#1LINDIAN RESOURCES LTD. Developing Guinea's Highest Quality Bauxite Portfolio Q3 2021 | INVESTOR PRESENTATION 1#2IMPORTANT NOTICE LINDIAN RESOURCES LTD. This presentation is for information purposes only. Neither this presentation nor the information in it constitutes an offer, invitation or solicitation or recommendation in relation to the purchase or sale of shares in any jurisdiction. This presentation may not be distributed in any jurisdiction except in accordance with the legal requirements applicable in such jurisdiction. Recipients should inform themselves of the restrictions that apply in their jurisdiction. Failure to do so may result in a violation of rules in such a jurisdiction. This presentation does not constitute financial product advice and has been prepared without taking into account the recipient's investment objectives, financial circumstances or needs, the recommendations herein are not intended to represent recommendations of particular investments to particular persons. Recipients should seek professional advice when deciding if an investment is appropriate. All securities transactions involve risks which include (amongst others( the risk of adverse or unanticipated market, financial or political developments. FORWARD LOOKING STATEMENTS All statement other than statements of historical fact included in this announcement including, without limitation, statements regarding future plans and objectives of Lindian Resources Limited (Lindian) are forward looking statements. When used in this presentation, forward looking statements can be identified by words such as "may", "could", "believes", "estimates", "targets", "expects" or "intends" and other similar words that involve risks and uncertainties. These statements are based on an assessment of present economic and operating conditions, and on a number of assumptions regarding future events and actions that, as of the date of this announcement, are expected to take place. Such forward looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the control of the company, its directors and management that could cause Lindian's actual results to differ materially from the results expressed or anticipated in these statements. Lindian cannot and does not give any assurance that the results, performance or achievements expressed or implied by the forward looking statements contained in this announcement will actually occur and investors are cautioned not to place undue reliance on these forward looking statements. Lindian does not undertake to update or revise forward looking statements, or to publish prospective financial information in the future regardless of whether new information, future events or any other factors affect the information contained in this announcement, except where required by applicable law and stock exchange requirements. LINDIAN'S PROJECTS Refer to Lindian's ASX announcements dated 10 April 2019, 8 May 2019 & 15 July 2020 for full details of the option agreement and exploration results for the Gaoual Project. Refer to Lindian's ASX announcements dated 23 September 2020 relating to details for the proposed acquisition of the Lelouma and Woula Projects and the Mineral Resource Estimates for the Woula Project. Refer to Lindian's ASX announcements dated 6 October 2020 relating to details for the updated Mineral Resource Statement for the Lelouma Project. 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 and technical parameters underpinning the estimates continue to apply and have not materially changed. 