Lincoln Minerals Limited (LML) AI Stock Analysis

• Market Cap: AU$28.60M
• Dividend Yield: N/A
• Average Volume (3M): 11.53M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.81
• Revenue Growth: N/A
• EPS Growth: 26.67%
• Country: AU
• Employees: N/A
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Industrial Materials
• EPS (TTM): >-0.01
• Shares Outstanding: 2,600,433,800
• 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: 44 Neutral
• Price Target: AU$0.01 ▲(10.00% Upside)
• Action: Reiterated Date: 03/11/26
• Date: Action: Reiterated 03/11/26

The score is weighed down primarily by weak financial performance (minimal/volatile revenue, ongoing losses, and continued cash burn despite low leverage). Technical signals also remain soft with the price trading below key moving averages and negative MACD. Valuation is not supportive due to a negative P/E and no dividend yield data.

Positive Factors

Low leverage / conservative capital structure

Sustained low leverage materially reduces insolvency and interest burden risk for an exploration company. It preserves financial optionality to raise project capital or pursue JV partnerships without heavy debt servicing, supporting endurance through multi‑period exploration cycles.

High project-level gross margins

A near‑100% gross margin indicates discovered resources or sales have attractive unit economics at the project level. If operating overhead is controlled or farmed‑out, this margin profile gives a credible path to profitability as scale or cost discipline is achieved.

Focused exploration business model with project optionality

A clear, asset‑centric exploration model provides structural optionality: discoveries can be advanced, monetized, or JV'd. This business model suits staged capital deployment and allows strategic partnerships, preserving upside while limiting fixed operating commitments.

Negative Factors

Persistent negative cash flow

Consistent operating and free cash outflows force ongoing external funding or equity dilution. Over a 2–6 month horizon this limits the company's ability to advance multiple exploration targets, increases financing risk, and may constrain strategic choices absent new capital.

Deep and recurring net losses

Large negative margins reflect that operating costs far exceed revenues and that profitability is not yet achievable under current cost structure. This persistent loss profile undermines retained capital, deters some investors, and raises the bar for operational improvements to restore sustainability.

Minimal, volatile revenue base

A tiny and inconsistent revenue stream leaves the business dependent on episodic receipts or external funding rather than internal cash generation. This reduces predictability for project development and elevates financing and dilution risk until revenue becomes material and repeatable.

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

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Lincoln Minerals Limited Financial Statement Overview

Summary

Overall financials reflect an early-stage, loss-making profile with persistent negative operating and free cash flow. Balance sheet leverage is low (a relative strength), but ongoing losses, negative ROE, and declining equity increase funding and dilution 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	Jun 2025	Jun 2024	Jun 2023	Jun 2022	Jun 2021
Income Statement
Total Revenue	592.36K	601.72K	0.00	0.00	5.46K	55.01K
Gross Profit	591.14K	601.72K	-951.00	-1.91K	3.77K	54.70K
EBITDA	-1.29M	-870.82K	-1.57M	-3.61M	-2.02M	-909.23K
Net Income	-1.67M	-2.28M	-2.69M	-3.61M	-2.03M	-744.64K
Balance Sheet
Total Assets	7.50M	6.99M	8.53M	7.15M	5.99M	7.53M
Cash, Cash Equivalents and Short-Term Investments	1.52M	662.94K	2.57M	1.16M	42.12K	122.77K
Total Debt	0.00	294.86K	0.00	0.00	510.00K	0.00
Total Liabilities	298.09K	558.38K	345.88K	117.79K	737.30K	257.40K
Stockholders Equity	7.20M	6.43M	8.19M	7.04M	5.25M	7.28M
Cash Flow
Free Cash Flow	-1.08M	-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	-379.57K	-1.41M	-1.09M	-576.81K	-18.36K	-195.15K
Financing Cash Flow	2.23M	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$12.32M	-5.00	-6.35%	―	―	―
BUX	48 Neutral	AU$13.81M	-1.53	-160.12%	―	―	10.34%
AKO	45 Neutral	AU$16.70M	-3.54	-14.48%	―	―	―
LML	44 Neutral	AU$28.60M	-6.37	-24.52%	―	―	26.67%
RWD	42 Neutral	AU$11.24M	-3.73	99.38%	―	―	93.44%

Lincoln Minerals Limited Corporate Events

Lincoln Minerals Issues Interim Financial Report for Half-Year to 31 December 2025

Lincoln Minerals Limited has released its interim report for the half-year ended 31 December 2025, providing shareholders with an overview of the company’s financial performance and position. The report includes the directors’ commentary, financial statements, cash flow information, and an independent auditor’s review, offering stakeholders formal insight into the company’s operational and financial status at the mid-year point.

