Gallium Recovery Doubled, Breakthrough Scandium Co-Recovery

• Scandium (Sc) is a high-value critical metal used in aerospace, defence, advanced manufacturing and solid oxide fuel cells; 99.99% Sc2O3 spot price ~US$3,200/kg (20 January 2026) Axel REE Limited (ASX: AXL, “Axel” or “the Company”) is pleased to report additional ANSTO metallurgical leach test results on 3m composites from diamond drill hole DDH-036 (refer Figure 1 and Appendix 2) at the Caladão