Highlights

• Lindian Resources (ASX: LIN) has commenced a 650m drilling program at North Knoll, 800m north of Kangankunde's main resource.
• The drilling targets high-grade rare earth zones with 2.07-7.15% Total Rare Earth Oxides (TREO) and approximately 21% NdPr/TREO to potentially enhance Stage 1 mine economics.
• Kangankunde hosts 261Mt at 2.14% TREO with a 23.7Mt Probable Ore Reserve, positioning it as a strategic non-Chinese NdPr supplier.
• Stage 1 of the project is fully funded through a partnership with Iluka Resources and a A$91.5m placement.
• LIN shares trade at A$0.365, with 280-370% one-year gains and an approximately A$600m market cap.
• Investors await Q2 2026 assays to determine if North Knoll can materially improve project NPV or simply add optionality to the development timeline.

---

Lindian Resources (opens in a new tab) (ASX: LIN) has moved the drill rigs back onto Kangankunde, launching a nine-hole, ~650 m core program at the high-grade North Knoll target, about 800 m north of the main Central Carbonatite resource in Malawi.

Rock-chip samples from ferroan dolomite carbonatite lenses have previously returned 2.07–7.15% TREO with ~21% NdPr/TREO, in line with the core deposit—hence management’s hope that North Knoll can become additional high-grade starter feed for Stage 1.

The program is designed to test down-dip and along-strike continuity, generate data for future resource updates, and potentially bring more high-grade tonnes into the first five years of the mine plan. First assays are not expected until Q2 2026, a reminder that this is an early step-out, not an imminent resource upgrade.

Kangankunde in the Global NdPr Race

Kangankunde already hosts 261 Mt at 2.14% TREO with ~20.3% NdPr/TREO, plus a Probable Ore Reserve of 23.7 Mt at 2.9% TREO, positioning it as one of the larger undeveloped NdPr-rich systems outside China.

Stage 1 is fully funded following a strategic financing and offtake framework with Iluka Resources and an A$91.5 m placement, with early works underway.

If North Knoll proves continuous at depth and near infrastructure, it could sharpen early-life economics by lowering unit mining costs and increasing scheduling flexibility. For U.S. and allied supply-chain planners, that is significant: Kangankunde is part of the small club of potential ex-China NdPr suppliers. What remains unclear is how much material ultimately flows into Western magnet capacity versus being absorbed in regional or Chinese-linked channels.

Investor Lens: Hot Stock, Cold Data Gap

LIN trades around A$0.365, near the mid-upper end of its A$0.075–0.437 52-week range, with a market cap just under A$600 m and a one-year share price gain of roughly 280–370%, depending on the measure. Technicals show a strong uptrend and neutral RSI in the mid-50s, suggesting consolidation after a big rerate rather than a blow-off top. Fundamentally, Lindian remains pre-revenue with negative EPS and development risk, but anchored by a large, high-grade resource and funding in place for Stage 1.

Key unanswered questions for investors:

• How much incremental high-grade tonnage can North Knoll realistically add to early mine years?
• Will new drilling materially change the NPV and payback profile of Stage 1, or simply add optionality?
• How will country risk, execution risk, and future NdPr prices interact with a now-stretched valuation?

Our assessment

The announcement is directionally positive and consistent with Lindian’s stated strategy—but until assays and a resource update arrive, North Knoll remains potential, not yet value.

© 2025 Rare Earth Exchanges™ – Accelerating Transparency, Accuracy, and Insight Across the Rare Earth & Critical Minerals Supply Chain.