Announcement PDF ASX : AXL ACN: 665 921 273 832 High St Kew East VIC Australia 3102 www.axelreelimited.com.au info@axelreelimited.com.au ASX ANNOUNCEMENT ASX: AXL | FSE: HN8 24 September 2026 CALADÃO PROJECT’S GLOBAL REE RESOURCE GROWS TO 0.71 BILLION TONNES FOLLOWING WOOLRICH RESOURCE UPGRADE DRILLING REE Mineral Resource increases by 24% to 0.71Bt @ 1,443ppm TREO Gallium Mineral Resource increases 31% to 0.58Bt @ 37.1ppm Gallium Woolrich REE + Gallium Resource increases 107% to 265Mt with 110Mt Indicated Woolrich Ionic Adsorption Clay (IAC) MRE Upgrade: • Woolrich Mineral Resource Estimate more than doubles to 264.6Mt @ 1,101ppm TREO and 34.7ppm Gallium, a 107% increase in tonnage on the previous 128Mt entirely Inferred Resource, and remains open laterally along strike and at depth • Maiden Indicated Mineral Resource of 110.1Mt @ 1,073ppm TREO and 35.1ppm Ga, representing approximately 42% of the updated Woolrich MRE • Woolrich is the priority area for a controlled in situ recovery (ISR) field validation program, which will be designed once leach optimisation progresses and planned hydrogeological work is complete • Successful field testing would position Axel as a potential first-mover in commercial low impact ISR REE extraction in Minas Gerais, Brazil Caladão Global Mineral Resource Estimate: • Woolrich is one of four deposits across the Caladão Project in Minas Gerais, Brazil • The Caladão global MRE (Inferred and Indicated) now totals 708.6Mt @ 1,443ppm TREO, a 24% increase, with a Gallium MRE of 575.7Mt @ 37.05 ppm Ga • The MRE covers ~50% of the 420km2 Caladão Project area and all four deposits remain open laterally along strike and at depth • Several additional targets have been identified for further growth potential Caladão Gallium Mineral Resource Estimate: • Axel’s global Gallium Mineral Resource increased 31% to 575.7Mt, potentially one of the largest known discrete gallium resources in the world • Recent Woolrich drilling established a Maiden Indicated Gallium Mineral Resource of 110.1Mt @ 35.1ppm Ga, within the total Woolrich deposit comprising 264.6Mt @ 34.7ppm Ga • Axel is investigating low impact methods to optimise Gallium recovery and improve project economics • Axel’s Gallium Mineral Resource upgrade comes at a time of strong geopolitical interest in supply critical, strategic metals including Gallium. https://axelreelimited.com.au/link/yE2Q6e ASX : AXL ACN: 665 921 273 832 High St Kew East VIC Australia 3102 www.axelreelimited.com.au info@axelreelimited.com.au 2 Axel REE Limited (ASX: AXL, FSE: HN8, Axel or the Company) is pleased to announce an upgraded JORC (2012) Mineral Resource Estimate (MRE) for the Woolrich deposit at the Caladão REE–Gallium Project in Minas Gerais, Brazil. Independent consultant GE21 Consultoria Mineral Ltda (GE21) has provided an updated Woolrich MRE of 264.60Mt @ 1,100.51ppm TREO and 34.72ppm Gallium, reported at a 500ppm TREO cut-off. The updated MRE includes a maiden Indicated MRE of 110.08Mt @ 1,073.39ppm TREO and 35ppm Ga and an increased Inferred MRE of 154.51Mt @ 1,119.84ppm TREO and 37.05ppm Ga. The upgraded MRE represents a 107% increase in tonnage at Woolrich compared with the previous entirely Inferred Mineral Resource of 128Mt @ 1,013ppm TREO and 36.6ppm Ga. Approximately 42% of the updated Woolrich Mineral Resource is now classified as Indicated. Managing Director, Patience Mpofu, commented: “This is a significant development milestone for the Caladão Project. We have more than doubled the Woolrich Resource to approximately 265 million tonnes and, importantly, established our first 110 million tonnes in the Indicated category. “The importance of this upgrade goes beyond resource growth. Woolrich is the area we are prioritising for our ISR development program, and the increased geological confidence provides a stronger foundation for integrating our metallurgical, hydrogeological and field data. “Our previous work has demonstrated encouraging ionic rare earth recoveries under magnesium sulphate leaching conditions. The next phase is to complete the work required to support a controlled field validation program and assess how the system behaves under field conditions. “The planned Woolrich field validation program is an important next milestone for Caladão as we build the technical dataset required to evaluate the potential low-impact ISR development pathway.” JORC Category Tonnes (Mt) TREO (ppm) Ga (ppm) NdPr (ppm) DyTb (ppm) MREO (ppm) Indicated 110.08 1,073.39 35.05 197.03 13.17 210.20 Inferred 154.51 1,119.84 34.48 212.33 13.90 225.80 Total 264.60 1,100.51 34.72 205.96 13.60 219.56 Table 1: Updated Woolrich Mineral Resource Estimate Source: GE21, 2026 Notes: 1. TREO = total rare earth oxides (CeO2, Dy2O3, Er2O3, Eu2O3, Gd2O3, Ho2O3, La2O3, Lu2O3, Nd2O3, Pr6O11, Sm2O3, Tb4O7, Tm2O3, Yb2O3) + Y2O3. 