Axel REE Maps ISR Roadmap for Caladão Rare Earths Project

Woolrich covers roughly 2,000 hectares, with 12 identified wellfield zones. The first field trial will test whether the lab response holds in-ground – solution movement, recovery rates, reagent performance, hydrogeology, and environmental controls. Axel expects the trial to bridge column testing and a potential trial mining pathway.

The company is evaluating a hub-and-spoke model. Satellite wellfields would feed a central processing facility, letting production grow incrementally without committing upfront to large fixed infrastructure. Woolrich would be the initial hub; Paraíso and Tiger Creek provide expansion inventory if further work supports it. Additional hubs could eventually cover the broader Caladão system.

Gallium is treated as a separate future opportunity. Further metallurgical work is needed to determine whether it can be recovered with rare earths or on its own.

Near-term milestones include continued column testing, production of an initial mixed rare earth carbonate sample, resource upgrade drilling, finalising the field trial design, and advancing environmental and permitting work. After the field trial, Axel plans to update the mineral resource and complete a scoping study – the project's first major economic assessment.

The risk: the resource is still inferred. No economic study exists. The ISR flowsheet is conceptual until proven in the field. Axel is a small-cap explorer with no revenue, and funding for the next phases is not yet secured. The field trial and scoping study will determine whether the narrative shifts from early-stage promise to a credible development story.