Lindian Resources (LIN) Lindian Resources Limited Presents at Noosa Mining Conference summary

Conference highlights

• Lindian Resources presented at the Noosa Mining Conference, outlining its ambition to become a globally significant critical minerals producer, with a focus on rare earths and bauxite projects.

• The company is advancing the Kangankunde Rare Earths Project in Malawi, which is fully permitted, has a large resource base, and is positioned as a low-cost, high-return operation with significant expansion potential.

• Feasibility study results for Kangankunde show a pre-tax NPV of US$794M, IRR of 99%, and lowest capex among peers at ~US$40M, with production ramp-up targeted post-2025 following funding and construction.

• Lindian is negotiating funding for Kangankunde, including with US and German government entities, aiming to minimize shareholder dilution and leverage global critical minerals supply chain initiatives.

• The company also holds high-grade bauxite assets in Guinea, with a new 10-year lease and royalty agreement on the Woula project, and continues to benefit from growing demand for aluminium in the EV sector.

Market and industry insights

• Global demand for NdPr (neodymium-praseodymium) is forecast to triple by 2050, with a significant supply gap expected by 2030, supporting robust rare earths pricing.

• Recent geopolitical developments, including US-Australia and German critical minerals funding pacts, are driving investment and diversification in non-Chinese supply chains.

• NdPr oxide prices have been rising since June 2024, reaching US$59.66/kg in early November, indicating a potential market turning point.

• The bauxite market is buoyed by surging aluminium demand for electric vehicles, with global EV-related aluminium demand projected to exceed 4.5 million tonnes in 2024.

• Guinea's bauxite export capacity has increased fivefold since 2015, and Lindian's assets are positioned to benefit from this growth.

Project development and future plans

• Kangankunde Stage 1 targets annual ore mining of ~520,000 tonnes, producing 8,200 tpa REO and 1,600 tpa NdPr concentrate, with simple, low-cost processing.

• Pre-construction activities are underway, including offtake, contract negotiations, and site infrastructure, with FID and construction planned for 2025.

• Lindian aims to expand across the rare earths value chain, from mining to magnet production, with future stages under consideration pending technical and market studies.

• Community engagement and permitting are advanced, with strong government and local support in Malawi, and ongoing investment in local infrastructure.

• The leadership team brings deep experience in mining, project development, and finance, supporting execution of Lindian’s growth strategy.