On July 19, 2023, Quantum Graphite Limited announced that it confirmed its off-market takeover bid for of all the ordinary shares in Lincoln Minerals Limited offer period closed on July 14, 2023, as one or more of the defeating conditions to the offer were not waived or satisfied at that time, the offer lapsed. In addition, the Quantum Graphite stated that the acceptances of Lincoln Minerals shareholders who accepted the offer have become void as a consequence of the offer lapsing and those shareholders will be free to deal with Lincoln Minerals shares as they see fit.