Second Deep Drill Hole Intercepts 1,000 Metres Of Mineralisation Grading 2.6% Treo

HIGHLIGHTS

• 1,000 metres at 2.6% TREO in KGKDD009 with multiple standout intercepts including:
• • 805.26 metres @ 2.90% TREO from 152.85 metres, including
  • 652.41 metres @ 3.0% TREO from 347.59 metres to end of hole (EOH), ~700 metres below base of current resource estimate, including
  • 288 metres @ 3.5% TREO from 711 metres to EOH demonstrating higher grade mineralisation at depth
• Hole ends in high grade mineralisation
• The intersection extends about 700 metres vertically below the base of the Mineral Resource Estimate envelope reported in August 2023
• Average grade of rare earths critical metal elements neodymium-praseodymium (NdPr) of ~18.2% of TREO
• In addition to the results from the second deep drill hole, assay results have been received for KGKRCDD083 of 325 metres @2.49% TREO and averaging ~20% NdPr; this has provided valuable information on the undrilled western boundary of the carbonatite, showing that mineralisation extends further west than originally thought (see figure 3)
• The 2 deep holes drilled demonstrate the massive potential of the Kangankunde mineralised carbonatite system that remains open in all directions including depth
• A phase 3 drill program has commenced and is designed as an infill program to define a portion of the current resource as Indicated resources for mine development feasibility studies
• Results of the two deep drill holes will form the basis for an Exploration Target to be published in the near term
• Update on Kangankunde Stage One Project workstreams are pending.

Lindian's Executive Chairman, Asimwe Kabunga commented: "Kangankunde's scale continues to grow and this is attracting the interest of a number of parties seeking to secure offtake from our planned Stage 1 operation. While we continue to advance discussions with a number of parties our efforts are now firmly on mine development works with an update on progress due in the near future. Whilst some follow up exploration is warranted at Kangankunde, which we will do in parallel with mine development works, our immediate focus is infill drilling to support the first stage of mine development. We are well into this workstream and will report on results as we update shareholders on mine development."

Lindian's Chief Executive Officer, Alistair Stephens commented: "These assays from the second deep drill hole reinforce all of Kangankande's key characteristics - high grade mineralisation consistent across very thick intercepts, a favourable NdPr ratio and a non-radioactive concentrate for transportation. A standout from this hole is the very high grade mineralisation at depth, and the fact that the hole ended at 1,000 metres in mineralisation exceeding 3.2% TREO; This adds to Kangankunde's potential scale and the quality of its mineralisation. We will incorporate these results into our planned Exploration Target for Kangankunde."

SYDNEY, Sept. 17, 2023 - Lindian Resources Ltd. (ASX:LIN) ("Lindian" or "the Company") is pleased to advise of the receipt of assay results from KGKDD009, the second of two holes in the Phase 2 depth extension exploration drilling program, and drill hole KGKRCDD083, at the Kangankunde Rare Earths Project, Malawi.

These Phase 2 deep drill holes demonstrate mineralisation extends below the envelope of the maiden Minerals Resource Estimate of 261 million tonnes at 2.19% TREO (refer ASX release dated 3^rd August 2023).

Kangankunde Rare Earths Project Mineral Resource Above 0.5% TREO Cut-off Grade

Rounding has been applied to 1.0Mt for tonnes and 0.1% NdPr% of TREO which may influence total calculation. Refer competent persons statement * NdPr = Nd₂O₃ + Pr₆O₁₁, ** NdPrO% / TREO% x 100.

DRILLING RESULTS

Both holes reported in this release were planned to test the depth extensions of the mineralisation. KGKDD009 was successfully completed to its design dept of 1,000 metres. KGKRCDD083 was stopped at 325 metres due to excessive hole deviation. This hole was mineralised from surface and has provided valuable information on the undrilled western boundary of the carbonatite.

KGKDD009

Hole KGKDD009 is a core hole drilled from surface on the northern end of the Kangankunde rare earth deposit central carbonatite. The hole was drilled on an azimuth of 182 at a dip of -65 degrees and designed to test the northern mineralisation of the deposit to a vertical depth of over 1,000 metres below the hilltop surface and 700 metres below the current mineral resource estimate depth limit. (Figure 1).

