Eyre Magnetite Project

1.2 billion tonne magnetite resource on South Australia’s Eyre Peninsula

Lincoln’s 1.23 billion-tonne Eyre Magnetite Project is located approximately 35km north of Port Lincoln, on South Australia’s southern Eyre Peninsula. The project comprises numerous prospective magnetite deposits spanning a 50km anomalous magnetic banded iron formation (BIF) trend.

A detailed study on the resources (excluding Barnes and Rifle Range) was completed in 2012. The study established conceptual designs for mining and processing over a range of output scenarios. The study also considered the metallurgy and concluded that conventional grinding and magnetic separation at a coarse grind size of P80 75µm could produce a high-grade magnetite concentrate.

The Project is favourably located, with access to established road, rail, port and high-voltage power infrastructure nearby, plus access to a significant ‘drive-in, drive-out’ mining workforce on the Eyre Peninsula.

Overview of Lincoln Minerals’ magnetite iron ore tenements on the Eyre Peninsula, South Australia

In December 2025, a Memorandum of Understanding (MOU) was signed with Revera Energy, a Carlyle-backed clean energy infrastructure platform, to jointly investigate the development of a direct reduction (DR) grade green iron pellet plant on the Eyre Peninsula. Under the MOU, the parties will explore a potential commercial structure for joint development and aim to complete scoping and feasibility studies by the end of CY26, subject to mutual agreement to proceed.

The project presents a unique opportunity to align with the rapidly advancing local investment in new infrastructure, enabling the supply chain required to produce green iron.