2. NdPr = Pr6O11 + Nd2O3. 3. DyTb = Dy2O3 + Tb4O7. 4. Totals may not balance due to rounding. 5. Mineral Resources are not Mineral Reserves, as they do not have demonstrated economic viability. 6. Mineral Resources were classified as Indicated and Inferred. 7. Mineral Resources are reported with an Effective Date of 30 July 2026. Responsible CP is Leonardo Rocha (MAIG #7623). 8. Mineral Resources were prepared in accordance with the JORC Code (2012 Edition), incorporating drilling data acquired by July 2026. 9. Blocks were estimated by ordinary kriging at a parent block support of 100m × 100m × 5m with sub-blocks of 25m × 25m × 2.5m. 10. The Mineral Resource is reported without the application of mining dilution or mining recovery, and is constrained within an optimised open pit shell to demonstrate reasonable prospects for eventual economic extraction (RPEEE), using a 25° pit slope, US$60.90/kg REO basket price, US$1.60/t mining cost, US$7.23/t processing cost, 2% royalty and element-specific metallurgical efficiencies. The mining and processing costs and metallurgical efficiencies are theoretical assumptions adopted by the Competent Person from comparable projects, for the purpose of the pit optimisation. They are not projections or forecasts of the mining or processing costs the Company expects to incur at the Caladão Project. The ASX : AXL ACN: 665 921 273 832 High St Kew East VIC Australia 3102 www.axelreelimited.com.au info@axelreelimited.com.au 3 Company has not completed a technical study and does not have reasonable grounds to report forward-looking statements regarding its mining or processing costs. The Woolrich update adds substantial tonnage to the Caladão REE-Gallium Project and establishes its first Indicated Mineral Resource. The updated Caladão REE MRE (Area A, Marambaia, Tiger Creek and Woolrich) now stands at approximately 708.6Mt @ 1,443ppm TREO, a 24% increase on the previous MRE (refer ASX announcement 23 December 2025). The Caladão Gallium MRE has also increased by 31% to 576Mt @ 37.05ppm Ga. 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 Table 2: Global REE Mineral Resource Estimate at the Caladão Project, Minas Gerais 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 Table 3: Global Gallium Mineral Resource Estimate at the Caladão Project, Minas Gerais The updated Woolrich estimate incorporates drilling completed through July 2026. Geological confidence in the saprolitic REE mineralisation is considered moderate, with the infill area drilled at an approximately 200m × 200m spacing. GE21 interpreted Soil, Lateritic Saprolite (LTS), Upper Saprolite (USAP) and Lower Saprolite (LSAP) weathering domains, which are correlated with the mineralised zones. A three-dimensional block model was constructed using 100m × 100m × 5m parent blocks and 25m × 25m × 2.5m minimum sub-blocks. Individual rare earth element and Gallium grades were estimated by Ordinary Kriging using Leapfrog Edge™, with a four-pass search strategy. Model validation included nearest-neighbour checks and swath plots, with global and local biases considered within acceptable limits. The Mineral Resource classification reflects QA/QC performance,mineralisation geometry,drill spacing and information density, bulk-density information and the kriging search distances. GE21 recommends further infill drilling to improve short-range confidence, together with additional bulk-density measurements. ASX : AXL ACN: 665 921 273 832 High St Kew East VIC Australia 3102 www.axelreelimited.com.au info@axelreelimited.com.au 4 Figure 1. Caladão Project Mineral Resource areas showing Area A, Marambaia, Tiger Creek and the updated Woolrich Mineral Resource Estimate. Metallurgy and ISR development pathway Woolrich remains Axel’s priority area for evaluating an in situ recovery (ISR) development pathway. The