Lindian Resources (LIN) Q4 2026 TU earnings summary

Executive summary

• Achieved major construction and mining readiness milestones at Kangankunde, including haul road completion, explosives approvals, and first blast pattern drilling, with first production targeted for Q4 2026.

• Advanced acquisition and due diligence for the SARECO MREC Processing Facility in Kazakhstan, supporting downstream integration and higher-margin production.

• Completed a A$100 million institutional placement, fully funding Stage 1 development and providing flexibility for Stage 2 expansion and downstream integration.

• Established a Singapore office to strengthen global marketing, sales, and logistics, enhancing commercial flexibility and international presence.

• Strengthened executive leadership with key appointments across finance, legal, ESG, supply chain, HSE, and IT.

Financial highlights

• Ended the quarter with A$108 million in cash, excluding A$17 million in undrawn equipment finance and working capital facilities.

• Raised A$100 million via institutional placement and received A$1 million from option exercises.

• Spent A$24.7 million on construction and mine development, and A$1.6 million on exploration during the quarter.

• Net cash from financing activities was A$94.9 million for the quarter.

• Estimated 27.4 quarters of funding available based on current cash and outgoings.

Outlook and guidance

• First concentrate production at Kangankunde remains on track for Q4 2026, with commissioning in October and practical completion by mid-November.

• Stage 2 Feasibility Study progressing toward completion in December 2026, targeting expanded 4.0Mtpa capacity.

• Ongoing focus on disciplined mining, construction, and operational ramp-up in the September quarter.