LINDIAN RESOURCES LIMITED — Capital/Financing Update 2021

Sep 6, 2021

ASX ANNOUNCEMENT 7 SEPTEMBER 2021

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UPDATE ON GUINEA BAUXITE PROJECTS

Lindian Resources Limited (ASX:LIN) (‘Lindian’ or ‘the Company’) provides this update to shareholders and its other stakeholders regarding the current political situation in the Republic of Guinea.

The Company confirms that its contractors and in-country employees are safe and continue to go about their daily business. The Company is continuing to advance its three bauxite exploration and development projects – Woula, Gaoual and Lelouma and will continue to engage with the relevant government departments.

Whilst the current situation is fluid, the National Committee for Reorientation and Development (‘CNRD’) confirmed the following in a publicised statement overnight:

“The CNRD intends to reassure the economic and financial partners of the normal pursuit of activities in the country. Mining companies are asked to continue their activities. To this end, maritime borders remain open for export activities of mining products. The curfew in mining areas has been lifted to ensure the continuity of production. The Committee reassures the partners that it will respect all its obligations related to mining agreements and reiterates its commitment to promote foreign investment in our country.”

The Company is encouraged by the public statements and is working proactively on a number of material developments to unlock the value of its assets in Guinea. As the current situation evolves, Lindian will continue to update shareholders and its other stakeholders on any material developments. Lindian holds a controlling interest in three highly prospective bauxite projects in Guinea namely:

	Mineral Resource Estimate	Comment
	(JORC 2012)
Woula Project	19.0 Mt @ 41.7% Al2O3 & 3.2% SiO2
Gaoual Project	101.5 Mt @ 49.8% Al2O3 & 11.5% SiO2	Simple screening can reduce SiO2 significantly (to 2.8% SiO2) and raised Al2O3 (to 58.4%)
Lelouma Project	900 Mt @ 45.0% Al2O3 & 2.1% SiO2	High Grade Portion - 398 Mt @ 48.1% Al2O3 & 2.0% SiO2

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

For further information, please contact:

Asimwe Kabunga Chairman

Phone : +61 8 6557 8838 Email : info@lindianresources.com.au www.lindianresources.com.au

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Follow @ASXLindian on Twitter

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Level 24 108 St Georges Terrace Perth WA 6000 Australia

Chairman

Asimwe Kabunga

Non Executive Directors Giacomo (Jack) Fazio Yves Occello

Company Secretary Susan Park

T : +61 8 6557 8838 E : info@lindianresources.com.au

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Enquiries regarding this 1 announcement can be directed to: Asimwe Kabunga

ASX :LIN www.lindianresources.com.au

ASX RELEASE

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ABOUT LINDIAN RESOURCES LIMITED Lindian Resources Limited (“Lindian”) is a bauxite focused exploration company listed on the Australian Stock Exchange under the ASX code LIN.

The combination of assets offers the opportunity for near term production via the Woula Project while simultaneously advancing the larger, multi-generational bauxite assets, the very high grade Conglomerate Bauxite Gaoual Project and the world class Tier 1 Lelouma Project.

Company Highlights

• Very high quality product available from Gaoual Project ( 58.4% Al2O3 & 2.8% SiO2 )

• ~1Bt of high quality (JORC 2012) resources.

• Strategic landholding in the premier bauxite province

• 95% of African bauxite exports are from Guinea

• Guinea the no.1 exporter to China

• 7 bauxite export terminals in Guinea

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Figure 1 – Lindian Project Location Map[1]

GAOUAL PROJECT SCREENING TEST WORKS

Screening test work results from the Bouba Conglomerate Bauxite Plateau within the Gaoual Project confirmed that a simple screening process reduced SiO2 significantly (to 2.8% SiO2 ) and raised Al2O3 ( to 58.4%) in the conglomerate samples, with minimal loss of tonnage.

The Gaoual Project’s Bouba Conglomerate Bauxite Plateau has a high grade tonnage of 83.8 Mt[1] (45% Al2O3 Cut off grade – indicated category) which has the capacity to have the ore quality significantly upgraded using a simple screening process.

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ASX RELEASE

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Table 1 – Geochemical Analysis of the Coarse and Fine-Grained Screening Fractions – High Grade[1 ]

	Resources (Mt)	Cut-off (Al2O3 %)	Grade (Al2O3 %)	Grade (SiO2 %)	Category
Lelouma Project
High Grade Resources	398	>45	48.1	2.0	Measured + Indicated
Total Lelouma Resources 900 >40 45.0 2.1 Measured + Ind.+ Inf. Gaoual Project
High Grade Resources	83.8	>45	51.2	11.0%	Indicated
Total Gaoual Resources 101.5 >40 49.8 11.5% Indicated Woula Project
High Grade Resources	19.0	>40	41.7	3.2%	Inferred
Total Woula Resources 64.0 >34 38.7 3.1% Inferred TOTAL RESOURCES 1,065 Mt

Table 2 – Lindian Bauxite Projects – Mineral Resource Estimate (JORC 2012) Summary[1 ]

Lindian also has two bauxite licenses in Tanzania at Lushoto and Pare, which are currently at an early stage, but offer geographical diversification within the Company’s bauxite portfolio. The Company also holds a number of early-stage gold licences in Tanzania, which are currently under review.

The Company’s strategy is to develop projects that meet international standards of environmental compliance, create benefits for the local communities and deliver strong returns for the Company’s shareholders.

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The Company confirms that it is not aware of any new information or data that materially affects the information included in this document and that all material assumptions

1 Refer ASX releases dated 15 July 2020 (Gaoual Project), 23 September (Woula Project), and 6 October 2020 (Lelouma Project) for full details of Mineral Resources Estimates and 19 January 2021 for Gaoual screening test work results.

and technical parameters underpinning the estimates continue to apply and have not materially changed.

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