Lincoln Minerals Limited (LML) AI Stock Analysis

• Market Cap: AU$51.82M
• Dividend Yield: N/A
• Average Volume (3M): 11.53M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.78
• Revenue Growth: N/A
• EPS Growth: 26.67%
• Country: AU
• Employees: N/A
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Industrial Materials
• EPS (TTM): 0.00
• Shares Outstanding: 2,591,030,800
• 10 Day Avg. Volume: 11,532,103
• 30 Day Avg. Volume: 11,532,103
• PEG Ratio: 0.24
• Price to Book (P/B): 2.25
• Price to Sales (P/S): 24.05
• P/FCF Ratio: -5.85
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 48 Neutral
• Price Target: AU$0.02 ▲(90.00% Upside)

The score is held back primarily by weak financial performance—persistent losses, minimal/volatile revenue, and ongoing cash burn despite low leverage. Technicals provide some support via positive short-term momentum, but valuation remains challenging given negative earnings and no dividend data.

Positive Factors

Low financial leverage

Very low debt reduces insolvency and interest burden risk for an exploration company, preserving operational flexibility. This structural balance sheet strength lengthens runway for project work and makes future financing less urgent or dilutive, improving resilience over months.

Strong project-level gross margin

A ~100% gross margin indicates the company’s revenue, where earned, has high project-level economics or minimal direct costs. If management can control SG&A and development expenses, this structural profitability at the gross level supports a path to positive operating margins over time.

Improving cash flow trajectory

Reduced cash outflows and FCF being closer to net loss show improving cash conversion and expense management. This durable trend lowers near-term refinancing risk and indicates management can narrow cash burn, giving more time to execute exploration and development plans.

Negative Factors

Persistent net losses

Ongoing operating losses indicate the business has not yet reached sustainable profitability. Over a multi-month horizon, persistent negative earnings increases the chance management must raise capital, which can dilute shareholders and divert focus from project advancement to financing.

Very small, volatile revenue base

Extremely low and inconsistent revenue signals the company remains non-scaled and dependent on sporadic project events. This structural revenue weakness makes cash flows unpredictable and undermines the sustainability of overhead absorption and long-term investment planning.

Eroding equity and negative ROE

Declining equity and large negative returns on equity demonstrate shareholder value erosion from recurring losses. Over time this raises dilution or restructuring risk to fund operations, and signals governance/strategy must reverse performance to avoid long-term capital access impairment.

Lincoln Minerals Limited Business Overview & Revenue Model

Company Description

Lincoln Minerals Limited engages in the exploration and development of mineral properties in Australia. The company explores for graphite, copper, gold, iron ore, magnetite, hematite, zinc, lead, and silver deposits. Its flagship project is the Kookaburra Gully graphite project located on the Eyre Peninsula of South Australia. The company was incorporated in 1974 and is based in Melbourne, Australia.

How the Company Makes Money

Lincoln Minerals Limited generates revenue through the exploration and eventual development of mineral resources, particularly graphite and iron ore. The company aims to progress its projects from exploration to development and production, thereby creating value through the sale of extracted minerals. LML's primary revenue streams are expected to come from the sale of mined graphite and iron ore. Additionally, the company may engage in joint ventures, partnerships, or sales of mining rights to other mining companies as a means of monetizing its assets. Significant partnerships with other resource companies or investors could also contribute to its earnings by providing necessary funding or strategic opportunities to advance its projects toward commercial production.

Lincoln Minerals Limited Financial Statement Overview

Summary

Overall financial profile is weak due to consistently negative EBIT/net income, very small and volatile revenue (A$0 in FY2023–FY2024, then A$0.6M in FY2025), and ongoing negative operating/free cash flow (FY2025 FCF about -A$2.47M). The main offset is low leverage (FY2025 debt-to-equity ~0.05), but continued losses and cash burn imply ongoing funding/execution risk.

Income Statement

Revenue is highly volatile and remains very small in absolute terms (A$0 in FY2023–FY2024, then A$0.6M in FY2025), indicating an early-stage or non-scaled operating base. Profitability is consistently weak: EBIT and net income are meaningfully negative across all periods, with FY2025 net margin still deeply negative (about -379%) despite the revenue rebound. A key positive is strong gross profit in FY2025 (gross margin ~100%), but operating costs continue to overwhelm gross profit, keeping earnings firmly loss-making.

Balance Sheet

Leverage is low, which reduces financial risk (FY2025 debt-to-equity ~0.05; several prior years show no debt). However, shareholder returns are consistently negative, reflecting ongoing losses (return on equity is roughly -33% to -51% in recent years). Equity has also trended down from FY2024 to FY2025, consistent with continued burn and value dilution risk if losses persist.

