Lindian Resources (LIN) investor relations material

Executive summary

• Transitioned Kangankunde Rare Earths Project from enabling works to full-scale construction, with EPC contractor mobilised and long-lead equipment ordered targeting first ore feed and concentrate in November 2026.

• Acquired 100% of the operational SARECO Mixed Rare Earth Carbonate (MREC) facility in Kazakhstan for US$15 million, enabling integrated upstream and downstream rare earths production.

• Achieved over 500,000 lost-time injury-free work hours at Kangankunde, with a workforce of approximately 740 personnel on site.

• Tipume accommodation camp became operational ahead of schedule, supporting workforce mobilisation.

• ANSTO confirmed Kangankunde monazite concentrate is exempt from radioactive transport classification, providing a significant logistics and commercial advantage.

Financial highlights

• Ended the quarter with $42 million in cash, excluding proceeds from a subsequent A$100 million placement and US$11.6 million facility.

• Received $5.0 million from the exercise of options during the quarter.

• Spent $17.5 million on construction activities at Kangankunde, a reduction of $19.2 million from the previous quarter.

• Exploration expenditure was approximately $291,000, up $31,000 from the prior quarter.

• Payments to related parties and associates totaled approximately $0.51 million for director and consulting fees.

Outlook and guidance

• First ore feed and concentrate production at Kangankunde targeted for November 2026; MREC production at SARECO expected in Q4 2026.

• Stage 2 drilling and resource update expected by end of June 2026, aiming to double monazite concentrate output.

• June quarter priorities include advancing construction, equipment delivery, power infrastructure, and SARECO due diligence.