2#3CORPORATE SNAPSHOT LINDIAN RESOURCES LTD. Company ASX Code LIN Asimwe Kabunga Share Price 1 2.1 cps Chairman Ordinary Shares on Issue 737 M Options on Issue 110 M Yves Occello Market Capitalisation (undiluted) -AUD $16.0 M Debt Nil Non Exec Director Substantial Shareholder Summary1 Kabunga Holdings Pty Ltd Ven Capital Pty Ltd Top 20 Shareholders Jack Fazio Non Exec Director Susan Park 10.73% 10.55% 60.75% Company Secretary ■ Tanzanian-born Australian entrepreneur ■ The key driver and architect of the company's strategy Major shareholder 45-year veteran of bauxite & alumina industry Previously Director of Technical Projects at Alcan & Rio Tinto Alcan. ■ Previous board member of CBG and Aluminium of Greece Highly experienced project, construction & commercial management professional ■ Successful project management and negotiations track record 24 years' experience in the corporate finance industry Extensive experience in Company Secretarial roles with ASX listed companies. 1 As of 19 July 2020 3#4THE INVESTMENT CASE LINDIAN RESOURCES LTD. The only ASX Listed Company with World Class assets in the Republic of Guinea World Class Projects with Scale Over 1 BILLION TONNES of HIGH QUALITY JORC (2012) compliant resources Screening test work indicates the Gaoual Conglomerate Bauxite project can produce the HIGHEST QUALITY BAUXITE in Guinea Premium Bauxite Province Access to Infrastructure Strong Market Fundamentals Guinea is the home of the world's HIGHEST QUALITY and LARGEST bauxite reserves SIGNIFICANT INVESTMENT over the last 10 years has transformed the state of the infrastructure in country Lindian has three KEY ASSETS in the "Northern Corridor" - a high grade bauxite corridor in Guinea Short Term Strategy focused on utilising existing infrastructure for LOW CAPITAL solutions for near term cashflow Long Term strategy for Lindian to develop own infrastructure with a port and rail solution for the "Northern Corridor" to unlock Lindian's WORLD CLASS portfolio with opportunity to access best proposed port location in Guinea Potential to become major infrastructure owner with port and rail development Bauxite is the KEY ORE in the production of ALUMINIUM Rapid depletion of global resources leading to focus on NEW, MASSIVE, HIGH QUALITY assets Lightweight and integral to renewable technologies: Aluminium is key to the future as global economies focus on becoming carbon neutral 4#5THE EMERGENCE OF GUINEA Guinea is to Bauxite what the Pilbara is to Iron Ore 17 MT 95% In 2014, bauxite exports from Guinea, were 17 MT1 and it was the fifth largest bauxite producer in the world In 2020, Guinean bauxite exports were -83 MT1, representing 95% of the total bauxite exports from Africa and it is the leading supplier into China, the world's largest importer of bauxite 1 Ministère des Mines et de la Géologie 2 www.crugroup.com 3 US Geological Society 100 LINDIAN RESOURCES LTD. GUINEA FAST FACTS: 1 The No.1 supplier of bauxite to China² 2 Largest Bauxite reserves globally³ Guinea Bauxite Exports (mt) 80 60 60 60 5 40 29 29 17 18 20 49 49 99 66 59 83 83 0 2014 2015 2016 2017 2018 2019 2020#6PROJECT SUMMARY & STRATEGY World Class Bauxite Portfolio Gaoual Project: Very high grade, unique conglomerate bauxite deposit SENEGAL WOULA PROJECT 19Mt @41.7% Al2O3, 3.2% SiO2 (Inferred) KOUNDARA GAOUAL PROJECT 83.8Mt (Indicated, >45% Al203 cut-off) (58.4% Al203, 2.8% SiO2 after screening) LINDIAN RESOURCES LTD. LELOUMA PROJECT [email protected]% Al203, 2.1% SiO2 (Measured + Indicated + Inferred) • Lelouma Project: "Tier 1" multi-generational deposit • Woula Project: Close to infrastructure: Low Capex, near term production Development Strategy ⚫ Near Term: Utilise existing infrastructure to bring Woula and Gaoual in to production and become cash generative