Kookaburra Graphite Project
High-grade graphite project strategically located with direct access to critical infrastructure.
The 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.
A Pre-Feasibility Study (PFS) for the project demonstrated a Net Present Value (NPV10) of $114 million over a 16-year mine life, based on an upfront capital expenditure of $29 million. Combined with its proven ability to achieve ultra-high purification levels, KGP presents a compelling opportunity to supply high-quality feedstock across multiple stages of an integrated battery anode material supply chain.
In May 2025, a study confirmed that graphite from KGP could be purified to meet the stringent specifications required for lithium-ion battery (LiB) anodes. Multiple test runs conducted at two independent laboratories in Australia achieved purity levels above 99.95% total graphitic carbon (TGC), aligning with industry benchmarks for battery-grade material.
The project is favourably located, with access to established roads, rail, port and high-voltage power infrastructure nearby. It also benefits from proximity to a skilled, drive-in, drive-out workforce on the Eyre Peninsula.
Lincoln and SCN Canada Inc. Collaboration Agreement
A collaboration agreement has been signed with SCN Canada Inc. (trading as StarCore Nuclear) to investigate high-value applications for graphite from the Kookaburra Graphite Project, specifically in small modular nuclear reactors (SMRs). The partnership will assess the technical suitability of KGP graphite for use in advanced reactor technologies, where graphite plays a critical role. Initial test work and technical studies are scheduled 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
