Board Change • May 01
No independent directors There are 4 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 4 new directors. No experienced directors. No highly experienced directors. No independent directors (4 non-independent directors). Non-Executive Director Park Wei is the most experienced director on the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of experienced directors. Announcement • Apr 01
Lindian Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 100.000001 million. Lindian Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 100.000001 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 133,333,334
Price\Range: AUD 0.75
Discount Per Security: AUD 0.045
Transaction Features: Subsequent Direct Listing Announcement • Sep 29
Lindian Resources Limited, Annual General Meeting, Nov 10, 2025 Lindian Resources Limited, Annual General Meeting, Nov 10, 2025. Announcement • Aug 20
Lindian Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 91.5 million. Lindian Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 91.5 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 139,788,335
Price\Range: AUD 0.21
Discount Per Security: AUD 0.0126
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 295,925,951
Price\Range: AUD 0.21
Discount Per Security: AUD 0.0126
Transaction Features: Subsequent Direct Listing Announcement • Jun 05
Lindian Resources Limited Provides Update on Development of its Kangankunde Rare Earths Project in Malawi Lindian Resources Limited provided a further update on the development of its Kangankunde Rare Earths Project in Malawi and to announce a series of strategic site appointments as the Company accelerates its project delivery timelines. Construction of haul roads for Pit 1 and Pit 2 is now underway, positioning the project for a seamless transition into the next phase of development. Critical infrastructure is advancing ahead of schedule. Lindian remains on track to award the design and construct contract in the coming weeks. The mining contract award is under review, with three preferred tenderers shortlisted. The power infrastructure contract award is also under review, with three preferred prefer tenderers shortlisted. Solar farm works have commenced. Pricing for long lead time items is being finalised for imminent award and order. Lindian is making strong and tangible progress at Kangankunde. The process plant area has been fully cleared, providing a solid foundation for construction activities. The main access road to site is ahead of schedule, already improving logistics and safety for personnel and equipment. Construction of haul roads for pit 1 and Pit 2 is currently underway. These forward works are positioning the project for a smooth transition into the next phase of develop, with Lindian remaining on track to award several crucial contracts, including design and construct, power infrastructure, and mining contractor, in the near term. Solar farm installation and site security compound works are now underway. The solar farm foundations have been set out and construction teams are actively progressing with equipment installation. Once complete, the solar farm will provide a reliable, sustainable power source to support ongoing site activities and reduce dependence on diesel generation. At the same time, works on the site security compound have commenced, including fencing, perimeter controls, and access infrastructure. These improvements are designed to ensure the safety of personnel, protect critical equipment, and maintain secure operations as activity on site ramps up. Both the solar farm and security compound are scheduled for completion within the next four weeks, positioning the project for efficient and secure operations as construction advances. Announcement • Apr 28
Lindian Resources Limited (ASX:LIN) executed a binding Share Purchase Agreement to acquire remaining 25% stake in Bauxite Holdings Limited for MUR 72.0 million. Lindian Resources Limited (ASX:LIN) executed a binding Share Purchase Agreement to acquire remaining 25% stake in Bauxite Holdings Limited for MUR 72.0 million on April 28, 2025. The consideration consists of 20 million common equity of Lindian Resources Limited to be issued for common equity of Bauxite Holdings Limited. As part of consideration, an undisclosed value is paid towards common equity of Bauxite Holdings Limited. Upon completion, Lindian Resources Limited will own 100% stake in Bauxite Holdings Limited. Announcement • Apr 11
Lindian Resources Limited Announces Early-Stage Site Works Commences At Kangankunde Rare Earths Project in Malawi Lindian Resources Limited announced that early-stage site works have officially commenced at the Company's Kangankunde Rare Earths Project in Malawi - a key milestone in the delivery of one of the world's most significant undeveloped rare earth ass ets. Following on from the start of construction of a new 5-kilometre access road in February 2025, the Company has commenced initial civil and infrastructure development. These works form part of a broader acceleration strategy to de-risk Stage 1 construction and fast-track development. This proactive step underscores the new management team's focused approach to accelerating the delivery of Stage 1 of the project. Pre-construction earth works have commenced to fast-track development timelines and reduce costs. Plant processing and product storage areas have been completed. Equipment laydown and storage areas have been completed. Management site offices and security yards have been completed. Current access road works significantly ahead of schedule and on track for completion in second quarter of 2025. Due to the current road works being substantially ahead of schedule the Company has been able to utilise equipment and skilled workers from the road crews which has presented considerable time and cost benefits to the Company in the commencement of these early work programs. Importantly, the Company has prioritised local workforce participation, with over 70% of current site-based roles filled by local workers. Skills development and training programs are being rolled out to expand the workforce as the project progresses, creating long-term economic opportunities in the region which will ultimately benefit the construction of Kangankunde. Additionally, Lindian is actively collaborating with local communities to ensure that the project contributes positively to the region, offering employment opportunities and supporting local businesses. Training programs are being developed to equip local workers with the necessary skills to participate in the project, thereby enhancing the socio-economic benefits for the surrounding areas. Lindian is dedicated to upholding high standards of safety and sustainability throughout