Lindian Resources Limited (ASX: LIN) is an ASX listed mineral exploration and mining company. Currently, the company is focusing on The Tanzanian Projects for which it has acquired seven primary mining licenses and two approved prospecting licences. One of the projects in Tanzania is the Uyowa Gold Project in which exploration was primarily focused in the northern parts of Uyowa. Earlier explorations have found 13 km soil and auger drilling deviation which has been partially tested by diamond drilling and RC. Another project that the company is working on is the Kahama Project which is a similar style property to that of Uyowa and is targeting shear zone hosted gold mineralisation.
On 1st April 2019, the company announced its project and funding update with respect to the current projects as a part of the process of having its shares reinstated for trading. On 25th March 2019, the company requested the Australian Stock Exchange for the extension of the current voluntary suspension (Trading was first paused on 1 November 2018, followed by multiple trading suspension request owing to numerous reasons) of its securities for a pending announcement to the market on finalisation of a funding facility and a farm-in option over a synergistic bauxite project.
The company has provided the following updates:
1) As per 12 March 2019 announcement, mobilisation for a drilling programme is underway at the Company’s 51% owned Lushoto and Pare bauxite projects after the formal granting of tenements PL/13564/2019 and PL/13400/2018. Under the campaign, a total of 66 and 41 auger holes have been planned for both the Pare and Lushoto projects respectively.
2) The Company is finalising an exclusive option to assess a synergistic bauxite opportunity. The announcement is still to be made after the ASX approvals.
3) It is going forward with its geological mapping of the Uyowa project area in Tanzania with the objective of identifying additional high-grade drilling targets.
4) The company is advancing in the legal proceedings in Malawi against Saner and Rift Valley Resource Developments Pty Ltd with a mediation scheduled for 16 April 2019. In November 2018, It successfully acquired a judicial order from the Malawi High Court to protect its contractual position in respect of the Kangankunde Rare Earths Project, simultaneously proceeding with its legal action for specific performance or damages.
5) The company has signed a $1 million loan facility with Rose Lawn Limited. Some of the key terms of this loan facility are
- a) Unsecured drawdown facility which can be called with $250,000 amounts per quarter.
- b) A fees of 6% would be payable upon receipt of each funding amount pursuant to drawdown.
- c) 12-month term with 10% of interest with the principal amount shall be repayable on maturity.
The loan facility provides the company with the flexibility of assessing and proceeding with various other financing offers as its Projects develop over the coming months. It also ensures that the company’s activities are fully funded for at least the next twelve months.
The company also announced address details regarding its new Registered and Principal Office.
In another announcement today, the company requested for further extension of its securities’ suspension as the company intends to release announcement on finalization of re-quotation matters which include a farm-in option over a synergistic bauxite project. The suspension is requested till the news release or till 8 April 2019.
The company’s stock last traded at A$0.019 on 1st November 2018. In the last six months, (till 1 November 2018), the stock delivered the return of 11.7%.
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