Long Term: Develop own infrastructure to link together the portfolio and maximise the value of the resource base for all stakeholders Opportunity to generate further revenue by allowing access to third parties Lindian assets will focus on offtake agreements with refineries and trading groups who are looking to secure future production ☑☑ Atlantic Ocean 6 SMB (20Mt pa) KATOUGOUMA DAPILON DIAN DIAN GUINEA BISSAU GAC (Mt pa) BOKÉ Rusal (3Mtpa) CBG (13Mt pa) SANGARÉDI GAOUAL ☐ SMB (mine under construction) TÉLIMÉLÉ REPUBLIC OF KAMSAR KAMSAR Alufer (4Mt pa) FRIA AGC (unstated) Chalco (3Mt pa) BOFFA□ CAPE VERGA Lindian Resources Bauxite Exploration Licences Bauxite Mining Licences Bauxite Export Terminal Shiploader Operating Bauxite Mine Bauxite Mine (under construction) Bauxite Mine Haul Road Bulk Haulage Railway Bulk Haulage Railway (under construction) Main Road Secondary Road GUINEA BOFFA CBK (unstated) 父 KINDIA PITA DALABA □ 50 kilometres CONAKRY CONAKRY (PORT) 2000km FORÉCARIAH LABE MAMOU Guinea Africa#7NEAR TERM STRATEGY: THIRD PARTY INFRASTRUCTURE SMB Batafong Mining Area and existing mining infrastructure Woula Mining Areas New Haul Road 10km SMB Haul Road Legend Regional Roads Rail Mining Areas Woula - Research Permit Katougouma River Port Kilometers 0 2.75 5.5 11 16.5 22 Boke 600 000mE 父 620000mE Lindian Resources Bauxite Exploration Licences Bauxite Mining Licences Operating Bauxite Mine Bulk Haulage Railway Bulk Haulage Railway (under construction) Proposed Haul Road Road 640 000mE 660 000mE 680 000mE to Gaoual GAOUAL PROJECT 83.8Mt (indicated, >45% Al203 cut-off) (58.4% Al203, 2.8% SiO2 after screening) Gaoual Licence (Lindian) -1260000mN Rusal (3Mt pa) -1240 000mN Rusal GAC CBG CBG (13Mt pa) GAC (IMt pa) Henan 1200000mN Dapilon to Port CBG Railhead CBG Sangarédi SMB Q SMB (mine under construction) SMB Railhead AGC Proposed Haul Road LINDIAN RESOURCES LTD. 25 kilometres Télimélé The Woula Project is a low Capex, early production opportunity: ~10km from an existing haul road connecting to the bauxite export terminal of Katougouma The High-Grade Gaoual Conglomerate Bauxite Project is approximately 100km from the SMB and CBG railheads 7#8. LONG TERM STRATEGY: INFRASTRUCTURE DEVELOPMENT There are Three Major Bauxite Provinces in Guinea: Sangaredi: CBG, Rusal Dian Dian and GAC - Production since 1960s Boffa-Santou-Houda: Chalco and SMB - Production since 2019 Northern Corridor - A high grade bauxite province Significant infrastructure investment and development in Guinea have enabled Guinea to increase bauxite exports by over 350% in the last seven years from 17Mt in 2014 to 83Mt in 20201 • This has established Guinea as the main exporter of bauxite to China 15°0'0"W Legend Sangaredi: CBG, Rusal Dian Dian and GAC Boffa-Santou-Houda: SMB and Chalco Lindian Assets Woula 14°0'0"W Northern Corridor AMC CBG Dian-Dian CBG GAC 11'0'0'N- Dobali Henan Dapilon Kamsar Alufer Chalco Chalco SMB The Northern Corridor - proposed Dobali deep port and railway network access ⚫ Lindian has three key assets along the proposed route offering a complementary blend of close to coast, exceptionally high quality and massive resource for the long-term company strategy 1 Source: Republique de Guinée: Ministère des Mines et de la Géologie 8 0 15°0'0"W 25 50 14°0'0"W 100 Kilometers LINDIAN RESOURCES LTD. 13-00W Lelouma Gaoual SIERRA LEONE 13°0'0"W N 1100N#9GAOUAL HIGH GRADE 'CONGLOMERATE' PROJECT ⚫The Gaoual Project's Bouba Conglomerate Bauxite Plateau has a high grade tonnage of 83.8 Mt (45% Al2O3 Cut-off) A simple dry screening process reduced SiO2 significantly and increased Al2O3 in the high grade conglomerate samples, with