The interim disclosure signals ongoing compliance with reporting obligations and gives investors updated transparency on Lincoln Minerals’ balance sheet strength and profitability metrics. While detailed figures are not provided in the release excerpt, the publication of the reviewed half-year accounts helps inform market participants’ assessment of the company’s current performance and its ability to fund and advance its mineral exploration and development activities.

The most recent analyst rating on (AU:LML) stock is a Hold with a A$0.01 price target. To see the full list of analyst forecasts on Lincoln Minerals Limited stock, see the AU:LML Stock Forecast page.

Lincoln Minerals seeks quotation for small tranche of new ASX shares

Lincoln Minerals Limited has applied for quotation of a small allotment of new ordinary fully paid shares on the ASX, covering 313 securities issued on 27 February 2026. The modest scale of this issuance suggests a routine administrative or technical adjustment to the company’s capital structure, with limited immediate impact expected on its overall market position or existing shareholders.

The application under the ASX Appendix 2A framework formalises the listing of these additional securities, ensuring they are eligible for trading alongside the company’s existing shares. While not a transformational capital raising, the move maintains transparency in Lincoln Minerals’ equity register and reflects adherence to ongoing listing and disclosure obligations.

The most recent analyst rating on (AU:LML) stock is a Hold with a A$0.01 price target. To see the full list of analyst forecasts on Lincoln Minerals Limited stock, see the AU:LML Stock Forecast page.

Lincoln Minerals Seeks ASX Quotation for Additional Ordinary Shares

Lincoln Minerals Limited, an Australian mining and exploration company listed on the ASX under code LML, continues to expand its capital base through equity issuance. The company has applied for quotation of an additional 357,143 ordinary fully paid shares on the ASX, a move that marginally increases its listed share count and may provide incremental funding capacity and liquidity for investors.

The new securities, issued on 20 February 2026, represent a small but notable addition to Lincoln Minerals’ capital structure. While the announcement provides limited operational detail, the expanded share quotation underscores the company’s ongoing use of equity markets to support its corporate and project needs, with potential implications for existing shareholder dilution and trading volumes.

The most recent analyst rating on (AU:LML) stock is a Hold with a A$0.01 price target. To see the full list of analyst forecasts on Lincoln Minerals Limited stock, see the AU:LML Stock Forecast page.

Lincoln Minerals Seeks ASX Quotation for Nearly 7 Million New Shares

Lincoln Minerals Limited has applied to the ASX for quotation of 6,973,549 new fully paid ordinary shares under the code LML, with an issue date of 6 February 2026. The quotation of these additional securities, arising from the exercise or conversion of existing instruments, marginally expands the company’s listed share capital and may provide incremental funding flexibility, altering the equity base and potentially affecting existing shareholders’ dilution and the company’s capacity to advance its resource projects.

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 Tightens ASX Compliance as It Sharpens Copper-Focused Growth Strategy

Lincoln Minerals Limited has released an amended version of its December 2025 Quarterly Activities/Appendix 5B Cash Flow Report to address ASX Listing Rule compliance, while highlighting a refreshed leadership team and a strategic shift to becoming a discovery-focused copper company centred on its Minbrie project in South Australia. During the quarter, the company advanced stakeholder engagement and exploration planning for drilling at Minbrie in the first half of 2026, entered a collaboration agreement to explore the use of graphite from its Kookaburra project in small modular nuclear reactors, signed an MOU for a potential joint venture to develop an iron ore pellet plant on the Eyre Peninsula, and ended the period with $1.5 million in cash and no debt, underscoring its efforts to unlock value from its asset base while sharpening its copper-focused growth strategy.

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 Seeks ASX Quotation for Over 2 Million New Shares

Lincoln Minerals Limited has applied to the ASX for quotation of 2,072,029 new fully paid ordinary shares, following the exercise or conversion of existing options or other convertible securities. The additional shares modestly expand the company’s quoted capital base and signal ongoing utilisation of equity-linked instruments by investors, with potential implications for shareholder dilution and future capital management strategies.

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 Updates Market on Historic High-Grade Copper Targets at Southern Eyre

Lincoln Minerals has amended a recent announcement on high-grade copper targets at its Southern Eyre Project in South Australia to include additional historic exploration data from work undertaken by Helix Resources in 1988–89. The review of historic data identified 41 rock chip samples grading up to 11.1% copper and 0.6 g/t gold in a geological setting similar to the company’s Minbrie Project, although the company stresses these historic results are not compliant with the JORC 2012 code and have not been independently validated. Lincoln is refining its 2026 exploration programs, with immediate efforts concentrated on drilling planned for Q4 FY26 at Minbrie, where it controls a 20 km corridor prospective for copper and base metals, while the newly recognised copper potential at Southern Eyre underscores the underexplored nature of the region for copper and base metals beyond its prior focus on iron ore and graphite.

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 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.