• Acquired 100% of SARECO MREC facility in Kazakhstan for US$15M
• MREC production expected in Q4 2026 alongside Kangankunde concentrate
• Kangankunde construction progressing with first concentrate targeted for Nov 2026

Lindian Resources Limited (ASX: LIN) had a transformative quarter, executing the acquisition of the SARECO Mixed Rare Earth Carbonate (MREC) processing facility in Stepnogorsk, Kazakhstan. The US$15 million acquisition, through a 51/49 joint venture with RA Group, provides Lindian with an operational downstream cracking facility previously owned by Sumitomo Corporation and Kazatomprom. This positions Lindian as one of the few Western-aligned companies globally capable of producing both rare earth concentrate and MREC, a higher-value product that attracts premium payabilities. In parallel, construction at the Kangankunde Rare Earths Project in Malawi progressed rapidly, with the EPC contractor Obsideo mobilizing to site and commencing civil works for the Stage 1 processing plant. Key long-lead equipment has been ordered, and the project achieved a major safety milestone of 500,000 LTI-free work hours. Importantly, ANSTO confirmed that Kangankunde's monazite concentrate is exempt from radioactive transport classification, providing a significant commercial and logistics advantage. Lindian also commenced a major resource definition and expansion drilling program at Kangankunde, targeting an increase in ore throughput to 4 Mtpa and an additional 100,000 tpa of monazite concentrate in Stage 2. With the Kangankunde project on track for first concentrate in November 2026 and the SARECO MREC facility ready for commissioning in Q4 2026, Lindian is firmly positioned to become the world's next rare earths producer.

Lindian expects to commence MREC production at the SARECO facility in Q4 2026, in parallel with first concentrate production from the Kangankunde project. The company is targeting an increase in ore throughput to 4 Mtpa at Kangankunde in Stage 2, producing an additional 100,000 tpa of monazite concentrate.

Lindian is now firmly positioned as an integrated rare earths producer, with both concentrate and MREC capabilities. The company is focused on executing the construction and commissioning of the Kangankunde project and the SARECO MREC facility to commence production in the second half of 2026.