Lincoln Minerals (ASX:LML) remains focused on advancing the Minbrie Copper-Zinc Project and progressing strategic discussions related to its broader asset portfolio after completing an equity raise.
Lincoln’s management team is confident that its improved capital position will enable “meaningful progress” after completing a placement to raise $231,550 to advance exploration at Minbrie in South Australia.
Under the placement, 46.31 million shares were issued at $0.005 per share. For every two shares subscribed for, subscribers will receive one free-attaching option exercisable at $0.01 within two years.
Lincoln expects to finalise a FY25 research and development (R&D) rebate application to further enhance its short-term cash position and support working capital requirements.
The placement and R&D rebate funds will be used to support progressing Lincoln’s project portfolio, specifically targeting the completion of drill-ready targets at Miinbrie.
Lincoln intends to define drill targets following results from relogging and assaying more than 2,200m of existing drill core, enabling accelerated exploration and shorter project timelines. This will provide the company with low-cost targets to advance Minbrie’s exploration.
The company will prioritise and rank drill targets shortly, which will be completed by June 2025.
CEO Jonathon Trewartha says the company’s findings to date have confirmed all the ingredients are present for a major discovery.
“Its an exciting time as we shape the future of Lincoln Minerals,” Trewartha says.
The company has implemented a range of cost reduction initiatives across the business as part of its commitment to disciplined capital management.
As a result, the company has decreased its monthly cash burn which now totals $80,000 per month, excluding exploration costs.
Lincoln Minerals is an Australian mineral explorer and developer focused primarily on critical minerals in South Australia’s Gawler Craton.
Write to Aaliyah Rogan at Mining.com.au
Images: Lincoln Minerals
