Kookaburra Graphite Project
Lincoln’s Kookaburra Graphite Project (KGP) is strategically located on South Australia’s Eyre Peninsula, 35km north of Port Lincoln. The project benefits from near-surface mineralisation and a high-grade core, making it ideally suited for scalable, low-cost development. The current JORC resource (refer ASX release 15 April 2024) for the project is 12.8Mt @ 7.6% Total Graphitic Carbon (TGC). The November 2024 KGP Pre-feasibility Study (PFS) demonstrated an NPV10 of $114 million can be generated over a 16-year mine life, based on upfront CAPEX of $29 million (refer ASX release 5 November 2024).
The Kookaburra Graphite Project has been assessed to contain Measured, Indicated and Inferred Resources of 12.8Mt at 7.6% TGC. (refer ASX release: 15 April 2024).
The Kookaburra Graphite Project area includes:
- The Kookaburra Gully Graphite Deposit
- The historic Koppio Graphite Mine and associated deposit
- The Kookaburra Gully Extended (KGE) Prospects
The April 2024 MRE includes holes drilled in 2017 after Lincoln’s 2017 MRE was announced. Twenty-five (25) holes for 2,110m were drilled in 2017 which were not included in the MRE announced on 17th May 2017.
Lincoln completed an additional 26 holes for 2569m over December 2023-January 2024 in the northeast portion of ML6460. Eight holes within the boundaries of the designed pit intersected high-grade graphite and were included in the upgraded MRE for Kookaburra Gully.
Kookaburra Graphite Deposit
The Kookaburra Gully Graphite Deposit is the key asset in Lincoln’s Kookaburra Graphite Project.
Following electromagnetic (EM) surveys flown over the Koppio and Cockabidnie-Campoona areas in July 2012, resource definition drilling was completed over the Kookaburra Gully graphite deposit in January 2013 with aircore drilling on an 80m x 40m grid spacing. Establishing the Mineral Resource at Kookaburra Gully has given confidence in mapping the Kookaburra Gully Extended Prospects that are along trend and confirm with the EM anomaly as shown in Figure 1.
Lincoln and SCN Canada Inc Collaboration Agreement
Lincoln Minerals has entered into a collaboration agreement with SCN Canada Inc (trading as StarCore Nuclear) to investigate high-value applications for graphite from its Kookaburra Graphite Project in South Australia, specifically for use in small modular nuclear reactors (SMRs). The partnership will assess the technical suitability of Kookaburra graphite for advanced reactor technology, where graphite is a critical component, with initial test work and studies planned over the next 12 months.
Table 1: Measured, Indicated and Inferred Resource for Kookaburra Gully SW Extended above 2% TGC cut-off
| Category | Tonnes (mt) | TGC (%) | Density (t/m3) | Contained Graphite (t) |
|---|---|---|---|---|
| Measured | 1.00 | 11.77 | 2.53 | 118,000 |
| Indicated | 1.44 | 11.73 | 2.51 | 169,000 |
| Inferred | 1.07 | 11.66 | 2.50 | 125,000 |
| TOTAL M+I+I | 3.51 | 11.72 | 2.51 | 412,000 |
Table 2: Kookaburra Gully total Mineral Resources
| Deposit Name | Cut-off Grade (%TGC) | Tonnes (Mt) | Average Grade (%TGC) | Contained Graphite |
|---|---|---|---|---|
| Kookaburra Gully | ||||
| Measured | 2% | 1.00 | 11.77 | 118 |
| Indicated | 2% | 1.44 | 11.73 | 169 |
| Inferred | 2% | 1.07 | 11.66 | 125 |
| Sub Total | 2% | 3.51 | 11.72 | 412 |
| Koppio | ||||
| Indicated | 2% | 2.84 | 7.53 | 214 |
| Inferred | 2% | 0.79 | 6.72 | 53 |
| Sub Total | 2% | 3.63 | 7.35 | 267 |
| Kookaburra Gully Extended | ||||
| Indicated | 2% | 0.58 | 7.73 | 45 |
| Inferred | 2% | 5.12 | 4.86 | 249 |
| Sub Total | 2% | 5.70 | 5.15 | 294 |
| Total | 12.84 | 7.57 | 973 |
The maiden Mineral Resources estimated in accordance with JORC Code (2012) at Kookaburra Gully reinforces Lincoln’s confidence in being able to quickly progress the Company’s graphite resources on southern Eyre Peninsula into a high-quality, long life graphite mining and processing operation.
Kookaburra Gully Metallurgy
Metallurgic bench-scale testing of representative bulk drill and trench samples from the Kookaburra Gully Graphite deposit were undertaken in 2017. The results demonstrated that Kookaburra Gully is a flake graphite with predominantly fine flakes. Further metallurgical testing in May 2025 (refer ASX release 22 May 2025), confirmed that KGP graphite could be purified to meet the stringent specifications required for use in lithium-ion battery (LiB) anodes. Multiple test runs at two independent laboratories in Australia achieved purity levels above 99.95% total graphitic carbon (TGC) – the industry benchmark for battery-grade anode material.
Table 3: Graphite Deposits
