Axel REE

Axel controls more than 228 km² across multiple domains of the Poços de Caldas Alkaline Complex, providing a large and diverse exploration footprint.

District-scale land position

Shallow auger drilling has intersected clay-hosted rare earth mineralisation from surface and near surface across several prospects. Earlier drilling within the Caldera returned thick, high-grade intervals, with a number of holes ending in mineralisation.

Broad, near-surface mineralisation

Assays have returned meaningful proportions of magnetic rare earth oxides (MREO), including NdPr and DyTb, supporting the project's relevance to permanent magnet supply chains.

Exposure to high-value magnet rare earths

At Caldas South, soluble leach assays have identified rare earths in an exchangeable ionic form over continuous down-hole intervals. This is an important geological characteristic when evaluating potential ISR amenability.

Second potential ISR area

Caldas South has the potential to complement Axel's primary development focus at Woolrich by adding a separate ionic rare earth system that may be assessed through a common, modular and potentially low-impact development pathway.

Portfolio optionality

Axel REE's 100%-owned Caldas Project covers more than 228 km² in Brazil's Poços de Caldas Alkaline Complex, with broad near-surface rare earth mineralisation and a second potential ISR area identified at Caldas South.

Caldas Project

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Axel REE's 100%-owned Caldas Project covers more than 228 km² across one of Brazil's most prospective rare earth districts.

Exploration has identified broad, near-surface clay-hosted rare earth mineralisation across multiple areas, with recent soluble leach results establishing Caldas South as a second potential in-situ recovery (ISR) area within Axel's portfolio.

The Caldas Project is located within and around the Poços de Caldas Alkaline Complex in Minas Gerais, one of South America's most distinctive geological features and a region recognised for rare earth mineralisation.

Axel's exploration licences are distributed across the northern, southern and central sectors of the complex. This extensive position provides exposure to multiple prospective geological settings, including targets inside the Caldera and along its deeply weathered margins.

Exploration has confirmed rare earth enrichment within near-surface clay and saprolite profiles. Results include high-value magnet rare earths such as neodymium and praseodymium (NdPr), together with dysprosium and terbium (DyTb), which are important inputs for high-performance permanent magnets.

The latest work at Caldas South has added a new dimension to the project. Magnesium sulphate leach assays identified continuous intervals of soluble, ionically adsorbed rare earths, supporting Caldas South's potential to progress through the staged ISR evaluation pathway being developed by Axel at its flagship Woolrich deposit within the Caladão Project.

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

Date	Headline
30 Oct 2026 9:15 AM	Quarterly Activities/Appendix 5B Cash Flow Report
14 Oct 2026 8:37 AM	Pocos de Caldas REE Project Supports Fast Tracking Program
30 Jul 2026 8:55 AM	Caldas South Identified as New ISR REE Target
15 Oct 2025 9:18 AM	Axel to Accelerate Caldas REE Project
20 May 2025 10:06 AM	Significant REE Results Expands Caldas Project Footprint
28 Jan 2025 9:06 AM	19,493ppm TREO at High Grade Caldas Project
23 Oct 2024 9:16 AM	Up to 7,099ppm TREO from high grade batch assays at Caldas
2 Sep 2024 9:07 AM	Drill Program Commences at Pocos de Caldas Caldera

Latest Caldas project announcements