Lincoln Minerals Limited · ASX:LML
Lincoln Minerals — Investor Presentation (August 2025)
28 slides from Lincoln Minerals's investor presentation, Aug 26, 2025
Slide 1: Unlocking Value - Developing Strategic Critical Mineral Projects
Unlocking Value - Developing Strategic Critical Mineral Projects in South Australia’s Gawler Craton Copper to the World Presentation August 2025
Slide 2: Important Notice and Disclaimer
Important Notice and Disclaimer Disclaimer and Competent Person Statement The information contained in this document (“Presentation”) has been prepared Lincoln Minerals Limited (“Company”). The future performance and actual results or developments may differ materially from those in the forward-look
Slide 3: Diversified Critical Minerals Portfolio: Four Key Commodities - Three Advanced Projects
Diversified Critical Minerals Portfolio: Four Key Commodities - Three Advanced Projects • Located in South Australia’s Gawler Craton: Potential for large-scale copper and Advanced Exploration Copper-Base Metal BUDD192 Discovery Hole1 29.5m @ base metal mineralisation. • 7km of strike2 of continuous
Slide 4: Minbrie has All the Right Ingredients to be a Major Discovery
Minbrie has All the Right Ingredients to be a Major Discovery Geological Setting • Located in South Australia’s Gawler Craton: Potential for large-scale & Deposit Type copper, gold, and base metal mineralisation. Host to some of South Australia’s most significant mineral systems like Olympic Dam, Ca
Slide 5: South Australia's Gawler Craton – A Tier-1 Critical Minerals Jurisdiction
South Australia’s Gawler Craton – A Tier-1 Critical Minerals Jurisdiction • Gawler Craton highly ranked for global mining investment and strong trade agreements. • Stable political environment, proximity to Asia, the Middle East, and North Africa. Copper • South Australia hosts about 10%5 of the wor
Slide 6: Unlocking value with infrastructure in place
Unlocking value with infrastructure in place 6 Favourable Jurisdiction and Infrastructure • All projects located within 5–35km of grid power and towns. • Port, power, water and road access in place supporting faster and cheaper project development. • Multiple port options available, including Port L
Slide 7: Copper back on the rise
Copper back on the rise 7 • Essential metal for EVs, renewables, grids and data centres • Structural supply gap: demand rising, ore grades declining, new mines delayed • Demand increasing: IEA forecasts refined copper demand to grow from 27Mt (2024) to 33Mt by 2035 • Supply shortfall: IEA forecast u
Slide 8: Minbrie Copper-Base Metals Project – Confirming Scale Across Untested Zones
Minbrie Copper-Base Metals Project – Confirming Scale Across Untested Zones 8 Investor Presentation | August 2025 | lincolnminerals.com.au
Slide 9: Minbrie Discovery – Previously Overlooked
Minbrie Discovery – Previously Overlooked Reinterpreting legacy data – Minbrie breakthrough February 2025 BUDD1921: A fortuitous discovery reignites Minbrie 29.5m @ 0.8% copper (Cu), 7.5% lead (Pb), 1.9% zinc (Zn), 9 g/t silver (Ag) from 131.1m including (apparent width): • 12m @ 1.3% Cu, 12.4% Pb,
Slide 10: Large-Scale Cu-Zn-Pb-Ag Corridor at Minbrie
Large-Scale Cu-Zn-Pb-Ag Corridor at Minbrie • Scale and continuity: Recent assays have significantly increased geological confidence in a continuous, multi-metal sulphide system extending over a 7km strike1 length. • Shallow depths: Mineralisation is located at depths of less than 200m, supporting p
Slide 11: Drilling Planned in Northern Section
Drilling Planned in Northern Section Three target areas selected for initial testing Immediate targets focused around the “discovery hole” BUDD192 • Testing up dip and down dip and along strike between Magnetite BIF Footwall & Mylonite Shear Zone (Trap Zone 1) • Testing for an oxide and/or a superge
Slide 12: First Drilling Area - Targeting Trap Zone 1 & 2
First Drilling Area - Targeting Trap Zone 1 & 2 BUDD1921 is 29.5m @ 0.8% copper (Cu), 7.5% lead (Pb), 1.9% zinc (Zn), 9 g/t silver (Ag) from 131.1m (apparent width) BURCD030 shows a correlation with BUDD192, terminating just metres from expected mineralisation, pXRF showing copper bornite vein at 27
Slide 13: Next Steps
Next Steps Drill Ready early Q4 CY2025 1. Permitting documentation completed. No significant issues foreseen for approvals. Anticipated to be approved within 2 months. 2. Currently selecting a driller. 3. Drill program next quarter, in Q4 CY2025, targeting zones with known copper-base metal minerali
