Lincoln Minerals Limited has completed the interpretation of airborne magnetic and electromagnetic data acquired over the Kookaburra Gully Graphite Project area in the Eyre Peninsula, South Australia. The TEMPESTTM airborne survey was acquired in 2012 and Lincoln has recently completed the integration of the 2017 drill data with this airborne geophysical data and has identified six electromagnetic targets for further investigation. The results are key drivers in helping to better define and prioritise drill targets for the planned 2023 drilling program.

The airborne survey covers the Kookaburra Gully Graphite Project area operated by Lincoln Minerals. The exploration licenses (EL) 5971 and 6024 and Mineral Lease ML6460 together comprise the Kookaburra Gully Graphite Project which is the Company's flagship project. Graphite has been widely identifiable from Airborne Electromagnetic (AEM) surveys due to its high electrical conductivity.

Graphitic rocks are excellent conductors and therefore are easily detected by AEM. The 2012 survey, as expected, showed the presence of highly conductive zones over the known Kookaburra Gully graphite deposit and the historic Koppio graphite mine. The highly conductive zone extended to the south-west of the Kookaburra Gully deposit and was named Kookaburra Gully Extended.

A drilling program in 2017 drilled both the Kookaburra Gully and Extended areas and resulted in graphite discoveries with Kookaburra Gully the subject of a JORC 2012 estimation of Measured, Indicated and Inferred Mineral Resources for graphite (refer Kookaburra Gully Graphite Project on Page 4 and ASX release 17/05/2017 Improved graphite Mineral Resource status at Kookaburra Gully on South Australia's Eyre Peninsula). A table of the breakdown of estimated Mineral Resources is shown in Table 1 below. In 2022, these drill results were integrated with the reprocessed airborne geophysical data to form a drill target priority map for the 2023 drilling program.

In all, six target areas were identified for follow up prioritised from 1-6. Due to the age of the AEM survey and the very broad EM response that is poorly defined, it was difficult to map target geometry (dip direction). It is recommended to acquire detailed ground electromagnetic data to better define these targets. The 2023 drilling program will be finalised over the coming weeks and high priority targets will be considered first for drilling, taking into consideration the logistics, planning and permitting lead times.

The TEMPESTTM survey was flown by FUGRO Airborne Surveys using a CASA 212 aircraft utilising a towed sensor and operating at a nominal height of 120m above the ground. The survey flew alternate adjacent flight line directions with the 2012 data interpretation resulting in imagery displaying a `herring bone' response that has subsequently been removed through data reprocessing. Lincoln Minerals holds mineral rights to South Australian exploration licences covering a total area of 1,151km2 including Mineral Lease ML 6460 at Kookaburra Gully.

The Kookaburra Gully Graphite Project includes the Koppio deposit and Kookaburra Gully Extended (EL6024) tenement and is located approximately 35km north of Port Lincoln on the Eyre Peninsula in South Australia. Previous 2017 Feasibility Study results defined a Probable Ore Reserve (Table 2) for Kookaburra Gully of 1.34Mt at 14.6% Total Graphitic Carbon (TGC) at a cut-off grade of 8.5% TGC within a total Measured, Indicated and Inferred Mineral Resource of 2.03Mt at 15.2% TGC (cut-off grade 5% TGC), the Kookaburra Gully Graphite Project consists of: · Kookaburra Gully (ML 6460) ­ Mineral Resources (Measured, Indicated, Inferred) · Koppio (EL 6024) ­ Mineral Resources (Inferred) · Kookaburra Gully Extended ­ Early stage exploration.