SmallCaps Spotlight: Axel REE (AXL) — Rare earths in Brazil, and ISR momentum at Woolridge

## Episode highlights - Welcome to the “hot seat” for Axel REE’s new Managing Director, **Dr Patience Mpofu** (AXL.ASX) - Why **Brazil** is viewed as a critical-supply alternative to China for rare earths - The case for **in-situ recovery (ISR)** from clay-hosted ionic clays - Interpreting Woolridge ISR de-risking progress, including a reported **560 ppm soluble TREO** result - The competitive implication of **~39% EMRE recovery** versus head grade **~0.15%** - Confirming the **timeline**: small-scale ISR field trials targeted **within 12 months**, with an **exploratory programme in the December quarter** - Key priorities: stakeholder engagement, continuing work to move from exploration toward development, and upgrading the resource (inferred to indicated)

## What we covered ### 1) Dr Patience Mpofu’s thesis for AXL - Critical minerals demand is rising globally, and rare earth supply remains structurally constrained - Brazil’s geology and “mining-friendly” setting are central to the strategy - ISR is positioned as a **low-cost**, **lower-impact** pathway versus conventional mining and heavy processing

### 2) Woolridge results: beyond the headline - The **560 ppm soluble TREO** outcome is framed as evidence that the system is amenable to ISR - The discussion emphasises **de-risking**: move from diagnostics to column work, then to field testing - Competitive positioning is linked to reported **EMRE recovery** performance

### 3) ISR field trial plan and timeline - Ongoing optimisation during column testing (including pH and reagent/concentration considerations) - In preparation for fieldwork: hydrogeological, engineering, and environmental baseline work - Scoping studies and later **bankable feasibility** are described as downstream steps contingent on trial outcomes

## Investor watchlist (next steps) - Progress of ISR de-risking work and communication of milestones - Completion of optimisation ahead of the field trial - Field exploratory programme activity in the **December quarter** - Resource upgrade activity (moving toward **indicated** classification) - Continued stakeholder and regulatory engagement in **Brazil** and governance alignment in **Australia**

*Company discussed: Axel REE Ltd (AXL.ASX).*

## Disclaimer

This podcast is for educational and entertainment purposes only and should not be considered financial advice. All investments carry risk, including the potential loss of principal. Listeners should conduct their own research and consider seeking professional financial advice before making investment decisions.

## Contact & Social

- Website: SmallCapsSpotlight.com.au - Email: hello@smallcapsspotlight.com.au - Twitter: @SmallCapsSpot - LinkedIn: SmallCaps Spotlight

#SmallCaps #ASXInvesting #AXL.ASX #AustralianStocks #Investing #Podcast