Success!
A collector on a sister forum posted a link to this gladius type sword with identical markings.
The larger crown over the RI indicates Regno d'Italia/ Royaume d'Italie. This indicates the Kingdom of Italy which was set up by Napoleon who made himself the king. It only existed as a state from 1805 to 1814. So it dates the axe nicely.
Less definite:
The axe was probably made by the armourer Paolo Landi which was a private company manufacturing arms for the state, in Brescia (which still has an arms industry today - including Berretta), east of Milan.
The inspector's marks of the M and B under a crown are associated with this firm at this time.
During this period they made weapons to the French pattern and there are examples of cavalry sabres, infantry briquettes and even sapper axes that are almost identical to those made in France.
According to Wiki roughly 200,000 troops from the Kingdom of Italy fought in Napoleon’s army during that decade.
So a French axe made in Italy or an Italian axe - this remains to be decided.
Considering the above manufacture of French type swords, it would tend to indicate the former, but on the other hand the anchor of the French naval acceptance is well known and the grapnel type shown on this axe is very different from that.
Regards, CC
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