Interesting what some think this is worth

Lindian Resources Limited (LIN) - Project advancing with milestone road contract Lindian Resources’ (LIN) Kangankunde Rare Earths Project in Malawi (Figure 1) ranks amongst the biggest and highest grade undeveloped rare earth assets globally. Fully permitted to commence operations, and with a non-binding US$50m funding package from offtake partner Gerald Group, LIN has commenced Non-Processing Infrastructure (NPI) work with the award of a site access road contract to leading European construction group Mota-Engil. While the current soft REO price environment remains weak near term (Figs. 2-3), we believe that LIN represents an outstanding value proposition. LIN’s US$40m capex will provide production equivalent to 25% of output from MP Materials (NYSE:MP, mcap US$3.85bn). BUY, TP revised to A$0.50/sh (prev. A$0.63/sh) on revised production ramp-up profile and new equity dilution.On path to production in mid-2026·
US$1.3m site access road contract awarded to Mota-Engil. Scope includes intersection of access road with main M1 highway, 5km of access road works, civil works around the mining lease area (Figs. 4-5). Work to commence late February; 18-week completion. ·
The road will enable transportation of materials and equipment and facilitate development of the proposed 450ktpa process plant (Figure 6) once funding is secured later this quarter (Figure 7).
Kangankunde Rare Earths Project·
Resource: 261Mt @ 2.14% TREO, NdPr 20.3%.·
July 2024 Feasibility Study outcomes:· 450ktpa processed at 3% TREO grade; 45yr LOM.· 15,000tpa concentrate production @ 55% grade.· 8,000tpa TREO in conc. incl. 1,600tpa NdPr.· Capex US$40m (Fig. 8), AISC US$3.71/kg TREO.· At US$109/kg NdPr, annual EBITDA US$83m (A$132m); NPV8 post-tax A$831m, IRR 80%.·
Our NPV12 valuation of A$476m (A$0.32/sh) for a 20.5Mt mine inventory is predicated on a FY25-35 average NdPr price of US$98/kg. At spot US$57/kg Nd/Pr, our valuation is A$287m (A$0.19/sh) – Fig. 9.Corporate developments·
A 249D meeting has been requested by previous Executive Chairman Mr Asimwe Kabunga who is seeking to reconstitute the Board. Meeting 11 February.·
A legal claim has been lodged in the Malawi High Court by Deep Blue Sea regarding LIN’s acquisition of Rift Valley Development (vendor of Kangankunde Project).
Key Dates Ahead· Mar. Q’25 – Funding secured and FID.· Jun. Q’25 – Process plant & mine construction contracts