the project lifecycle. The Kangankunde Rare earths Project not only represents a significant opportunity for the Company but also holds the promise of playing a crucial role in the global supply chain of rare earth elements, which are essential for technologies critical to the clean energy shift. This announcement reinforces Lindian Resources' position as an aspiring leader in the critical minerals sector, driving forward the energy transition through sustainable development practices. Further updates on project progress will be provided in due course. The Company remains committed to maintaining transparency and open communication with all stakeholders as the project progresses. The management team is also prioritising environmental stewardship by implementing best practices to minimize the ecological impact of the development. Lindian is committed to sustainable development practices, including: Adopting best-in-class environmental management standards. Partnering with local businesses and suppliers. Supporting socio-economic uplift for surrounding communities. This progress reinforces Lindian's position as a future tier -one supplier of rare earths, at a time when global supply chains are seeking secure, high-grade, and ethically developed sources of critical minerals. Lindian looks forward to updating shareholders and stakeholders with further developments, ensuring that all parties are informed and aligned with the Company's strategic objectives. Announcement • Apr 07
Lindian Resources Limited Commences Downstream Testwork with the Ansto to Evaluate the Production of MREC from Its Premium Grade Kangankunde Rare Earths Project Lindian Resources Limited announced it has commenced downstream metallurgical testwork with the ANSTO to evaluate the production of MREC from its premium grade monazite Concentrate, produced from the Company's Kangankunde Rare Earths Project in Malawi. Board Change • Feb 12
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Non-Executive Director Yves Occello was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Feb 10
Lindian Resources Limited Announces Board Changes Lindian Resources Limited appointed Mr. Zekai (Zac) Komur as a Non-Executive Director to its Board. This appointment comes at a pivotal time for Lindian as they focus on strengthening their leadership team to advance the development of their world-class Kangankunde rare earth project, whilest maintaining their project delivery schedule. Zac brings extensive expertise and experience to the Board, with a proven track record in project delivery, commissioning, start-up, mine development, mineral processing, remote project management, stakeholder engagement, and financing. His leadership will strengthen Lindian's ability to execute the Kangankunde Project with precision, further enhancing the company's governance as it unlocks the full potential of its world-class portfolio. With over 25 years in the global resources sector, Zac has held senior executive roles across mining, battery metals, LNG, and green industries. As Head of Commercialisation at Fortescue, he led business planning, joint venture negotiations, and commercial structuring for large-scale energy projects. At Northvolt, as Director of Project Delivery &
Commissioning, he successfully led the commissioning and startup of Europe's first battery gigafactory for cathode active materials, overseeing technical due diligence, optimising feedstock selection, and securing regulatory approvals. His leadership in major LNG projects includes serving as Commissioning for INPEX, where he directed the commissioning and start-up of the USD 37 billion Ichthys Processing Facility, successfully delivering first gas ahead of schedule. With over a decade at BHP, Zac held key leadership roles in both mining and processing. Leading the Integrated Remote Operations, he optimised five iron ore mines, driving increased throughput and operational efficiency and general Manager of Mining and Processing Operations, he led site-wide improvements that enhanced production capacity and cost efficiency. Zac's appointment reinforces Lindian's leadership and strategic capability, ensuring the company is well-positioned to execute its growth strategy and maximise shareholder value. The Company advises that Mr. Blake Steele, has tendered his resigntation as Non-Executive Director of the Company, effective immediately. Announcement • Jan 17
Lindian Resources Limited Announces Executive Changes Lindian Resources Limited announced the appointment of Mr. Ben Donovan as Company Secretary, replacing Ms. Kellie Davis with effect from 17 January 2025. Mr. Donovan is the Principal of Argus Corporate Partners Pty Ltd. which provides corporate advisory, IPO, and consultancy services. Previously, Mr. Donovan served as a Senior Adviser at the ASX in Perth for nearly three years with extensive experience in listing rules compliance and corporate governance. Mr. Donovan is currently the company secretary of several ASX listed and public unlisted companies with experience across the resources, agritech, biotech, media, and technology industries. Announcement • Dec 26
Lindian Resources Limited Appoints Robert Martin as Non-Executive Chairman and Non-Executive Director Lindian Resources Limited announced that Mr. Robert Martin has been appointed as Non-Executive Chairman and Non-Executive Director of the Company effective 23 December 2024. Mr. Martin's appointment follows the recent resignation of Mr. Asimwe Kabunga from the Board. Mr. Martin is a successful businessman and accomplished company director with over 25 years' experience across a broad range of sectors including, mining and mining services, manufacturing and capital markets. Mr. Martin has a profound insight into corporate strategy, capital operation, management integration and business structures and efficiencies. Recently Mr. Martin had owned, operated and sold a large and successful mining services business, with offices in multiple jurisdictions globally. Mr. Martin currently manages a family office in Western Australia, with a focus on investing and supporting emerging private and public businesses. Mr. Martin currently holds the positions of Non- Executive Chairman of Infini Resources Limited, Non-Executive Chairman of Pioneer Lithium Limited, Non-Executive Chairman of Equinox Resources Limited, Non-Executive Chairman for Battery Age Minerals Limited, and as Non-Executive Director of PARKD Limited. Mr. Martin will forgo performance rights or consultancy wages outside of his standard director fee, until such time as shareholder value and confidence is returned to the Company. Announcement • Dec 16
