LINQ Minerals Ltd (ASX:LNQ) Shares Drop on the ASX: What’s Driving the Move?

Sonal Goyal

23 October 2026 02:47 PM AEDT

LINQ Minerals Ltd (ASX:LNQ) Shares Drop on the ASX: What’s Driving the Move?

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Key Highlights

LinQ Minerals Ltd (ASX:LNQ) was trading at A$0.468, down 12.62%, during the 23 October 2026 trading session.
The S&P/ASX 200 was at 8,760.50, down 0.37%, at 1:16 pm AEDT on the same day.
On 20 October 2026, the company reported visual observations of mineralisation from 321m to 750.3m in its first Gidginbung South hole, with assays expected in 6 to 8 weeks.

LinQ Minerals Limited (ASX:LNQ) was trading at A$0.468, down 12.62%, during the 23 October 2026 trading session, compared with a 0.37% decline in the S&P/ASX 200, which was at 8,760.50 (down 32.70 points) at 1:16 pm AEDT. LinQ is an ASX-listed explorer whose flagship is the Gilmore Gold-Copper Project in the Macquarie Arc of New South Wales. On 20 October 2026, the company released an announcement on visual observations from the first drill hole at the Gidginbung South target, about 1 km south of the Gidginbung pit, noting that laboratory assays are still to come.

Latest Developments

First hole at Gidginbung South, 20 October 2026

In its 20 October 2026 announcement, LinQ said the first drill hole at Gidginbung South, GBRCD021, was drilled to 750.3m. The company's geological team believes, based on visual assessment of the core, that the hole has discovered a potentially large high sulphidation epithermal and porphyry system. LinQ said the visual assessment confirms high sulphidation-style epithermal and porphyry vein-style mineralisation from 321m to the end of the hole at 750.3m, a mineralised zone of 429m.

The company stated that the hole remains open for extension on receipt of final assays, which are expected in 6 to 8 weeks. It included a cautionary note that visual estimates of mineral abundance are not a proxy or substitute for laboratory analyses.

Epithermal and porphyry zones, 20 October 2026

LinQ reported that the high sulphidation epithermal mineralisation extends from 321m to 570m (249m) downhole beneath younger rock cover, and lies 800m south of the previously known southern limit of similar mineralisation at the Gidginbung gold-copper deposit. Beneath it, porphyry mineralisation, veining and alteration extends from 570m to 750.3m, about 180m. The company said this porphyry discovery is 1.6 km south-west of similar mineralisation at the Dam copper-gold deposit.

According to the announcement, the main mineralisation observed so far is pyrite throughout the hole. The drill log recorded pyrite, luzonite and enargite at 10 to 15% in the upper volcanoclastic interval, with chalcopyrite in deeper intervals.

Next drilling and funding, 20 October 2026

LinQ said this is the first of an initial four proposed holes, spaced 200 to 300m apart and up to 1,000m deep, planned for the Gidginbung South target zone. The core of an induced polarisation chargeability anomaly lies about 200m east of the mineralisation in GBRCD021 and will be tested by the next drill hole. The announcement stated a cash balance of $16.2 million as at 30 June 2026.

About LinQ Minerals Limited

LinQ Minerals Limited is a Perth-based, ASX-listed exploration company. Its 100%-owned flagship, the Gilmore Project, is located between West Wyalong and Temora in New South Wales, within the Macquarie Arc province of the Lachlan Fold Belt, a region the company describes as Australia's premier porphyry gold-copper province.

The company said it holds about 597 km2 of tenements with a 60 km belt of more than 20 known prospects and six mineral resource deposits. Gilmore hosts a Global Mineral Resource Estimate of 516Mt containing approximately 3.7 million ounces of gold and 1.2 million tonnes of copper metal, as set out in the replacement prospectus released on 25 June 2025. The Executive Chair is Clive Donner.

Related Sector Context

LinQ operates in the copper and gold exploration segment of the ASX resources sector. The Macquarie Arc is a New South Wales region known for porphyry gold-copper systems, and LinQ has said that the Gilmore Project hosts analogues to the nearby Cadia, Cowal and Northparkes systems. Companies at the exploration stage typically report visual core observations first and follow with laboratory assays.

The wider market was lower during the session, with the S&P/ASX 200 down 0.37% at 1:16 pm AEDT. LinQ traded down 12.62%, a considerably larger move than the benchmark.

Risks to Weigh In

The reported mineralisation is based on visual assessment of core and the company notes laboratory assays will determine its economic significance.
Assay results are not expected for 6 to 8 weeks from the 20 October 2026 announcement.
Only one hole has been reported at Gidginbung South, and no similarly deep holes exist across the prospect area.
LinQ is an exploration-stage company, and the cash balance cited in the announcement is as at 30 June 2026.

Catalysts on Watch

Laboratory assays from hole GBRCD021, expected in 6 to 8 weeks after 20 October 2026.
The next drill hole, which will test the core of the induced polarisation anomaly about 200m east.
The remaining holes in the initial four-hole program at Gidginbung South.
Further drilling along the alteration zone, which the company says extends for at least 7 km.

The Story So Far

LinQ Minerals (ASX:LNQ) traded at A$0.468, down 12.62%, during the 23 October 2026 trading session, while the S&P/ASX 200 was down 0.37% at 1:16 pm AEDT. The company's most recent announcement reviewed, dated 20 October 2026, covered visual observations from the first Gidginbung South hole. The company said laboratory assays will determine the economic significance of the intersection.

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