Lindian Resources (LIN) H2 2026 earnings summary

Executive summary

• Transitioned from development to execution, advancing Kangankunde Rare Earths Project in Malawi to full-scale construction and mining readiness, with first production targeted for Q4 2026.

• Achieved 100% ownership of Kangankunde and completed acquisition of SARECO MREC Processing Facility in Kazakhstan, establishing an integrated mine-to-MREC rare earths business.

• Raised A$191.5 million in institutional placements, ending FY2026 with A$108 million in cash, supporting project delivery and expansion.

• Established a Singapore office to support international sales, marketing, and logistics, enhancing global market access.

Financial highlights

• Net loss after tax for FY2026 was $31.8 million, compared to $9.3 million in FY2025, driven by increased development and share-based payment expenses.

• Revenue and other income totaled $2.45 million, up from $0.28 million in FY2025.

• Net assets increased to $245.1 million as of 30 June 2026, up from $58.4 million the previous year.

• Cash and cash equivalents at year-end were $107.9 million, up from $3.5 million in FY2025.

• Significant capital raised through share placements and option exercises, with 66.6 million options exercised during the year.

Outlook and guidance

• First production from Kangankunde targeted for Q4 2026, with Stage 1 construction well advanced and mining underway.

• Stage 2 Feasibility Study for Kangankunde expansion to 4.0 Mtpa and 120,000 tpa monazite concentrate targeted for completion in December 2026.

• Integration of SARECO MREC facility to enable downstream processing and higher-value product sales.

• Strategic partnership with Carester SAS for oxide separation facility and long-term offtake agreement for heavy rare earths.