Lindian Resources Limited · ASX:LIN
Lindian Resources — Prospectors & Developers Association of Canada (PDAC) 2026
33 slides from Lindian Resources's conference presentation, March 2026
Slide 1: The New Force in Rare Earths
The New Force in Rare Earths Prospectors & Developers Association of Canada (PDAC) 1-4 March 2026 Zac Komur Executive Director Lindian Resources Limited ASX: LIN | www.lindianresources.com.au | ACN 090 772 222 1 1
Slide 2: Important Information – Disclaimer
IMPORTANT INFORMATION Disclaimer The material in this presentation has been prepared by Lindian Resources Limited (“Company”). This presentation may not be reproduced, redistributed or passed on, directly or indirectly, to any other person, or published, in whole or in part, for any purpose without
Slide 3: Lindian Corporate Snapshot
LINDIAN CORPORATE SNAPSHOT Executing development of the world-class Kangankunde Rare Earths Project Capital Structure Corporate Profile Board of Directors/Senior Management Experienced Leadership Across Mining, Processing and Major Project Delivery Market Cap. ASX Code Headquarters A$1.08bn1 LIN Per
Slide 4: Peer Landscape: Next Producer to Market
PEER LANDSCAPE: NEXT PRODUCER TO MARKET Kangankunde – next rare earths miner in production this year (2026) Bubble size represents Market Cap1 Production FID + Under FID, Fully-Funded Construction & Under Construction DFS PFS / PEA Exploration / Scoping VHM Limited Market Cap: Commerce Resources Cor
Slide 5: Kangankunde – Significant World Class Asset
KANGANKUNDE – SIGNIFICANT WORLD CLASS ASSET World-class deposit which is ~20% NdPr, supplying the critical raw materials for rare earth magnets Use of Rare Earth Elements Mineral Resource NdPr Contained (kt)1 • Rare earth elements (REEs) are a group of 17 metallic elements, encompassing the 15 lanth
Slide 6: Kangankunde Project Snapshot
KANGANKUNDE PROJECT SNAPSHOT1 Robust technical, economic and financial metrics 23.7mt Ore Reserve2 261mt Mineral Resource2 Containing 676kt of TREO including Containing 5,585kt of TREO including ~133kt of NdPr. 1,132kt of NdPr. ~3.0% TREO Grade ~10x Resource to Reserve Supports low-cost production a
Slide 7: Iluka Resources Strategic Partnership
ILUKA RESOURCES STRATEGIC PARTNERSHIP1 Funding support with secured long-term offtake and protected pricing structure Funding Secured Long-Term Offtake Secured Floor Price Protection ✓ Fully funded Stage 1 with a US$20m (~A$31m) non-dilutive ✓ 15 + 15 year2 strategic offtake agreement with Iluka Res
Slide 8: Kangankunde Stage 1 & Planned Five-Fold Expansion
KANGANKUNDE STAGE 1 & PLANNED FIVE-FOLD EXPANSION Executing Stage 1 with fully permitted Stage 2 expansion pathway Stage 1 – In Execution Allocation and Expansion Potential Iluka Resources 20,000tpa - Annual Stage 1 Plant Size Capacity (Optimised) Lindian-RA JV MREC Plant 120,000tpa Funding Addition
Slide 9: Global Rare Earth Demand Surging into 2035
GLOBAL RARE EARTH DEMAND SURGING INTO 2035 Lindian emerging as next producer to market with potential to supply ~15%4 of global NdPr market Demand for magnets is set Magnet rare earth supply is Industry faces sustained shortages to surge forecast to lag without new supply • Demand for permanent magn
Slide 10: Integrated Mine to MREC Supply Chain
INTEGRATED MINE TO MREC SUPPLY CHAIN Capturing Downstream Margins Through Western-Aligned MREC Production Kazakhstan • Downstream MREC production via Lindian-RA JV government backed hydromet plant in Stepnogorsk (12,500 tpa2). • Captures additional downstream margin. • Reduces reliance on third-part
Slide 11: Immediate Downstream Integration: MREC Production from 2026
