Announcement PDF ASX ANNOUNCEMENT ASX: AXL 26 November 2025 ASX : AXL ACN: 665 921 273 832 High St Kew East VIC Australia 3102 www.axelreelimited.com.au info@axelreelimited.com.au Breakthrough REE Metallurgical Results atCaladão AreaB Magnet-richionicclaysystemwith~40%NdPrand~42%MREOinleachsolutions supportslow-CAPEX,low-OPEXin-situleach(ISL)developmentconceptatCaladão AreaB–WoolrichISLTarget Highlights • Initial MgSO4 leach tests from SGS at the Woolrich in situ leach (ISL) Target at Area B confirm a genuine ionic-adsorption clay (IAC) system, amenable to simple, low cost ISL using MgSO4. • Soluble TREO grades in auger holes intercepts are comparable to, and locally exceed, the TREO soluble grades at operating Gerik ISL REE mine in Malaysia (121Mt @ 486ppm soluble TREO) • Leach solutions are magnet-REE rich, with ~40% NdPr and ~42% MREO plus meaningful DyTb contributions (~2%) leading to a potentially premium MREC end product • Results provide an excellent initial leach values and geological dataset to support detailed follow-up metallurgical, hydrological and technical studies at Woolrich target. • Area B Mineral Resource Estimate expected in December 2025 to underpin initial metallurgical results • Establishes a defined next-step work program, infill/deeper drilling, leach interval with MgSO4 to define the zones amenable to ISL and potential trial mining area at Woolrich Target. Axel REE Limited (ASX: AXL, FSE:HN8, “Axel” or “the Company”) is pleased to report the first batch of auger drilling samples from the Woolrich Target in Area B at the Caladão Project in the Lithium Valley, Brazil. The samples were submitted to SGS for leaching tests using magnesium sulphate (MgSO₄) at pH 4.5 under ambient temperature conditions. The assays of the leach solution for rare earth elements (REE) represents the amount of REE extracted from the clays using a simple leach at pH 4.5 under atmospheric conditions which will report in the final product – the mixed rare earth carbonate (MREC) i.e the ionic adsorbed REE in the clays. The leaching results demonstrate soluble total rare earth element oxide (TREO) grades in the strongest intercepts that are comparable to the 486ppm soluble TREO resource grade reported at the Gerik in situ leach (ISL) REE mine in Perak State, Malaysia, a simple, profitable ionic adsorption clay (IAC) REE operation. In several holes at Axel’s Woolrich Target, the deepest samples recorded higher soluble grades than the interval average, consistent with enrichment of ionic rare earths with depth in typical IAC deposits, highlighting the potential to increase average soluble grades at the Woolrich Target as drilling is extended into the lower saprolite. ASX : AXL | FSE: HN8 ACN: 665 921 273 832 High St Kew East VIC Australia 3102 www.axelreelimited.com.au info@axelreelimited.com.au Non-Executive Chairman, Paul Dickson, commented: “These initial MgSO₄ leaching results from the Woolrich Target shows a very encouraging validation our IAC and ISL concept at Caladão - Area B. The combination of soluble TREO grades comparable to those reported for Gerik and a magnet-rich assemblage with approximately 40% NdPr and 42% MREO places Axel in a strong position within the ionic clay peer group.” As work continues to fully define thickness, continuity and hydrogeological parameters, the results to date clearly support further investment in ISL-focused exploration at the Woolrich ISL target. We are excited to advance this work program with the aim to position Axel as a potential future supplier of high-value MREC products from Brazil’s Lithium Valley.” The leach solutions display a high proportion of magnet rare earth oxides (MREO), with MREO representing approximately 42% of soluble TREO and NdPr averaging around 40% of soluble TREO (Table 1). This magnet- rich assemblage compares favourably with peer IAC projects and supports the potential to produce a high- value mixed rare earth carbonate (MREC) product from future development, with strong exposure to NdPr and meaningful DyTb contributions to the basket value. Best drillhole intercepts: • CAL-AUG-510 10m @ 590 ppm soluble TREO from 5m ending with 457 ppm • CAL-AUG-514 4m @ 514 ppm soluble TREO from 12m ending with 629 ppm • CAL-AUG-515 7m @ 352 ppm soluble TREO from 5m ending with 454 ppm • CAL-AUG-517 4m @ 432 ppm soluble TREO from 12m ending with 536 ppm • CAL-AUG-520 8m @ 597 ppm soluble TREO from 6m ending with 609 ppm • CAL-AUG-521 3m @ 508 ppm soluble TREO from 7m ending