• Firm commitments secured for A$91.5m institutional placement
• Final Investment Decision approved for Stage 1 of Kangankunde Rare Earths Project
• Kangankunde now fully funded to first production in Q4 CY2026

Lindian Resources has received firm commitments for a A$91.5 million, two-tranche institutional placement to new investors. The placement was strongly supported, with demand significantly exceeding the funds sought. Following the strategic partnership with Iluka Resources and the successful placement, the Lindian Board has approved a Final Investment Decision for the main construction of Stage 1 of the Kangankunde Rare Earths Project. The Kangankunde project is now fully funded to project completion and first production, which is targeted for Q4 CY2026. The placement proceeds will also be used to increase Lindian's ownership of Kangankunde to 100% and complete engineering works for the Stage 2 expansion. The Stage 2 expansion has been approved through a mining licence expansion and has the potential to significantly increase production capacity. Lindian's strategic partnership with Iluka provides near-term funding support and long-term offtake, with Iluka granted a right of first refusal for Stage 2 production expansion.

The Stage 1 capital cost of ~US$40 million is now fully funded, with first production targeted for Q4 CY2026.

Lindian will commission an expansion feasibility study to expand the production capacity of the Kangankunde project above the current Stage 2 target of 50,000 tonnes per annum. The additional funds raised will be directed towards accelerating the Stage 2 expansion.