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Lincoln cashed up to advance PFS

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Lincoln Minerals has boosted its coffers as it prepares a pre-feasibility study (PFS) and downstream battery anode material (BAM) scoping study.

The company has completed a $1 million top-up placement, bringing the proceeds from the placement and a recent share purchase plan (SPP) to $2.5 million.

Lincoln issued 132,857,143 shares as part of the placement, which included participation from sophisticated and professional investors. Non-executive director and major shareholder Julian Babarczy committed $70,000 to the placement.

Funds from the initiatives will be used to progress the PFS for Lincoln’s Kookaburra graphite project, along with graphite product testwork and related workstreams.

Proceeds will also support Lincoln’s efforts in developing relationships with strategic partners for its graphite, magnetite and uranium businesses, and assist the company to engage with government and community stakeholders regarding the Kookaburra project.

“The receipt of such strong commitments for Lincoln’s SPP and the top-up placement places the company in a strong position to execute on the rapid project advancement at the Kookaburra graphite project as well as the downstream BAM strategy.” Lincoln chief executive officer Jonathon Trewartha said.

“We are also making solid progress on our Green Iron and uranium projects with updates on each expected soon.”

Trewartha said he was buoyed by graphite’s future.

“Being part of the critical minerals Australian trade delegation has made me feel very positive on the underlying fundamentals of the graphite market, especially for ex-China development projects, with an increased urgency from supply chain participants and end users, suggesting increase in graphite prices could be imminent,” he said.

Lincoln recently announced it had begun preparations on a BAM scoping study connected to its Kookaburra project.

An independent review of previous testwork from 30-year metallurgical veteran Clint Bowker confirms graphite from Kookaburra is an ideal feedstock for battery anode material to serve global electric vehicle markets.

Lincoln said a “vertically-integrated, mine-to-battery” BAM scoping study would explore the possibility of integrating the company’s potential Tier 1 Kookaburra project with a downstream BAM manufacturing facility in South Australia.

A BAM facility would see graphite concentrate from the Kookaburra project undergo processing to transform it into either a micronised product suitable for lithium-ion battery anode production and other uses, or for production of purified spherical graphite.

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