with 530 ppm • CAL-AUG-526 2m @ 486 ppm soluble TREO from 11m ending with 512 ppm • CAL-AUG-540 3m @ 512 ppm soluble TREO from 8m ending with 677 ppm A comparison of the Woolrich ISL Target’s soluble TREO and MREO assemblage with selected IAC and ISL peers, including the Gerik ISL REE mine and several advanced scoping and prefeasibility-stage projects (EMA, Colossus, Caldera and Carina), is provided in Table 1. ASX : AXL | FSE: HN8 ACN: 665 921 273 832 High St Kew East VIC Australia 3102 www.axelreelimited.com.au info@axelreelimited.com.au Table 1. Soluble MREO in Woolrich target standing out in respect to the peers. Company - Project CAPEX US$ Million SOLUBLE TREO ppm MREO/ TREO % NdPr/ TREO % DyTb/ TREO % Axel REE (ASX:AXL) – Caladão Project, Woolrich ISL Target ??1 464 42.0 40.0 2.0 MCRE Resources/Southern Alliance Mining - Gerik ISL REE Mine 20 486 30.02 27.0 3.0 Brazilian Critical Minerals (ASX:BCM) – EMA Project 55 - 34.23 33.0 1.2 Viridis Mining (ASX:VMM) – Colossus Project 358 - 39.04 37.5 1.4 Meteoric Resources (ASX:MEI) – Caldera Project 443 - 31.65 30.6 1.0 Aclara Resources (TSX:ARA) – Carina Project 680 459 31.56 27.4 4.1 Note: all rare earths in solution will report in the final product, the Mixed Rare Earth Carbonate (MREC) 1 Axel CAPEX to be determined in following progression to next stages of ISL project development 2 Euroz Hartleys article published dated 30 October 2025 ‘Malaysian ISL REE Site Visit’, link. 3 ASX: BCM Announcement dated 23 October 2025 ‘EMA REE Project Produces First High Grade MREC From Field Trial’. 4 ASX: VMM Announcement dated 24 September 2024 ‘Colossus Maiden Mixed Rare Earth Carbonate (MREC) Product’. 5 ASX: MEI Announcement dated 29 February 2024 ‘First Mixed Rare Earth Carbonate (MREC) Produced for Caldeira REE Project’. 6 TSX:ARA Announcement dated 06 November 2025 ‘Aclara Announces Filing and Results of PRE-Feasibility Study For Its Flagship Carina Project’. The soluble TREO grades at Caladão project remain open to improvement with deeper drilling, as every hole that intersected the ionic rare earth horizon terminated in mineralisation. The present phase of leaching assays at SGS and additional drilling therefore represents an important step in delineating zones of higher solublegrade at Caladãoand in assessingthe potential for an in-situ leach development concept analogous, in broad terms, to the Gerik ISL REE mine. The Woolrich Target also retains a range of physical and geological parameters considered favourable for an ISL operation. These include appropriate topography, favourable regolith architecture developed over a coarse pegmatitic granite, and the presence of fresh rock immediately below the ionic rare earth mineralisation, which can act as a hydraulic “basement” for ISL operations. Intense tropical weathering of the Caladão pegmatitic granite has produced a lateritic profile with characteristics typical of IAC-style rare REE mineralisation amenable to ISL. Profitable IAC operations in Asia demonstrate that “grade is not king” for this deposit style of mineralisation as is the case with many other hard-rock commodities. Instead, value is driven by a combination of low capital intensity, low operating costs and favourable basket value, which can be achieved through in- situ leaching and the production of high-value MREC products with strong NdPr and DyTb assemblages. ASX : AXL | FSE: HN8 ACN: 665 921 273 832 High St Kew East VIC Australia 3102 www.axelreelimited.com.au info@axelreelimited.com.au The coarse nature of the protolithic granite suggests good permeability in the regolith developed above the fresh rock, where the best ionic grades are indicated (Photo 1). Dedicated hydrogeological and geotechnical testwork will be considered in future programmes to further assess these parameters in the context of an ISL concept. Photo 1. Upper saprolite (USAP) developed over the Caladão pegmatitic granite. ASX : AXL | FSE: HN8 ACN: 665 921 273 832 High St Kew East VIC Australia 3102 www.axelreelimited.com.au info@axelreelimited.com.au Figure 1. Caladão project areas. ASX : AXL | FSE: HN8 ACN: 665 921 273 832 High St Kew East VIC Australia 3102 www.axelreelimited.com.au info@axelreelimited.com.au Figure 2. Location map of the TREO soluble results at Woolrich ISL target. ASX : AXL | FSE: HN8 ACN: 665 921 273 832 High St Kew East VIC Australia 3102 www.axelreelimited.com.au info@axelreelimited.com.au Figure 3. Cross Section showing TREO soluble intercepts of the auger holes