Lindian Resources Ltd (ASX:LIN, OTC:LINIF) Ltd has bolstered its cash position by A$1.65 million through a combination of option conversions and a government tax incentive refund.
The company received A$1.2 million from the exercise of 10 million unlisted options, priced at A$0.12 per share.
Lindian was also granted A$448,753 under the Australian Federal Government’s Research and Development (R&D) Tax Incentive Program. The refund pertains to process development and metallurgical test work aimed at enhancing the beneficiation of rare earth minerals from its flagship Kangankunde Rare Earths Project in Malawi.
Lindian advances construction at Kangankunde project
Lindian continues to advance development work at Kangankunde.
The company is currently advancing construction at its flagship Kangankunde Rare Earths Project in Malawi, with key development activities underway and major contract awards imminent.
Construction of haul roads servicing Pit 1 and Pit 2 has begun, alongside progress on critical infrastructure, including solar power and site security facilities.
Read more: Lindian advances Kangankunde construction and strengthens site leadership
The company is also set to award contracts for mining operations, power infrastructure, and the design and construction of the processing plant in the coming weeks.
To support the project’s next phase, Lindian has strengthened its on-ground execution capacity through a series of strategic personnel appointments.