Lindian Resources Limited Announces Resignation of Trevor Matthews as Executive Director Lindian Resources Limited announced that Mr. Trevor Matthews has tendered his resignation as Executive Director of the Company and as director of its subsidiaries,
effective 13 December 2024. This decision reflects Mr. Matthews' desire to focus on his other significant professional commitments. Announcement • Nov 27
Asimwe Kabunga Resigns as Executive Chairperson of Lindian Resources Limited Lindian Resources Limited advises that Mr. Asimwe Kabunga, has tendered his resignation as the Executive Chairperson of the Company and as director
of its subsidiaries, effective immediately. This decision reflects Mr. Kabunga's desire to focus on his other significant professional commitments. The Company advises that Resolution 2 (Re-election of Director - Mr. Asimwe Kabunga) will be withdrawn from its upcoming Annual General Meeting, to be held on 26 November 2024 ("AGM"). New Risk • Nov 08
New major risk - Revenue and earnings growth Earnings have declined by 38% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$28m free cash flow). Earnings have declined by 38% per year over the past 5 years. Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (AU$107.2m market cap, or US$71.1m). Announcement • Oct 04
Lindian Resources Limited, Annual General Meeting, Nov 26, 2024 Lindian Resources Limited, Annual General Meeting, Nov 26, 2024. Location: at level 16, 240 st georges terrace, perth wa 6000. Australia New Risk • Sep 30
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$41m free cash flow). Revenue is less than US$1m (AU$13k revenue, or US$9.2k). Minor Risks Latest financial reports are more than 6 months old (reported December 2023 fiscal period end). Share price has been volatile over the past 3 months (16% average weekly change). Market cap is less than US$100m (AU$121.1m market cap, or US$83.6m). Announcement • Jul 08
Lindian Resources Limited Announces Resignation of Mr. Michael Fry Company Secretary Lindian Resources Limited announced that Mr. Michael Fry has resigned as Joint Company Secretary. Board Change • Jun 20
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Non-Executive Director Park Wei was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. New Risk • Mar 14
New major risk - Revenue and earnings growth Earnings have declined by 43% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$41m free cash flow). Earnings have declined by 43% per year over the past 5 years. Revenue is less than US$1m (AU$26k revenue, or US$18k). Minor Risks Shareholders have been diluted in the past year (18% increase in shares outstanding). Market cap is less than US$100m (AU$144.0m market cap, or US$95.3m). New Risk • Feb 06
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: AU$144.0m (US$93.5m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$25m free cash flow). Revenue is less than US$1m (AU$9.0k revenue, or US$5.8k). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (AU$1.4m net loss in 2 years). Shareholders have been diluted in the past year (18% increase in shares outstanding). Market cap is less than US$100m (AU$144.0m market cap, or US$93.5m). Announcement • Oct 20
Lindian Resources Limited, Annual General Meeting, Nov 24, 2023 Lindian Resources Limited, Annual General Meeting, Nov 24, 2023, at 12:00 W. Australia Standard Time. Location: the offices of Automic Group, Leve 5l 191 St Georges Terrace Perth Western Australia Australia Agenda: To receive and consider the Annual Financial Report of the Company, the Directors' Report and the Auditor's Report for the financial year ended 30 June 2023; to consider and approve the remuneration report; to consider and approve Re-election of Director; to consider ratification of Prior Issue of Shares; to consider and approve the amendments to the Constitution; to consider and approve the renewal of Proportional Takeover Provisions; and to consider and approve of an Increase in Fees Payable to Non-Executive Directors. Announcement • Oct 06
Lindian Resources Limited Publishes an Exploration Target for the Kangankunde Rare Earths Project Lindian Resources Limited published an Exploration Target for the Kangankunde Rare Earths Project which, together with the recently published Mineral Resource Estimate ('MRE'), clearly establishes Kangankunde as one of the world's largest rare earths projects, underpinned by excellent grade, uniquely non-radioactive material and a high percentage of rare earth elements that are key to the clean energy transition. The Exploration Target for the Kangankunde Rare Earths Project Central Carbonatite is between 400 million tonnes (lower range) to 800 million tonnes (upper range) grading between 2.0% and 2.7% TREO. Lindian completed two deep core drill holes beneath the MRE to test the potential for additional extensions to mineralisation. Exploration Target has been determined for the Central Carbonatite of the Kangankunde rare earths project in addition to the current Mineral Resource Estimate (MRE) [1]. The Exploration Target has been considered following the successful Phase 2 deep drilling program that showed the continuity of high-grade rare-earth mineralisation up to 800 metres beneath the limits of the MRE. The significant intercepts reported in these depth extension holes were: 853.6 metres at 2.73% TREO from 52 metres in KGKRCDD074[2] and, 1,000 metres at 2.60% TREO, including, 805.26 metres at 2.90% TREO from 152.85 metres in KGKDD009 The potential quantity and grade of the Exploration Target is conceptual in nature and therefore is an approximation. There has been insufficient exploration to estimate a Mineral Resource in the area considered an exploration target and it is uncertain if further exploration will result in the estimation of a Mineral Resource. The Exploration Target has been prepared and reported in accordance with the 2012 edition of the JORC Code. The Exploration Target is based on the current geological understanding of the mineralisation geometry supported by more than 17,000 metres of drilling, resource estimation modelling and surface mapping but does not consider factors related to geological complexity, possible mining method or metallurgical recovery factors. This estimate provides an assessment of the potential scale of the Kangankunde project mineralisation beyond the existing MRE and the work programs needed to convert this estimate to a resource in the future. The reported Kangankunde Central Exploration Target is defined by: The resource model for Kangankunde Central which is based on three-dimensional geological domains defined by drilling and surface mapping. The reported resource from this model was limited by data density to an inferred classification with the depth limit ranging from 200 metres (800mRL to the 600mRL) to 400 metres (750mRL to 350mRL) below surface. Beneath the inferred resource