• Received multiple funding proposals including debt, bonds, and offtake prepayments
• Preconstruction activities ahead of schedule and under budget
• Optimised feasibility study nearing completion with improved metrics
• 40% of stage 1 production under contract, downstream processing strategy progressing

Lindian Resources Limited (ASX: LIN) is pleased to provide an update on project development and financing activities for the advancement of the Kangankunde Rare Earths Project in Malawi. The company has received multiple funding proposals, including a US$30 million Senior Secured Term Loan Facility from Ecobank Malawi, a Senior Secured Bond proposal from a leading European investment bank, and offtake prepayment finance proposals from commodity traders and end users. Preconstruction activities, including road and site works, are ahead of schedule and under budget. An optimised feasibility study is nearing completion, showing upgraded metrics. The company is also progressing power supply agreements, tailings management solutions, and logistics optimisation. Lindian has secured 40% of stage 1 production under contract and is advancing a downstream processing strategy to produce Mixed Rare Earth Carbonate. The company has completed a corporate review and restructure to streamline operations and reduce costs. Lindian is focused on awarding the Design & Construct contract, finalising the Mining Development Agreement, ordering long lead time items, and securing project financing to enable full construction and start of production in 2026.

The company holds an extremely positive outlook for the development of the Kangankunde rare earths project, with near-term milestones including awarding the Design & Construct contract, finalising power requirements and starting construction, finalising the Mining Development Agreement, ordering long lead time items, and finalising project financing.