minimal loss of tonnage. • Screening resulted in a product quality of 58.2% Al2O3 and 2.8% SiO2 This demonstrates that the Gaoual product is now the highest quality bauxite in Guinea Premium quality product offers the opportunity for longer trucking distances than other Guinean bauxite ⚫ The Bouba resources is at surface, with minimal overburden and readily mineable LINDIAN RESOURCES LTD. Resources (Mt) Cut-off (Al2O3 %) Grade (Al2O3 %) Grade (SiO2 %) Category High Grade Resource 83.8 >45 51.2 11.0% Indicated Total Resource 101.5 >40 49.8 11.5% Indicated Atlantic Ocean Table 1: Mineral Resource Estimate JORC (2012) - Gaoual Bauxite project 1 Sangarédi Gaoual RPLE X-21mm. Figure 1: Gaoual Project Location Figure 2: Conglomerate bauxite sample - Gaoual project 1 Refer to ASX release dated 15 July 2020 9#10MULTI-GENERATIONAL LELOUMA PROJECT Massive resource with significant high grade and very high grade zones The scale and quality of the Lelouma resource places it in the top tier of undeveloped bauxite projects globally and is comparable with other world- class assets in West Africa • Lelouma is located proximal to Lindian's Gaoual project offering infrastructure sharing synergies Lelouma project offers premium DSO product compared to benchmark Guinean bauxite (45% Al2O3 / 3% SiO2%) Previous owners spent >$10m defining. the high quality resource LINDIAN RESOURCES LTD. Resources Grade (Mt) (Al2O3%) Grade (SiO2 %) Category Cut-off (Al2O3%) High Grade Resources¹ 398 48.1 2.0% Measured + >45 Indicated 900 45.0 2.1% Measured + >40 Indicated + Inferred Total Resources Table 1: Mineral Resource Estimate JORC (2012) - Lelouma Bauxite Project 2 Classification Product Lelouma Guinea Lt CBIX benchmark 45% Al2O3 3% SiO2 Price USD/DMT CFR China $45/DMT Sangaredi High grade 48.1% Al2O3 $53/DMT Lelouma CBIX 2.0% SiO2 Value in Use ("ViU") equivalent Very high grade Lelouma 49.6% Al2O3 1.8% SiO2 $56/DMT Atlantic Ocean CBIX Value in Use ("ViU") equivalent Figure 1: Lelouma Project Location = Table 2: Indicative Bauxite Prices³ 1 Includes 115Mt @ 49.6% Al2O3 & 1.8% SiO2% 2 Refer to Lindian's ASX announcement dated 6 October 2020 relating to details for the updated Mineral Resource Statement 3 CBIX. CM Group. As at 16 July 2021 10#11LINDIAN RESOURCES LTD. Resources Cut-off Grade Grade Category (Mt) (Al2O3 %) (Al2O3 %) (SiO2 %) High Grade Resources 19.0 >40 41.7 3.2% Inferred Total Resources 64.0 >34 38.7 3.1% Inferred LOW CAPITAL WOULA PROJECT The Woula Bauxite Project is located in NE Guinea, proximal to the coast and existing haul road and the Katougouma river port Resource area is 10km from existing haul road Low capex, early production potential for Direct Shipping Ore ("DSO") Lindian currently defining parameters for scoping study Early test work (by SRK) supports the view that Woula Bauxite is almost entirely Gibbsite. Ideal for refineries utilising the low temperature Bayer process The majority of refineries in China are low temperature and shifting to convert high temperature plants to work at low temperatures Woula Atlantic Ocean Table 1: Mineral Resource Estimate JORC (2012) - Woula Bauxite Project¹ 1 See ASX announcement dated 22 October 2020 ("Lindian signs agreement to acquire 75% of Woula Project") Figure 1: Woula Project Location 11 Sangarédi SMB Batafong Mining Area and existing mining infrastructure Legend Regional Roads Rail Mining Areas Woula Research Permit Woula Mining Areas New Haul Road 10km SMB Haul Road Katougouma River Port Boke Kilometers 2.75 5.5 16.5 22 Figure 2: Proximal to Existing Infrastructure#12FOCUS ON KEY INFRASTRUCTURE REQUIREMENTS MOU: China Railway Seventh Group REG 中国中铁 Lindian has executed