CLD-AUG-510 & CLD- AUG-517. Next steps The next phase of work at Caladão Area B will focus on: • Extending leaching assays at SGS by magnesium sulphate to additional drilling across the Woolrich ISL Target to systematically map zones of higher soluble TREO grade and favourable magnet rare earth assemblage; • Integrating leaching results with topography, regolith mapping and geological data to define domains that are most prospective for ISL development; and • Designing and implementing drilling in the most prospective areas to improve definition of the ionic clay horizon, and to support further technical studies. About the Gerik ISL Project - Malaysia The Gerik non-radioactive rare earth (NR-REE) project at Kenering, Hulu Perak, is Malaysia’s first ion- adsorption clay rare earth mine and pilot in-situleach (ISL) operation. It injects ammonium sulphatesolution into ion-adsorption clays to desorb REEs, then pumps the pregnant leach solution to surface to produce mixed rare earth carbonate (MREC). It is currently the country’s only authorised exporter of raw NR-REEs. Operations commenced in September 2022 and are operated by privately held MCRE Resources, which in September 2025 completed the sale of 40% of its equity to SGX-listed Southern Alliance Mining for RM219.0 million (~A$86 million)1 . 1 Sothern Alliance Mining Ltd. (SGX:QNS) release 12 September 2025 “Proposed Acquisition Of 40.00% Of The Issued And Paid-Up Share Capital of MCRE Resources Sdn. Bhd., Being A Discloseable Transaction And An Interested Person Transaction Under The Catalist Rules (The "Proposed Acquisition") - Completion Of The Proposed Acquisition” ASX : AXL | FSE: HN8 ACN: 665 921 273 832 High St Kew East VIC Australia 3102 www.axelreelimited.com.au info@axelreelimited.com.au Installed capacity is roughly 4,000tpa REO. The product basket is strongly skewed to magnet elements, with NdPr exceeding 27% of contained REO and DyTb around 3%. MCRE reportedly receives payabilities above 70% on five key elements contained in MREC: Nd, Pr, Dy, Tb and Lu, reflecting the strategic value of its magnet-heavy product. The Gerik plant has a capex of approximately US$20 million for the current plant and well-field, underscoring the cost advantages of ISL in ion-adsorption clays versus conventional hard-rock mining Advantages of In Situ Leaching All current ionic rare earths mining in Asia is by ISL which offers several technical, economic and environmental advantages over conventional openpit andtank leach operations in the 1970s and heapleach operation in the early 1980s particularly for permeable,near-surface deposits hosted in suitable geology and topography (e.g., ion-adsorption clays): 1. Lower capital intensity ISL typically eliminates the need for large pits, waste dumps, crushing and grinding circuits, large tailings dams and extensive haulage fleets. The primary capital components are wellfields, pipelines and a relatively compact processing plant. This can materially reduce upfront capital requirements and shorten construction timeframes. 2. Lower operating costs By cation exchange Mg+ from the solution for REE+ in the clays, by injecting the solution on vertical holes above the orebody and collecting the pregnant solution (PLS) at the base of the hill by horizontal holes, ISL avoids drilling and blasting, truck-shovel haulage, primary crushing and much of the materials handling that dominate operating costs in conventional mines. Reagents, pumping power and wellfield maintenance become the main operating cost drivers, which are often lower on a per-unit-of-metal basis. 3. Smaller surface footprint and less waste ISL mines have a much smaller disturbance footprint than open pits, as there is no large void, waste rock dump or conventional tailings storage facility.Disturbance is largely limited to well pads,access tracks and a processing plant. This significantly reduces visual impact, waste volumes and rehabilitation complexity. 