Lincoln Minerals (ASX:LML) has received a binding commitment from Prosperity Success Holdings for a two-tranche placement, which will raise $3.1 million to advance the Minbrie Copper Project.
The company will issue 258 million shares at $0.012 per share to Prosperity Success, representing a 3.5% premium to the five-day volume-weighted average price (VWAP) as of 22 May, and a 2.5% premium to the 20-day VWAP.
Lincoln will issue 83.3 million shares in the first tranche for an unconditional $1 million placement, followed by 175 million shares to raise the remaining $2.1 million in a fully committed conditional placement, subject to shareholder approval.
The company will seek approval for the second tranche at a July 2026 shareholder meeting and issue an additional 129.2 million options at $0.015 each, with an expiry date of 1 June 2027.
By the completion of this placement, Prosperity Success will have the right to nominate a director to Lincoln’s board, subject to Lincoln’s approval.
The funds will advance the Minbrie Copper Project in South Australia, with upcoming aircore drilling and follow-up diamond drilling. The first stage of drilling is expected to begin next month with a preferred drilling contractor already secured.
CEO Chris Wilcox says the support received for this placement is a “clear endorsement of Lincoln’s strategic focus on copper discovery, with Minbrie as the cornerstone”.
“Lincoln is fully funded for drilling at Minbrie to advance and unlock the potential of this exciting project, and I look forward to sharing the results of upcoming drilling,” Wilcox says.
Lincoln’s near-term focus is underpinned by the company’s plan to maximise potential for success.
Drilling at the Eagle Ridge prospect previously returned an intersection of 29.5m @ 0.8% copper, 7.5% lead, 1.9% zinc, and 9 grams per tonne gold from 131.1m within a strike of 7km at Mibrie.
Lincoln says the intersection was ‘never effectively followed up’. The company’s review has indicated there is approximately 1.7km of untested strike at Eagle Ridge within the 17km of target stratigraphy.
Prosperity Success Holdings is a Hong Kong-registered company wholly owned by Alexander Ji, a senior executive with over 20 years of experience in corporate finance, mergers and acquisitions, and strategic investments.
Lincoln Minerals is focused on advancing copper and base metal projects in South Australia’s Gawler Craton region.
The company will be attending the RIU Gold Coast Investment Showcase, held between 11-12 June, at the JW Marriott Gold Coast Resort & Spa.
Mining.com.au is an official media partner of this year’s conference.
Write to Maddison Elliott at Mining.com.au
Images: Lincoln Minerals
