As far as I know, they're only available in Sandbox mode.
Axes have 2 ingot and 3 ingot heads, both of which are attached to 2-handed grips.
Shields are made of 5 parts total; 3 different types small parts (Not sure if they were 1 or 2 ingots), 1 large part (Needs +1 ingot than the small) and the board. Hitting a part on the anvil will change it between types. I don't think boards can currently be crafted, but they can be combined with an appropriate border and the 3 small parts.