Lincoln Minerals Initiates Air Core Drilling at Minbrie Copper Project and Secures A$3.1 Million Strategic Placement

Air Core Drilling Progresses Across 17km Target Stratigraphy at Minbrie, Eyre Peninsula

In its June 2026 quarterly activities report, Lincoln Minerals confirmed that air core drilling had begun at the Minbrie Copper Project on South Australia's Eyre Peninsula. The drilling program aimed to identify zones within the company's 17 kilometres of target stratigraphy with potential for significant copper and base metal mineralisation. The air core program was completed in early July 2026, with initial results expected by August 2026. This marks Lincoln's first copper-focused drilling campaign at Minbrie, representing a major advancement in its copper exploration strategy.

Lincoln controls the entire 17-kilometre strike length, which had been primarily explored for iron ore previously. Only 7 kilometres had been drilled during earlier campaigns, so the current air core program targets the remaining untested portions of the mineralised system. Results from this Stage 1 program will inform the scope and prioritization of subsequent RC (reverse circulation) and/or diamond drilling, with Eagle Ridge identified as a key target for follow-up work later in 2026.

Historic Eagle Ridge Intersection and 1.7km Untested Strike Drive Exploration Focus

Lincoln’s review and re-assay of historic core from 2025 uncovered previously unassayed mineralised zones, some not even geologically logged during former iron ore-focused exploration. Multiple historic intercepts over the 7 kilometres previously drilled confirmed widespread copper mineralisation, notably at Eagle Ridge. A standout historic result at Eagle Ridge was a 29.5-metre intersection grading 0.8% copper, 7.5% lead, 1.9% zinc, and 9 grams per tonne silver from 131.1 metres in hole BUDD192, reported as apparent width. Lincoln confirmed no new information materially affects this original disclosure.

Despite this significant historic intercept, previous explorers did not effectively follow up on Eagle Ridge. Lincoln’s technical review identified approximately 1.7 kilometres of untested strike at Eagle Ridge within the broader 17-kilometre target zone. The company’s 2026 exploration plan aims to maximize success potential by considering the scale of the target zone and identifying additional high-potential targets across Minbrie. Eagle Ridge remains a closely watched near-term drilling target.

A$3.1 Million Two-Tranche Placement to Strategic Investor Funds Minbrie Exploration

To support its expanded exploration, Lincoln Minerals executed a Subscription Agreement during the June 2026 quarter for a two-tranche placement totaling A$3.1 million before costs to a strategic investor. The first tranche is an unconditional A$1 million placement already agreed upon and not requiring shareholder approval. The second tranche is a conditional A$2.1 million placement pending shareholder approval. Both tranches are priced at A$0.012 per share, a 3.5% premium to the five-day VWAP at agreement time. Lincoln stated this funding fully supports its Minbrie drilling and exploration program.

Pricing the placement at a premium rather than a discount, as is common in junior explorer capital raisings, indicates the strategic investor’s strong interest in Minbrie. The investor’s identity was not disclosed. CEO Chris Wilcox expressed confidence in advancing and unlocking Minbrie’s potential. The shareholder approval for the conditional tranche is a key near-term corporate event for investors.

Queensland Exploration Licence Application Near Mt Isa Expands Pipeline

During the June 2026 quarter, Lincoln applied for exploration licence EPM 29559 in Queensland, located 35 kilometres southeast of Mt Isa and 25 kilometres north of Carnaby Resources’ Mt Hope resource in the Mt Isa Belt. This area was identified during a review of low-risk Australian resource development regions and is considered prospective for copper and/or gold mineralisation. The licence covers multiple copper occurrences underexplored for the mineralisation style identified at Mt Hope.

This Queensland application diversifies Lincoln’s exploration pipeline beyond Eyre Peninsula while maintaining focus on copper and base metals. The Mt Isa Belt is a prolific base metals province hosting world-class deposits. No timeline for licence grant or work program was disclosed. Lincoln is assessing new copper and gold projects to complement Minbrie as part of its broader strategy.

Southern Eyre Project Copper Occurrences Associated with Kalinjala Shear Zone Remain Untested

Lincoln’s Southern Eyre Project on the Eyre Peninsula contains known copper occurrences linked to Banded Iron Formation (BIF) and dolomite near the Kalinjala Shear Zone. The geological setting resembles Minbrie, with mineralisation also near the Donington Granite intrusive margins. Historic high-grade rock chip samples highlight potential for systematic future exploration. No work was conducted during the June 2026 quarter.

