Lindian Resources (LIN) investor relations material

Executive summary

• Advanced Kangankunde Rare Earths Project in Malawi to full-scale construction, targeting first production in Q4 2026, with all funding and key approvals secured.

• Secured a strategic partnership and 15-year offtake agreement with Iluka Resources, including a US$20M construction loan and pricing linked to NdPr oxide prices.

• Completed $91.5M institutional placement and final payment for 100% ownership of Kangankunde, removing all vendor exposure.

• Expanded bauxite portfolio in Guinea, acquiring the remaining 25% of Lelouma Bauxite Project for full ownership.

• Announced acquisition of an operating hydromet plant in Kazakhstan via a JV, enhancing downstream processing capabilities.

Financial highlights

• Net loss after tax for the half year was $8.79M, compared to $6.78M loss in the prior year period.

• Total comprehensive loss for the period was $9.78M, up from $5.07M in the previous year.

• Cash and cash equivalents at period end were $56.97M, up from $6.73M at the end of the prior year.

• Raised $91.5M in equity before costs, with net cash inflows from financing activities of $97.03M.

• Share-based payments expense increased to $3.84M from $2.50M year-over-year.

Outlook and guidance

• Kangankunde remains on track for first production in Q4 2026, with construction and procurement progressing as scheduled.

• Stage 2 Expansion Study underway, targeting significant production growth and resource expansion.

• Sufficient cash reserves and funding visibility to meet all forecasted commitments and working capital needs for the next 12 months.