The hole was collared toward the base of the Kangankunde hill. The hole intersected mineralised breccia from surface with the initial 64.82 metre intersection consisting of mixed gneiss and carbonatite breccia averaging 2.04% TREO. This interval was followed by 129.92 metres of wall rock gneiss breccia with intermittent narrow high-grade zones of carbonatite, as veins, or carbonatite clasts within the breccia and averages 1.06% TREO. From 194.74 metres down hole the rock type becomes dominantly carbonatite, initially as a mixed breccia with increasing carbonatite content and rare earth content with depth. This rock type is the main carbonatite core of the deposit and is highly mineralised, averaging 2.89% over 805.26 metre intersection to the end of hole (EOH). The grade increases in tenor and consistency with depth with the lower 288.08 metres from 711.92 metres to 1,000 metres (EOH) averaging 3.50% TREO.

Intersection details are listed in Table 1, and a cross section showing this hole with previously reported Phase 1 holes and the current MRE limit is shown in cross section Figure 1 and plan in Figure 3.

The variation in TREO grade relative to rock type and the increase in consistency and tenor of grade is demonstrated in Figure 2 below.

Table 1 KGKDD009 Intersections Summary

Bold text entire hole no cut-off applied; internal intersections accumulated based on geological zonation no cutoff applied.
** NdPrO = Nd₂O₃ + Pr₆O_11, *** NdPrO% / TREO% x 100

KGKRCDD083

KGKRCDD083 was planned to be drilled from west to east on an azimuth of 090 and dip of -50 degrees. The hole was terminated at 325 metres depth due to excessive hole deviation (Figure 3). This drilling included a 150 metre RC pre-collar that intersected a mineralised carbonatite wall rock breccia (mixed breccia) from surface (the pre-collar has been previously reported as 150 metres @ 2.41% TREO, refer ASX release dated 31 July 2023). This high-grade mineralisation has led to the western boundary of the mineralisation being extended 100 metres to the west of previous interpretation and was included in the current MRE. The core tail drilled from 150 to 325 metres (EOH) is mineralised in a mixed breccia and carbonatite rock types as bands including 132.51 metres at 2.84% TREO from 192.49 metres to EOH.

Table 2 KGKRCDD083 Assay intervals

Bold text entire hole no cut-off applied; internal intersections accumulated at > 2% TREO cut-off.
** NdPrO = Nd₂O₃ + Pr₆O_11, *** NdPrO% / TREO% x 100
**** Previousy reported

PHASE 2 PROGRAM STATUS

All results from the Phase 2 program have been received.

Table 3: Completed drill hole sampling and assay status at 18th September 2023

PHASE 3 DRILLING

A phase 3 drill program has commenced and is designed as an infill program to define a portion of the current Inferred Resource as Indicated resources for mine development feasibility studies.

This ASX announcement was authorised for release by the Board of Lindian Resources Ltd..

Competent Person's Statement

The information in this Report that relates to drilling, sampling, and assay results is based on information compiled by Mr. Alistair Stephens, who is a Fellow of the Australian Institute of Mining and Metallurgy (AusIMM). Mr. Stephens is the Chief Executive Officer of Lindian Resources Ltd.. Mr. Stephens has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves' (JORC Code). Mr. Stephens consents to the inclusion in this report of the matters based on the information in the form and context in which it appears.

Unless otherwise stated, where reference is made to previous releases of exploration results in this announcement, the Company conforms that it is not aware of any new information or data that materially affects the information included in those announcements and all material assumptions and technical parameters underpinning the exploration results included in those announcements continue to apply and have not materially changed.

The information in this report that relates to previous Exploration Results was prepared and first disclosed under the JORC Code 2012 and has been properly and extensively cross-referenced in the text to the date of the original announcement to the ASX.

The Competent Persons' consents remain in place for subsequent releases by the Company of the same information in the same form and context, until the consents are withdrawn or replaced by a subsequent report and accompanying consent. The Company is not aware of any new information or data that materially affects the information in the ASX announcement of 3 August 2023 originally referencing its resources estimate, and that all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed.

Forward Looking Statements

This announcement may include forward-looking statements, based on Lindian's expectations and beliefs concerning future events. Forward-looking statements are necessarily subject to risks, uncertainties and other factors, many of which are outside the control of Lindian, which could cause actual results to differ materially from such statements. Lindian makes no undertaking to subsequently update or revise the forward-looking statements made in this announcement, to reflect the circumstances or events after the date of the announcement.

About Lindian

RARE EARTHS

Lindian Resources Ltd. has ownership of Malawian registered Rift Valley Resource Developments Limited that has 100% title to Exploration Licence EPL0514/18R and Mining Licence MML0290/22, supported by an Environmental and Social Impact Assessment Licence No.2:10:16. In August 2023, Lindian released its maiden Mineral Resource Estimate (MRE) for the Kangankunde Rare Earths Project in Malawi of 261 million tonnes averaging 2.19% TREO above a 0.5% TREO, refer ASX announcement of 3 August 2023.

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SOURCE Lindian Resources