South Australia's Eyre Peninsula a World Class Graphite Province “The

South Australia’s Eyre Peninsula A World Class Graphite Province “The Pilbara of Graphite”

ASX Code: LML | www.lincolnminerals.com.au 20 November 2012 Disclaimer

Competent Person’s Statement This presentaon has been prepared by Lincoln Minerals Limited (“LML") as an aid to a spoken explanaon. The informaon contained in this presentaon is a professional opinion only and is given in good faith. The presentaon is for the informaon of shareholders, potenal investors and other interested stakeholders only and is not intended to guide any investment decisions in LML. Some informaon in this presentaon has been derived from third pares and though LML believes it to be reliable as at the date of this document, LML makes no representaon or warranty as to its accuracy, reliability or completeness. To the extent permied by law, LML and its officers, employees, related bodies corporate and agents (“Agents”) disclaim all liability, direct, indirect or consequenal (and whether or not arising out of the negligence, default or lack of care of LML and/or any of its Agents) for any loss or damage suffered by a Recipient, a purchaser or other persons arising out of, or in connecon with, any use or reliance on this presentaon or informaon. The Recipient agrees that it shall not seek to sue or hold LML or its Agents liable in any such respect for the provision of this presentaon or any other informaon. Informaon in this presentaon that relates to exploraon acvity, mineral resources and results was compiled by Dr AJ Parker who is a Member of the Australasian Instute of Geosciensts. Dr Parker is Managing Director of Lincoln Minerals Limited and has sufficient experience relevant to the styles of mineralisaon and to the acvies which are being presented to qualify as a Competent Person as defined by the JORC code, 2004. Dr Parker consents to the release of the informaon compiled in this presentaon in the form and context in which it appears. It is emphasized that Exploraon Target tonnage and grade esmates are enrely conceptual in nature and it is uncertain if further exploraon will result in the esmaon of a Mineral Resource. Lincoln Minerals Limited

Company Overview • Listed on ASX March 2007 • 153.4 million shares on issue • Market capitalisaon (November 2012 @ 9 cents/share) $13.8 million • 27 exploraon tenements on Eyre Peninsula totalling 4,667 sq kms • Offices in Adelaide and Port Lincoln • Significant exploraon assets on Eyre Peninsula and emerging miner • Graphite – Inferred Resources at Kookaburra Gully and Koppio, scoping study completed, EM survey flown & exploraon targets at Kookaburra Gully, Koppio and Cockabidnie/Campoona • Iron – Gum Flat, Nantuma and Eurilla including mine proposal for Barns deposit at Gum Flat • Copper-lead-zinc-silver – significant discovery at Minbrie 2012 • Nickel-cobalt (Cockabidnie) and Uranium (Jungle Dam)

Eyre Peninsula is part of the Gawler Craton A world class mineral province Gum Flat Iron Ore Project Update

Barns Deposit Located 20km from Port Lincoln Mineral Resource • Hemate-goethite Mineral Resources based on proposed pit design: – Indicated 1.4 Mt @ 49.8% Fe including DSO @ 55-60% Fe – Inferred 0.7 Mt @ 46.0% Fe • Magnete Mineral Resource: – Indicated 12.3 Mt @ 26.6% Fe – Inferred 88.9 Mt @ 23.5% Fe • Addional exploraon targets Two Stage Development Opon • Stage 1 – mine and export up to 300,000 tonnes per annum hemate-goethite DSO & upgraded ﬁnes • Stage 2 – mine magnete ore & process onsite to produce up to 2 Mtpa high grade concentrate (67% Fe) Mining Lease • Mining Lease Proposal prepared for Stage 1 • Revising groundwater extracon and re-injecon license applicaons to ﬁt within bedrock Water Allocaon Plan Graphite Excing New Opportunies

• Graphite is a form of carbon, an excellent conductor of heat and electricity with the highest natural strength and sffness of any material to extremely high temperatures (36000C) • Best known as the “lead” in pencils and as a dry lubricant • Commonly used in steelmaking to line blast furnaces, in electrical equipment and, in parcular, as the anode in lithium-ion baeries (10x more graphite than lithium) – a growing market • 40-80 kilograms in every electric car • New products in development by IBM, Intel & others – graphene and fast charge Li-ion baeries • There are 3 naturally occurring types of graphite: • Crystalline flake (flat, plate-like parcles >100 microns in schist or gneiss) • Vein graphite (similar to flake but very coarse grained and pure – only found in Sri Lanka) • Amorphous graphite powder (non crystalline) • Flake graphite is most valuable and potenal demand from lithium-ion baeries is projected to more than double the demand for graphite by 2020 Global Potenal for Graphite Resources (Graphite Sector Overview, May 2012)

Source: Graphite Sector Overview, May 2012, Industrial Alliance Securies Inc SA’s Eyre Peninsula Australia’s Premier Graphite Province “The Pilbara of Graphite” SA’s Eyre Peninsula A World Class Graphite Province