updated MRE is based on total geochemical assays and is independent of the Company’s ongoing soluble- REE metallurgical program (refer ASX release 22 June 2026). The increased proportion of Indicated MRE provides a stronger geological framework for integrating soluble-REE response, solution chemistry, hydrogeological behaviour and field-scale recovery data. The Company intends to continue magnesium sulphate leach optimisation and hydrogeological characterisation to support the design of a controlled Woolrich ISR field validation program. The purpose of the program is to test solution migration, containment, transmissivity, recovery and wash-out behaviour under field conditions before progression to larger-scale pilot evaluation. Next major milestone The next major milestone is progressing the design of a controlled field validation program at Woolrich, following completion of the supporting leach optimisation and hydrogeological work. The program is intended to generate site-specific evidence to inform a decision on progression to larger-scale pilot tests. ASX : AXL ACN: 665 921 273 832 High St Kew East VIC Australia 3102 www.axelreelimited.com.au info@axelreelimited.com.au 5 Mineral Resource Estimation and Supporting Technical Information Summary Geology and Geological Interpretation The Caladão Project is situated in the northern part of the Araçuaí orogen, a region also known as the Eastern Brazilian Pegmatite Province or "Lithium Valley". The region comprises metasedimentary and metavolcanic belts, together with granitic plutons that coexist with pegmatites. The granitic plutons are classified geochronologically into suites G1 to G5. The Caladão Area B project, which includes the Woolrich deposit, lies within the Caladão suite (G5), the Padre Paraíso charnockite (G5) and part of the Carlos Chagas suite (G3). The REE mineralisation at Woolrich is ionic clay-hosted. It sits within the tropical lateritic weathering profile developed over plutonic rocks (granites and leucogranites). REE released from primary minerals such as monazite and xenotime during weathering migrate downwards. They are then adsorbed onto newly formed fine aluminosilicate clays, such as kaolinite, illite and smectite, forming an ionic clay deposit. These adsorbed REE are the target for extraction. A petrographic study of nine drill core samples from Caladão Area A (ASX announcement 22 August 2025) identified allanite as the primary REE-bearing mineral. There are no known petrographic studies for Area B, but the geological context is similar. Gallium does not form independent mineral species. It is most likely hosted within the crystal structures of aluminous minerals such as kaolinite and gibbsite, and is concentrated in a gallium-enriched horizon within the lateritic zone. GE21 interpreted four weathering domains, which correlate with the mineralised zones: • Soil • Lateritic Saprolite (LTS) • Upper Saprolite (USAP) • Lower Saprolite (LSAP) These domains were modelled using the implicit method in Leapfrog Geo, with the regolith geological logging codes as the reference index. Where no drilling information was available, topographic morphology was used as a reference for wireframe construction. All wireframes were cut by the topographic surface. ASX : AXL ACN: 665 921 273 832 High St Kew East VIC Australia 3102 www.axelreelimited.com.au info@axelreelimited.com.au 6 Figure 2: Weathering Model Plan View and Section Locations for Woolrich Target (Section 1: A-B; Section 2: C-D'). Abbreviations: LTS – Lateritic Saprolite; USAP – Upper Saprolite and LSAP – Lower Saprolite. Confidence in the geological interpretation is considered moderate, reflecting the approximately 200m × 200m infill drill spacing. Mineralisation orientation is not yet known, but it is assumed to be flat-lying and intersected perpendicularly by the vertical auger holes. True widths are not known. ASX : AXL ACN: 665 921 273 832 High St Kew East VIC Australia 3102 www.axelreelimited.com.au info@axelreelimited.com.au 7 Figure 3: Weathering Model for Woolrich Target TREO values – Section 1 and 2. Abbreviations: LTS – Lateritic Saprolite; USAP – Upper Saprolite and LSAP – Lower Saprolite Figure 4: Weathering Model for Woolrich Target and Ga values - Section 1 and 2. Abbreviations: LTS – Lateritic Saprolite; USAP – Upper Saprolite and