Lincoln Minerals to Drill 40 Holes at Minbrie After Securing Approvals

Minbrie Drilling Program Kicks Off After Approvals

Lincoln Minerals Limited (ASX:LML) has cleared a critical regulatory and landowner hurdle to commence its first stage of drilling at the Minbrie Copper Project on South Australia’s Eyre Peninsula. With approvals now in hand, the company has booked an air core rig to drill a minimum of 40 holes in the June quarter, aiming to test 17 kilometres of copper and base metal prospective stratigraphy.

This drilling campaign marks a pivotal step for Lincoln as it seeks to unlock additional copper mineralisation within a largely underexplored district. Notably, 1.7 kilometres of strike at the Eagle Ridge prospect remains untested despite historic drilling intersecting significant copper, lead, zinc, and silver mineralisation. A standout historic intercept included 29.5 metres grading 0.8% copper, 7.5% lead, 1.9% zinc, and 9 grams per tonne silver from 131.1 metres depth, highlighting the potential scale of the system.

Reassessing Southern Eyre’s Copper Potential

Alongside Minbrie, Lincoln’s review of the Southern Eyre Project has uncovered copper occurrences in geological settings analogous to Minbrie, with historic high-grade rock chip samples reinforcing the prospectivity. While previous exploration focused heavily on iron ore and graphite, copper has been relatively underexplored in this region. Lincoln plans to follow up with geological mapping and surface geochemistry to generate and prioritise targets for future drilling.

Lincoln’s strategy to concentrate on copper is consistent with the broader market expectation of rising copper demand outpacing supply. CEO Chris Wilcox emphasised this focus, stating the company is actively seeking complementary copper projects to bolster its portfolio without diverting attention from Minbrie.

Portfolio Management and Financial Position

While advancing copper exploration, Lincoln continues to manage its non-core assets, including the Eyre Magnetite and Kookaburra Graphite projects. Both projects remain on the backburner with no activity reported during the quarter, although strategic partnerships with Revera Energy and SCN Canada indicate potential future pathways.

Financially, Lincoln reported $103,000 in exploration and evaluation expenses primarily linked to drilling preparations, and $476,000 in administration and corporate costs for the quarter. The company ended March 2026 with $1.1 million in cash, down from $1.5 million the previous quarter. Operating outflows and investing activities were partly offset by $130,000 received from option exercises.

Importantly, Lincoln disclosed plans to raise additional capital to fund its operations and the upcoming drilling campaign. The company cited a strong track record in securing funding and expressed confidence about accessing the necessary capital to support its copper-focused strategy.

This update builds on Lincoln’s recent progress, including the earlier announcement of drilling approvals and the strategic refocus on copper exploration highlighted in the greenlights drilling at Minbrie and accelerates copper quest reports. The upcoming drill results will be critical in defining the project’s potential and guiding follow-up resource development efforts.