IMMEDIATE DOWNSTREAM INTEGRATION MREC PRODUCTION FROM 2026 100% acquisition of operating SARECO MREC facility enables integrated production from 2026 Only non-China developer targeting Concentrate and MREC in 2026. Downstream margin capture without greenfield capital intensity or multi-year developm
Slide 12: Capturing Downstream Value: Concentrate to MREC
CAPTURING DOWNSTREAM VALUE: CONCENTRATE TO MREC Higher Margin, Greater Control, Lower Risk Downstream Advantages Key ANSTO & SARECO Findings1 ✓ Margin capture through downstream integration. ~97% Non-Class 7 – ~92% ✓ Higher payability versus concentrate-only sales. NdPr Stockpile TREO Recovery Capab
Slide 13: Constrained Ex-China Rare Earth Supply Chain
CONSTRAINED EX-CHINA RARE EARTH SUPPLY CHAIN Only FID-Approved, Fully Funded Integrated Developer in 2026 Concentrate MREC Oxides & Metallisation Operational FID & Fully-Funded Only FID- Approved & Fully Funded Strategic Integrated Partnerships Developer1 Underway FID approved, fully funded and Oper
Slide 14: Delivering Kangankunde
DELIVERING KANGANKUNDE On Track for Q4 2026 Production1 Processing Plant Mining Fleet Non-Process Safety, Power Execution Discipline & Mobilisation Infrastructure Advancing & Readiness Schedule Confidence • Design & Construct • Komatsu owner- • Mobile workshop, fuel • The Project has • Owner-operato
Slide 15: Flowsheet
FLOWSHEET Unique mineralogy allowing gravity and magnetic separation - producing premium grade 55% TREO concentrate Feed Pad & Feed Bin Grinding & Classification Gravity Concentration • Very low 0.2 : 1 waste/ore ratio COARSE SLIMES strip ratio. FINES • Material is crushed via a two-stage HYDROCYCLO
Slide 16: Government and International Relations
GOVERNMENT AND INTERNATIONAL RELATIONS Building lasting partnerships - Government Alignment & Global Backing Trusted Partner to the Government of Malawi Globally Significant Strong Government Endorsement Recognised on the World Stage Lindian maintains a strong and cooperative Kangankunde is acknowle
Slide 17: Community Engagement Plan (CEP)
COMMUNITY ENGAGEMENT PLAN (CEP) Structured. Partnership-Led. Long-Term. Lindian’s Community Engagement Plan provides a formal framework to ensure community investment aligns with government priorities, local needs and long-term project development. Consult Align Deliver Sustain • Community forums an
Slide 18: Significant EBITDA Upside Driven by Low-Cost Operating Profile
SIGNIFICANT EBITDA UPSIDE DRIVEN BY LOW-COST OPERATING PROFILE Stage 1 economics based on US$82/kg NdPr with strong leverage to higher realised prices Additional Upside: • Expansion to MREC Production. • Increased downstream margins. • Stage 2 growth potential. • Nd Pr price increases. + US$10/kg Nd
Slide 19: The New Force in Rare Earths
The New Force in Rare Earths Lindian Resources Limited ABN 53 090 772 222 Level 15, 240 St Georges Terrace Perth WA 6000 Australia T: +61 8 6401 4300 E: info@lindianresources.com.au www.lindianresources.com.au 19
Slide 20: Appendix A – Source Data
APPENDIX A — SOURCE DATA LINDIAN RESOURCES LTD. 20
Slide 21: Kangankunde: Peer Comparison
KANGANKUNDE: PEER COMPARISON Significant Resource endowment (TREO content) at high TREO grades 7,000 Lindian Resources Ltd. 6,000 Energy Transition Minerals Ltd. Lynas Rare Earths Ltd. 5,000 TREO Contained (kt) 4,000 Peak Rare Earths Ltd. Pensana Plc Meteoric Resources NL MP Materials Corp. 3,000 Vi
Slide 22: First Quartile of Cost Curve Globally
FIRST QUARTILE OF COST CURVE GLOBALLY 1 Low-cost producer of a high-grade premium Monazite Concentrate (55% TREO) Rare Earth Industry Mixed Rare Earths Carbonate Projects Cost Curve (2023)2 Kangankunde Low Operating Cost Project 30,000 • One of the largest, high grade rare earths deposits in the wor
Slide 23: Project Timeline
