Highlights

  • Lincoln Minerals completed 25 air core drill holes totalling 1,632 metres at its Minbrie project during the September 2026 quarter.
  • Initial drilling identified lead and zinc mineralisation, providing information to guide further exploration around the Eagle Ridge prospect.
  • The company reported approximately AUD 3.09 million in cash at 30 September 2026, supported by Equity funding received during the quarter.

Lincoln Minerals Limited (ASX:LML) is an Australian mineral exploration company with projects targeting copper, graphite and iron ore on South Australia's Eyre Peninsula. Its portfolio includes the Minbrie copper project, Kookaburra graphite project and Eyre magnetite project. During the September 2026 quarter, the company concentrated its exploration activities on Minbrie, completing an initial air core drilling programme to investigate prospective mineralised zones. The results have provided additional geological information ahead of proposed follow-up drilling.

What Did the Initial Minbrie Drilling Programme Identify?

Lincoln Minerals completed 25 air core holes covering approximately 1,632 metres at Minbrie during the September 2026 quarter. The programme was designed to improve the company's understanding of mineralisation across selected exploration targets.

Among the reported results was an intercept of 6 metres grading 0.26% lead and 0.22% zinc from 90 metres in drill hole MBAC022. The reported interval represents a downhole measurement rather than a confirmed true width.

Additional anomalous mineralisation was identified in other drilling, including lead and cobalt indications in MBAC023.

Although the reported grades are relatively modest, the results provide geological information that may assist in identifying areas for further investigation. The initial programme does not establish a mineral resource or demonstrate the commercial viability of a deposit.

Lincoln Minerals (ASX:LML) has interpreted the results alongside previous exploration work to refine its understanding of the broader mineralised system.

Eagle Ridge Exploration Remains a Near-Term Priority

The Eagle Ridge prospect is an important area within Lincoln Minerals' Minbrie exploration programme.

Previous examination of historical drilling information identified copper mineralisation that warranted further investigation. The September quarter's air core drilling added information about the distribution of mineralisation in the surrounding area.

The company outlined plans for targeted diamond drilling at Eagle Ridge during the December 2026 quarter. This work is intended to investigate potential extensions of previously identified mineralisation and provide more detailed geological information.

For Lincoln Minerals (ASX:LML), the next drilling programme could help determine whether mineralisation continues beyond the areas already investigated.

However, the presence of anomalous metals in early-stage drilling does not necessarily indicate economic mineralisation. Additional drilling, geological interpretation and technical assessment would be required before any conclusions about resource potential could be established.

Cash Position and FY2026 Financial Performance

Lincoln Minerals reported cash and cash equivalents of approximately AUD 3.09 million at 30 September 2026, compared with approximately AUD 1.65 million at 30 June 2026.

The increase reflected equity funding received during the quarter, which supported the company's exploration activities and general Working Capital requirements.

The September quarter included approximately AUD 275,000 in exploration and evaluation expenditure, with activity primarily associated with Minbrie.

Net operating cash outflows were approximately AUD 396,000. Based on the expenditure measures disclosed in its Appendix 5B, Lincoln Minerals (ASX:LML) estimated available funding for approximately 4.6 quarters.

For FY2026, the company reported a net loss after tax of approximately AUD 2.20 million, compared with approximately AUD 2.28 million in FY2025.

As an exploration-stage company, Lincoln Minerals remains dependent on its existing cash reserves and access to additional capital to support ongoing activities.

Kookaburra Graphite and Eyre Magnetite Projects

Beyond Minbrie, Lincoln Minerals maintains exposure to graphite and iron ore opportunities through its broader project portfolio.

The Kookaburra graphite project has previously been the subject of mineral resource estimates and technical investigations. The company has also explored potential commercial relationships relating to graphite development.

Its Eyre magnetite project represents another longer-term opportunity, with previous discussions examining potential Downstream processing applications.

However, preliminary commercial discussions and non-binding arrangements do not establish project financing, construction commitments or future revenue.

The company's ability to advance these projects will depend on technical assessments, commercial feasibility and available funding.

What Risks Could Influence Lincoln Minerals' Exploration Outlook?

Lincoln Minerals (ASX:LML) faces several uncertainties associated with early-stage mineral exploration.

The company's future exploration results may differ from expectations, and additional drilling could Fail to identify mineralisation of sufficient grade, scale or continuity to support further development.

Its FY2026 financial reporting also highlighted uncertainty regarding ongoing funding requirements. Maintaining exploration expenditure and meeting licence obligations could require additional capital over time.

Potential equity raisings may increase the number of shares on issue, while project development would remain subject to regulatory, technical and financial considerations.

What Could Drive Progress During the December 2026 Quarter?

The proposed Eagle Ridge diamond drilling programme represents an important near-term milestone for Lincoln Minerals.

Further drilling could provide a clearer understanding of the geological structures and mineralised zones identified through earlier work. Results may also help determine whether additional exploration across Minbrie is warranted.

Progress at the company's other projects and its ability to manage exploration spending will remain relevant to its broader development strategy.

Key Insights

Lincoln Minerals' initial Minbrie air core programme has provided geological information to guide further exploration, but it has not established an economically viable copper deposit. The proposed Eagle Ridge drilling programme represents the next opportunity to assess mineralisation in greater detail. Funding availability and future exploration results remain important considerations.