Lincoln Minerals Secures AU$1.5 Million for South Australian Property Investments
Lincoln Minerals Secures AU$1.5 Million for Critical Minerals Projects
In a significant move, Lincoln Minerals (ASX:LML) has successfully raised AU$1.5 million to advance its critical minerals projects. The funds were raised through a renounceable entitlement issue and a follow-on placement, with strong demand cited as the push behind the successful raise.
The entitlement issue was open to eligible shareholders in Australia, New Zealand, and those on the record date of August 8, as previously stated. 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 capital raise will cover several key areas. Funds will be allocated towards ongoing fieldwork across Lincoln's uranium tenements, as well as metallurgical studies and downstream testwork at the company's flagship Kookaburra graphite project. The Kookaburra graphite project, located 5 kilometres north of Port Lincoln, has Measured, Indicated and Inferred Resources valued at 12.8 million tonnes at 7.6 percent total graphite content.
The funds will also be used in the development of Lincoln's Eyre Peninsula, South Australia portfolio. This includes the Minbrie copper and base metals project, where initial drilling is scheduled to commence towards the end of 2025. Drilling at the Minbrie project will provide valuable insights into the potential of this site.
Moreover, partnering initiatives for the Green Iron magnetite project will continue through the funding, as previously stated. The Green Iron project holds promise for the production of high-grade iron ore and rare earth elements, which are crucial for the green energy revolution.
Looking ahead, an updated feasibility study for stage one of the Kookaburra graphite project is expected in 2027. This study will provide a comprehensive assessment of the project's viability and potential returns. The options issued as part of the entitlement issue will expire on December 31, 2027.
Lincoln Minerals' strategic moves and successful fundraising demonstrate the company's commitment to advancing its critical minerals projects and capitalising on opportunities in the growing green energy sector. The company's focus on projects in South Australia, particularly the Minbrie copper and base metals project and the Kookaburra graphite project, positions it well for future growth and success.
