Axel REE restructures leadership as it advances Caladão

Axel REE has announced a major leadership transition as it progresses towards the development phase of its rare earth element (REE) and gallium portfolio in Brazil.

The company’s managing director Fernando Tallarico has resigned, effective May 31, after playing a pivotal role in the company’s ASX listing and early-stage exploration activities.

“On behalf of the board, I would like to thank Dr Fernando Tallarico for his leadership and the important role he played in Axel’s ASX listing and in establishing a strong presence in Brazil over the last 12 months,” Axel REE non-executive chair Paul Dickson said.

“We are excited about Axel’s future as we move into the next phase of our growth, transitioning from exploration to development.

“This timely leadership restructure ensures we are well positioned to deliver our maiden JORC resource for both gallium and REE and continue to drive exploration success at our Caladão and Caldas projects.”

Dickson added the company is focused on building a high-calibre team with the expertise and experience to deliver long-term value for its shareholders.

Key appointments include Antonio de Castro as consulting chief geologist, who will lead geological interpretations, JORC resource estimation and technical reporting. José Roberto Souza has also joined as operations manager in Brazil to oversee field programs and exploration strategy.

The company has also initiated a search process for an Australian-based managing director.

The company’s latest drilling program comprised 20 auger holes targeting areas inside the Poços de Caldas alkaline complex (Caldera) and along its northern weathered zones.

All holes intersected REE mineralisation, with assays averaging 3229 parts per million (ppm) total rare earth oxides (TREO) and 100 per cent of samples returning above the 1000ppm cutoff.

Axel REE is advancing its flagship Caladão project in Minas Gerais towards a maiden JORC mineral resource.