Lincoln Minerals Raises AU$1.5 Million to Advance South Australian Critical Minerals Assets

Lincoln Minerals (ASX:LML) has raised AU$1.5 million to advance its critical minerals projects.

The company closed a renounceable entitlement issue on Tuesday (September 2) after first announcing it on August 5. Participants had to hold shares as of August 8 and have a registered address in Australia or New Zealand.

In Tuesday's release, Lincoln said it has agreed to undertake a follow-on placement amounting to AU$750,000. The funds will be used to accommodate excess demand and provide additional capital for project execution.

“Under the entitlement issue and follow-on placement, the company will issue a total of approximately 450.4 million new fully paid ordinary shares and 225.2 million new options exercisable at AU$0.01,” the company said.

The options will expire on December 31, 2027. Lincoln cited "strong demand" as the reason for the follow-on placement.

The funds will be used to develop Lincoln’s South Australian assets, including initial drilling at the Minbrie copper-base metals project, an asset with an already confirmed large-scale mineralised system covering a 7 kilometre strike length.

Partnering initiatives for the Green Iron magnetite project will also continue through the funding.

Metallurgical studies and downstream testwork are currently ongoing at the company’s flagship Kookaburra graphite project, and will also be covered under the capital raise. Kookaburra is located 5 kilometres north of Port Lincoln. Its measured, indicated and inferred resources are valued at 12.8 million tonnes at 7.6 percent total graphite content.

Besides the assets mentioned, Lincoln said the funds will be allocated toward ongoing fieldwork across its uranium tenements, as well as for general corporate purposes and costs associated with inclined offers.

Drilling at Minbrie is scheduled to commence toward the end of 2025, while an updated feasibility study for stage one of Kookaburra is expected in 2027.

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Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.