Lincoln Minerals (ASX:LML) has raised $1.5 million through an entitlement issue, to be accompanied by a follow-on placement, which will raise an additional $750,000 to streamline exploration across its portfolio of assets in South Australia’s Gawler Craton region.
The company will issue an aggregate 450.4 million shares and 225.2 million options under the entitlement issue and placement, with options listed at an exercise price of $0.01 to expire 31 December 2027.
Mahe Capital has acted as the lead manager and underwriter to the rights issue, while also advising the company for the follow-on placement.
Securities are expected to be issued on 3 September 2025.
Chairman Ryan Smith says Lincoln is overwhelmed with the support from shareholders and strong demand for these offerings.
“This ensures Lincoln is well-capitalised to accelerate drilling and development across our diversified critical minerals portfolio, particularly our Minbrie Copper and Base Metals Project in South Australia,” Smith says.
Lincoln, which has a market capitalisation of $21.27 million, will use the proceeds raised across both offerings to commence an initial drilling program at Minbrie.
Additionally, funding will also be used as part of ongoing metallurgical studies and downstream testwork at Kookaburra, partner initiatives at Green Iron, and other ongoing fieldwork across its uranium tenements.
Currently undergoing a staged development model for the Kookaburra Graphite Project, the company intends to finalise an updated Feasibility Study for stage one by FY27, following its “genuine opportunity” to be one of the 30 new globally demanded graphite mines, as reported by Mining.com.au.
Lincoln Minerals is an explorer and developer focused on advancing its copper, uranium, graphite, and magnetite assets in South Australia.
Write to Maddison Elliott at Mining.com.au
Images: Lincoln Minerals
