Advanced graphite explorer, Lincoln Minerals Limited ('LML' or 'Company') (ASX: LML) is pleased to provide its quarterly activities report for the period ending 31 March 2023.

Highlights

Lincoln Minerals ordinary shares reinstated to trading status on ASX on 20 January 2023

Exploration and Infill resource drilling programs completed on its graphite tenements on South

Australia's Eyre Peninsula

Visual indications of graphite mineralisation evident from geological logging of two drill holes at the Kookaburra Gully Extended target; assays pending

LML to work towards a Mineral Resource Estimate update in 2023, adding to its resources inventory for the Kookaburra Gully Graphite project

Successful capital raise via Rights Issue of $4.6M before costs and repayment of loan secures cornerstone investor with Evolution Capital Pty Ltd acting as underwriter

Quotation of Rights Issue shares under ASX ticker LMLND due to Quantum Graphite Limited (ASX: QGL) off-market script takeover offer for LML shares.

Kookaburra Gully Graphite project

The Company's flagship asset, the Kookaburra Gully Graphite project, is located approximately 35km north of Port Lincoln on the Eyre Peninsula in South Australia. The most advanced graphite asset within the Kookaburra Gully Graphite Project is the Kookaburra Gully Measured, Indicated and Inferred Mineral Resource of 2.03 million tonnes at 15.2% total graphitic carbon (TGC) (using 5% TGC cut-off) estimated by a Competent Person as defined by the JORC 2012 Code (ASX Release 17/05/2017: Improved graphite Mineral Resource Status at Kookaburra Gully on South Australia's Eyre Peninsula).

The Company is working to update this resource during 2023 and add to its graphite inventory, with the main target areas being: Kookaburra Gully Mineral resource and immediate strike extensions to the north

Kookaburra Gully Extended prospect in which previous drilling has intersected significant graphite mineralisation under EM conductive areas, along an 8km strike to the south, Koppio Prospect which has an Inferred Graphite Resource (refer LML ASX announcement 13 July 2015: Maiden Graphite Resource)

Graphite is a key component in the manufacture of batteries and Lincoln's cornerstone Kookaburra Gully Graphite project has the potential to contribute graphite products to the growing demand for batteries and their component minerals, driven by the increase in Electric Vehicle production and battery storage facilities.

March 2023 drilling program

Kookaburra Gully's highly prospective graphite mineralised areas(Figure 1) are known, from previous drilling, to be associated with areas of conductive response indicated from reprocessing of Airborne EM geophysical data (ASX Release 16/12/2022: Geophysics identifies graphite targets for 2023). During the quarter, the Company also completed a ground-based Electromagnetic (EM) survey over key graphite prospects to assist in target definition for a drilling program comprised of 5643 metres of aircore drilling.

In March 2023, Lincoln completed a drilling program over two prospects within EL 6024 which forms one of the six tenements within the Company's Amalgamated Expenditure Arrangement (AEA). Drilling was designed to test the potential for additional graphite mineralisation, which may increase the Kookaburra Gully Graphite Project's overall graphite inventory. These prospects are

Koppio Prospect: The Company completed 31 holes for 2693m of infill aircore drilling program to strengthen the confidence level of the previously estimated Inferred Graphite Mineral Resource (Inferred Graphite Resource of 1.85Mt @ 9.8% TGC (Total Graphitic Carbon) at 5% cutoff) (ASX Release 13 July 2015 Maiden Graphite Resource) and Kookaburra Gully Extended (KGE) prospect: 44 aircore drill holes for 2950m targeting a previously undrilled area within the larger airborne EM conductor anomaly which extends to the south for about 5km from the Kookaburra Gully Mineral Resource. Visual indications of graphite mineralisation were evident from the geological logging of the drilling in two holes and assay confirmations are pending.

Lincoln completed an initial phase of drilling at the Koppio prospect with drilling targeted at infilling existing broad spaced drilling to approximately 40m drill sections, aimed at increasing the geological confidence of this area. Results are pending. The second phase of drilling was completed within the KGE prospect where a ground-based EM survey was completed prior to drilling to assist in targeting the drillholes. Preliminary results indicated a subtle elongate conductive zone extending over 600m in a northeast-southwest direction.

As this area was untested prior to this exploration program, Lincoln drilled holes on broad-spaced lines of approximately 400m line spacing and 40m between holes across the interpreted trend of the geology and interpreted prospective conductive zones. A single interval with visible graphite content on the margin of the anomaly was intersected and additional closer-spaced infill drilling on 80m line spacing either side, along strike of the initial indication, produced another visible graphite intersection to the north. This visible graphite is potentially prospective and may be open along strike to the north but may also indicate that this area contains some geological complexity and requires follow up drilling. Representative samples have been collected and submitted to Bureau Veritas laboratories in Adelaide for analysis and the Company expects results will be processed and made available in over the coming weeks

Corporate

The Company completed a successful rights issue, raising $4.6M before costs and repayment of a $1.6M loan. The rights issue was underwritten by Evolution Capital Limited, and the Company's shares were reinstated to trading status on the ASX on 20 January 2023 and 770,478,122 new ordinary shares were issued under ASX Code LMLND. During the quarter, Catherine Norman was appointed independent non-executive chair of LML. Mr Sam Barden (MD and CEO) resigned from his role, effective 23 June 2023, and was put on garden leave. Ms Norman assumed responsibility as acting CEO until a new CEO is appointed. Payments to related parties includes directors' fees and salaries paid to directors during the quarter (including a listing bonus paid to the Managing Director). The company also issued 38m shares at $0.006 to directors during the quarter as previously approved by shareholders at the 2022 AGM and a further 5m shares at $0.006 and 4m shares at $0.012 to the Chair following her appointment to that position in February 2023.

Contact:

Email: cath.norman@lincolnminerals.com.au

About Lincoln Minerals Limited

Lincoln Minerals Limited (ASX: LML) is a mining exploration company, focused on graphite, gold, copper and iron ore in South Australia. The Company's cornerstone graphite project is based at the Kookaburra Gully Graphite project on southern Eyre Peninsula

(C) 2023 Electronic News Publishing, source ENP Newswire