Axel REE has marked its inaugural annual general meeting by highlighting a year of significant progress, underpinned by its successful ASX debut and promising results from its Brazilian rare earths exploration portfolio.
Chair Paul Dickson spoke about the company’s journey since it raised $13.3 million through its initial public offering and commenced trading in July.
He called 2024 a “milestone year”.
“We feel that rare earth prices have bottomed, and as the market improves, we are confident that our quality assets and exploration strategy will deliver strong shareholder returns,” Dickson said.
Axel has made rapid strides in advancing its exploration efforts across its Brazilian portfolio, which spans over 1000km².
The company’s flagship Caladão project, situated in the resource-rich Lithium Valley of northern Minas Gerais, has delivered outstanding initial results.
A 2600m diamond drilling program has returned grades up to 12,454ppm total rare earth oxides (TREO), while simultaneous auger drilling has identified extensive high-grade mineralisation.
“We envisage Caladão to be the first major rare earth zone in the Lithium Valley,” Dickson said.
A 20,000m drilling campaign is planned over the next two years to fast-track resource definition.
Further success has been achieved at the Caldas project, adjacent to notable rare earth discoveries by Meteoric Resources and Viridis Mining.
Early auger drilling has revealed “exceptional concentrations of REE”, with all initial holes ending in high-grade mineralisation.
Axel has also begun exploration at the Itiquira niobium-rare earths project in Mato Grosso, with early mapping and sampling results showing promise.
“We believe Itiquira is a very exciting prospect given it shares the same tectonic setting and geological and geophysical attributes as other major REE and niobium-rich intrusions in Brazil,” Dickson said.
“In 2025, we look forward to progressing this project and hopefully demonstrating its potential as a Tier 1 project.”
With strong early results and a fully funded exploration program, Axel is well-positioned to capitalise on rising demand for critical minerals.
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