Lindian Resources (LIN) H2 2024 earnings summary

Executive summary

• Advanced Kangankunde Rare Earths Project in Malawi, delivering a maiden Mineral Resource Estimate and Feasibility Study confirming robust economics and low capital intensity.

• Upgraded Kangankunde resource to 261 Mt at 2.19% TREO, with 61 Mt Indicated at 2.43% TREO and 23.7 Mt Ore Reserve at 2.9% TREO.

• Secured all key permits for Kangankunde and signed a 45,000 t offtake contract with Gerald Metals SARL.

• Progressed bauxite projects in Guinea, including an MOU with CBG for Gaoual and ongoing interest in Lelouma and Woula.

• Raised $35M in July 2023, completed third tranche payment for Kangankunde, now holding 67% of Rift Valley.

Financial highlights

• Net loss after tax for FY2024 was $4.89M, a significant improvement from $7.78M in FY2023.

• Revenue and other income totaled $421K, up from $23K in FY2023.

• Net assets increased to $63.2M from $33.0M year-over-year.

• Cash and cash equivalents at year-end were $13.3M, up from $7.6M.

• No dividends declared or paid during the year.

Outlook and guidance

• Targeting Kangankunde Stage 1 construction commencement in late 2024, with first production in Q1 CY2026.

• Focused on securing project financing with minimal shareholder dilution.

• Well positioned to benefit from improving rare earth and bauxite market conditions.