Linde

Construction and strategic initiatives at Lindian Resources Ltd’s flagship Kangankunde Rare Earths Project in Malawi continued apace during the March quarter. The company, which is positioning itself to play a pivotal role in the global critical minerals supply chain, closed out the quarter with A$4.2 million in cash and continued to assess multiple funding and offtake proposals for the project, following the execution of a US$50 million non-binding term sheet with Gerald Group in late 2024. With a strengthened team, secured funding pipeline, and active project delivery, Lindian remains on track to bring Kangankunde into production by 2026. Key infrastructure works progressed during the quarter, with leading European contractor Mota-Engil commencing construction on the site access road, which is now well ahead of schedule. Completed works include preparation of plant processing and storage areas, equipment laydown zones and administrative facilities. Lindian has also engaged local communities in workforce training and support programs to enhance socio-economic benefits in the region. Downstream testwork has commenced with the Australian Nuclear Science and Technology Organisation (ANSTO), validating the high-grade monazite concentrate from Kangankunde and evaluating pathways for producing a Mixed Rare Earth Carbonate (MREC). This testwork will inform future development scenarios, enhance offtake readiness and help secure strategic investment. The company also regained full ownership of the Lelouma Bauxite Project in Guinea after resolving a dispute over milestone obligations. While Kangankunde remains its focus, Lindian also intends to advance the 900 million tonne Lelouma asset through dedicated in-country management. Leadership was bolstered with the appointments of a new CFO, project director and the formation of a Project Delivery and Technical Committee. Site construction manager Daniel Britz and strategic financial advisor Henk Ludik were also appointed to accelerate project execution and financing activities. Cash outflows during the quarter totalled A$1.55 million for operations and A$1.08 million for capital and exploration, reflecting a significant drop from prior quarters. During the March quarter, Peninsula Energy Ltd continued its efforts to commission the Central Processing Plant (CPP) at the Lance Uranium Project in Wyoming. Adverse weather and supply chain disruptions delayed final commissioning, now expected in the June quarter. Production of dry yellowcake is targeted before the end of June 2025. The company maintained uranium capture, with 5,975 pounds loaded onto resin. However, output was constrained by limited storage capacity while the CPP remained offline. Construction advanced across the wellfield, with Header House 12 nearing completion and pre-conditioning ongoing at Header House 11. Flow rates at Mine Unit 1 were lower than expected due to cold weather but are forecast to improve. A Dissolved Air Filtration system was commissioned to handle elevated solids, if required. Permitting also progressed, with the Kendrick area added to the Permit to Mine and a Source Materials License amendment under review. No Lost Time Injuries were recorded during the quarter across Peninsula’s Lance Project operations. A total of 97,098 hours were worked without incident, reflecting a strong safety culture. One minor environmental incident occurred—a mining solution spill at Mine Unit 3 due to faulty connections during final commissioning of Header House 11. The spill was contained on site with minimal remediation required and was promptly reported to the Wyoming Department of Environmental Quality. Peninsula continues to place a strong emphasis on safe and environmentally responsible operations as the project ramps up production. The proactive commissioning of filtration infrastructure, readiness for resin storage during delays, and adaptive planning underscore the company’s commitment to operational discipline amid schedule pressures and regulatory compliance. During the quarter, George Bauk formally commenced his role as managing director and chief executive officer, having been appointed in November 2024. Bauk brings three decades of leadership across uranium and critical mineral sectors and has been actively involved onsite in reviewing the production model and overseeing commissioning. Additionally, Jitu Bhudia was appointed CFO, bringing extensive ASX experience in capital management and governance. The company also completed its unmarketable parcel share sale facility, streamlining its shareholder base by selling 629,429 shares held by over 5,300 shareholders at an average price of A$0.855. No uranium sales were made during the quarter, but the company held an inventory of 15,182 pounds of yellowcake. Peninsula ended the quarter with US$24 million in cash, and continues to explore funding options to support its production ramp-up. Post-quarter developments and strategic response Following quarter-end, Peninsula appointed David Coyne as interim non-executive chairman, following the retirement of John Harrison. Coyne brings over 30 years of experience in mining finance and strategy. Additionally, Wayne Heili concluded his role with the company on April 25, 2025. Shares were suspended from quotation on April 23,, as the company works to update production guidance and address concerns around contract delivery and funding. To mitigate supply risks, Peninsula secured 200,000 pounds of uranium for June delivery through the spot market at a cost of US$1.5 million, significantly below the provisioned US$4.6 million. The company remains focused on finalising a revised production plan, improving operational readiness, and positioning itself as an independent uranium producer.» Mehr auf proactiveinvestors.com

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