Axel REE

Caladão Project

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Caladão is our flagship project — 400km² in North Minas Gerais, 100% owned.

It hosts an Inferred Mineral Resource of 572Mt at 1,506ppm TREO, together with a separate Inferred Gallium Resource of 439Mt at 38ppm Ga — the only defined primary gallium resource known to us in Brazil.

Within the project sits the Woolrich deposit: 128Mt at 1,013ppm TREO, selected in April 2026 as the site of our first in-situ recovery field trial. Column leach testwork returned up to 560ppm soluble TREO and a 39% magnet rare earth basket under flow conditions, with very low impurity mobilisation. Woolrich has a mineralised footprint of some 2,000 hectares, within which twelve potential wellfield areas have been identified. The first has been selected for the trial.

The clays are enriched in the magnet rare earths the energy transition runs on — neodymium, praseodymium, dysprosium and terbium. The same ground also hosts a separate Inferred Gallium Resource, which we are advancing as a second and independent development pathway.

Gallium is a separate development pathway. Our in-situ recovery field trial targets rare earths and is not designed to recover gallium.

Woolrich was selected in April 2026 for its geology, clay permeability and natural hydraulic containment.

The trial area is approximately two hectares.

Hydrogeological and geotechnical assessment is underway, the specialist team is assembled, and permitting is advanced.

The trial will install the wellfield, begin magnesium sulphate injection, and recover loaded solution under field conditions — the first time this has been attempted for rare earths in Brazil.

Stay up to date as Axel REE advances exploration and technical evaluation across its Brazilian rare earth portfolio.

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