LSAP – Lower Saprolite. ASX : AXL ACN: 665 921 273 832 High St Kew East VIC Australia 3102 www.axelreelimited.com.au info@axelreelimited.com.au 8 1. Sampling and Sub-Sampling Techniques Axel's technical team carried out all sampling for the 2023, 2025 and 2026 auger drilling campaigns. At each hole, three to five auger advances of approximately 0.30–0.40m were placed on a clean tarp until an interval of approximately 1m was complete. Part of each sample was placed in a chip box, and the remainder went into a pre-labelled sample bag. The 1m samples were collected in raffia bags and taken to the exploration shed in Padre Paraíso, Minas Gerais, where they were sun-dried before dispatch to SGS. No sample splitting was carried out at site or at the exploration shed, apart from the field duplicates, and the whole sample was sent to the laboratory. Sample preparation took place at SGS Vespasiano, near Belo Horizonte. It comprised: • oven drying at 105°C • crushing of the entire sample to 75% passing 3mm • rotary splitting and pulverisation of 250–300g to 95% passing 150 mesh The <3mm rejects and the pulverised samples were returned to the exploration shed for storage. For quality control, the Company inserted two certified blanks (ITAK-QG-01 and ITAK-QF-17), two certified reference materials and two field duplicates into each 50-sample batch. Samples were sentdirectly to SGSin sealedplasticbags through aprivate transport company.Asigned letter identifying each sample was sent to the laboratory before dispatch, and the laboratory validated the sample list on receipt. 1.1 Drilling Techniques All drilling used an open-hole auger with a 3-inch bit. Open-hole drilling carries a significant chance of contamination from the surface and from other parts of the hole. Holes are vertical and were not oriented or downhole surveyed, as all holes are less than 50m long. The maximum depth achieved was 25m. Holes deeper than 15m are only achievable where rock fragments, boulders and/or the water table do not obstruct the hole. Drilling advances were measured with a measuring tape. Sample recoveries were not recorded. The operator observes the volume of each metre and notes any discrepancy, and the hole is stopped when recovery is visually discrepant over two consecutive metres. No relationship is believed to exist between recovery and grade. Drilling Type No. Holes Metres Auger 294 3,369.6 Holes are spaced approximately 200m apart withinthe infill area and 100m to400m apart outside the regular exploration grid. About 79.5% of collars were surveyed by RTK total station (±5cm), referenced to Brazilian government survey points. The remaining ~20.5% were surveyed by handheld GPS (±10m). The grid system is WGS84 UTM Zone 24 South, and collar coordinates are compatible with the topographic surface survey. ASX : AXL ACN: 665 921 273 832 High St Kew East VIC Australia 3102 www.axelreelimited.com.au info@axelreelimited.com.au 9 1.2 Sample Analysis Method All samples were prepared and analysed by SGS, which is ISO 9001, 14001 and 17025 accredited. REE were analysed by sodium peroxide fusion with ICP-OES/MS determination (SGS code ICM90A). For the 2026 samples, lithium metaborate fusion with ICP-OES/MS determination (SGS code ICP95A) was used. Both techniques provide total analysis. The certified reference materials were ITAK-705, ITAK-713, ITAK-714 and ITAK-715 for the 2025 batches, and ITAK-713, OREAS-461 and OREAS-462 for the 2026 batches. CRM results were generally consistent with certified values, with no material bias evident. The certified blanks may contain traces of REE at detectable levels. Variability between field duplicates is considered acceptable, and no sampling bias is evident. Apart from routine Company and laboratory QA/QC, there was no independent or alternative verification of sampling and assaying. SGS supplied the assay results digitally. Geological data were logged on paper, transferred to Excel and then imported into a Microsoft Access database, which includes data validation and integrity checks. No adjustments were made to the assay data. Element results were converted to stoichiometric oxides using standard conversion factors (see Appendix 1). 