Lindian raises ~$6M from options exercise and underwriting following $100M placement Proactive uses images sourced from Shutterstock

Lindian Resources Ltd (ASX:LIN, OTC:LINIF) has raised about A$6 million through the exercise and underwriting of 17.3 million unlisted options that expired on April 3, 2026, leaving the company with no options on issue following their conversion.

About 14.42 million options were exercised by holders, while Petra Capital Pty Ltd underwrote the remaining 2.88 million options, contributing about A$1 million in gross proceeds at an exercise price of A$0.35 each.

The underwriting agreement is on standard commercial terms and includes customary termination events, including a 10% fall in the S&P/ASX 300 Index.

The options expired at 5pm WST on April 3, 2026, with settlement of shares under the underwriting agreement expected on April 14, 2026, and issue of those shares expected on or around the same date.

The proceeds from the options, together with cash at bank and its recent A$100 million institutional placement, will further strengthen the balance sheet.

The company plans to use the funds to complete Stage 1 of the Kangankunde Rare Earths Project and move it to first concentrate production and cash flow, while also supporting Stage 2 expansion and the SARECO MREC facility.

Lindian appoints Derek Bideshi CFO as Kangankunde development advances

With money in the bank, Lindian has strengthened its executive team with the appointment of mining finance executive Derek Bideshi as chief financial officer, as the company advances toward production at its flagship Kangankunde rare earths project in Malawi.

The appointment comes at a key stage for Lindian, with construction underway at Kangankunde and work progressing in parallel on its downstream processing strategy through SARECO as it builds toward becoming an integrated rare earths producer.

Bideshi is set to formally join the company on July 6 and brings more than 18 years of international experience across the mining and resources sector, including senior roles with Iluka Resources, South32 and BHP.

Lindian moves on Kazakhstan MREC plant deal to advance downstream strategy

Meanwhile, Lindian is seeking to secure downstream processing capability after signing a binding term sheet to acquire a controlling interest in an operating mixed rare earth carbonate (MREC) facility in Kazakhstan, an asset the company says could support commercial MREC production by Q4 2026.

Under the proposed structure, an incorporated joint venture would be established between Lindian, which would hold 51%, and local partner RA Group, with 49%, before acquiring 100% of the SARECO hydrometallurgical plant in Stepnogorsk.

The facility has previously operated under a joint venture between Sumitomo Corporation and Kazatomprom, giving it an established operating history.

The agreed acquisition price is US$15 million, with Lindian to contribute US$7.65 million and RA Group US$7.35 million.