a Memorandum of Understanding ('MOU") with China Railway Seventh Group Co. Ltd ("CRSG"), a wholly owned subsidiary of state-owned enterprise (SOE) China Railway Group Limited CRSG is a major infrastructure construction company with proven success in infrastructure project delivery throughout Africa The MOU has been executed to determine an infrastructure solution and to accelerate development of Lindian's projects CRSG, through its affiliates and related entities and partners could facilitate in development financing and/or introducing offtake partners MOU: Government of Guinea . LINDIAN RESOURCES LTD. ⚫ Lindian's 75% owned infrastructure subsidiary Terminal Logistics & Holdings Pte Ltd (TLH) has entered a Memorandum of Understanding (MOU) with the Guinean Government regarding the potential exploration and joint development of the Port of Dobali and the associated logistics corridor in Guinea • Under the MOU, TLH has agreed to commence technical and economic studies into the development of the Dobali port, including conducting marine bathymetry studies, seismic surveys as well as environmental and social impact studies The Guinean Government has agreed to make all relevant technical information and data available to LTH, as well as to provide all reasonable assistance in regards to the authorisations and approvals required to develop the project 12#13DOBALI PORT Potential to be Premier Export Location in Guinea • ⚫ It represents the best location to construct a deep water bauxite export terminal in Guinea 1210 000mN -1200 000mN Initial bathymetric data indicates the ability to load the largest, most efficient transhipment vessels (40kt) or Panamax vessels Hard rock onshore geotechnical conditions are favourable for infrastructure development -1190 000mN -1180 000mN The Rio Nunez estuary (Katougouma, Dapilon, Dian Dian & Kamsar ports) is highly congested and controlled by majors • Dobali Port offers high volume loading and a viable alternative to the congested Rio Nunez. -1 170 000mN - 1160 000mN 13 510 000mE 520000mE 530 000mE 540 000mE 550 000mE MARINE SURVEY PORT SURVEY AREA AREA ->13m 13m Dobali PROPOSED DEVELOPMENT PORT 10 kilometres 1150 000mN LINDIAN RESOURCES LTD. Kamsar (Port) Dapilon (Port) Kanfarande Dian Dian (Port) Katougouma (Port) Pa#14NEAR-TERM VALUE CATALYSTS AND CURRENT ACTIVITY LINDIAN RESOURCES LTD. Third parties continuing test work on Gaoual Conglomerate Bauxite - significant interest being expressed in the project Off-take agreements being pursued with in- country operators Assessing 'truck and shovel' with simple screening operation for Gaoual Conglomerate Bauxite Project Supply to established producers in Guinea that are seeking higher grade ore to blend with their existing product CRSG MOU advancing with both parties working towards numerous project development solutions 600 000mE -1260000mN -1240000mN Henan 620 000mE 640 000mE 660 000mE 680 000mE to Gaoual Lindian Resources Bauxite Exploration Licences Bauxite Mining Licences Operating Bauxite Mine Bulk Haulage Railway Bulk Haulage Railway (under construction) Proposed Haul Road Road Rusal (3Mt pa) Rusal GAC CBG CBG (13Mt pa) GAC (Mt pa) to 1200000mN Dapilon Port CBG Railhead GAOUAL PROJECT 83.8Mt (Indicated, >45% Al203 cut-off) (58.4% Al203, 2.8% SiO2 after screening) CBG Sangarédi SMB SMB Railhead SMB (mine under construction) AGC Proposed Haul Road Gaoual Licence (Lindian) 25 kilometres Télimélé 14#15. HIGH QUALITY ASSETS IN A HIGH GROWTH INDUSTRY ⚫ World class bauxite projects with scale . Premier bauxite mining jurisdiction Woula Project Access to existing bulk logistics infrastructure for early low CAPEX production