1.3 Estimation Methodology GE21 Consultoria Mineral Ltda received the drilling database in CSV format as digital laboratory certificates and imported it into Leapfrog Geo & Edge. Electronic validation found no gaps, overlapping data or other material inconsistencies. The 3D block model uses 100m × 100m × 5m parent blocks with minimum sub-blocks of 25m × 25m × 2.5m. Samples were composited to 1m within the modelled weathering horizons. Individual REE and gallium grades were estimated by Ordinary Kriging into the parent cells using Leapfrog Edge. REE grades were then converted to oxides, and a combined TREO grade was calculated. No top-cuts were applied, based on the results of exploratory data analysis. Search ellipse ranges were based on variography and drill spacing. The same search parameters were applied to all elements to preserve metal balance and inter-element correlations. A four-pass search strategy was used, with a minimum of 6 and a maximum of 14 samples and no more than 2 samples per drillhole. The mineralisation was limited in depth to 0.5m below the end of each auger hole. Validation checks were: • a comparison of wireframe and blockmodel volumes,with ratios withinthe 98% to 103% acceptance range • nearest-neighbour checks • swath plots along three coordinate axes Global and local biases were within acceptance limits. Bulk densities are based on SGS water-immersion testwork for the same weathering domains at Caladão Area A (ASX announcement 22 August 2025). Rock and soil densities are based on similar REE projects and published Brazilian Geological Survey data. GE21 applied a 10% correction from natural moisture density to ASX : AXL ACN: 665 921 273 832 High St Kew East VIC Australia 3102 www.axelreelimited.com.au info@axelreelimited.com.au 10 dry density. The resulting dry densities are 1.20 t/m³ for Soil, 1.51 t/m³ for LTS, 1.49 t/m³ for USAP and 1.54 t/m³ for LSAP. 1.4 Classification Criteria The Mineral Resource has been classified as Indicated and Inferred based on the anisotropic average distance to samples in the Ordinary Kriging estimate. It has been limited in depth to the depths tested by auger drilling. Classification also took account of: • QA/QC results • the style and geometry of the mineralisation • drill grid spacing and density of information • the quality of bulk density information • the pit optimisation used to demonstrate reasonable prospects for eventual economic extraction Data spacing and distribution are considered appropriate for Indicated and Inferred classification. Approximately 42% of the Woolrich Mineral Resource is classified as Indicated. The classification reflects the view of the Competent Person. The Competent Person recommends further infill drilling to improve short-range confidence, and further bulk density testwork including natural moisture determination. The estimate relates to global tonnes and grade and is considered globally accurate. It has not been audited by an independent third party, but it has been subject to GE21 and Axel internal peer review. 1.5 Cut-off Grades The Mineral Resource is reported at a cut-off grade of 500ppm TREO, applied directly to the block model. Internal waste grades were locally included in mineralised intercepts. The Mineral Resource is further constrained within an optimised open pit shell, generated from assumptions on REO prices, metallurgical recoveries and operating costs. The shell is used to demonstrate reasonable prospects for eventual economic extraction (RPEEE). ASX : AXL ACN: 665 921 273 832 High St Kew East VIC Australia 3102 www.axelreelimited.com.au info@axelreelimited.com.au 11 Figure 5: Block Model sections for Woolrich Target ASX : AXL ACN: 665 921 273 832 High St Kew East VIC Australia 3102 www.axelreelimited.com.au info@axelreelimited.com.au 12 Gallium is reported within the same TREO-constrained Mineral Resource as a co-product, with no separate gallium cut-off applied. This is consistent with the basis adopted in the previous MRE announced to ASX on 23 December 2025. 