Cash Flow

Cash generation is weak: operating cash flow is negative every year, and free cash flow is also consistently negative (FY2025 free cash flow about -A$2.47M). While FY2025 operating cash outflow improved versus FY2024, the business still requires external funding to sustain operations. A relative positive is that free cash flow is less negative than net loss in recent years (cash losses not worse than accounting losses), but the overall cash trajectory remains pressured.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	601.72K	601.72K	0.00	0.00	5.46K	55.01K
Gross Profit	590.87K	601.72K	-951.00	-1.91K	3.77K	54.70K
EBITDA	-1.91M	-870.82K	-1.57M	-3.61M	-2.02M	-909.23K
Net Income	-2.28M	-2.28M	-2.69M	-3.61M	-2.03M	-744.64K
Balance Sheet
Total Assets	6.99M	6.99M	8.53M	7.15M	5.99M	7.53M
Cash, Cash Equivalents and Short-Term Investments	662.94K	662.94K	2.57M	1.16M	42.12K	122.77K
Total Debt	294.86K	294.86K	0.00	0.00	510.00K	0.00
Total Liabilities	558.38K	558.38K	345.88K	117.79K	737.30K	257.40K
Stockholders Equity	6.43M	6.43M	8.19M	7.04M	5.25M	7.28M
Cash Flow
Free Cash Flow	-2.10M	-2.47M	-2.43M	-2.73M	-646.92K	-856.03K
Operating Cash Flow	-1.07M	-1.06M	-1.34M	-2.15M	-494.28K	-634.63K
Investing Cash Flow	-1.41M	-1.41M	-1.09M	-576.81K	-18.36K	-195.15K
Financing Cash Flow	515.83K	515.83K	3.84M	3.85M	510.00K	0.00

Lincoln Minerals Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
AMU	49 Neutral	AU$21.42M	-9.09	-6.61%	―	―	―
LML	48 Neutral	AU$51.82M	-18.18	-31.20%	―	―	26.67%
BUX	48 Neutral	AU$15.19M	-2.12	-127.11%	―	―	10.34%
AKO	45 Neutral	AU$14.74M	-5.48	-14.33%	―	―	―
RWD	42 Neutral	AU$12.07M	-6.29	―	―	―	93.44%

Lincoln Minerals Limited Corporate Events

Lincoln Minerals Refocuses on Copper Discovery as Minbrie Drilling Plans Advance

Lincoln Minerals Limited has refreshed its leadership and updated its corporate strategy to become a discovery-focused copper company, concentrating on advancing the Minbrie Project in South Australia where it controls 17km of copper- and base metals–prospective stratigraphy. The company is progressing permitting and land access for a drilling program targeted to begin in the first half of 2026, while simultaneously pursuing value-adding partnerships for its non-core assets through a collaboration to explore using graphite from the Kookaburra Project in small modular nuclear reactors and a memorandum of understanding for a potential joint venture iron ore pellet plant on the Eyre Peninsula, ending the quarter with $1.5 million in cash and no debt.

The most recent analyst rating on (AU:LML) stock is a Sell with a A$0.02 price target. To see the full list of analyst forecasts on Lincoln Minerals Limited stock, see the AU:LML Stock Forecast page.

Lincoln Minerals Uncovers Historic High-Grade Copper Targets at Southern Eyre Project

Lincoln Minerals has identified historic high-grade copper and gold targets at its Southern Eyre Project in South Australia, following a review prompted by earlier copper discoveries at its Minbrie Project. The company’s reassessment of historical work, including exploration from the late 1980s, located 41 rock chip samples with copper grades up to 11.1% and associated gold, clustered along key structures such as the Kalinjala Shear Zone and near the Donington Granite intrusive. With the area previously underexplored for copper due to past focus on iron ore and graphite, Lincoln sees strengthened copper and gold prospectivity across the Eyre Peninsula and plans to concentrate immediate exploration at Minbrie, where it controls a 20km corridor of prospective ground, while fine-tuning its 2026 programs to test extensions at Minbrie and the newly identified Southern Eyre copper targets.

The most recent analyst rating on (AU:LML) stock is a Hold with a A$0.02 price target. To see the full list of analyst forecasts on Lincoln Minerals Limited stock, see the AU:LML Stock Forecast page.

Lincoln Minerals Plans Share Placement of Up to 3.7 Million Shares

Lincoln Minerals Limited has announced a proposed issue of up to 3,725,000 ordinary fully paid shares via a placement or similar capital-raising mechanism, with an expected issue date of 7 January 2026. The move signals an intention to bolster the company’s capital base, potentially providing additional funding for its ongoing exploration and development activities and reinforcing its financial flexibility within the competitive resources sector, though specific use of proceeds was not disclosed.

