Lincoln Minerals (ASX:LML) is advancing its Minbrie Copper-Zinc Project following a recently completed equity placement. The company successfully raised $231,550 through the issuance of 46.31 million shares at $0.005 per share, with attaching options for subscribers. These funds are earmarked for exploration activities at the Minbrie project in South Australia, specifically aimed at defining drill-ready targets.
Lincoln plans to leverage historical drill core data, relogging and assaying over 2,200 meters to identify promising targets for accelerated exploration. Management anticipates finalizing its FY25 research and development (R&D) rebate application to bolster its cash position and support working capital. CEO Jonathon Trewartha highlighted the potential for a major discovery, emphasizing that current findings confirm the presence of key geological indicators. Lincoln Minerals has also implemented cost-reduction measures, decreasing its monthly cash burn to $80,000, excluding exploration expenses. The company is focused on critical mineral exploration and development within South Australia’s Gawler Craton.