1.6 Mining and Metallurgical Methods, Parameters and Other Modifying Factors A pit optimisation exercise was completed to support a possible open cut at Woolrich, for the purpose of demonstrating reasonable prospects for eventual economic extraction. Mining is assumed to use conventional equipment without blasting. The Mineral Resource is reported without the application of mining dilution or mining recovery. The pit optimisation inputs were: Parameter Value Basket price (REO) US$60.90/kg REO, with element-specific prices (Appendix 1) Overall slope angle 25° Mining cost US$1.60/t mined Processing cost US$7.23/t processed Royalty 2% of revenue Metallurgical efficiency By element (Appendix 1) Mining recovery / dilution 100% / 0% Discount rate 8% Note: These inputs are theoretical assumptions adopted by the Competent Person from comparable projects, for the purpose of the pit optimisation used to demonstrate reasonable prospects for eventual economic extraction. They are not projections or forecasts of the mining or processing costs the Company expects to incur. The Company has not completed a technical study on the Caladão Project and does not have reasonable grounds to report forward-looking statements regarding its mining or processing costs.Metallurgical testwork is ongoing. No metallurgical testwork has been completed on gallium recovery at Caladão Area B. The Mineral Resource is based on total geochemical assays and is independent of the Company's ongoing soluble-REE metallurgical program (ASX announcement 22 June 2026). In situ recovery is being evaluated separately as a potential development pathway and has not been used as the basis for the Mineral Resource or the RPEEE assessment. Mine waste and tailings are assumed to be stored on site, but no environmental or mining studies have yet been carried out. The Company will need to obtain the necessary environmental permits. GE21 is not aware of any factors that could affect the acquisition of environmental licences or of any impediment to obtaining a licence to operate. The Woolrich deposit is held by Axel under exploration permits 830.456/2023, 830.461/2023, 830.462/2023, 830.465/2023 and 830.469/2023. This announcement was authorised by the Board of Directors. For enquiries regarding this release please contact: Dr. Patience Mpofu Managing Director Gabriella Hold The Capital Network Julia Maguire The Capital Network ASX : AXL ACN: 665 921 273 832 High St Kew East VIC Australia 3102 www.axelreelimited.com.au info@axelreelimited.com.au 13 E:patience@axelreelimited.com.au E: gaby@thecapitalnetwork.com.au E: julia@thecapitalnetwork.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, the second largest country globally in terms of REE reserves. Axel is advancing a modular development concept at Caladão based on in situ recovery (ISR) of ionic clay-hosted rare earth mineralisation using magnesium sulphate leaching. This approach aims to minimise surface disturbance and capital intensity by deploying modular hydrometallurgical plants within wellfields. In parallel, Axel is progressing metallurgical programs to unlock additional value from Gallium and scandium within the near-surface oxidised profile. 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 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 ASX : AXL ACN: 665 921 273 832 High St Kew East VIC Australia 3102 www.axelreelimited.com.au info@axelreelimited.com.au 14 Map of Axel REE key projects in Brazil. Competent Persons Statement 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 to the inclusion in this report of the matters on their information in the form and context in which they appear. ASX : AXL ACN: 665 921 273 832 High St Kew East VIC Australia 3102 www.axelreelimited.com.au info@axelreelimited.com.au 15 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 made and expressly 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 10 June 2025 “High Grade Gallium Intercepts Continue at Caladao Project” • AXL ASX release 30 July 2025 “Ionic Clays Confirmed From Initial Met Tests at Caladão” • AXL ASX release 22 August 2025 “100Mt Maiden Gallium Mineral Resource Estimate” • AXL ASX release 13 November 2025 “Gallium and REE Resources To Expand With MRE at Area B” • AXL ASX release 23 December 2025 “Axel MRE Delivers 145% REE Growth and 339% Gallium Growth” • AXL ASX release 27 January 2026 “ANSTO Testwork Doubles Gallium Recovery; First Scandium Co-Recovery” • AXL ASX release 13 April 2026 “ISR REE Field Trial Area Selected at Woolrich Deposit” • AXL ASX release 6 May 2026 “Woolrich REE Drilling Supports ISR and Resource Upgrade Path” • AXL ASX release 22 June 2026 “Axel Validates Ionic REE ISR Development Pathway” 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 res