Lindian Resources Jumps 14% After Locking in Major Rare Earths Offtake

Lindian Resources advanced its rare earths business through new customer agreements, mining progress, processing developments and stronger supply commitments ahead of planned production.

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Lindian Resources Limited (ASX: LIN) released an announcement on 10 November 2026 about reaching an offtake agreement of 30,000 dmt of monazite concentrate from its Kangankunde Project in Malawi. The deal will include the 10,000 dmt for Stage 1 and 20,000 dmt annually for Stage 2. Deliveries will begin in January 2027 at the Nacala Port. The concentrate has a 55% Total Rare Earth Oxide (TREO) grade, low uranium and thorium levels and no deleterious elements. Pricing is market linked including freight and insurance with further upside from rare earth price increases.

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The new agreement adds to Lindian's existing arrangements with Iluka Resources in Australia and Carester SAS in France. Iluka will purchase 6,000 dmt per annum of Kangankunde concentrate for approximately 15 years, with a further 15-year extension option and a floor price. The material will supply the Eneabba Rare Earths Refinery in Western Australia. Carester will purchase 70% of SARECO's SEGH production for an initial ten years, with two five-year extension options, and holds a right of first refusal over 70% of Mixed Heavy Rare Earths Carbonate production. Its material will supply the Caremag refinery in France, supported by €216 million in French and Japanese funding. Around 4,000 dmt per annum of Stage 1 concentrate is retained for internal SARECO processing. Stage 2 allocations have reached 45,000 dmt, while discussions continue with North American manufacturers and refineries.

Mining and Construction

On 26 October 2026, Lindian released its Quarterly Activities Report for the period ended 30 September 2026. At Kangankunde, the first production blast was completed. Stage 1 plant construction progressed across mechanical, piping, electrical and instrumentation works. Tailings storage facility bulk earthworks were completed while the 33kV powerline was finished ahead of site energisation. Work also continued on Stage 2 feasibility studies, resource drilling, engineering and infrastructure development.

Processing and Cash

ANSTO completed downstream testing, achieving 98% NdPr extraction, 96% TREY extraction and 96% overall NdPr recovery. The final MREC was certified exempt from radioactive transport and handling requirements. Lindian secured 100% ownership of the SARECO MREC Processing Facility in Stepnogorsk, Kazakhstan, gaining full operational and marketing control. Carester and Tetra Tech are advancing a feasibility study for an 8,000 tonnes per annum REO processing facility. The company also secured an exclusive option for 13,389 tonnes of Aktau feedstock and a 12-month exclusive pathway to acquire another 15,000–20,000 tonnes containing dysprosium, terbium and yttrium. Lindian ended the quarter with $45 million in cash and $17 million in undrawn finance and working capital facilities and taking total liquidity to $62 million.

(Source: Company Report)