Kangankunde: a world-class rare earths asset.
The Kangankunde Rare Earths Project is Lindian’s flagship asset, located in Malawi – a stable, mining-friendly jurisdiction in southeastern Africa.
Kangankunde hosts a globally significant rare earth resource with exceptionally low levels of uranium and thorium, making it uniquely attractive for downstream processing. The deposit contains a consistently high NdPr ratio, positioning it as a strategic supplier of monazite concentrate used in electric vehicles, wind turbines, robotics and other advanced technologies.
The project is fully funded for Stage 1 development, with all key approvals in place. Construction works are progressing at pace, including civil works, site establishment and procurement of Stage 1 processing infrastructure, as the Company advances toward first production in Q4 2026.
Mineral Resource Estimate
In May 2024, Lindian upgraded the Project’s Mineral Resource Estimate¹. This upgraded Mineral Resource Estimate supported the maiden Ore Reserve announced on 1 July 2024.
The upgraded Mineral Resource Estimate now includes 61 Mt in the indicated category at a 2.43% TREO grade (0.5% TREO cut-off). The Indicated resource includes a higher-grade component of 25 Mt grading 3.26% TREO (2.5% TREO cut-off grade) and 300,000 tonnes of neodymium-praseodymium (NdPr) with NdPr averaging 20.2% of TREO.
| Category | Tonnage (Millions) | TREO Grade (%) | NdPR % of TREO** | Tonnes Contained NdPr* (kt) |
|---|---|---|---|---|
| Indicated | 61 | 2.43 | 20.1 | 298 |
| Inferred | 200 | 2.05 | 20.4 | 834 |
| Total | 261 | 2.14 | 20.3 | 1,132 |
Ore Reserve
In July 2024, Lindian released the Project’s maiden Ore Reserve. The Ore Reserves are in accordance with JORC 2012 and estimated at 23.7 Mt of Ore Reserves at a grade of 2.9% TREO, based on a cut-off grade of 1.00% TREO. All of the Ore Reserve is within the Probable category.
| Category | Ore Tonnes (Mt) | TREO Grade (%) | NdPR % of TREO** | Tonnes Contained NdPr* (kt) |
|---|---|---|---|---|
| Proved | - | - | - | - |
| Probable | 23.7 | 2.9 | 19.7 | 676 |
| Total | 23.7 | 2.9 | 19.7 | 676 |
Stage 1.
Kangankunde’s Stage 1 development focuses on a scalable, technically robust operation that can deliver high-grade rare earth monazite concentrate quickly and efficiently.
20,000 tpa concentrate produced
(~US$40M), delivering sector-leading capital efficiency
Streamlining future expansion and downstream upgrade
Enables low-cost processing and high recovery
Long-term strategic partnership with Iluka Resources
Stage 2.
Following initial concentrate production, Lindian is progressing a Stage 2 expansion at Kangankunde concurrently with Stage 1 development to increase overall production capacity. The Stage 2 Mining Licence is already in place, providing a clear regulatory pathway for expansion. This next phase includes:
Additional 100,000 tpa concentrate targeted
Stage 2 Mining Licence expanded from 900 to 2,500 hectares - approval granted in August 2025
Stage 2 studies currently underway
Advancing Stage 2 in parallel with Stage 1 development to support increased production capacity
Investigating downstream value additions
A mining-friendly jurisdiction with strategic advantages.
Malawi is fast emerging as a favourable destination for critical mineral development – offering the stability, government support and geology needed to host world-class rare earths projects like Kangankunde.
Key strengths include:
Supportive government and permitting pathway
Kangankunde is fully permitted with strong in-country government support and a streamlined mining approvals process.
Proximity to key infrastructure and export corridors
The project is well-positioned near sealed roads and established transport routes to Nacala (Mozambique).
Stable legal and regulatory framework
Malawi’s mining legislation is clear, transparent, and structured to attract responsible investment in resource development.
Skilled and locally engaged workforce
Lindian draws on a growing pool of Malawian professionals, contractors and community partners – supporting economic empowerment and local content.
Growing recognition as a rare earths jurisdiction
With global demand rising and supply diversification becoming a priority, Malawi is gaining visibility as a secure and strategic source of critical minerals.
A strategic asset entering its development phase
Kangankunde is widely recognised as one of the world’s most exciting rare earths projects – and one of Malawi’s most significant critical minerals developments to date.
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