Highlights

• Lindian advanced Kangankunde from development into construction and mining readiness, targeting first production in Q4 2026.
• The company strengthened its integrated rare earths strategy through downstream processing plans in Kazakhstan.
• Strong funding support and project execution milestones position Lindian for the next phase of growth.

Kangankunde Development Drives FY26 Progress

Lindian Resources Ltd (ASX: LIN) released its FY26 Annual Report on 25 September 2026, covering the financial year ended 30 June 2026. The company reported a transformational year as the Kangankunde Rare Earths Project in Malawi progressed from early development into full-scale construction and mining readiness.

During FY26, Lindian achieved several key milestones, including Stage 1 Final Investment Decision, major funding initiatives, 100% ownership of Kangankunde and significant progress on processing infrastructure. Construction progress had reached an advanced stage by the close of FY26, with Lindian remaining on track to achieve first production during Q4 2026.

Construction and Mining Readiness Advance

Kangankunde continued moving toward production, with major site infrastructure progressing during the year. Construction advanced across the processing plant, mining facilities, power, water systems, accommodation and supporting infrastructure. By 30 June 2026, approximately 27,000 tonnes of ore had been established on the ROM pad, supporting commissioning and future ramp-up activities.

The company adopted an owner-operator mining model, providing greater control over scheduling, costs, quality and safety. Lindian also mobilised its Komatsu mining fleet and Sandvik production drill rig, with mining activities progressing toward operational readiness.

Downstream Strategy Strengthens Rare Earths Platform

Lindian progressed its downstream integration strategy through the acquisition pathway for the SARECO MREC Processing Facility in Kazakhstan. The facility provides a route to move beyond concentrate production into higher-value Mixed Rare Earth Carbonate (MREC) production using Kangankunde monazite concentrate as feedstock.

Technical work with the Australian Nuclear Science and Technology Organisation (ANSTO) further supported the processing strategy, with testwork confirming strong extraction results and low radionuclide levels.

Strong Funding Position Supports Growth

Lindian strengthened its balance sheet through institutional placements, including an AU$100 million capital raising completed in April 2026. The company ended FY26 with approximately AU$108 million in cash, alongside undrawn equipment finance and working capital facilities.

Outlook

Lindian enters FY27 focused on completing Kangankunde Stage 1 construction, progressing commissioning toward first production and advancing the Stage 2 Feasibility Study. The company also plans to integrate the SARECO facility and build an integrated mine-to-MREC rare earths business serving global markets.

Note- All data presented is based on information available at the time of writing.

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