Lindian Resources : Annual Report

FY 2021

ANNUAL REPORT

LINDIAN RESOURCES LTD
ANNUAL REPORT
For the year ended 30 June 2021
Contents
Contents .................................................................................................................................................................................................................................	1
Corporate Directory......................................................................................................................................................................................................	2
Chairman's Report .......................................................................................................................................................................................................	3
Directors' Report .............................................................................................................................................................................................................	4
Remuneration Report (Audited) .......................................................................................................................................................................	6
Consolidated Statement of Profit or Loss and Other Comprehensive Income.......................................................	27
Consolidated Statement of Financial Position.................................................................................................................................	28
Consolidated Statement of Cash Flows..................................................................................................................................................	29
Consolidated Statement of Changes in Equity ................................................................................................................................	30
Notes to the Financial Statements.............................................................................................................................................................	32
Directors' Declaration.............................................................................................................................................................................................	62
Auditors Independence Declaration ..........................................................................................................................................................	63
Auditors Report............................................................................................................................................................................................................	64
Additional ASX Information ..............................................................................................................................................................................	68

1

LINDIAN RESOURCES LTD

ANNUAL REPORT

For the year ended 30 June 2021

Corporate Directory

Directors

Asimwe Kabunga (Non-Executive Chairman)

Giacomo Fazio (Non-Executive Director)

Yves Occello (Non-Executive Director)

Company Secretary

Susan Park

Registered Office

Level 24

108 St Georges Terrace

Perth WA 6000

Telephone: + 61 8 6557 8838

Website: www.lindianresources.com.au

ABN 53 090 772 222

Share Registry

Automic Registry Services

Level 2

267 St Georges Terrace

Perth WA 6000

Telephone: + 61 8 9324 2099

Facsimile: + 61 8 9321 2337

Auditors

HLB Mann Judd

Level 4

130 Stirling Street

Perth WA 6000

Securities Exchange

Australian Securities Exchange

(Home Exchange: Perth, Western Australia)

ASX Code: LIN

2

LINDIAN RESOURCES LTD

CHAIRMAN'S REPORT

For the year ended 30 June 2021

Chairman's Report

Lindian believes that aluminium is going to play a more significant role in manufacturing with the lightweight, recyclable material being key to a number of crucial industries focussing on reducing carbon emissions including wind power, solar power, carbon storage, electric vehicles, electric motors and energy storage.

Bauxite is the primary feedstock in the manufacture of aluminium metal, and low cost and sustainable supply is required.

The aluminium sector is becoming increasingly focussed on reducing its CO2 emissions. Lindian believes that its high alumina containing bauxites, especially at Gaoual, will become increasingly sought after as its increased levels of alumina lead to greater transport and processing efficiencies.

Over the past 12 months, Lindian has assembled a world class bauxite portfolio in Guinea, a country that is renowned for high quality bauxite and where there is a long history of mining and processing. Starting the year with the amazing potential at Gaoual and belief in the strong outlook for aluminium, Lindian has delivered several key milestones to position the Company as the premier ASX-listed bauxite development company in Africa.

The year began with the maiden resource statement from the Gaoual Project, which as expected, confirmed the very high alumina grades. This was followed by the screening test work which illustrates the opportunity to generate the highest quality bauxite product from the African continent. Initial feedback from the market is that there is real demand for this highly desirable and unique product.

The board recognised the opportunity to broaden the Company's asset base in Guinea with Lindian securing the Tier 1 Lelouma asset, which is 900Mt of high-quality resource, and the Woula asset, which is just 10km from an existing haul road linked to a river port. Independently, these assets all have considerable potential, and together, they have a complementary range of qualities. Their position along the 'Northern Corridor' in Guinea, generally considered as an area with exceptional quality bauxite, offers the opportunity to link them together with a deep-water export port terminal.

Appreciation of this portfolio has not been restricted to the board and management of Lindian with significant interest materialising from industry players, manufacturers, refineries, marketing groups and international logistics providers. We have reported on the signing of MOUs with China Railway Seventh Group and the Government of Guinea, and I look forward to providing an update on the progress of these discussions, and others, in due course.

I would like to thank my fellow board members for their support this year in helping to assemble and indeed advance Lindian's world class bauxite portfolio which, with the partnerships we currently have in progress, present considerable opportunity for our shareholders. Our focus in the next year will be to significantly advance the development of these world class bauxite assets to deliver much more tangible outcomes for the benefit of all stakeholders.

In closing, the Board and I would like to thank all shareholders for their ongoing support as we continue to build on the strong foundations which we put in place in FY2021.

Chairman

3

LINDIAN RESOURCES LTD

DIRECTORS' REPORT

For the year ended 30 June 2021

Directors' Report

The Directors present their report for Lindian Resources Limited ("Lindian" or "the Company") and its subsidiaries ("the Group") for the year ended 30 June 2021.

DIRECTORS

During, or at any time during the financial year and up to the date of this financial report.

Asimwe Kabunga

Non-Executive Chairman

Asimwe Kabunga is a Tanzanian born Australian entrepreneur who holds a Bachelor of Science, Mathematics and Physics and has extensive technical and commercial experience in Tanzania, Australia, and the United States.

Mr Kabunga has been instrumental in establishing the Tanzania Community of Western Australia Inc, and served as its first President. Mr Kabunga was also a founding member of Rafiki Surgical Missions and Safina Foundation, both Non- Governmental Organisations dedicated to helping children in Tanzania.

Mr Kabunga has been non-executive chairman of Volt Resources Limited since 4 August 2017 (ASX: VRC) and was non-executive director of Strandline Resources Limited from 18 June 2015 to 8 October 2018 (ASX: STA). He has not held any other listed directorships in the past three years.

Matthew Bull

Non-Executive Exploration Director (resigned 8 October 2020)

Matthew Bull is an exploration geologist who has worked on a wide range of commodities including graphite, gold and iron ore. He has considerable experience in greenfield exploration and resource development programs.

Mr Bull's professional qualifications include Bachelor of Science Geology (hons).

Mr Bull was non-executive director of Volt Resources Limited from 1 June 2015 to 9 July 2018 (ASX: VRC). He has not held any other listed directorships in the past three years.

Giacomo Fazio

Non-Executive Director

Giacomo Fazio is a highly experienced project, construction and contract/commercial management professional having held senior project management roles with Primero Group Limited, Laing O'Rourke and Forge Group Ltd and is currently a Non-executive Director of ASX listed Volt Resources Ltd. His experience ranges from feasibility studies through to engineering, procurement, construction, and commissioning of diverse mining resources, infrastructure, oil & gas and energy projects.

Mr Fazio's professional qualifications include a Graduate Certificate in Project, an Associate Diploma in Civil Engineering and a Diploma in Quantity Surveying.

Mr Fazio has been non-executive director of Volt Resources Limited since 1 July 2019 (ASX: VRC). He has not held any other listed directorships in the past three years.

4