Entitlement Issue

Lincoln Minerals is undertaking a 1 for 7 renounceable entitlement issue (“Entitlement Issue”) at 0.5 cents ($0.005) per share to raise up to approximately $1.5 million (before costs). For every 1 new share subscribed, eligible shareholders will receive 0.5 free attaching New Options with an exercise price of 1.0 cent and expiring on 31 December 2027. The Company will apply for the quotation of the New Options on the ASX, subject to satisfying ASX’s quotation requirements.

The entitlement issue price represents a discount of:

• 38% to the Company’s last close of $0.008 on the ASX; and
• 29% to the Company’s 30-day VWAP of $0.007.

The Entitlement Issue is open to all eligible shareholders who have a registered address within Australia or New Zealand, and who hold Shares on the Record Date, being Friday, 8 August 2025. The Entitlement Issue will close on Wednesday, 27 August 2025 (unless extended), and eligible shareholders can apply for shortfall in excess of their entitlement. The shortfall will be allocated in
accordance with the allocation policy set out in the prospectus for the Entitlement Issue (Prospectus). Shareholders can also trade their entitlement from Thursday, 7 August 2025. The Entitlement Issue is partially underwritten to $0.5 million by Lead Manager and Underwriter, Mahe Capital Pty Ltd (ACN 634 087 684) (AFSL 517246). Details regarding the terms and conditions of the underwriting agreement between the Company and Mahe Capital are set out in the Prospectus and the Appendix 3B accompanying this announcement.

All New Shares issued will rank equally with existing shares on issue and the Company will apply for quotation of the New Shares and New Options. Further details regarding the Entitlement Issue are set out in the Prospectus. The Prospectus was lodged with ASIC on 5th August 2025 and, will be sent to eligible shareholders together with a personalised entitlement acceptance form on Wednesday, 13 August 2025.

Eligible shareholders should consider the Prospectus in deciding whether to acquire securities under the Entitlement Issue and will need to follow the instructions on the entitlement and acceptance form that will accompany the Prospectus. The proposed timetable for the Entitlement Issue is set out below:

These dates are indicative only and may change, subject to the Corporations Act and ASX Listing Rules. The Directors may extend the Closing Date by giving at least three (3) Business Days’ notice to ASX prior to the Closing Date. As such the date the Securities are expected to commence trading on ASX may vary.