Press Release

CONAKRY, Guinea, September 23, 2020 — Sarmin Bauxite Ltd. (“ Sarmin Bauxite ” or the “ Company ”) is pleased to announce that it has entered into an investment agreement (the " Transaction " ) with Lindian Resources Limited (" Lindian "), an Australian mining company, listed on the Australian Securities Exchange (ASX: LIN).

Sarmin Bauxite, through its fully owned Guinean subsidiary Sarmin Bauxite Guinée Sàrlu, holds a world-class bauxite project (the “ Lelouma Project ”) located in the Republic of Guinea, West-Africa.

Under the terms of the Transaction, Lindian shall acquire a 75% equity interest in the Company in exchange for (i) an upfront consideration consisting of the allotment and issue of 30,674,847new Lindian shares to be paid at completion to Sarmin Bauxite's shareholders plus (ii) a full free-carry for Sarmin Bauxite existing shareholders related to all Lelouma Project expenditures until completion of a Definitive Feasibility Study for the project (the “ DFS ”).

Within 12 months of completion of the DFS, the existing shareholders of Sarmin Bauxite may elect to exchange their remaining 25% shareholding in Sarmin Bauxite for a 1% FOB royalty, which would result in Lindian holding 100% of Sarmin Bauxite.

The closing of the Transaction is subject to the approval of the Guinean Government and of Lindian shareholders.

Marc Sengès, Chief Executive Officer of Sarmin Bauxite Ltd, said, “ Sarmin Bauxite is extremely pleased to have reached this win-win agreement with Lindian that perfectly suits all parties’ ambitions. We are very confident that Lindian has the technical and operational capabilities alongwith the depth of expertise and vision to advance further the Lelouma Project. We are also thrilled to retain direct and indirect exposure to the Lelouma Project through our shareholding into Lindian and our free carried interest that could be converted into a royalty at a later stage. "