Lincoln Minerals Raises $231K at 25% Premium Amid Exploration Advances

Base Metals Exploration Accelerates at Minbrie

Lincoln Minerals Limited (ASX: LML) has embarked on a major re-assay campaign targeting previously untested intervals of historic drill core from the Minbrie Copper-Lead-Zinc Project near Cowell, South Australia. The program focuses on 69 drill holes from Centrex Metals’ 2011 exploration, aiming to confirm and expand upon high-grade mineralisation first identified in discovery hole BUDD192, which returned 12m at 1.4% copper, 12.4% lead, 2.0% zinc, and 13 g/t silver.

This initiative leverages existing drill core to deliver a rapid and cost-effective exploration push, with assay results expected over the coming months. The targeted intervals include the underexplored footwall sequence beneath the Banded Iron Formation, a zone historically neglected but now recognised by Lincoln as a key host for base metals mineralisation. Early indications from re-assayed holes such as BURCD020A and BURCD0152 reinforce the potential for a district-scale mineralised system extending over a 7km strike length.

Graphite Downstream Test Work Progresses

At the Kookaburra Graphite Project, downstream processing test work continues with interim results relating to electric vehicle (EV) applications anticipated shortly. Lincoln is advancing its strategy to produce enhanced graphite concentrates and specialty products, including spherical graphite suitable for battery anode material. Parallel to technical development, the company is actively engaging with potential strategic and funding partners to support the next phases of graphite project advancement.

Green Iron Project Gains Industry Recognition

Lincoln’s Green Iron Magnetite Project received strong endorsement at the Australian Green Iron & Steel Forum in Perth, where the company’s CEO presented its green iron strategy. Positioned within South Australia’s emerging green steel industry, the project benefits from proximity to key infrastructure such as power, water, and ports, enabling potentially rapid development. Historical test work supports the production of premium-grade direct reduction iron (DRI) concentrate, aligning with growing demand driven by electric arc furnace steelmaking.

Ongoing Uranium Exploration and Corporate Developments

Exploration for uranium continues across Lincoln’s tenements with encouraging anomalism reported. A Native Title Agreement nearing completion at the Jungle Dam prospect is expected to unlock further exploration opportunities in this highly prospective region.

On the corporate front, Lincoln appointed Non-Executive Director Ryan Smith as Interim Chair following the resignation of Ruiyu Zhang. Smith brings extensive governance and risk management experience, including ministerial roles and parliamentary committee leadership. The company also completed a $231,550 placement at a 25% premium to two new investors, received a $203,190 R&D rebate for FY2024, and implemented a substantial cost reduction program, cutting monthly operating expenses to approximately A$80,000 prior to exploration spend. Management and board members have elected to take a significant portion of their remuneration in shares to conserve cash.

Looking Ahead

Lincoln Minerals is poised to deliver assay results that could redefine the scale and quality of its base metals resources at Minbrie, while simultaneously advancing its graphite and magnetite projects through technical and strategic milestones. The company’s disciplined capital management and governance refresh position it well to navigate the evolving market landscape and capitalize on emerging opportunities in critical minerals.