4. Improved environmental and social profile Because mining occurs without large surface excavations, ISL can offer lower dust, noise and traffic levels and reduced risk of slope failures, tailings dam incidents and acid mine drainage. This can translate into lower environmental risk, improved community acceptance and, in some jurisdictions, more streamlined permitting. ASX : AXL | FSE: HN8 ACN: 665 921 273 832 High St Kew East VIC Australia 3102 www.axelreelimited.com.au info@axelreelimited.com.au 5. Flexible, scalable development Wellfields can be developed in stages, allowing operators to scale production up or down in line with market conditions, test different parts of the orebody and optimise patterns and flow rates over time. Underperforming areas can be shut in while new patterns are brought online, improving capital efficiency and risk management. Figure 4. Schematic diagram of the in situ leaching process for rare earth ore. Source info: Hu, Mingbing & Shao, Yajian & Chen, Guoliang. (2025). Kinetics of Ion Exchange in Magnesium Sulfate Leaching of Rare Earths and Aluminum from Ionic Rare Earth Ores. Minerals. 15. 290. 10.3390/min15030290. This announcement was authorised by the Board of Directors. For enquiries regarding this release please contact: Axel REE Limited Investor & Media Relations investors@axelreelimited.com.au awillis@nwrcommunications.com.au ASX : AXL | FSE: HN8 ACN: 665 921 273 832 High St Kew East VIC Australia 3102 www.axelreelimited.com.au info@axelreelimited.com.au About Axel REE Axel REE is a critical minerals exploration company which is primarily focused on developing the Caladão REE-Gallium and Caldas REE Projects in Brazil. Together, the project portfolio covers over 1,000km² of exploration tenure in Brazil, the third largest country globally in terms of REE Reserves. JORC 2012 Mineral Resource Deposit JORC 2012 Classification Tonnes and Grade Caladão Project – Area A Inferred 233Mt @ 2,133ppm TREO Caladão Project – Area A Inferred 100Mt @ 42ppm Gallium Refer AXL ASX release 22 August 2025 (Gallium MRE) and 1 October 2025 (REE MRE) The Company’s mission is to explore and develop REE and other critical minerals in vastly underexplored Brazil. These minerals are crucial for the advancement of modern technology and the transition towards a more sustainable global economy. Axel’s strategy includes extensive exploration plans to fully realize the potential of its current projects and seek new opportunities. Figure 2. Map of Axel REE key projects in Brazil Competent Persons 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 ASX : AXL | FSE: HN8 ACN: 665 921 273 832 High St Kew East VIC Australia 3102 www.axelreelimited.com.au info@axelreelimited.com.au 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. Forward Looking Statement This announcement contains projections and forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Company. These risks and uncertainties could cause actual results and the Company’s plans and objectives to differ materially from those expressed in the forward-looking information. Actual results and future events could differ materially from anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are madeandexpressly qualified intheir entirety by this notice. The Company assumes no obligation to update forward-looking information should circumstances or management’s estimates or opinions change. Reference to Previous Announcements In addition to new results reported in this announcement, the information that relates to previous exploration results is extracted from: • AXL ASX release 22 August 2025 “100Mt Maiden Gallium Mineral Resource Estimate” • AXL ASX release 10 September 2025 “New Gallium and REE Zones Expand Caladão Project Scale Potential” • AXL ASX release 01 October 2025 “REE Mineral Resource Estimate” The Company confirms that it is not aware of any new information or data that materially affects the information contained in these announcements and, in the case of estimates of mineral resources, that all material assumptions and technical parameters underpinning the estimates in the announcements continue to apply and have not materially changed. ASX : AXL | FSE: HN8 ACN: 665 921 273 832 High St Kew East VIC Australia 3102 www.axelreelimited.com.au info@axelreelimited.com.au JORC Code, 2012 Edition – Table 1 Section 1 Sampling Techniques and Data (Criteria in this section apply to all succeeding sections.) Criteria JORC Code explanation Commentary Sampling techniques • Nature and quality of sampling (e.g., cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc.). These examples should not be taken as limiting the broad meaning of sampling. • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. • Aspects of the determination of mineralisation that are Material to the Public Report. • In cases where ‘industry standard’ work has been done, this would be relatively simple (e.g., ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverized to produce a 30 g charge for fire assay’). In other cases, more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information. • Auger holes • At each drill site, the surface was thoroughly cleared. Soil and saprolite samples were gathered every 1 meter with precision, carefully logged and photographed. Each sample was then sealed in plastic bags and clearly labelled for identification. Drilling techniques • Drill type (e.g., core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc.) