Strategic Partnership Between Lindian and Carester for Oxide Separation Development

Perth, Australia, September 4, 2026 — Lindian Resources Limited (ASX: LIN) has made a significant announcement regarding a strategic partnership aimed at enhancing the technique of rare earth oxide separation. This agreement involves a long-term technology and engineering services contract with Carester SAS, a leading player in the rare earth processing sector, to develop a solvent extraction and separation facility located in Stepnogorsk, Kazakhstan.

Key Highlights

1. ### New Solvent Extraction Facility
Lindian and Carester are embarking on a Definitive Feasibility Study (DFS) for a solvent extraction (SX) facility that is projected to have an annual capacity of 8,000 tons of rare earth oxides (REO). The completion of the DFS is expected by the fourth quarter of 2026, thereby setting the stage for a new era in rare earth extraction and separation.

2. ### Long-Term Off-Take Agreement
As part of this partnership, a binding long-term off-take agreement has been established lasting up to 20 years. This agreement includes an initial term of 10 years, with options for two five-year extensions. Lindian will supply approximately 70% of the mixed heavy rare earth concentrate (SEGH) to the Caremag refinery in Lacq, France. This refinery has already secured considerable backing from the French and Japanese governments.

3. ### Competitive Pricing Structures
The pricing for both the SEGH and mixed heavy rare earth carbonate (MHREC) will be closely aligned with market prices achieved by Carester and indexed to prices set by governments for rare earth magnets produced at Caremag. Current expectations predict significant upward trends for rare earth prices, including dysprosium, terbium, and yttrium.

4. ### Unique Value Proposition
By integrating the entire mining-to-oxide process, Lindian enhances its competitive edge significantly. The project not only aims to produce high-value rare earth products but also supports a vertical integration strategy by transforming high-quality monazite concentrate from the Kangankunde project into desirable neodymium (Nd) and praseodymium (Pr) oxides.

5. ### Robust Support from the Kazakhstan Government
The government of Kazakhstan is strongly backing this rare earth separation project, recognizing its strategic importance. The Ministry of Industry and Construction has committed to supporting the development to bolster Kazakhstan's ambitions within the rare earth sector.

Future Prospects

The SX facility is designed to provide multiple inputs, including the Processing Liquor Solution (PLS) from SARECO and compatible third-party MREC supplies. This flexibility allows for significant scalability, positioning Lindian to explore varied sources of rare earth materials in Kazakhstan and beyond.

The establishment of this facility and the partnerships with skilled specialists like Carester mark the next major phase in Lindian’s strategy to create a fully integrated value chain for rare earths. With increasing global demand for rare earth materials, notably for applications in high-performance permanent magnets used in technology sectors ranging from electric vehicles to renewable energy, the focus on enhancing production capacity and sustainability has never been clearer.

Lindian's Executive Chairman, Robert Martin, noted that the agreement with Carester signifies a pivotal shift towards downstream operations that will enable the company to tap into new markets and fully capitalize on the rare earth materials produced. In alignment with this, Carester’s President, Frédéric Carencotte, expressed optimism about the strategic collaboration supporting the development of a diversified and secure rare earth industry at a time of growing resource demand.

Conclusion

Lindian Resources, in partnership with Carester, aims to revolutionize oxide separation technology within the rare earth materials market, contributing substantially to both companies' growth trajectories and positioning Kazakhstan as a key player in the global supply chain for these critical materials. As they move forward with the construction of the SX facility, the companies plan to keep investors informed through updates, fostering transparency and confidence in their strategic vision.