• Adopts owner-operator mining model to decrease execution costs by ~30%
• Appoints experienced Mining Manager with 23 years of open-pit experience across Africa
• Targets start of mining in February 2026, 4 months earlier than contract mining

Lindian Resources Limited (ASX: LIN) is adopting an owner-operator mining model for the Kangankunde Rare Earths Project in Malawi. The decision follows a structured review of the company's mining and operational requirements and aligns with Lindian's focus on tighter control mechanisms including scheduling, costs, quality, human resources and safety, whilst building durable operating capability in-country. After evaluating five contractor proposals, Lindian has elected to self-perform mining operations. Mining execution costs are expected to decrease by ~30%, to ~US$8.40/t from ~US$12/t. Considerable savings from civils and tailings works are being redirected to fund the owner-operator fleet, without increasing total Stage 1 pre-production capital.Lindian has appointed Mr Samuel Boachie as Mining Manager, who brings 23 years of open-pit experience across Africa, with a proven track record in start-ups, ramp-ups, and building capable local teams. Final negotiations for the mining fleet are underway, with equipment expected on site by the end of Q4 2025. Under the owner-operator model, Lindian is now targeting the start of mining in February 2026, enabling earlier access to stockpiled high-grade ore, representing a four-month time saving compared to a contract mining model. Critical supply and services contracts are well advanced, and an execution-driven recruitment program is underway to support the company's owner-operator model.The Stage 1 Feasibility Study sets a simple, low-risk operating context that underpins the owner-operator model, with the project placed in the lowest cost quartile of the global rare earths industry, with an average annual FOB operating cost of US$2.92 per kilogram TREO at an ore throughput of 450,000tpa.

The Feasibility Study operating cost guidance of US$2.92/kg TREO (FOB) remains unchanged at the project level until the Company releases an updated estimate with the Optimised Feasibility Study.