Ann: Significant REE Results Expands Caldas Project Footprint, page-11

So much coming in the short term and no need for cr... 9 mill COH.

Advanced exploration strategy at Caladão Project

July 2025 REE + Gallium JORC Inferred Resource Area A (35km2)
Metallurgy results – REE-Gallium.

September 2025 REE + Gallium JORC Inferred Resource.

December 2025 Securing long-term supply partnerships for REE and Gallium.

Key Government Partnerships. MoUs signed to expedite project development.
Federation of Industries of Minas Gerais (FIEMG)
Collaboration on the production of rare earth magnets potential for Axel REE to supply REE raw materials for
production of rare earth magnets.

State Secretariat for Economic Development, and the Instituto de Desenvolvimento Integrado de
Minas Gerais, Invest Minas.
State Secretariat for Economic Development, and the Instituto de Desenvolvimento Integrado de
Minas Gerais, Invest Minas.