Lindian Resources (LIN) Corporate Presentation summary

Project overview and investment decision

• Final Investment Decision (FID) approved for the Kangankunde Rare Earths Project, fully funding Stage 1 through to completion and first production, with a 15-month timeline from FID to first output.

• Institutional placement raised A$91.5m at a 48% premium to 20-day VWAP, with a two-tranche structure to fund project development and increase ownership to 100%.

• US$20m secured term loan from Iluka Resources supports capital costs, with flexible repayment and no financial covenants.

• Strategic partnership with Iluka includes a 15+15 year offtake agreement for 90,000 tonnes of monazite concentrate, with pricing linked to NdPr oxide prices and a floor price above production cost.

• Stage 2 expansion potential approved, increasing the mining licence area and providing Iluka with rights to additional offtake if they co-fund expansion.

Project economics and technical metrics

• Life-of-mine is 45 years based on Ore Reserves, with a pre-tax NPV8 of US$794m and IRR of 99%.

• Stage 1 capital cost is US$40m, with lowest quartile OPEX at US$2.92/kg TREO (FOB), and a 15-month construction period.

• Post-tax NPV (ungeared) is A$831m, IRR 80%, and payback period of 1.5 years; average annual revenue A$170.3m and EBITDA A$124.5m.

• Fully permitted for construction and operations, with robust feasibility study results and significant exploration upside (400–800Mt at 2.0–2.7% TREO).

• Stage 1 production: 451,000 tpa feed at 2.9% TREO, producing 15,323 tpa concentrate (8,259 tpa TREO, 1,613 tpa NdPr).

Operations, processing, and infrastructure

• Conventional mining with a very low waste-to-ore ratio (0.2:1), using drill, blast, load, and haul methods.

• Unique mineralogy allows gravity and magnetic separation, eliminating the need for primary flotation and reducing reagent use.

• Simple processing flowsheet produces a premium 55% TREO monazite concentrate with low impurities.

• Reliable grid power from hydroelectricity, on-site water access, and strong transport infrastructure support low-cost operations.

• Downstream test work with ANSTO aims to produce Mixed Rare Earth Carbonate (MREC) and validate future processing pathways.