PROJECT TIMELINE On Track for Q4 2026 First Production FID Declared 15 months to first production Project Timeline: Full Go-Ahead for Kangankunde Pre-FID/ 2025 2025 2026 2026 20272027 Project Early Timeline • The Kangankunde project is now fully funded through to Q1 Works Q2 Q3 Q3 Q4 Q4 Q1 Q1 Q2 Q2
Slide 24: Geology Built for Long-Life, Low-Cost Production
GEOLOGY BUILT FOR LONG-LIFE, LOW-COST PRODUCTION Low Strip Ratio structural cost advantage Staged Development Driving Early Value1 • Low-strip mining starter pit focuses on near-surface, high-grade zones to support • Very low thorium content = very low radiation for operations, shipping and sales. s
Slide 25: Kangankunde Stage 1 – Production Summary
KANGANKUNDE STAGE 1 – PRODUCTION SUMMARY Conventional mining and simplified process flowsheet – lower production risk • Drill, blast, load, haul model. • Mined ore transported to ROM stockpile. • 451,000 tpa1 plant feed at 2.9% TREO. • Unique mineralogy allowing gravity and magnetic separation • Ver
Slide 26: Important Future Role in the Rare Earths Value Chain
IMPORTANT FUTURE ROLE IN THE RARE EARTHS VALUE CHAIN Lindian can be a significant player across multiple stages of the REE value chain over time Kangankunde Stages 1, expansion and Examine future downstream opportunities processing to MREC Developing processing capability to realise higher margins.
Slide 27: Feasibility Study - Financial Evaluation
FEASIBILITY STUDY - FINANCIAL EVALUATION 1 Robust Financial Returns for Stage 1 (15,300tpa) A$831m (US$555m ) 2 80% 1.5 years Post-tax NPV8 (Ungeared) Post-tax IRR (Ungeared) Payback period (Post-Tax) A$170.3m (US$113.7m ) 2 A$86.9m (US$58.0m ) 2 A$124.5m (US$83.1m ) 2 Average annual revenue (Life-o
Slide 28: Source Data: Mineral Resources (NdPr Contained)
SOURCE DATA: MINERAL RESOURCES (NDPR CONTAINED)1 Company Information Mineral Resources (Measured) Mineral Resources (Indicated) Mineral Resources (Inferred) Mineral Resources (Total) Source Contained Containe Contained Containe Contained Containe Contained Contained Company Code Project Project Stat
Slide 29: Source Data: Mineral Resources (TREO Contained)
SOURCE DATA: MINERAL RESOURCES (TREO CONTAINED) Company Information Mineral Resources (Measured) Mineral Resources (Indicated) Mineral Resources (Inferred) Mineral Resources (Total) Source Contained Contained Contained Contained Contained Contained Contained Contained Company Code Project Project St
Slide 30: Kangankunde - Resources & Reserves
KANGANKUNDE - RESOURCES & RESERVES Mineral Resource Inclusive of Reserves @ 0.5% TREO Cut-off Grade Competent Persons’ Statement The information in this presentation that relates to Exploration Results, Metallurgy Results, and Mineral Resource Classification Tonnes TREO NdPr% of Tonnes Contained Res
Slide 31: Kangankunde – Exploration Target
KANGANKUNDE – EXPLORATION TARGET 1 An Exploration Target has been determined for the Central Carbonatite of the Kangankunde Rare Earths Project in addition to the current Mineral Resource Estimate (MRE), as follows: Target Range Tonnes (millions) Grade (TREO %) Exploration Target Lower 400 2.0% Cent
Slide 32: Glossary
GLOSSARY micron, metric unit of measure for length HVAC Heating, Ventilation and Air Conditioning NPV Net Present Valuation µm equal to 0.001 mm Australian Nuclear Science and Technology HREE/HRE Heavy Rare Earth(s) (Elements) NED Non-Executive Director ANSTO Organisation HREO Heavy Rare Ea
Slide 33: Lindian Resources Limited
Lindian Resources Limited ABN 53 090 772 222 Level 15, 240 St Georges Terrace Perth WA 6000 Australia T: +61 8 6401 4300 E: info@lindianresources.com.au www.lindianresources.com.au 33
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