limit mineralisation has been identified by drill holes KGKRCDD074 and KGKDD009 to extend to -200mRL, 600 to 800 metres below current MRE limit. In addition to depth extension, the margins of the mineralisation have not been fully tested with surrounding wall rock/carbonatite breccias shown to be mineralised where drilled. To date drilling has not tested fully the lateral extents of this mineralisation. The Exploration Target lower tonnage range of 400 million tonnes assumes a depth limitation to the 200m RL. This material was included in the assessment of the existing resource model estimation but has insufficient drilling data to be classified according to JORC guidelines. The Exploration Target upper tonnage range projects the mineralisation below the current model limit from the 200mRL to the -200mRL, a further 400 vertical metres beyond the Exploration Target lower tonnage range depth limit. This depth extent is supported by drill holes KGKRCDD074 and KGKDD009 that both contained consistent rare earths mineralisation to this depth. This upper range tonnage assumes the tonnes of the lower 400 metres of the existing resource model (600mRL to 200mRL) will be replicated from 200mRL to -200mRL. The Exploration Target lower grade range is based on a 10% reduction of the MRE grade to account for the halo of surrounding lower grade mineralisation, while the upper grade range is based on an approximation of the higher-grade contiguous carbonatite grades assayed from KGKDDRC74 and KGKDD009 at depth. Other potential areas for exploration at North Knoll and South Knoll have not been included at this stage and are the subject of a mapping and sampling program to be completed by December 2023. The Central Carbonatite exploration target will be evaluated by drill programs aimed at creating a reportable resource. This work is anticipated to be conducted on a staged basis in conjunction with mine development over future years and consistent with staged operation expansion planning. The Phase 3 infill drilling program is nearing completion. The aim of the program was to increase data density and subsequently resource estimation confidence in mineralisation to be included in the Project Feasibility Study. Announcement • Sep 18
Lindian Resources Limited Receives Assay Results from KGKDD009 Lindian Resources Limited advised of the receipt of assay results from KGKDD009, the second of two holes in the Phase 2 depth extension exploration drilling program, and drill hole KGKRCDD083, at the Kangankunde Rare Earths Project, Malawi. These Phase 2 deep drill holes demonstrate mineralisation extends below the envelope of the maiden Minerals Resource Estimate of 261 million tonnes at 2.19% TREO. Both holes reported in this release were planned to test the depth extensions of the mineralisation. KGKDD009 was successfully completed to its design dept of 1,000 metres. Both holes reported in this release were planned to test the depth extensions of the mineralisation. KGKDD009 was successfully completed to its design dept of 1,000 metres. KGKRCDD083 was stopped at 325 metres due to excessive hole deviation. This hole was mineralised from surface and has provided valuable information on the undrilled western boundary of the carbonatite. Hole KGKDD009 is a core hole drilled from surface on the northern end of the Kangankunde rare earth deposit central carbonatite. The hole was drilled on an azimuth of 182 at a dip of -65 degrees and designed to test the northern mineralisation of the deposit to a vertical depth of over 1,000 metres below the hilltop surface and 700 metres below the current mineral resource estimate depth limit. The hole was collared toward the base of the Kangankunde hill. The hole intersected mineralised breccia from surface with the initial 64.82 metre intersection consisting of mixed gneiss and carbonatite breccia averaging 2.04% TREO. This interval was followed by 129.92 metres of wall rock gneiss breccia with intermittent narrow high-grade zones of carbonatite, as veins, or carbonatite clasts within the breccia and averages 1.06% TREO. From 194.74 metres down hole the rock type becomes dominantly carbonatite, initially as a mixed breccia with increasing carbonatite content and rare earth content with depth. This rock type is the main carbonatite core of the deposit and is highly mineralised, averaging 2.89% over 805.26 metre intersection to the end of hole (EOH). The grade increases in tenor and consistency with depth with the lower 288.08 metres from 711.92 metres to 1,000 metres (EOH) averaging 3.50% TREO. KGKRCDD083 was planned to be drilled from west to east on an azimuth of 090 and dip of -50 degrees. The hole was terminated at 325 metres depth due to excessive hole deviation 3). This drilling included a 150 metre RC pre-collar that intersected a mineralised carbonatite wall rock breccia (mixed breccia) from surface (the pre-collar has been previously reported as 150 metres @ 2.41% TREO, refer ASX release dated 31 July 2023). This high-grade mineralisation has led to the western boundary of the mineralisation being extended 100 metres to the west of previous interpretation and was included in the current MRE. The core tail drilled from 150 to 325 metres (EOH) is mineralised in a mixed breccia and carbonatite rock types as bands including 132.51 metres at 2.84% TREO from 192.49 metres to EOH. A phase 3 drill program has commenced and is designed as an infill program to define a portion of the current Inferred Resource as Indicated resources for mine development feasibility studies. New Risk • Sep 12
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$7.7m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$7.7m free cash flow). Revenue is less than US$1m. Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (AU$3.5m net loss in 2 years). Shareholders have been diluted in the past year (34% increase in shares outstanding). Announcement • Sep 05
Lindian Resources Limited Announces Appointment of Mr. Park Zuliang Wei as A Non-Executive Director Lindian Resources Limited announced the appointment of Mr. Park (Zuliang) Wei as a Non-Executive Director, effective today. Mr. Wei has been a strategic advisor to Lindian for the past year and also has a substantial shareholding in the Company. Park Wei is a Chinese born Australian entrepreneur with multiple investments in the property, mining and finance sectors in Australia and other international markets. In 1994, he founded Top Pacific Group, which is a diversified property group engaged in property development, construction, property financing, sales and strata management. Since 2019, he has been the Chairman and major shareholder of wholesale fund manager PAN Australia Fund Management Pty Ltd. (PAFM), formerly Boill Fund Management Pty Ltd. He successfully helped fund Jatcorp Limited (ASX: JAT) and its acquisition of Australian dairy company ANMA. He holds a Bachelor of Arts Degree from Nanjing University, one of China's top five universities. Announcement • Aug 22
