Lindian Resources Limited · ASX:LIN
Lindian Resources — Africa Downunder Conference 2025
38 slides from Lindian Resources's conference presentation, Sep 3, 2025
Slide 1: Kangankunde Rare Earths Project Corporate Presentation
Kangankunde Rare Earths Project For personal use only Iluka Strategic Partnership Kangankunde Rare Earths Project Corporate Presentation 3 September 2025 ‘The New Force in Rare Earths’ 1 Iluka Eneabba Rare Earths Refinery Lindian Resources Limited| ASX: LIN | www.lindianresources.com.au | ACN 090 77
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: Corporate Snapshot
CORPORATE SNAPSHOT Final Investment Decision (FID) declared for the world-class Kangankunde Rare Earths Project Capital Structure (Post Tranche 1 of Placement) Institutional Placement Tier 1 Project and Strategic Partner Shares On Issue Placement Shares Kangankunde Rare Earths Project4 Iluka Strateg
Slide 4: 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 Uses of Rare Earth Elements Mineral Resource NdPr Contained (kt)1 • Rare earth elements (REEs) are a group of 17 metallic elements, encompassing the 15 lant
Slide 5: Peer Landscape: Next Producer to Market
PEER LANDSCAPE: NEXT PRODUCER TO MARKET Kangankunde – next rare earths miner in production next year (2026) Production Bubble size represents Market Cap1 FID + Under Construction DFS / Funding PFS / PEA For personal use only Exploration / Scoping Peak Rare Earths Market Cap: A$19,264m Commerce Resou
Slide 6: Kangankunde Project Snapshot
KANGANKUNDE PROJECT SNAPSHOT 1 Robust technical, economic and financial metrics 45-year US$794m (A$1,189m) Life-of-mine based on Ore Reserves Pre-tax NPV8 real and IRR 99% (JORC 2012) (based on Stage 1 only) For personal use only 23.7mt Ore Reserve2 261mt Mineral Resource2 Containing 676kt of TREO i
Slide 7: Project Timeline
PROJECT TIMELINE FID Board approved to commence main construction 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 Q
Slide 8: Iluka Resources Strategic Partnership
ILUKA RESOURCES STRATEGIC PARTNERSHIP Long-term Offtake Agreement and funding (Stage 1 and Stage 2)1 Lindian – Iluka Strategic Partnership - In August 2025, Lindian executed a long-term strategic partnership with Iluka Resources - a globally renowned critical minerals company with expertise in explo
Slide 9: Rare Earths in Focus
RARE EARTHS IN FOCUS Recent headlines highlight urgency for new, reliable supply Global Developments Shaping the Sector 6, Aug 2025 • MP Materials secures US DoD supply deal: Reinforces Western efforts to build independent supply chains 10, Aug 2025 Iluka backs Lindian rare earths play in and highli
Slide 10: Board of Directors / Senior Management
BOARD OF DIRECTORS / SENIOR MANAGEMENT Highly experienced and credentialed Board and Senior Management team Mr Zekai (Zac) Komur Mr Rob Martin Mr Teck Lim Mr Yves Occello Mr Park (Zuliang) Wei Mr Ben Donovan Chair of the Project Delivery and Executive Chairman Chief Financial Officer Non-Executive D
Slide 11: Kangankunde Rare Earths Project
For personal use only KANGANKUNDE RARE EARTHS PROJECT Nd Pr 11 11
Slide 12: Feasibility Study - Financial Evaluation
FEASIBILITY STUDY - FINANCIAL EVALUATION 1 Robust Financial Returns for Stage 1 (15,300tpa) A$831m (US$555m2) 80% 1.5 years Post-tax NPV8 (ungeared) Post-tax IRR (ungeared) Payback period (post-tax) For personal use only A$170.3m (US$113.7m2) A$86.9m (US$58.0m2) A$124.5m (US$83.1m2) Average annual r
Slide 13: 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 14: 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. For personal use only Lynas Rare Earths Ltd. 5,000 TREO Contained (kt) 4,000 Peak Rare Earths Ltd. Pensana Plc Meteoric Resources NL MP Ma
Slide 15: Kangankunde Stage Expansion Potential
KANGANKUNDE STAGE 2 EXPANSION POTENTIAL Significantly increasing capacity and scale Stage 1 – Immediate Strategic Value • Strengthen Certainty: De-risks Kangankunde development through US$20m construction loan and 15-year offtake1 • Reliable Producer: Positions Kangankunde as a leading global rare e
Slide 16: Flowsheet
FLOWSHEET Unique mineralogy allowing gravity and magnetic separation – no primary flotation • Material is crushed via a two-stage mobile crushing producing - 20mm ore • The ore is milled to liberate monazite • Initial rougher gravity separation is conducted, achieving a concentrate grade of approxim
Slide 17: Conceptual site design graphic
For personal use only Disclaimer: This graphic is the Company’s conceptual design for the Kangankunde site including processing plant 17 17
Slide 18: Kangankunde Stage 1 – Production Summary
KANGANKUNDE STAGE 1 – PRODUCTION SUMMARY Conventional mining and simplified process flowsheet – lower production risk • Drill, blast, load, haul model • 451,000 tpa1 plant feed at 2.9% TREO • Very low 0.2 : 1 waste/ore ratio • Conventional mining equipment For personal use only • Mined ore transport
Slide 19: Significant Exploration Target
SIGNIFICANT EXPLORATION TARGET 1 Reserves to support long life project (45 years) with multi-generational upside Significant Exploration Target (400-800Mt) Kangankunde Cross Section2 Target Range Tonnes Grade (millions) (TREO %) For personal use only Exploration Target Lower 400 2.0% Central Carbona
Slide 20: ANSTO Test Work
ANSTO TEST WORK1 Downstream test work with ANSTO has commenced • ANSTO has acknowledged the superior technical characteristics of this monazite concentrate, which position Kangankunde as the most attractive feedstocks globally for rare earth production • In April 2025 ANSTO commenced testwork with t
Slide 21: Pre-construction, Community & Permitting
PRE-CONSTRUCTION, COMMUNITY & PERMITTING Pivotal period in the development phase of Kangankunde Pre-construction Underway1 • European Construction group, Mota Engil was awarded the contract for the road construction to site • Experienced Construction Manager leading site works underway include: • Pr
Slide 22: Community & Government
COMMUNITY & GOVERNMENT Building Trust, Empowering Communities, Growing Together For personal use only Strategic Partnerships Education Support Community Dialogue Strong collaboration with the Malawi Government driving shared development goals. 100 school desks donated to Kangankunde Primary School.
