Copper exploration on South Australia’s Eyre Peninsula has historically focused on iron ore, leaving copper potential under-tested. Lincoln Minerals Limited (ASX:LML) described a copper-focused program at its Minbrie Copper Project in its FY26 Annual Report for the year ended 30 June 2026.

Company overview

Lincoln Minerals Limited (ASX:LML) is a discovery-focused copper group based in South Australia. Its centre of exploration is the Minbrie Copper Project, which hosts about 17 kilometres of prospective stratigraphy, only 7 kilometres of which has been drilled, historically targeting iron ore rather than copper. It also holds the Southern Eyre Project.

Re-assay and Eagle Ridge

A 2025 review and re-assay of historic core identified zones of previously unrecognised mineralisation, including never-logged intervals. At Eagle Ridge, historic hole BUDD192 returned 29.5 metres at 0.8% copper, 7.5% lead, 1.9% zinc and 9 g/t silver (apparent width), and about 1.7 kilometres of strike remains untested.

FY26 air core drilling

Air core drilling in June 2026 was the first modern copper-focused drilling in the region. Despite winter ground conditions and groundwater inflows that limited hole depths, drilling confirmed that mineralisation at Eagle Ridge continues up dip, including 6 metres at 0.26% lead. The company generated new copper targets from assays of previously unsampled core while securing landowner access.

Next 12 months

Lincoln plans to continue work at Minbrie, advance the Southern Eyre Project, where copper occurrences share a similar geological setting, and work to deliver value from its other assets. A new Chief Executive Officer was appointed in October 2025.

Why Eagle Ridge is the focus

The Minbrie project hosts 17 kilometres of stratigraphy prospective for copper and base metals, yet only 7 kilometres has been drilled, and historically that drilling targeted iron ore. The 2025 re-assay program identified multiple zones of previously unrecognised mineralisation, including intervals that had never been geologically logged. At Eagle Ridge, the review showed about 1.7 kilometres of strike remains untested.

The annual report describes Eagle Ridge as an opportunity to apply modern copper-focused techniques where historic drillers did not look for copper.

Southern Eyre Project and the year ahead

The company is also reviewing the potential of its Southern Eyre Project to host copper targets after identifying copper occurrences in a similar geological setting to Minbrie. Over the next 12 months it plans to continue work at Minbrie, plan further work at Southern Eyre and progress efforts to deliver Shareholder value from other Assets in its portfolio.

The Chief Executive Officer was appointed in October 2025, and the report characterises FY26 as a period in which the company built its target inventory and delivered the first modern copper-focused drilling program in the region.

Sector backdrop

Eyre Peninsula copper exploration is early stage, and results from historic drilling designed for iron ore may not represent copper grades. Modern programs use re-assay, geophysics and targeted drilling.

The Eyre Peninsula is better known for iron ore and industrial minerals than copper, so exploration there involves reinterpreting older datasets with new Commodity targets. Re-assaying historic core is a low-cost way to identify missed mineralisation.

Lead-zinc-copper-silver combinations like those at Eagle Ridge indicate base metal systems, which are assessed on combined metal content as well as copper grade.

Risks shareholders should weigh

Drilling depth was limited by ground conditions, and results to date include modest grades. No Mineral Resource is stated.

Landowner access and approvals can delay drilling, and further programs need funding.

The historic Eagle Ridge intersection is apparent width and may not be repeated.

Groundwater inflows and winter ground conditions limited air core hole depths, which reduced the extent of testing achieved in June 2026.

Landowner access and approvals must be secured for each drilling program, and each program needs funding.

What’s next

Lincoln plans further drilling at Minbrie and work at Southern Eyre. Shareholders may wish to watch for drilling programs and results.

Further drilling at Minbrie, including deeper holes, is the logical next step described by the company.