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc.). Augerdrilling • A motorized 2.5HP soil auger with a 4” drill bit, reaching depths of up to 20 meters, was used to drill. The drilling is an open hole, meaning there is a significant chance of contamination from the surface and other parts of the auger hole. Holes are vertical and not oriented. Drill sample recovery • Method of recording and assessing core and chip sample recoveries and results assessed. • Measures taken to maximise sample recovery and ensure representative nature of the samples. • Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse Auger drilling No recoveries arerecorded. • No relationship is believed to exist between recovery and grade. ASX : AXL | FSE: HN8 ACN: 665 921 273 832 High St Kew East VIC Australia 3102 www.axelreelimited.com.au info@axelreelimited.com.au Criteria JORC Code explanation Commentary material. Logging • Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. • Whether logging is qualitative or quantitative in nature. Core (or Costin, channel, etc.) photography. • The total length and percentage of the relevant intersections logged. The geology was described in a core facility by a geologist - logging focused on the soil horizon, saprolite, and fresh rock boundaries. The depth of geological boundaries is honored and described with downhole depth – not meter by meter. Other important parameters for collecting data include grain size, texture, and color, which can help identify the parent rock beforeweathering. All drilled holes have a digital photographic record. The log is stored in a Microsoft Excel template with inbuilt validation tables and a pick list to avoid data entry errors. Sub- sampling techniques and sample preparation • If core, whether cut or sawn and whether quarter, half or all core taken. • If non-core, whether riffled, tube sampled, rotary split, etc. and whether sampled wet or dry. • For all sample types, the nature, quality and appropriateness of the sample preparation technique. • Quality control procedures adopted for all sub-sampling stages to maximise representativity of samples. • Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling. • Whether sample sizes are appropriate to the grain size of the material being sampled. Sample preparation (drying, crushing, splitting and pulverizing) is carried out by SGS laboratory, in Vespasiano MG, using industry-standard protocols: • dried at105°C • homogenization with Jones splitter • dry sieving at 4mm (SCR33) discharging the retained material • <4mm homogenized • 40gr aliquot selectionfrom pulppacket Quality of assay data and laboratory tests • The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. • For geophysical tools, spectrometers, handheld XRF instruments, etc., the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. • Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established. 1 blank sample, 1 internal reference material sample and 1 field duplicate sample were inserted by company into each 25-sample sequence. Laboratory QA/QC procedures were followed, including blank samples. The assay technique used was 40gr of the sample in 160 ml solution of magnesium sulfate 0.5M in a Becker for 30 minutes (SGS code ICM 696). After the lixiviation the pulp is vacuum filtered. One aliquot is extracted from the solution and diluted 25 times with HNO3 2%. The solution is analyzed by ICP-MS. Elements analyzed at ppm levels: Al 2 – 8,000 Nd 2.4 – 800 Ba 20 – 800 Ni 0.2 – 800 Be 0.4 – 800 P 4 – 8000 Bi 0.8 – 800 Pb 0.32 – 800 ASX : AXL | FSE: HN8 ACN: 665 921 273 832 High St Kew East VIC Australia 3102 www.axelreelimited.com.au info@axelreelimited.com.au Criteria JORC Code explanation Commentary Ca 10 – 8000 Pr 0.06 – 800 Cd 0.12 – 800 Rb 0.8 – 200 Ce 0.20 – 800 Re 0.4 – 200 Co 0.20 – 800 Sc 0.24 – 800 Cr 1 – 800 Sm 0.04 – 200 Cs 0.2 – 200 Sn 1.2 – 200 Cu 0.04 – 800 Sr 0.16 – 800 Dy 0.028 – 200 Ta 0.2 – 200 Er 0.02 – 200 Tb 0.08 – 200 Eu 0.02 – 200 Th 0.2 – 200 Fe 2 – 8000 Ti 5 – 8000 Gd 0.02 – 200 Tl 0.08 – 