Southern Eyre offers a secondary exploration opportunity once Minbrie advances. The Kalinjala Shear Zone acts as a structural control, with copper mineralisation associated with BIF, dolomite, and granite contacts, forming a multi-faceted target model. While early-stage and pre-drilling, Southern Eyre adds optionality to Lincoln’s copper portfolio.

Eyre Magnetite Project MOU with Carlyle-Backed Revera Energy for Green Hydrogen Study

Lincoln’s Eyre Magnetite Project, 35 kilometres north of Port Lincoln, benefits from access to road, rail, port, and high-voltage power infrastructure. Lincoln previously signed a Memorandum of Understanding (MOU) with Cape Hardy (Project Co) Pty Ltd, a Revera Energy subsidiary, to jointly develop a scoping study on processing magnetite in a DR-grade pellet plant fueled by green hydrogen. No work occurred during the June 2026 quarter.

Revera Energy, backed by global investment firm Carlyle (NASDAQ:CG), is developing the Cape Hardy Green Hydrogen Project about 80 kilometres north of Port Lincoln, a world-class renewable energy and green hydrogen facility. The MOU outlines a potential pathway to add value to the magnetite asset via low-carbon processing, though no timeline for study completion or next steps was disclosed. The project’s proximity to port and power infrastructure supports future development considerations.

Kookaburra Graphite Project Collaboration with StarCore Nuclear Continues

Located 35 kilometres north of Port Lincoln, Lincoln’s Kookaburra Graphite Project also enjoys access to key infrastructure. The project features near-surface mineralisation with a high-grade core, suitable for scalable, low-cost development. Lincoln holds a Collaboration Agreement with SCN Canada Inc (StarCore Nuclear) to explore a potential graphite sales agreement. No work was completed during the June 2026 quarter.

StarCore Nuclear develops Small Modular Reactors (SMRs) using high-temperature gas-cooled reactor (HTGR) technology, aiming to provide small-scale, safe, affordable, carbon-free power globally. Graphite is a critical material for HTGRs, underpinning the collaboration’s strategic rationale. While no progress was reported, Kookaburra remains part of Lincoln’s portfolio. The company is pursuing opportunities to leverage historic work on non-copper projects without detracting from its copper focus.

Corporate Strategy: Focus on Copper While Unlocking Non-Core Asset Value

Lincoln Minerals’ June 2026 update outlines a strategy prioritizing shareholder value through advancing Minbrie while unlocking latent value from non-copper assets. The company is actively leveraging historic work on the Eyre Magnetite and Kookaburra Graphite Projects, acknowledging further work may be needed but emphasizing these activities will not distract from the copper focus.

Lincoln is also evaluating new copper and gold projects in Australia to complement Minbrie and reviewing its portfolio for potential divestments or partnerships. This dual approach—deepening Minbrie exploration while managing strategic assets—aligns with ambitions to capitalize on copper and base metals market growth. The two-tranche strategic placement and drilling commencement mark a more active exploration phase. Key risks include exploration uncertainties, shareholder approval for the conditional placement, and junior explorer market conditions.

Upcoming Catalysts: August 2026 Drilling Results and Shareholder Approval

Near-term catalysts for Lincoln investors include the anticipated August 2026 release of initial air core drilling results from Minbrie and the shareholder vote on the conditional A$2.1 million placement tranche. These drilling results will be Lincoln’s first copper-focused data from Minbrie and will shape exploration plans for the remainder of 2026. Positive outcomes, especially confirming mineralisation across untested strike lengths including Eagle Ridge’s 1.7 kilometres, could significantly influence follow-up drilling scope.

If shareholders approve the conditional tranche, total funds raised will reach A$3.1 million before costs, providing financial capacity to fully execute the Minbrie exploration program. The shareholder meeting date was not disclosed; investors should monitor company announcements. Additional potential newsflow includes the Queensland licence grant and developments under the Eyre Magnetite MOU and Kookaburra Graphite Collaboration Agreement. The immediate share price impact of the quarterly update was not evident at publication.