ASX-listed Lindian Resources (ASX: LIN) has secured firm commitments to raise about A$100mn ($65mn) through a single-tranche share placement to institutional investors and critical minerals funds, MiningWeekly reported on April 1, citing the company.
The proceeds will be used to advance the Kangankunde rare earths project in Malawi and complete the integration of the Sareco mixed rare earth carbonate (MREC) facility in Kazakhstan, in which Lindian recently acquired a 51% stake, the trade journal's report said.
Under the placement, the company will issue around 133.33mn new fully paid ordinary shares at A$0.75 per share, the report noted.
Lindian reportedly said the funding would support Stage one development of the Kangankunde project, enabling first concentrate production and initial cash flow, as well as preparations for a Stage two expansion. The capital will also be directed toward integrating and ramping up the Sareco facility.
The company added that the financing provides a “base case funding envelope” without the need for project debt, allowing both Kangankunde and the Sareco plant to reach initial production on a debt-free basis, according to the report.
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