Kangankunde Delivers Outstanding High Grade Rare Earths Assays

Lindian Resources Limited (ASX:LIN) (“Lindian” or “the Company”)is pleased to advise the receipt of the first two batches of assays from the Phase 1 drilling program at the Kangankunde Rare Earths Project in Malawi.

• Assays from first two drill holes demonstrate outstanding grades of up to 11.8% TREO (Appendix 2) show continuous rare earths mineralisation over the entire length of holes from surface
• KGKRC00: 110 metres from surface at average of 2.9% TREO, including:

• 12 metres @ 4.2% TREO from surface,
  • (Including 1m @ 7.2% TREO from 8 metres and 1 metre @ 6.4% TREO from 4 metres)
• 25 metres @ 3.0% TREO from 34 metres, (including 1 metre @ 5.7% TREO from 35 metres)
• 20 metres @ 3.9% TREO from 64 metres, (including 1 metre @ 6.2% TREO from 75 metres)
• 8 metres @ 3.8% TREO from 102 metres, (including 1 metre @ 8.5% TREO from 103 metres)

• KGKRC002: 250 metres from surface averaging 2.9% TREO with intersections including:

• 16 metres @ 5.7% TREO from surface, (including 2 metres at 11.5% from 12 metres)
• 79 metres @ 3.2% TREO from 30 metres
• 29 metres @ 3.5% TREO from 124 metres,
• 66 metres @ 2.5% TREO from 211 metres

• Both holes terminated in mineralisation and will be extended with core drilling
• Critical battery metal elements of neodymium-praseodymium (NdPr) ratio of 21% of TREO content
• Assays demonstrate that, on average, the mineralisation is very low in uranium and thorium
• A further six (6) batches of samples are in process for assay and will be reported progressively in the coming weeks
• Drilling program recommences early January with three drill rigs
• 4,061 metres of RC drilling and 489m of core drilling completed so far in the Phase 1 Drill Program of planned 12,500 metres

The assays reported are for the first two reverse circulation (RC) holes, KGKRC001 and KGKRC002. Both holes contain mineralisation with very high rare earths grades, broad intersections of non-radioactive material over the entire lengths of the holes, a large percentage of critical battery metal elements of NdPr. The holes ended in mineralisation which will be further extended with core drilling later in the program.

COMMENT

Lindian’s Chief Executive Officer, Alistair Stephens commented:“These first assay results are absolutely outstanding in terms of grade, distribution and continuity, and with a steady stream of assays to follow, we are confident of delivering more of the same and building the case that in 2023, Kangankunde will rapidly emerge as a standout, globally significant rare earths project in terms of grade, scale and non-radioactivity. Today’s results should be regarded as a leading indicator of this. I am not aware of another deposit anywhere in the world demonstrating such high grades of rare earths mineralisation over these continuous lengths to such depth. Added to this is the non-radioactivity of the Kangankunde rare earths mineralisation - a highly unique and extremely commercially advantageous characteristic, with the potential for concentrates from Kangankunde to be shipped anywhere in the world, free of Class 7 restrictions. The commercial signficance of this cannot be understated.”

“The high content of NdPr reported in these assays is in line with historical work and indicates that the concentrates from Kangankunde will be in high demand with NdPr being used to produce strong permanent magnets critical to global decarbonisation technolgies including EVs and wind turbines.”

“With a total of 26 RC holes for 4,061 metres and 2 core drill holes for 489 metres completed prior to the drilling break for the festive season, we anticipate reporting a steady stream of assays from here on. Concurrently, other mine development work is expected to commence shortly which will add another reporting stream alongside ongoing assay results, the delivery of an exploration target and maiden Mineral Resource Estimate sometime in Q2 CY2023. Lindian is in excellent shape, we are well capitalised and these results will only increase investor interest and awareness in Kangankunde globally. We look forward to delivering more good news very soon.”