Lindian Resources (LIN) H2 2025 earnings summary

Executive summary

• Achieved major milestones at Kangankunde Rare Earths Project, including a strategic partnership with Iluka Resources, a $91.5 million institutional placement, and Final Investment Decision (FID) approval for Stage 1 development.

• Advanced construction at Kangankunde, with site access roads, infrastructure, and early works completed ahead of schedule and on budget.

• Secured a 15-year offtake agreement and $20 million construction loan from Iluka, providing revenue certainty and de-risking project funding.

• Expanded Kangankunde’s mining licence from 900ha to 2,500ha, supporting future growth and Stage 2 expansion.

• Strengthened management team and stakeholder engagement, including key executive appointments and community initiatives in Malawi.

Financial highlights

• Net loss after tax for FY2025 was $9.29 million, compared to $4.89 million in FY2024.

• Revenue and other income totaled $277,599, down from $421,051 in the prior year.

• Net assets at 30 June 2025 were $58.36 million, down from $63.21 million at 30 June 2024.

• Cash and cash equivalents at year-end were $3.49 million, compared to $13.25 million in the previous year.

• Share-based payments expense increased to $2.68 million (FY2024: $1.20 million).

• No dividends declared or paid during the year.

Outlook and guidance

• Fully funded for Stage 1 Kangankunde development, with first production targeted for Q4 2026.

• Proceeds from the $91.5 million placement to support Stage 2 expansion studies and increase Kangankunde ownership to 100%.

• Ongoing focus on advancing bauxite assets in Guinea and Tanzania, with new lease and royalty agreements in place.