The Protocol involves the State Secretariat of Economic Development and Invest Minas, the state government’s investment promotion agency. According to Axel, it formalises Invest Minas’ commitment to support the project through licensing, implementation and operation phases, while recognising Caladão’s strategic importance to the state.
The project-specific arrangement follows a March 2025 memorandum of understanding and identifies two workstreams: field validation of in-situ recovery for rare earth elements, scheduled by the company to begin in 2027, and continued development of economically viable gallium extraction and processing techniques. Axel said the work is intended to assess technical and economic feasibility for potential future rare earth and gallium products, which remain subject to research and pilot-stage results.
Invest Minas intends to assist Axel in identifying and expanding suppliers and services for field-scale ISR and gallium activities. Axel said its planned work includes controlled field-test design, hydrogeological, geotechnical and environmental assessments, metallurgical optimisation and gallium process development.
The Protocol is not binding, does not set a minimum expenditure commitment and is not a permit, licence, approval or funding agreement. Axel said investment value and the annual disbursement schedule will be determined after research and pilot-stage outcomes, while future development remains subject to regulatory approvals.
Source: Download AXL official ASX announcement, 2026-11-06.
Protocol of Intent signing photograph from Axel REE's company announcement dated 6 November 2026.