Lindian Resources : Annual Report

FY 2022

ANNUAL REPORT

LINDIAN RESOURCES LTD

ANNUAL REPORT

For the year ended 30 June 2022

Contents
Contents .................................................................................................................................................................................................................................	1
Corporate Directory.......................................................................................................................................................................................................	2
Chairman's Report ........................................................................................................................................................................................................	3
Directors' Report .............................................................................................................................................................................................................	5
Remuneration Report (Audited) ........................................................................................................................................................................	7
Consolidated Statement of Profit or Loss and Other Comprehensive Income......................................................	23
Consolidated Statement of Financial Position.................................................................................................................................	24
Consolidated Statement of Cash Flows..................................................................................................................................................	25
Consolidated Statement of Changes in Equity ................................................................................................................................	26
Notes to the Financial Statements.............................................................................................................................................................	28
Directors' Declaration.............................................................................................................................................................................................	56
Auditor's Independence Declaration ..........................................................................................................................................................	57
Auditor's Report...........................................................................................................................................................................................................	58
Additional ASX Information ..............................................................................................................................................................................	62

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LINDIAN RESOURCES LTD

ANNUAL REPORT

For the year ended 30 June 2022

Corporate Directory

Directors

Asimwe Kabunga (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 5

191 St Georges Terrance

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

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LINDIAN RESOURCES LTD

CHAIRMAN'S REPORT

For the year ended 30 June 2022

Chairman's Report

I'm pleased to present the 2022 Annual Report for Lindian Resources, following a transformational year for the Company in pursuit of its strategy to build a multi-asset portfolio of world-class resources projects. Along with the ongoing development of its leading bauxite project in Guinea, FY22 was also highlighted by a legal settlement with respect to Lindian's proposed acquisition of the Kangankunde project - a globally significant rare earths deposit in Malawi.

The settlement facilitated the staged 100% acquisition of Kangankunde, the first tranche payment for which was completed post year-end and adds to an exciting outlook for the Company and its investors heading into FY23.

The Kangankunde acquisition marked the end of a multi-year period of negotiations, which ultimately saw Lindian acquire the asset on favourable terms with a unique opportunity to develop the project to its full potential.

The Company's development plans were assisted by two successful share placements during the year, with a $1m raise (priced at 3c per share) in November 2021 and a $2m raise (priced at 10c) in May 2022. Post-balance date, Lindian completed an additional $3m placement (priced at 20c) in August 2022 which leaves the Company well-funded to execute on its near-term development plans.

Also post year-end, Lindian announced the appointment of Mr Alistair Stephens as CEO. An experienced geologist with 35 years industry experience, Mr Stephens previously oversaw the growth of Arafura Resources Limited) from a $4m market cap to a $400m company.

Demand for rare earths is expected to increase exponentially over the medium term, underpinned by their core use-case in electric vehicles, smartphones and industrial applications. The Kangankunde deposit contains a carbonate intrusive that rises to 200m, with up to 700m of continuous mineralisation along strike at widths of 50m to 100m.

The project sits in close proximity to existing transportation infrastructure and is viewed by multiple analysts and industry professionals as one of the most highly prospective rare earths assets globally. With near-term funding in place, plans are now underway for surveying and drill work to commence before the end of CY2023, as the Company looks to capitalise on its exciting development opportunity.

Elsewhere during the period, Lindian consolidated its bauxite development strategy in Guinea where it's focused on the development of a leading multi-asset bauxite portfolio. In the Board's view, Lindian's three Guinea-based projects - Woula, Gaoual and Lelouma - can be developed to benefit directly from the broader infrastructure investments which have cemented Guinea's status as a major global bauxite exporter.

Longer term, the Lindian Board remains committed to a 'Northern Corridor' strategy in Guinea, moving its three multi-generational bauxite assets towards production with the requisite links to haul road and rail infrastructure.

During FY22 the Company also retained its interest in two bauxite projects - Lushoto and Pare, situated in Eastern Tanzania's Mozambique Belt where it previously completed the 51% Stage-1 acquisition of East African Bauxite Limited (the 100% owner of both projects).

With the addition of the Kangankunde project to its asset suite in Guinea, FY22 was a year in which Lindian established itself as one of the most exciting resource exploration companies on the ASX.

For the Company and its investors, FY23 presents a unique opportunity to capitalise on its potential in exploration and project development through strong operational and strategic execution.

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LINDIAN RESOURCES LTD

CHAIRMAN'S REPORT

For the year ended 30 June 2022

In that context, the Board remains committed to achieving those goals through skilled management hires, effective funding arrangements and strong corporate governance practices.

I thank Lindian shareholders for the ongoing support and look forward to providing more exciting updates as the Company develops its world-class asset portfolio.

Yours sincerely,

Asimwe Kabunga | Chairman

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