Lincoln Minerals announced that an agreement was reached to acquire four Exploration Licences (EL) for nominal consideration during the quarter. The ELs will be acquired from Centrex Metals, South Australian Iron Ore Group (SAIOG), Wugang Australian Resources Investments and WISCO Resource Group Corporation and represent their interest in South Australian tenements with completion to occur following various approvals.
|Map of Lincoln Minerals’ Eyre Peninsula (SA) tenements.|
Lincoln is poised to acquire a 100 per cent interest in EL5852 (Greenpatch) and EL5559 (Wanilla) held by licence holder Centrex, and also EL5971 (Tumby Bay) and EL6024 (Mount Hill) held by licence holder SAIOG. Lincoln currently holds all non-iron rights in these ELs.
Lincoln is working towards engaging an external consultant to provide a report on the Kookaburra Gully Project with a special focus on the technical, economic and marketing aspects of the project. The report is expected to be completed in the June Quarter 2019 and therefore, Lincoln is continuing to undertake measures to stabilise expenditure and investigate new opportunities to enable growth of Lincoln’s resource business.
Lincoln continued its stakeholder engagement and environmental monitoring programs for Kookaburra Gully graphite project during the quarter, with Lincoln's Board formulating options to fund project development and finalise its Program for Environment Protection and Rehabilitation (PEPR).
At 31 December 2018, Lincoln had AU$2.1 million in cash at bank.