Slide 14: Multiple Catalysts Across Commodity Classes
Multiple Catalysts Across Commodity Classes Copper-Base Metals • Prioritised drill targeting from Northern corridor Minbrie Project • Testing Target Zones using RC with a Diamond Drill tail Graphite • Further updates on strategic discussions and commercialisation plans. Kookaburra Graphite Project U
Slide 15: For Further Information
For Further Information: Jonathon Trewartha Chief Executive Officer Lincoln Minerals Limited jonathon.trewartha@lincolnminerals.com.au 1300 137 116 Kristin Rowe Investor and Media Relations NWR Communications kristin@nwrcommunications.com.au +61 404 88 98 96 Community/Investor Enquiries Community@li
Slide 16: Appendix
Lincoln Minerals Appendix “aa ASX:LML
Slide 17: Corporate Overview
Corporate Overview Capital Structure LML A$0.0111 2,13M $23.2M ASX Code Shares on Issue Market Capitalisation Share Price Ryan Smith Mr Smith combines 18 years working in the corporate sector managing financial risk with 16 years’ experience Interim Chairperson as a Member of the Victorian Parliamen
Slide 18: Appendix - Mineral Resources Summary
ASX:LML Appendix 1 - Mineral Resources Summary 18 Green Iron Project – Mineral Resources Summary Kookaburra Graphite Project Total Mineral Resources3 JORC Year Tonnes Mass Recovery Fe Head SiO2 Head Fe Con SiO2 Con Deposit Name Classification Cut-off Contained Status (Mt) (%) (%) (%) (%) (%) Measure
Slide 19: Kookaburra Graphite Project Strategic Pathway to Partnership and Value Creation
Kookaburra Graphite Project Strategic Pathway to Partnership and Value Creation
Slide 20: Kookaburra Graphite Project – First Mover Advantage
Kookaburra Graphite Project – First Mover Advantage Competitive Advantages: • Ultra-high-grade graphite at surface within an existing Mining Lease • Located near key infrastructure on South Australia’s Eyre Peninsula • Low start-up capital $29M1 • Compelling starter pit supports near-term developmen
Slide 21: Kookaburra Graphite Project – Compelling economics
Kookaburra Graphite Project – Compelling economics Compelling project economics Key Financial and Production1 Metrics • Pre-tax NPV10 of A$114m or (US$77m); Strong Financial metrics • Pre-tax IRR of 41%; • Start-up capital requirement of A$29m (US$19m); • Average Cash EBITDA1 of ~A$23m (US$15m); Low
Slide 22: Kookaburra Graphite Project – Positioned for Upside in a Rising Graphite Market
Kookaburra Graphite Project – Positioned for Upside in a Rising Graphite Market • Pre-tax1 NPV10 of A$114m. • Pre-tax1 IRR of 41%; • Start-up capital1 requirement of A$29m • Average Cash EBITDA1 of ~A$23m Lincoln offers strong exposure to 517 • Average Cash EBITDA1 margin of 42%. anticipated graphit
Slide 23: Uranium Targets: Multiple Drill-Ready Targets in Emerging Uranium Province
Uranium Targets Multiple Drill-Ready Targets in Emerging Uranium Province
Slide 24: Uranium – Strategic Position in Leading Province
Uranium – Strategic Position in Leading Province Lincoln has multiple highly prospective uranium targets across its existing tenement portfolio all located in South Australia’s emerging uranium province. Known uranium mineralisation exists on each project area, including historical drilling and rece
Slide 25: Uranium – Value Upside
Uranium – Value Upside Key Catalysts: Eridani • Soil sampling program following up on initial ground reconnaissance • Follow-up AEM survey to define structures over the region Jungle Dam • Drilling campaign CCC Yallunda • Re-assay intervals of interest from historic Centrex and other cores, as they
Slide 26: High Purity Iron & DRI Project Advancing Strategic Partnerships
High Purity Iron & DRI Project Advancing Strategic Partnerships
Slide 27: High Purity Iron and DRI Project – Advanced and Strategically Positioned in South Australia
High Purity Iron and DRI Project – Advanced and Strategically Positioned in South Australia Location • 100% Lincoln-owned Australian assets • Lower capital requirements with major infrastructure nearby; less than 5km from power, 15km from mains water1, and within 60km of one active port and two appr
Slide 28: Direct Reduction Iron is a Growing Market
Direct Reduction Iron is a Growing Market ⎪ Demand for Direct Reduction Iron Rising: Surge in Electric Arc Furnace builds driving need for high-grade DRI material GLOBAL CRUDE STEEL AND DRI PRODUCTION Central/North Europe (K Tonnes) West/South Europe 35 800 Canada 700 30 600 China Crude Steel Produc
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