Lincoln Minerals Limited (ASX: LML) (Lincoln or Company) continued to assess business opportunities to develop its business plans.

Lincoln is working to develop its business strategy and extract value from existing assets to fund its 100% owned Kookaburra Gully Graphite Project.

No significant exploration or development work was undertaken during the Quarter on Lincoln's Eyre Peninsula tenements.

At 31 December 2020, Lincoln had $291k in cash at bank.

Tenements

All EL's are current with EL 5811 (Gum Flat) undergoing a subsequent exploration licence renewal and EL 5923 (Nantuma) partially relinquished and renewal application made during the Quarter. Baogang Group Investment (Australia) Licencee of EL 5851 (Minbrie), where Lincoln holds all mineral rights except iron ore, was extended a further year during the Quarter. Lincoln Minerals holds exploration rights to South Australian lease holdings totalling 1,712 km2 , all located on Eyre Peninsula, with 1,560 km2 100% owned.

Corporate

In November 2020, Mr Kee Saw and Ms Ruiyu Zhang resigned from the Lincoln Board as non-executive directors to help reduce administrative costs of the Company and to pursue other business interests. In January 2021, Mrs Grace Tsui resigned from the Lincoln Board as a Managing Director to pursue other business interests. In January 2021, Mr Tony Raunic was appointed as a non-executive director. Mr Raunic is Managing Principal of Hunt & Hunt Lawyers and is one of Victoria's leading local government and public law legal advisors.

Contact:

James Zhang

Tel: +61 (0) 3 9191 4007

Email: info@lincolnminerals.com.au

About Lincoln Minerals Limited

Lincoln Minerals Limited (ASX: LML) is a South Australian mining exploration company, focused on graphite, gold, copper and iron ore. Gold exploration is centred on the Company's tenement holding in the highly prospective and significantly underexplored Gawler Craton. The Company's cornerstone graphite project is based at the Kookaburra Gully Graphite project on the Eyre Peninsula.

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