Lincoln Minerals Converts 10 Million Performance Rights to Fully Paid Ordinary Shares, Expanding Share Capital to 2.7 Billion

Performance Rights Conversion Marks Achievement of Corporate Milestones

Lincoln Minerals successfully converted 10 million performance rights into ordinary fully paid shares on 17 July 2026, following the satisfaction of vesting conditions. This milestone reflects a significant capital structure event involving the full exercise of performance rights held by key management personnel. The conversion was completed without any cash payment, as shares were issued based on meeting predetermined performance targets rather than a capital injection.

The converted performance rights (LMLAE class) are conditional equity instruments commonly used in exploration and development firms to align management incentives with corporate goals. The triggering of vesting conditions indicates Lincoln Minerals has achieved strategic objectives set when the performance rights were originally granted. After this conversion, 72 million unquoted performance rights remain, signifying ongoing incentive schemes for other executives or stakeholders.

Greg English Exercises Performance Rights via GDE Exploration SA Pty Ltd

All 10 million converted performance rights were held by GDE Exploration SA Pty Ltd, a registered entity linked to Greg English, a key management figure at Lincoln Minerals. This conversion highlights strong alignment between company leadership and shareholder interests, as the vesting conditions directly benefited a senior executive. The use of a corporate entity for the conversion aligns with standard governance practices for managing key personnel shareholdings.

The estimated value per newly converted share was AUD 0.012. Although shares were issued at nil cash consideration, this valuation provides context for the underlying securities at conversion. The involvement of key management in this process underscores the importance of performance-based equity in retention and incentivisation strategies within the minerals exploration sector.

Ordinary Share Capital Expands Following Conversion

With the conversion of 10 million performance rights, Lincoln Minerals’ total issued ordinary fully paid shares increased to 2,702,610,006. This equity expansion occurred without cash inflow, as shares were issued due to vesting condition fulfillment rather than a capital raise. The new shares carry equal rights with existing ordinary shares, including voting and dividend entitlements.

This increase reflects cumulative capital management activities, such as prior capital raises, placements, and conversions of performance rights or options. The 10 million share addition corresponds to the performance rights that vested as of 17 July 2026, consistent with common practices in exploration-stage companies using performance-based securities to align management incentives with corporate objectives.

Remaining Unquoted Securities in Lincoln Minerals’ Capital Structure

Lincoln Minerals continues to hold a substantial number of unquoted securities, including 72 million unquoted performance rights (LMLAE class), 23.16 million options expiring 16 April 2027 at an exercise price of AUD 0.01 (LMLAF class), and 10 million options expiring 20 November 2027 at an exercise price of AUD 0.006 (LMLAG class). Additionally, 269.66 million options quoted on the ASX expire on 31 December 2027 (LMLO class).

This layered securities structure is typical for exploration and development companies, utilizing options and performance rights to manage capital efficiently and maintain future funding flexibility. The 269.66 million quoted options represent potential dilution depending on share price performance, while the 72 million unquoted performance rights indicate ongoing performance-based incentives tied to future corporate milestones.

ASX Quotation Application and Compliance

On 17 July 2026, Lincoln Minerals lodged an Appendix 2A application with the ASX for quotation of the 10 million newly converted ordinary shares. This form is the standard regulatory document for securities arising from option exercises or conversions. The application confirms compliance with ASX Listing Rules and that the conversion was executed according to the company’s constitution and relevant securities laws.

The quotation process formalizes the conversion, enabling the shares to be traded on the ASX. Lincoln Minerals’ ABN is 50 050 117 023, and its ASX code is LML. The Appendix 2A submission represents the final step in completing the conversion, ensuring proper registration and market availability. It also confirms all vesting conditions were satisfied and the conversion was validly executed.

Company Profile and Capital Structure Context

Lincoln Minerals Limited operates as an exploration and development company within Australia’s minerals sector. Its capital structure, comprising significant quoted and unquoted options and performance rights, reflects typical financing and incentivisation approaches used by junior exploration firms. These equity instruments help manage capital needs while conserving cash during exploration and development phases.

The company’s ASX listing facilitates investor participation in potential value creation from mineral exploration success. The convertible securities—options at various exercise prices and performance rights—offer capital management flexibility. The outstanding 72 million unquoted performance rights demonstrate the company’s continued use of long-term incentive plans aligned with exploration milestones and corporate goals.

Vesting Conditions and Performance-Based Equity Mechanism

The 10 million performance rights conversion was triggered by achieving vesting conditions set at grant. Although specific performance metrics were not disclosed, the conversion confirms management met the predetermined objectives. In exploration companies, such conditions often relate to resource definition, drilling success, permit approvals, or financial targets.

Performance-based equity instruments align management incentives with shareholder value creation. The nil cash consideration issuance confirms shares were granted based on operational or strategic achievements rather than payment, preserving cash for exploration activities. This structure ensures management benefits only upon reaching material milestones, aligning interests with shareholders.

Market Position and Potential Shareholder Dilution

The conversion raises Lincoln Minerals’ quoted ordinary shares to approximately 2.7 billion. Combined with 269.66 million quoted options and additional unquoted options, this forms the total potential equity available to investors. The immediate dilution from the 10 million share conversion is modest relative to total issued capital but contributes to cumulative dilution from the full securities structure.

Investors should consider the significant unquoted performance rights and options that may convert or be exercised in the future. The 269.66 million quoted options expiring 31 December 2027 pose the most substantial near-term dilution risk, contingent on share price performance relative to exercise prices. Multiple option classes at varying exercise prices reflect historical capital raises and incentive grants. The ultimate impact on share metrics and ownership depends on the extent of exercise and conversion.