Lindian Resources Limited Announces Board Appointments Lindian Resources Limited announced that Alwyn Vorster has joined the company as a Non-Executive Director and Trevor Matthews as an Executive Director. Alwyn Vorster is a thirty-year veteran of the mining industry and has a proven track record of leading companies through all phases of the mining value chain from exploration, project studies, approvals, development, infrastructure access, corporate transactions, to sales and shipping. His qualifications include a Bachelor of Science (Hons) Geology, an MBA and a Master of Science (Mineral Economics). Most recently, Alwyn was Interim CEO at rare earths company Hastings Technology Metals Limited, where he participated in offtake and investment discussions with international rare earths traders and magnet companies, settled a new fixed price construction model for a staged development and established a high quality delivery team. He was previously Managing Director at iron ore/potash company BCI Minerals Limited for 6-years, where he led the company from Mardie Project concept to feasibility to $1B funding and into construction. Alwyn’s other CEO roles include Iron Ore Holdings Ltd, API Management JV and Oakajee Port and Rail JV (acting). His ASX non-executive director roles over the past 5-years include Volt Resources Ltd. (graphite in Tanzania), ChemX Materials Ltd. (manganese in Australia), Arrow Minerals (iron ore in Guinea). Alwyn’s primary focus at Lindian will be to leverage his rare earths, offtake, infrastructure access and project development experience to provide strategic advice in support of project activities in Malawi and Guinea. Trevor Matthews has over 35 years’ experience in the resources industry, where he has specialised in managing nascent greenfields mining and mineral processing projects through to production. His career experience includes senior executive roles at large diversified mining groups (North and WMC Resources) and most recently he was Managing Director/CEO of ASX-listed Volt Resources Limited for a six-year term. Previously he held the role of Managing Director at MZI Resources (2012-16), advancing the $110 million Keysbrook mineral sands project from feasibility study stage through to production, and Murchison Metals (2005-12), developing an operating iron ore mine and associated logistics infrastructure in WA’s Midwest as part of a larger JV with Mitsubishi Corporation to develop a large-scale iron ore mine and the multi-user Oakajee Port and Rail infrastructure project. Mr. Matthews is currently Chairman of Victory Metals Limited, non-executive director of Resource Mining Corporation Limited and holds a Bachelor of Commerce Degree from the University of Western Australia and a Post-Graduate Diploma in Applied Finance and Investment. As an Executive Director, Trevor’s financial, commercial and project development skills will help specifically with managing project development costs and negotiating contracts for services and offtake agreements which are now taking priority. Announcement • Aug 03
Lindian Resources Limited Reports Maiden Mineral Resource Estimate of 261 Million Tons At High Grade of 2.19% Treo Lindian Resources Limited announced the maiden Mineral Resource Estimate (MRE) for the Kangankunde Rare Earths Project in Malawi of 261 million tonnes averaging 2.19% TREO above a 0.5% TREO cutoff grade. The resource is entirely Inferred status, has been estimated in accordance with JORC 2012 guidelines. The Kangankunde Rare Earths Project is located in the south of Malawi, 90 km north of the city of Blantyre. The mineral tenements include a Medium Scale Mining Licence (MML0290/22) which is surrounded by Exploration Licence EPL0514/18R. The Exploration and Mining Licences have an Environmental and Social Impact Assessment Licence No.2:10:16 issued under the Malawi Environmental Management Act No. 19 of 2017.Both licences are in good standing with no known impediments. On 1 August 2022 Lindian announced the acquisition of 100% of Malawian registered Rift Valley Resource Developments Limited (Rift Valley) and its 100% owned title to Exploration Licence EPL0514/18R and Mining Licence MML0290/22. Under the terms of the Transaction, Lindian has an agreement to acquire all the shares in Rift Valley from its existing shareholders for US$30 million, payable in tranches. To date, Lindian has paid US$20.0 million in cash and is the registered owner of 67% of the shares in Rift Valley. The remaining amount of USD 10.0 million is due 48 months from the signature date of the Share Purchase Agreement, or on the commencement of production at which time the remaining 33% of the shares in Rift Valley will be transferred to Lindian. The Kangankunde Hill rises to a height of up to 200 m above the surrounding plain. The deposit contains a central zone of carbonatite rocks passing outwards to a series of zones of altered breccias of varying composition of carbonatite and wall rock clasts in a carbonatite matrix, and ultimately into unaltered gneiss host rock. Similar to many rare earth deposits, the main rare earth containing mineral in the deposit is monazite. Estimation domaining utilised multi-element relationships from minor rock chemistry and rare earth mineralisation to define five domains within the overall carbonatite limits. These domains were assessed against geological understanding and field observations from surface mapping and drill core and were considered appropriate representations of the mineralisation distribution. Leapfrog was utilised to build mineralisation domain wireframes and to code sample intervals with the applicable domain. Drilling completed at the Kangankunde Rare Earths Project and used to support the MRE includes eight diamond core (DD) holes, 76 reverse circulation (RC) holes, and 7 RC holes with diamond core tails (RCD) for a total of 15,831 m. All holes are drilled from surface with various orientations depending on terrain constraints. RC drilling utilised a 5.25" (134 mm) face sampling hammer to generate one-metre samples, which are placed into large plastic bags marked with the hole ID and sample interval. Sample weights are recorded for each sample, with recovery maximised via use of PVC collars in upper portions of the collar. Diamond drilling used a HQ triple tube size (~61.1 mm diameter) with the triple tube techniques used to maximise core recovery. NQ core was used for deeper drill holes. Drill core was collected from a core barrel and placed in appropriately marked core trays. Down hole