Lindian Resources (LIN) Q1 2027 TU earnings summary

Executive summary

• Active mining began at Kangankunde; 14 production blasts established ~125,000 tonnes of ore on the ROM pad ahead of schedule, while Stage 1 plant construction advanced toward commissioning.

• 100% ownership of the operating SARECO MREC facility in Kazakhstan and ANSTO validation of the Kangankunde-to-MREC flowsheet advanced the integrated mine-to-oxide strategy.

Financial highlights

• Quarter-end cash was $45m, excluding $17m in undrawn Nico equipment finance and working-capital facilities; total liquidity was $62m.

• Kangankunde construction and mine development spending was $24.0m; SARECO acquisition consideration was $28.8m plus $4.6m input VAT, and exploration spending was $2.6m.

• Related-party payments totalled $262k, comprising director fees, statutory superannuation where applicable, and professional consulting fees.

Outlook and guidance

• December-quarter priorities are completion and staged commissioning of the Kangankunde Stage 1 plant, with first Monazite Concentrate production targeted for December 2026.

• Stage 2 DFS completion is targeted for December 2026; SARECO first processing is targeted from Q4 2026, with ~12,500 tpa of Stage 1 concentrate ultimately expected as feed.

• Carester and Tetra Tech are targeting Q4 2026 completion of a DFS for an 8,000 tpa REO nameplate solvent-extraction and oxide-separation facility.