Lincoln Minerals Acquires 100% Mineral Rights For Eyre Peninsula Holdings

  • Dec 21, 2018 AEDT
  • Team Kalkine
Lincoln Minerals Acquires 100% Mineral Rights For Eyre Peninsula Holdings

Metals and minerals explorer Lincoln Minerals expands its graphite exploration footprints on the Eyre Peninsula, South Australia.

In an announcement dated 21 December 2018, Lincoln Minerals Limited (ASX: LML) stated that it had secured 100% of mineral rights in the tenements held by its license holders. It translates the acquisition of four exploration licenses from South Australian Iron Ore Group Pty Ltd (SAIOG), Centrex Metals Ltd (ASX: CXM), Wugang Australian Resources Investments Pty Ltd and WISCO Resource Group Corporation Limited.

With this agreement, Lincoln now has the right to explore graphite and base metals in the tenements located at Tumby Bay and Mount Hill, covering 618 square kilometers. These tenements are held by license holder South Australian Iron Ore Group Pty Ltd SAIOG. Further, the company has also acquired 100% interest in Greenpatch, and Wanilla tenements held by an ASX listed Centrex Metals Ltd. These tenements include the all mineral rights for graphite exploration across the tenements area of 188 square kilometers.

Resultantly, Lincoln’s total holding for all minerals has increased from 1,070 square km to 1,876 square km in a total tenement portfolio of 2028 square km.

For the Fiscal Year 2018, the company posted a loss after tax of $1,241,309 compared to 2017’s loss of $1,387,440. In 2018 the group capitalized $1,269,101 (2017: $2,203,072) of exploration and evaluation expenditure and expensed $171,630 (2017: $223,207) of such expenditure that it was unable to be carried forward. Moreover, during FY18 the company issued 114,500,000 new shares at 3.2 cents per share raising $3,664,000 before costs to an entity associated with Director James Zhang following shareholder approval.

Lincoln’s Kookaburra Gully Mine Plan includes capital expenditure A$40-50 million based on mining 250,000 tonnes per annum (TPA) graphite to produce up to 35,000 tonnes graphite concentrate per annum. The aggregate measured, indicated and inferred Mineral Resources for Kookaburra Gully mine and neighboring Koppio graphite deposits total 3.9Mt at 12.6% TGC with 489,930t of contained graphite. Moreover, during the September quarter, the company undertook the advancement of downstream metallurgical test work at Kookaburra Gully Graphite project with concentrates in the final stage of chemical analysis. As at 30 September 2018, the company had the cash and cash equivalents of $2,499,000, up $40,000 from the previous corresponding period.

In today’s market session, Lincoln’s stock has been trading flat on Australian Securities Exchange. LML’s last traded share price is $0.006, reflecting a meltdown of 14.286% taken place on 19 December 2018.

Moreover, looking at the historical performance of this penny stock, we can see a massive negative price movement of 82.89% over the past 12 months. In the recent three months to 21 December 2018, the stock has fallen 50%.


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