Lincoln Minerals strengthens Eagle Ridge case ahead of diamond drilling

Eagle Ridge drilling supports the next exploration phase

Lincoln Minerals Limited (ASX:LML) has cleared an important exploration hurdle at its Minbrie Copper Project, saying air core drilling supports the continuity of mineralisation at Eagle Ridge and justifies a more detailed diamond drilling campaign. The company plans to test the system down dip and along strike in the fourth quarter of calendar 2026.

“Eagle Ridge cross section”

The latest work did not deliver a new copper grade in the announcement. Instead, it identified the edges of what Lincoln interprets as a mineralised system: hole MBAC022 returned 6 metres at 0.26% lead and 0.22% zinc from 90 metres, while MBAC023 encountered anomalous lead and cobalt on the western side. Lincoln said the results indicate the mineralisation seen in historic hole BUDD192 likely continues up dip.

The company’s Eagle Ridge drilling update had previously reported that air core work supported its geological model and pointed towards diamond drilling. Lincoln now says all results from the maiden program have been collated and will be combined with geophysical, geochemical and drilling data to model follow-up targets.

Diamond drilling to test scale and extensions

Minbrie covers 17 kilometres of stratigraphy prospective for copper and base metals, including about 1.7 kilometres of untested strike at Eagle Ridge. The area attracted renewed attention after Lincoln’s review and re-assay of historic core identified widespread copper mineralisation, particularly around Eagle Ridge.

The planned diamond program is intended to establish whether the mineralisation extends down dip and along strike, and to assess its potential scale. That is a more consequential test than the current air core campaign, but the scope, hole count and timing of the program have not yet been disclosed.

Cash position strengthened ahead of follow-up work

Lincoln reported A$3.085 million in cash at 30 September, compared with A$1.649 million at the start of the quarter. Financing activities contributed A$2.1 million, following the company’s A$3.1 million strategic placement, while exploration and evaluation spending was A$275,000 and administration and corporate costs were A$308,000.

On the Appendix 5B calculation, Lincoln estimated 4.6 quarters of funding based on A$671,000 of relevant quarterly outgoings. The activities report gives the cash balance as A$3.01 million, slightly below the A$3.085 million reported in the cash-flow statement. The company also received A$121,772 on 2 October under a settlement linked to the fraudulent redirection of supplier payments in September 2025.

Board change and portfolio remain secondary to Minbrie

Alexander Ji joined Lincoln as a non-executive director on 20 July. The company said he has more than 20 years’ experience in corporate finance, mergers and acquisitions and strategic investments, and is a director of Prosperity Success Holdings, the strategic investor in the placement.

Lincoln completed no work during the quarter at its Southern Eyre, Eyre Magnetite or Kookaburra Graphite projects. It also continues to pursue an exploration licence application in Queensland’s Mt Isa Belt, while keeping Minbrie as its primary exploration focus.