core run depths were measured and marked with core blocks. Core was measured for core loss and core photography and geological logging completed. Samples from the RC drilling are collected on one-metre intervals from the rig mounted cyclone and placed into large plastic bags. These are subsequently split using a two-tier riffle splitter to obtain a ¼ sub-sample. This is subsequently reduced in a single-tier riffle splitter to generate an A and B sample reduced to a nominal 1.5 kg. Sample lengths for diamond drilling were determined by geological boundaries with a maximum sample length of 2 metres applied. The core was cut using an electric core saw. Quarter core was submitted to ALS for chemical analysis using industry standard sample preparation and analytical techniques. Certified reference materials (CRM), analytical blanks, and field duplicates were used as part of the QAQC procedures and were each inserted at a rate of 1:20 samples. All samples were dispatched by air freight direct to ALS laboratory in Johannesburg for sample preparation. Following sample preparation, a 30-gram pulverised sub-sample is shipped to ALS Perth Australia for analysis. Sample preparation included whole sample crushing to 70% less than 2mm, Boyd rotary slitting to generate a 750g sub-sample, and pulverising to achieve better than 85% passing 75 microns. Analysis for REE suite was via Lithium Borate Fusion ICP-MS (ALS code ME-MS81h), with elements analysed at ppm levels. This method is considered a total analysis. Insitu dry bulk density was determined using the Archimedes method on a 20 metre downhole interval from available core drilling. A total of 96 samples were tested with dry bulk density ranging from 2.08 g/cm3 to 3.45 g/cm3 with the average of 2.95 g/cm3 used in resource estimation. Future work should include more testing and establishment of a grade density relationship if possible. Board Change • Aug 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. Independent Non-Executive Director Yves Occello was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Jun 13
Lindian Resources Limited, Annual General Meeting, Jul 17, 2023 Lindian Resources Limited, Annual General Meeting, Jul 17, 2023, at 10:00 W. Australia Standard Time. Location: Automic Group, Level 5, 191 St Georges Terrace Perth WA 6000 Australia Agenda: To consider ratification of prior issue of shares issued under listing rule 7.1A; to consider ratification of prior issue of options issued under listing rule 7.1; to consider approval to issue shares and options to director Asimwe Kabunga; and to consider other issues. Announcement • Jun 01
Lindian Resources Limited Appoints Brett Tucker as Joint Company Secretary Lindian Resources Limited announced the appointment of Mr. Brett Tucker as joint Company Secretary, effective from June 1, 2023. Mr. Tucker has acted as Company Secretary to numerous ASX-listed companies across a range of industries. Mr. Tucker has a strong compliance background gained from experience in an international accounting practice, where he completed the Chartered Accountant qualification. Mr. Tucker is part of the team at Automic Group which provides company secretarial and governance services. Announcement • Feb 08
Lindian Resources Limited Announces Receipt Further Assays from the Phase 1 Drilling Program At the Kangankunde Rare Earths Project in Malawi Lindian Resources Limited announced the receipt further assays from the Phase 1 drilling program at the Kangankunde Rare Earths Project in Malawi. The assays reported are for reverse circulation (RC) drill holes. All holes again have intersections of non-radioactive material with excellent grade for their entire lengths (surface to end-of-hole) and with a significant percentages of critical Rare Earths metal elements of NdPr. The Company also confirms that metallurgical test work is underway in South Africa and will begin in Australia very shortly with the arrival of a 1 tonne sample which has now cleared Australian Customs and is undergoing sterilization in Brisbane prior to dispatch to the testing facility in Perth. DRILL ASSAY RESULTS: Assay results have been received for a further three (3) reverse circulation (RC) holes KGKRC0012, KGKRC0013, and KGKRC014 from the Phase 1 drilling program on the Kangankunde Rare Earths Project. table 1 lists the significant intersections for holes KGKRC12, KGKRC13 and KGKRC014 reported in this announcement. These holes were designed to evaluate two areas: KGKRC12 and KGKRC014 are part of a radial pattern of holes testing the central northern area of the carbonatite complex. KGKRC012 drilled north (360o) at a dip angle of -45o on section with the previously reported KGKRC0081 (272 metres from surface averaging 2.06% TREO) intersected carbonatite and mixed carbonatite/gneiss breccia zones over its entire length assaying 210 metres at 1.92% TREO including significant intersections of 47 metres at 3.23% TREO from 134 metres and 13 metres at 3.28% TREO from 194 metres. East facing cross section showing KGKRC012 in relation to the previously reported holes KGKRC006 and KGKRC008 on this section. None of these holes has intersected the northern boundary of the central carbonatite and holes KGKRC008 and KGKRC012 will be extended by core drilling and planned to test the boundary of the carbonatite. KGKRC014 designed to be drilled east (090o) at a dip angle of -45o intersected carbonatite and mixed carbonatite/gneiss breccia from surface to 183 metres followed by 16 metres of a mafic rock interpreted to be a dyke barren of rare earths. From 199 metres to 209 metres (EOH) the drillhole intersected mineralised mixed carbonatite/gneiss breccia. The hole will be continued with core drilling. North facing cross section 8327100mN showing KGKRC014 in relation to previously reported holes KGKRC002, KGKRC003 and KGKRC006, and KGKRC025 which is awaiting assay results. This section also shows the planned depth extension drill hole to be drilled on completion of the Phase 1 definition drilling. None of these holes has intersected the eastern or western boundary of the central carbonatite and all except the vertical hole KGKRC006 will be extended by core drilling. KGKRC013 is drilled in the central Kangankunde carbonatite area. The hole is oriented due east (090) at a dip angle of -60o. The hole intersected carbonatite and mixed carbonatite breccia from surface to 162 metres (EOH) for its entire length. No sample was recovered between 62 metres to 73 metres due to broken ground. The hole finished in mineralisation and will be extended with core drilling. Neodymium and Praseodymium Ratio: The mineralisation is dominated by light rare earths cerium (Ce), lanthanum (La), neodymium (Nd) and praseodymium (Pr). The total of Nd+Pr content in oxide form constitutes on average 21% of the TREO in all holes reported in this release. Announcement • Jan 24