Opportunity to develop port and rail infrastructure business leveraging Lindian's world class bauxite project portfolio • Increasing global demand for bauxite to produce lightweight aluminium for a low carbon future SMB Haul Road Katougouma River Port Kamsar • Experienced board and management Boke Sangaredi CBG Rail 0 15 30 60 90 15 Boffa Kilometers 120 Fria Gaoual Project LINDIAN RESOURCES LTD. Lelouma Project#16APPENDIX MARKET OUTLOOK LINDIAN RESOURCES LTD. 16#17BAUXITE AND THE ALUMINIUM INDUSTRY Bauxite Overview ⚫ Bauxite ore is the world's primary source of aluminium. Bauxite is a rock formed from a reddish clay material called laterite soil and is most commonly found in tropical or subtropical regions • Bauxite is primarily comprised of aluminium oxide compounds (alumina), silica, iron oxides and titanium dioxide Bauxite is processed in an alumina refinery to produce alumina before being taken to an aluminium smelter The main drivers of value within bauxite are the alumina (Al2O3) content and silica (SiO2) content The alumina content is required to be as high as possible to minimise the number of tonnes that need to be transported and processed The silica content is required to be as low as possible as this impacts the amount of alumina that is extractable. and also caustic soda consumption which is the most expensive input in to the process LINDIAN RESOURCES LTD. Guinea Bauxite Low Temperature CIF Index (USD/DMT)1 47 46 45 44 43 42 41 40 39 38 Jan-21 Feb-21 Mar-21 Apr-21 May-211 Bauxite to Aluminium: 101 Jun-211 Jul-21 Bauxite (5t) Alumina Aluminium (2t) (1t) 1 Source: CBIX, CM Group 2 Source: The Aluminum Association 17#18ALUMINIUM: KEY TO A GREEN FUTURE • Green Investment forecast to reach US$16 trillion to 20301 Aluminium has applications in almost all technologies for a green future Wind Solar Concentrating photovoltaic solar power Carbon capture and Nuclear power Light emitting diodes Electric vehicles Energy storage Electric motors storage Aluminium ✗ ✗ Chromium ✗ ✗ ✗ Cobalt ✗ ✗ ✗ Copper ✗ X Х ✗ Indium ✗ ✗ Lead ✗ Manganese ✗ Х Molybdenum X Х X Rare Earths ✗ Nickel X ✗ X Silver ✗ ✗ ✗ ✗ Steel ✗ 1 https://www.bloomberg.com/news/articles/2020-06-17/goldman-sees-16-trillion-opening-as-renewables-pass-oil-and-gas 18 LINDIAN RESOURCES LTD.#19CHINA IS KEY TO THE ALUMINIUM INDUSTRY Alumina Production 140,000 120,000 100,000 80,000 60,000 40,000 20,000 Aluminium Production Aluminium Production by Region (kt) Alumina Production by Region (kt) 70,000 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 ROW China Source: World Aluminium Institute 19 60,000 50,000 40,000 30,000 20,000 10,000 LINDIAN RESOURCES LTD. 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 ROW China#202015 009 50 2016 Buaxite (mln dmt) 100 10 150 2017 2018 2019 2020 200 2021 250 Actual Forecast Capacity to Supply CHINA BAUXITE: SUPPLY AND DEMAND China's Imported Bauxite Supply Guinea supply is forecast to continue to grow with more. new projects required China's Bauxite Demand LINDIAN RESOURCES LTD. • Overall demand forecast to grow in China on back of domestic bauxite grade depletion and continued primary Al production growth 2022 Source: CM Group, CRU World Aluminium Conference Series 2021, Alumina Limited Presentation 16 June 2021 2023 2024 2025 Other Solomon Islands Vietnam 200 Malaysia Jamaica Indonesia India Guyana Guinea Ghana ■Fiji Dominican Republic Brazil Australia 20 20 150 China Bauxite Demand (mln dmt) 50 100 250 0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Domestic Imported Forecast#21ENDS- For further information lindianresources.com.au LINDIAN RESOURCES LTD. 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