from IPO, initially SP slashed , but AXL rose since March… MC $10million
Quarterly HIGHLIGHTS:
Caladão REE/Gallium Project
• Exceptional high grade Gallium and REE mineralisation continued to return from both Area A and Area B (over 65km2) demonstrating remarkable lateral continuity at the Caladão Project
• Initial metallurgical test work completed (post quarter-end) by ANSTO confirmed presence ofionic adsorption clay REE and positive recoveries by desorption of Rare Earth Elements using simple, low-cost sodium chloride and ammonium sulfate leaching methods at pH 4
• Strong initial gallium recovery results also returned from ANSTO (post-quarter end) through acid leaching in preliminary tests. Further test work underway to develop a dedicated low-cost gallium recovery process
• Mineralised area tested to date only covers 20% of the total 430km2 Project area
• The extensive lateral continuity and grade consistency underpin Axel’s confidence in the emerging gallium resource potential in Area A and Area B
• Caladão Project Maiden Gallium and REE Resource progressing with SRK, anticipated release in coming weeks.
Corporate
• Strategic leadership restructure undertaken as Axel transitions from pure play explorer to potential REE and gallium developer
• 23,000,000 AXLO Options issued to Bell Potter Securities, CPS Capital and Evolution Capital for corporate advisory and investor relations services as the Company progresses through the next phase of development
• Maintained strong cash position with $8.7M cash on hand at quarter end