Lindian Resources Limited Announces Further Assays from the Phase 1 Drilling Program At the Kangankunde Rare Earths Project in Malawi Lindian Resources Limited announced the receipt further assays from the Phase 1 drilling program at the Kangankunde Rare Earths Project in Malawi. The assays reported are for reverse circulation holes, KGKRC005, KGKRC007, KGKRC009 KGKRC0010 and KGKRC011. All holes have intersections of non-radioactive material with excellent grade for their entire lengths and with a large percentage of critical Rare Earths metal elements of NdPr. Assay results have been received for a further 5 reverse circulation holes, KGKRC005, KGKRC007, KGKRC009, KGKRC010 and KGKRC011 from the Phase 1 drilling program on the Kangankunde Rare Earths Project. These holes were designed to evaluate two areas: KGKKRC005 and KGKKRC007 targeted discrete carbonatite zones on the western side of the complex observed from surface mapping to be within a mixed breccia host. Assay results from these drill holes show both holes intersected thick high-grade rare earths mineralisation including 82 metres at 3.12% TREO in KGKRC005. Thick intersections of mineralization including assays of 65 metres at 3.64% followed by 29 metres at 3.71% in KGKRC007. Examination of drill core of the unassayed KGKRCDD003 indicates this high-grade carbonatite hosted mineralisation is bounded to the east by a mixed breccia of carbonatite and wall rock as also indicated by the surface mapping. Mineralisation is present at the end of both holes, and they will be extended by core drilling The main central carbonatite to the east of KKRC007 and approximately 50 to 100 metres south of previously reported TREO assay intercepts. Hole KGKRC009 and KGKRC010 both intersected mixed breccia with KGKRC009 passing into the main carbonatite body at 38 metres depth. KGKRC009 was mineralised throughout with the carbonatite from 81 metres to 131 metres recording 50 metres 2.75% TREO. KGKRC009 will be extended with core drilling further east to test the full width of the central carbonatite. KGKRC010, a vertical hole, was drilled entirely in consistently mineralised mixed breccia of carbonatite and altered wall rock, with the entire hole intersecting 138 metres at 1.47% TREO. KGKRC11, a vertical hole drilled 60 metres south-south-west of KGKRC010 in the central carbonatite was stopped at 32 metres depth due to broken ground. The hole intersected carbonatite for its full depth with 32 metres at 2.68% TREO including 19 metres at 3.08% from 13 metres to the end of hole. This area will be subject to follow up drilling later in the program. The mineralisation is dominated by light rare earths cerium, lanthanum, neodymium and praseodymium. The total of Nd+Pr content in oxide form constitutes on average 19% of the TREO in all holes reported. Radionuclides uranium and thorium continue to be low in all drilling. Detailed individual interval assays are shown in Appendix 2 of this release. The western high-grade rare earths intercepts in the western holes KGKRC005 and KGKRC007 both show markedly lower levels of radionuclides than the eastern holes. This also indicates likely different carbonatite phases with some compositional variation. The Phase 1 drilling program is presenting core samples of the deposit that are allowing classification of the rock types and mineralisation by the geology team. The most common rock type seen is carbonatite, which is variably altered with iron oxide, manganese oxide and pink potassic alteration. To date all the carbonatite assayed has been mineralised with rare earths elements hosted in the mineral monazite. A typical monazite contains various quantities of light rare earths with the most common composition being PO4. Thorium is typically elevated in most monazite occurrences. The monazite at Kangankunde has an unusual variation including rare earths elements like praseodymium but with very low thorium levels. Kangankunde contains brecciated rocks related to wall fracturing during the intrusive formation including mixed breccias of carbonatite and the wall rock, often altered gneiss. This rock is being called a mixed breccia and contains mineralisation in monazite bearing carbonatite occurring as clasts and matrix. The Kangankunde drilling program is planned in separate phases with distinct target outcomes. The Company commenced drilling at Kangankunde in late October 2023 with the intention to undertake a drill program that could potenitally culminate in a mineral resources estimate by June 30 2023. PHASE 1 DRILL PROGRAM: The Phase 1 program consists of 10,000 metres of RC drilling and 2,500 metres of core drilling on the Kangankunde hill top. The drill pattern is based on 50 metre east-west sections, and as radial fans perpendicular to the interpreted carbonatite boundary where topography provides access. The program is designed to give initial data for resource evaluation and mine planning. PHASE 2 DRILL PROGRAM: Two additional deep drill holes are planned from drill pads near the base of the Kangankunde hill and are designed to allow drilling to continue during the wet season. These two drill holes, each planned to be 1,000 metres in length, are designed to test the N-S and E-W axies of the carbonatite between 300 metres and 800 metres below the hill top. The Phase 2 Drll Program has not yet commenced. Announcement • Jan 21
Lindian Resources Limited Provides Kangankunde Project Update Lindian Resources Limited provided this update on the progress of the Kangankunde Rare Earths Project in Malawi (`Kangankunde', `the Project'). Under the terms agreed with Rift Valley Resource Developments Limited (`Rift Valley') to progressively acquire 100% of the Project, Lindian is pleased to confirm that it has now completed the payment of Tranche 2 (USD 7.5 million) to the vendors in accordance with the Sales Agreement with Rift Valley and its 100% owned exploration and mining assets of Kangankunde. The Tranche 1 payment of USD 2.5 million was completed in August 2022. Payment for Tranche 3 is due by August 2023 and Tranche 4, the final instalment, is due August 2026 or at the date of first commercial production, whichever comes first, which ensures Lindian has sufficient time and optionality to consider financing scenarios. Announcement • Jan 16
