Critical minerals explorer hits the ASX

Critical minerals explorer Axel REE has commenced trading on the ASX under the ticker ‘AXL’.

AXL is an Australian-headquartered explorer focused on the discovery and exploration of critical minerals resources (primarily rare earth elements) in Brazil.

The company currently holds roughly 1000km² of rare earth elements (REE) projects located amongst globally significant mines and similar discoveries.

AXL’s portfolio includes:

• Caladão project: located in northern Minas Gerais known as the Lithium Valley, roughly 30km from Sigma Lithium’s shallow total rare earth oxide intercepts up to 2m at 7612 parts per million (ppm) and 35 per cent high-value magnet rare earth oxide
• Caldas project: in and around the Poços de Caldas alkaline complex, amongst globally significant REE discoveries including Meteoric Resources’ high grade Caldeira resource.
• Itiquira project: potential new carbonatite intrusive discovery spanning 20km diameter that may host REE and niobium
• Corrente project: grassroots project over saprolite clay zone.

AXL commenced trading on the ASX this week after a successful initial public offering (IPO), which raised $13.3 million.

The company has a market capitalisation on listing of $34.9 million with an enterprise value of $21.1 million.

“Despite a volatile period in the global markets, interest in AXL’s IPO has been exceptional and the company is listing with a strong mix of institutional, sophisticated and retail investors,” AXL non-executive chairman Paul Dickson said.

“The REE sector in Brazil is growing rapidly following significant discoveries of high-grade ionic absorption clay-hosted mineralisation in recent years.

“AXL has an opportunity to become the next major player in the Brazilian REE exploration sector with plans to advance two major clay-hosted REE projects while completing preliminary work on a further two REE projects showing significant upside potential.”