Slide 23: Rare Earths Market
For personal use only RARE EARTHS MARKET 23 23
Slide 24: Strong Demand for Permanent Magnets
STRONG DEMAND FOR PERMANENT MAGNETS NdFeB magnets are power and energy efficient Magnet Demand to Increase by 7.1%pa to 20301 NdFeB high performance magnet demand1 by demand category (kt) CAGR 2023-2030 350 • Strong structural shift to a green economy by the adoption of advanced technologies that le
Slide 25: Rising Demand, Growing Opportunity
RISING DEMAND, GROWING OPPORTUNITY Electrification and renewables are driving unprecedented demand for rare earths Global Demand Accelerating Top three REE producers by 20303 Rare earth metals consumption forecast to grow from Mining Refining For personal use only 196.6kt in 2025 to 260.4kt by 2030
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 processing to MREC1 opportunities Establishing Lindian as a significant player over the Devel
Slide 27: Portfolio of Tier Assets
For personal use only PORTFOLIO OF TIER 1 ASSETS 27 27
Slide 28: Portfolio of Tier Assets
PORTFOLIO OF TIER 1 ASSETS Our global tier one assets moving towards development Description Project Locations • Kangankunde, Malawi: Mining Lease held by Rift Valley Resources Development Ltd (“RVR”). Current Lindian ownership of RVR is 66% with final US$10m tranche (to increase interest to 100%) d
Slide 29: Key Milestones - Bauxite
KEY MILESTONES - BAUXITE Significant Tier 1 Bauxite Projects in Production District • 10-year sublease & royalty agreements secured for Woula Bauxite1 • In April 2025, Lindian executed the strategic acquisition of the remaining 25% interest in Bauxite Holding Ltd giving Lindian 100% ownership of the
Slide 30: Appendix A – Source Data
For personal use only APPENDIX A – SOURCE DATA 30 30
Slide 31: Source Data: Mineral Resources (NdPr Contained)
SOURCE DATA: MINERAL RESOURCES (NDPR CONTAINED)1 Slide 14 Data 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 Pro
Slide 32: Source Data: Mineral Resources (TREO Contained)
SOURCE DATA: MINERAL RESOURCES (TREO CONTAINED) Slide 14 Data 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 Proj
Slide 33: Kangankunde - Resources & Reserves
KANGANKUNDE - RESOURCES & RESERVES Mineral Resource Inclusive of Reserves @ 0.5% TREO Cut-off Grade Competent Persons’ Statement Resource Classification Tonnes TREO NdPr% of Tonnes (millions) (%) TREO** Contained The information in this presentation that relates to Exploration Results, Metallurgy Re
Slide 34: 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 35: Bauxite Resources - Lelouma
BAUXITE RESOURCES Lelouma Mineral Resource Statement1 Competent Persons’ Statement: The information in the announcement dated 6 October 2020 “World Class Lelouma Project Increases Resource Classification Tonnes Al2O3 (%) SiO2 (%) Resource to 900Mt” that relates to Mineral Resources is based on infor
Slide 36: Bauxite Resources - Woula
BAUXITE RESOURCES Woula Mineral Resource Statement1 Competent Persons’ Statement: The information in the announcement dated 23 September 2020 “Lindian Acquires Tier 1 Bauxite project Resource Classification Tonnes Al2O3 (%) SiO2 (%) with 847Mt of High Grade Resource” that relates to Mineral Resource
Slide 37: Glossary
GLOSSARY micron, metric unit of measure for length equal to µm HVAC Heating, Ventilation and Air Conditioning NPV Net Present Valuation 0.001 mm Australian Nuclear Science and Technology ANSTO HREE/HRE Heavy Rare Earth(s) (Elements) NED Non-Executive Director Organisation ASX Australian Se
Slide 38: Lindian Resources Limited
For personal use only 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 38