Exploration/Development, Finance, Iron ore, News, Uranium

Lincoln Minerals rattles the tin for mammoth graphite project

graphite

From graphite to magnetite to uranium, Lincoln Minerals has its fingers in a lot of pies. An upcoming capital raise will help elevate the company’s emerging projects.

Lincoln has announced a share purchase plan (SPP) intended to raise a minimum of $1.5 million, which the company said will help to advance its various projects in South Australia.

The SPP provides the opportunity for shareholders in Australia and New Zealand to subscribe for new fully paid ordinary shares in the company up to a maximum value of $30,000.

The SPP issue price of $0.007 per Share represents a 12.3 per cent discount to the five-day volume-weighted average price of $0.008 during the five trading days before the SPP was announced.

Subject to shareholder approval, eligible shareholders will also be entitled to one unlisted free-attaching option to acquire a share for every two shares subscribed for under the SPP.  This option will be exercisable at $0.014 and expires two years from the date of issue.

Lincoln is also considering conducting a top-up placement to raise up to an additional $1.5 million upon completion of the SPP. Whether or not this takes place will depend on the results of the SPP.

The extra capital will allow rapid progress on Lincoln’s portfolio of assets in South Australia, including the Kookaburra graphite project, which hosts a mineral resource estimate (MRE) of 12.8 million tonnes at 7.6 per cent contained graphite – or almost one million ounces of graphite.

“We have made rapid progress across our portfolio in recent months, and proceeds of the SPP and potential top-up placement will allow us to continue this momentum,” Lincoln chief executive officer Jonathon Trewartha said.

“We have confirmed our Kookaburra graphite project as the second largest graphite resource in Australia’s premier graphite province – the Eyre Peninsula – by doubling its resource since September 2023.

“[We have also] uncovered the hidden value within our project portfolio which holds a 1.2 billion tonne Green Iron magnetite project and uranium exploration targets among existing SA tenements.

“We are excited to move Lincoln Minerals into its next stage of development with an updated, wider scope graphite feasibility study and further work to progress magnetite and uranium potential to deliver value from these assets to our shareholders.”

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