200 Ho 0.016 – 200 Tm 0.012 – 200 In 0.08 – 200 U 0.04 – 200 K 20 – 8000 V 2 – 800 La 1 – 800 W 1 – 800 Li 0.4 – 800 Y 0.2 – 800 Lu 0.04 – 200 Yb 0.4 – 200 Mn 0.4 – 8000 Zn 0.5 – 800 Mo 0.2 – 200 Zr 0.2 – 800 Na 20 – 8000 The sample preparation and assay techniques used are industry standard and provide partial analysis. The SGS laboratory used for assays is ISO 9001 and 14001 and 17025 accredited. Verification of sampling and assaying • The verification of significant intersections by either independent or alternative company personnel. • The use of twinned holes. • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. • Discuss any adjustment to assay data. Apart from the routine QA/QC procedures by the Company and the laboratory, there was no other independent or alternative verification of sampling and assaying procedures. No twinned holes were used. Primary data collection follows a structured protocol, with standardized data entry procedures ensure that any issues are identified and rectified. All data is stored both in physical forms, such as hard copies and electronically, in secure databases with regular backups. The adjustments to the data were made transforming the elementvaluesinto the oxide values.The conversion factors used are included in the table below. (source: https://www.jcu.edu.au/advanced-analytical- centre/resources/element-to-stoichiometric-oxide- conversion-factors) ASX : AXL | FSE: HN8 ACN: 665 921 273 832 High St Kew East VIC Australia 3102 www.axelreelimited.com.au info@axelreelimited.com.au Criteria JORC Code explanation Commentary Element ppm Conversion Factor Oxide Form Al 1.8895 Al2O3 Ce 1.2284 CeO2 Dy 1.1477 Dy2O3 Er 1.1435 Er2O3 Eu 1.1579 Eu2O3 Ga 1.3442 Ga2O3 Gd 1.1526 Gd2O3 Ho 1.1455 Ho2O3 La 1.1728 La2O3 Lu 1.1371 Lu2O3 Nd 1.1664 Nd2O3 Pr 1.2082 Pr6O11 Sm 1.1596 Sm2O3 Tb 1.1762 Tb4O7 Tm 1.1421 Tm2O3 Y 1.2699 Y2O3 Yb 1.1387 Yb2O3 Rare earth oxide is the industry accepted form for reporting rare earths. The following calculations are used for compiling REO into their reporting and evaluation groups: TREO (Total Rare Earth Oxide) = La2O3 + CeO2 + Pr6O11 + Nd2O3 + Sm2O3 + Eu2O3 + Gd2O3 + Tb4O7 + Dy2O3 + Ho2O3 + Er2O3 + Tm2O3 + Yb2O3 + Y2O3 + Lu2O3 LREO (Light Rare Earth Oxide) = La2O3 + CeO2 + Pr6O11 + Nd2O3 HREO (Heavy Rare Earth Oxide) = Sm2O3 + Eu2O3 + Gd2O3 + Tb4O7 + Dy2O3 + Ho2O3 + Er2O3 + Tm2O3 + Yb2O3 + Y2O3 + Lu2O3 CREO (Critical Rare Earth Oxide) = Nd2O3 + Eu2O3 + Tb4O7 + Dy2O3 + Y2O3 (From U.S. Department of Energy, Critical Material Strategy, December 2011) MREO (Magnetic Rare Earth Oxide) = Nd2O3 + Pr6O11 + Tb4O7 + Dy2O3 NdPr = Nd2O3 + Pr6O11 DyTb = Dy2O3 + Tb4O7 In elemental from the classifications are: TREE: La+Ce+Pr+Nd+Sm+Eu+Gd+Tb+Dy+Ho+Er+Tm+Tb+Lu+Y HREE: Sm+Eu+Gd+Tb+Dy+Ho+Er+Tm+Tb+Lu+Y CREE: Nd+Eu+Tb+Dy+Y LREE: La+Ce+Pr+Nd MREO % = MREO/TREO HREO % = HREO/TREO NdPr% = NdPr/TREO DyTb% = DyTb/TREO Location of data points • Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource The UTM SIRGAS2000 zone 23S grid datum is used for current reporting. The auger collar coordinates for the holes reported are currently controlled by hand-held GPS. ASX : AXL | FSE: HN8 ACN: 665 921 273 832 High St Kew East VIC Australia 3102 www.axelreelimited.com.au info@axelreelimited.com.au Criteria JORC Code explanation Commentary estimation. • Specification of the grid system used. • Quality and adequacy of topographic control. Data spacing and distribution • Data spacing for reporting of Exploration Results. • Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. • Whether sample compositing has been applied. Collar plan displayed in the body of the release. No resources are reported. Orientation of data in relation to geological structure • Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. • If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material. All auger holes were drilled vertically, which is deemed the most suitable orientation for this type of supergene deposit. These deposits typically have a broad horizontal extent relative to the thickness of the mineralized body, exhibiting horizontal continuity with minimal variation in thickness. Given the extensive lateral spread and uniform thickness of the deposit, vertical drilling is optimal for achieving unbiased sampling. This orientation allows for consistent intersections of the horizontal mineralized zones, providing an accurate depiction of the geological framework and mineralization. No evidence suggests that the vertical