Lindian Resources Limited Announces Kangankunde Delivers More Outstanding Rare Earths Assays Lindian Resources Limited advised the receipt further assays from the Phase 1 drilling program at the Kangankunde Rare Earths Project in Malawi. The assays reported are for reverse circulation (RC) holes, KGKRC003, KGKRC004, KGKRC006 and KGKRC008. All holes have broad intersections of non-radioactive material with excellent grade and with a large percentage of critical Rare Earths metal elements of NdPr. Assay results have been received for a further four reverse circulation (RC) holes, KGKRC003, KGKRC004, KGKRC006 and KGKRC008 from the Phase 1 Kangankunde Rare Earths Project. These holes are in the same area as holes previously reported 1 holes KGKRC001 and KGKRC002. All holes were drilled from the hilltop of the central radial carbonatite pipe. Holes KGKRC003 and KGKRC008 are angle holes drilled from the carbonatite outward toward the interpreted contact of the carbonatite with the surrounding wall rock. Neither hole achieved the length to intersect the contact and finished in mineralised carbonatite. Both will be extended with core drilling. Holes KGKRC004 and KGKRC006 were drilled vertically down the vertical carbonatite pipe. Hole KGKRC004 was terminated at 97 metres depth due to broken ground. KGKRC006 was drilled to its planned depth of 300 metres with mineralisation grade generally increasing with depth. The final metre sampled (from 299 to 300 metres) assayed 2.55% TREO. The base of this hole is the deepest point drilled at Kangankunde to date and shows mineralisation in the carbonatite continues at depth. Below this depth, drilling will be tested during Phase 2 deep core drilling planned to follow the Phase 1 program. Drilling to date has not yet tested the margin of the mineralised carbonatite complex. Subsequently intercepts have been reported for the entire hole with multiple internal accumulations above 2% TREO also reported. Grade distribution is generally consistent and some zonation evident as highlighted by the greater than 2% TREO intercepts however no extreme variation evident. The mineralisation is dominated by light rare earths cerium (Ce), lanthanum (La), neodymium (Nd) and praseodymium (Pr). The total of Nd+Pr content in oxide form constitutes on average 20% of the TREO in all holes reported in this release with some minor local variation. Announcement • Jan 05
Lindian Resources Limited Announces Kangankunde Delivers Outstanding High Grade Rare Earths Assays Lindian Resources Limited announced the receipt of the first two batches of assays from the Phase 1 drilling program at the Kangankunde Rare Earths Project in Malawi. The assays reported are for the first two reverse circulation (RC) holes, KGKRC001 and KGKRC002. Both holes contain mineralisation with very high rare earths grades, broad intersections of non-radioactive material over the entire lengths of the holes, a large percentage of critical battery metal elements of NdPr. The holes ended in mineralisation which will be further extended with core drilling later in the program. Assay results have been received from the first two RC holes in the Phase 1 Kangankunde Rare Earths Project. Results for holes KGKRC001 and KGKRC002 demonstrate continuous rare earths mineralisation over their entire drill lengths. Both drill holes were collared in the central zone of the Kangankunde carbonatite complex and designed to drill toward the outer margin of the central carbonatite. Neither hole reached the outer margin of the central carbonatite. Figure 3 provides a plan view of the Kangankunde carbonatite geology. The holes were entirely drilled in carbonatite or carbonatite breccia with two main alteration types associated with mineralisation logged. The alteration comprises: Iron oxide and manganese oxide in moderately weathered to fresh carbonatite with individual Total Rare Earth Oxides (TREO) up to 11.8% TREO, the primary rare earth bearing mineral monazite, is frequently visible in the drill cuttings, and Potassic (fenite) alteration; associated with carbonatite ranging from 1% to 2% TREO. The mineralisation is dominated by light rare earths cerium (Ce), lanthanum (La), neodymium (Nd) and praseodymium (Pr). The total of Nd and Pr content in oxide form constitutes 21% of the TREO in KGKRC001 and KGRC0002. Radionuclides uranium (U) and thorium (Th) are low in grade in both drill holes. KGKRC001 averages 5.41ppm U and 53ppm Th over 110 metres and KGKRC002 averages 7.5 ppm U and 49 ppm Th over 250 metres. All drill samples are routinely scanned on site for radiation with results consistently in the 2- 3 counts per second (cps) range. These readings are very low and support the low radiation content of the rare earth bearing monazite mineralisation. A total of 26 RC holes for 4,061 drill metres and 2 core drill holes for 489 metres had been completed prior to the drilling break for the festive season. Drill crews and Lindian field staff will return to site on January 8th with drilling due to recommence on January 10th. The intention is to continue drilling with two RC and one core rig during the wet season for the duration of the program and manage rain delays as they occur. The Phase 1 program consists of 10,000 metres of RC drilling and 2,500 metres of core drilling on the Kangankunde hill top. The drill pattern is based on 50 metre east-west sections, and as radial fans perpendicular to the interpreted carbonatite boundary where topography provides access. The program is designed to give initial data for resource evaluation and mine planning. The Phase 1 Drill Program is only partialy complete with a total of 4,550 metres drilled of a planned 12,500 metres. Two additional deep drill holes are planned from drill pads near the base of the Kangankunde hill and are designed to allow drilling to continue during the wet season. These two drill holes, each planned to be 1,000 metres in length, are designed to test the N-S and E-W axies of the carbonatite between 300 metres and 800 metres below the hill top. The Phase 2 Drll Program has not yet commenced. Announcement • Jan 03
Lindian Resources Limited Announces Company Secretary Changes Lindian Resources Limited announced that appointment of Michael Fry as Company Secretary with immediate effect. Mr. Fry has over 30 years' experience in the corporate finance industry and extensive experience in Company Secretarial, Chief Financial Officer and Director roles with ASX listed companies. Michael holds a Bachelor of Commerce and is currently Company Secretary of a number of ASX listed companies. Further to this appointment, Ms. Susan Park steps down as Company Secretary of Lindian with immediate effect. For the purposes of ASX Listing Rule 12.6, Michael Fry will be the person responsible for communications between the Company and the ASX. Recent Insider Transactions • Aug 30
Insider recently bought AU$8.3m worth of stock On the 26th of August, Rohan Patnaik bought around 32m shares on-market at roughly AU$0.25 per share. This transaction increased Rohan Patnaik's direct individual holding by 1x at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months.