Lincoln Minerals appoints new company secretary and shifts registered office to HLB Mann Judd

Lincoln Minerals Limited has appointed Jake van der Hoek as Company Secretary, with immediate effect, replacing outgoing Chief Financial Officer and Company Secretary Andrew Metcalfe, who will assist with a smooth transition. Van der Hoek, a director at HLB Mann Judd with extensive experience in ASX-listed corporate governance and compliance, will also be responsible for communication with the ASX, and the company has aligned its registered office and principal place of business with HLB Mann Judd’s Dulwich, South Australia address, signalling a closer integration of corporate secretarial and administrative functions that may streamline regulatory and operational oversight.

Lincoln Minerals Partners with Revera Energy for Green Iron Production

Lincoln Minerals Limited has entered into a Memorandum of Understanding with Revera Energy to explore a joint venture for developing a direct reduced iron pellet plant on South Australia’s Eyre Peninsula. This collaboration aims to utilize green hydrogen from Revera’s Cape Hardy Green Hydrogen Project as an alternative fuel, potentially enhancing Lincoln’s market positioning by leveraging sustainable energy solutions and creating shareholder value without diverting focus from its Minbrie Copper Project.

Lincoln Minerals Director Increases Stake with New Share Acquisition

Lincoln Minerals Limited announced a significant change in the shareholding of its director, Ryan Smith, with an acquisition of 2,211,616 ordinary shares and 10,000,000 options. This change, approved at the company’s recent AGM, reflects a strategic move to strengthen the director’s stake in the company, potentially impacting its governance and stakeholder confidence.

Lincoln Minerals Limited Issues Over 13 Million New Shares

Lincoln Minerals Limited has issued 13,078,274 fully paid ordinary shares following shareholder approval at the 2025 Annual General Meeting. This share issuance, priced at $0.005 per share, was conducted without disclosure to investors under the Corporations Act, indicating a strategic move to raise capital and potentially enhance its market position.

Lincoln Minerals Issues 10 Million Unquoted Director Options

Lincoln Minerals Limited has announced the issuance of 10 million unquoted director options as part of a previously disclosed transaction. This issuance, which will not be quoted on the ASX, reflects the company’s ongoing strategic initiatives to align management incentives with shareholder interests.

Lincoln Minerals Limited Announces 2025 AGM Results

Lincoln Minerals Limited announced the results of its 2025 Annual General Meeting, with all resolutions being carried. Key resolutions included the re-election of director Mr. Ryan Smith, approval of a 10% placement facility, and the issuance of director shares and options in lieu of accrued fees. These approvals are expected to enhance the company’s governance and financial flexibility, potentially impacting its strategic operations and stakeholder relations positively.

Lincoln Minerals Limited Emphasizes Exploration in AGM Presentation

Lincoln Minerals Limited has released its Annual General Meeting presentation, emphasizing its commitment to exploration and resource development. The presentation highlights the company’s strategic objectives and proposals, although it is not intended as an investment offer. The release underscores the company’s reliance on its competent personnel and adherence to the JORC Code for reporting exploration results. While forward-looking statements are included, the company cautions that actual outcomes may vary due to market conditions and other factors.

Lincoln Minerals Issues CEO Performance Rights

Lincoln Minerals Limited has announced the issuance of 12,000,000 CEO Performance Rights under an employee incentive scheme. These unquoted securities are subject to transfer restrictions and will not be quoted on the ASX until the restrictions are lifted, potentially impacting the company’s executive compensation strategy and aligning management interests with long-term shareholder value.

Lincoln Minerals Addresses ASX Price Query Amid Trading Surge

Lincoln Minerals Limited (LML) has responded to a price query from the Australian Securities Exchange (ASX) following a notable increase in the price and trading volume of its securities. The company stated that it is unaware of any undisclosed information that could explain the recent trading activity and confirmed its compliance with ASX listing rules.

Lincoln Minerals Announces Venue Change for 2025 AGM

Lincoln Minerals Limited has announced a change in venue for its 2025 Annual General Meeting, now scheduled to take place at the Wills Room, Collins Square in Docklands, VIC. The meeting will feature a presentation from the newly appointed CEO, Chris Wilcox, which will also be released on the ASX platform. This change and the CEO’s presentation may impact shareholder engagement and provide insights into the company’s future strategies.

Lincoln Minerals Adds Director Election to AGM Agenda

Lincoln Minerals Limited has issued an addendum to its Notice of Annual General Meeting, scheduled for November 17, 2025, to include an additional resolution regarding the election of a director. The addendum introduces Resolution 14, which pertains to the election of Greg English, who was appointed to fill a casual vacancy, as a director. Shareholders are advised to use a replacement proxy form if they wish to change their votes or vote on the new resolution.