Axel REE Sets Focus On Rare Earth In Brazil; IPO Closes On 20 June

Axel REE Ltd (ASX:AXL) is set to leverage opportunities in the rare earth elements (REE) sector by launching an initial public offer (IPO) earlier this month.

Under the offer, Axel REE looks to raise between $10 million and $15 million at an issue price of A$0.20 per share, ahead of listing on the ASX.

Watch: Axel REE Chairman Paul Dickson Speak With JustStocks Video On Upcoming ASX Listing And Aggressive Drilling Plans In Brazil

The retail component of the IPO opened on 7 June and will remain open until 20 June.

Caladáo Project

The company is focused on its flagship Caladáo Project, which makes up just one of its four prospective REE projects in Brazil.

The projects are spread across 100,000 hectares of highly prospective areas in well-known mining jurisdictions, with access to infrastructure.

Spanning two significant areas, Area A and Area B, Caladáo has already demonstrated potential.

The first round of auger drilling resulted in an extensive 25km strike of mineralised REE over the two areas that are open in all directions.

Caldas Project

Initial surface sampling at the Caldas Project in the world-class Poços de Caldas Alkaline Complex has uncovered anomalous REE mineralisation.

Importantly, drilling at neighbouring projects have returned high-grade ionic adsorption clay (IAC) REE intercepts.

There are at least two IAC-type REE projects currently under development in Poços de Caldas, with the most advanced being Meteoric Resources NL’s (ASX:MEI) Caldeira Project.

Next steps

Phase one of Axel REE’s exploration plan has been to prove the growth potential at the Caladáo and more recently Caldas projects.

The company also plans to uncover the potential of the Itiquira and Corrente projects as it moves forward following the completion of the IPO.

 

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