026 Annual Report Page | 12 Deposit JORC category Tonnes (Mt) Gallium (ppm) Caladão Area A Inferred 100.00 42.23 Marambaia Inferred 126.07 35.80 Tiger Creek Inferred 85.02 40.10 Woolrich Inferred 154.51 34.48 Woolrich Indicated 110.08 35.05 Total Caladão Inferred 465.60 37.53 Total Caladão Indicated 110.08 35.05 Total MRE Inferred + Indicated 575.68 37.05 Global Gallium Mineral Resource Estimate at the Caladão Project, Minas Gerais Caladão Project updated Mineral Resource areas showing Area A, Marambaia, Tiger Creek and the updated Woolrich Mineral Resource Estimate. FY2026 Review of Operations (Continued) 2026 Annual Report Page | 13 Caldas South leach results On 30 July 2026 the Company reported rare earth assays and magnesium sulphate leach results from 28 auger holes for 315 metres across seven exploration licences covering 12,008.69 hectares on the south-western margin of the Poços de Caldas Alkaline Complex. CAL-AUG-125 returned 6m at 921ppm soluble TREO (35% MREO) from 3 metres, including 1m at 1,542ppm soluble TREO (38% MREO) from 5 metres. The results identify Caldas South as a second potential in situ recovery area within the portfolio, subject to confirmation of permeability, hydraulic continuity, containment and recoverability. Woolrich remains the Company's primary focus. Gallium and scandium extraction at Tiger Creek On 7 September 2026 the Company reported independent scoping leach testwork completed by Core Resources on composite COMP001 from the Tiger Creek target in AreaB. The composite assayed 63ppm Ga, 10.6ppm Sc and 199ppm TREO, above the approximately 38ppm Ga grade of the wider Inferred gallium Mineral Resource. Across 18 batch leach tests at atmospheric pressure, oxalic acid at 100g/L and 90 degrees Celsius extracted 95% of the gallium and 74% of the scandium at a reagent consumption of 1,072kg/t of feed, while oxalic acid at 50g/L extracted 87% Ga and 71% Sc at 801kg/t. Sulphuric acid at 100g/L extracted 90% Ga and 70% Sc at 747kg/t. Core nominated the 50g/L oxalic acid condition as the preferred case for further investigation. The results are preliminary and specific to the Tiger Creek composite, and should not be read as representative of the 439Mt gallium Mineral Resource as a whole. The next phase of work targets reagent consumption, selectivity against aluminium and iron, and recovery of gallium and scandium from solution. 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 the Company´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 and Rare Earths Mineral Resource is based on and fairly represents information compiled by Mr. Antonio de Castro (acting as the Company’s 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 Fellow 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 mineralisation 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