Extensive high grade ﬂake graphite resources occur on eastern Eyre Peninsula in South Australia

a world class graphite province

graphite schist • Eyre Peninsula’s Hutchison Group sequence contains extensive graphic rock units graphite schist • High grade regional metamorphism to upper amphibolite and lower Hutchison Group granulite facies has produced coarse grained ﬂake graphite • First recorded producon of graphite on Eyre Peninsula dates back to 1866 • Uley Graphite Mine is a world class ﬂake graphite deposit and Australia’s largest graphite ore deposit Global Potenal for Graphite Resources (Graphite Sector Overview, May 2012)

Lincoln Minerals Limited (LML) • One of few western companies with Inferred and Historic Resources; AND • Scoping Study completed

Source: Graphite Sector Overview, May 2012, Industrial Alliance Securies Inc Global Potenal for Graphite Resources

Lincoln Minerals’ Koppio and Kookaburra Gully deposits are world class deposits with respect to total graphic carbon content

Source: TMR Advanced Graphite Projects Index Exploraon & Development • Largest tenement holder on Eyre Peninsula 4,667 sq km • Coordinaon agreement with Centrex Metals: • Centrex has iron ore rights • Lincoln Minerals has rights for ALL other minerals including graphite • Signiﬁcant graphite opportunies: • Koppio Graphite Mine and Kookaburra Gully Prospect near Port Lincoln • Gum Flat (just 2km north of world class Uley Graphite Mine) • Campoona and Sugarloaf Hill (adjacent Archer Exploraon (AXE)) • Numerous outcrops, old mines, prospects and drill hole intercepts in Koppio-Gum Flat & Campoona regions Lincoln Minerals has rights to graphite and all minerals other than iron on Centrex/SAIOG ELs Koppio Graphite Mine where 97 tons Koppio, Kookaburra Gully & Gum Flat of graphite was mined up to 1944

Koppio Graphite Mine • Historic mine (early 1900’s then 1941 to 1944) • Inferred Resource 57,000 tonnes @ 13.1% C but open along strike and at depth • Numerous old mines/prospects within 7km of Koppio Kookaburra Gully • Idenfied and invesgated by Panconnental Mining during the 1980s • Several trenches excavated north and south of outcropping graphite unit • Inferred Resource 880,000 tonnes @ 11.47% C based on trenching and depth extent of 50m but open to south and potenally at depth • Petrology - average size graphite flakes >100 micron • Beneficiaon of 500kg sample @ 16% C produced a final product of +150 micron flake graphite at >90% C Gum Flat • LML drilling has intersected several graphite occurrences eg 13m @ 12% C in GFRC022 (57-70m) • 2 km north of Uley Graphite Mine Kookaburra Gully-Koppio Electromagnec (EM) Survey

• Airborne Tempest EM survey ﬂown in July 2012 • 4.5km EM anomaly extending SW from Kookaburra Gully • Other EM anomalies: • Koppio Mine • Glendara • Yellow Gums • Pernella

Preliminary EM Image

Fugro Tempest EM survey plane Kookaburra Gully – Koppio Region Exploraon Targets

• Conceptual Exploraon Targets based on airborne EM Survey and: • Lower esmate = 50m depth extent and upper esmate = 100m depth extent • Subvercal graphite unit similar to Kookaburra Gully and Koppio Mine deposits • SG = 2.2 • Grade range 7-15% TGC (total graphic carbon)

Prospect EM Strike Thickness Lower Esmate Upper Esmate Length (m) Koppio Mine 500m 7-15 0.4 Mt 1.6 Mt Kookaburra Gully 4,500m 15-20 7.4 Mt 19.8 Mt Glendara 1,000m 15-20 1.6 Mt 4.4 Mt Yellow Gums 1,400m 15-20 2.3 Mt 6.2 Mt Pernella 1,200m 7-15 0.9 Mt 4.0 Mt Others ~2,000m 7-15 1.5 Mt 6.6 Mt Total 14.2 Mt 42.6 Mt

** It is emphasized that exploraon target tonnage esmates are enrely conceptual in nature. There has been insuﬃcient drilling in the immediate areas of these targets and it is uncertain if further exploraon will result in the esmaon of a Mineral Resource. Kookaburra Gully Scoping Study

Trench 4 (looking west) 20m @ 16.3% C including 12m @ 20.5% C Kookaburra Gully Metallurgy

• Metallurgical test work for Kookaburra Gully: • Graphite mineralisaon readily amenable to concentraon using size classificaon, flotaon and gravity concentraon • Premium product at +150 micron can be produced at grades >90% without chemical leaching • Carbon contents up to over 95% TGC can be reached aer 4 stage flotaon together with recovery of 85% of total graphite • Further crushing testwork required to preserve +150 micron flake during processing • Recovery of final premium product = 6-10% of feed • Fines product to grades of 80% TGC can also be produced

Microphotograph of Kookaburra Gully ﬂake graphite PRELIMINARY

PRELIMINARY

Waste rock dump Kookaburra Gully Infrastructure

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• Package and export in Electrical cable route Mine operations access Magazine area Runoff collection channel Heavy vehicle access Mine operations access Proposed access track LigEhlet cvterihciacll ec aabclece rsosu tterack Magazine area containers from Port Adelaide Proposed access road StructureR puandosff collection channel Heavy vehicle access TSF pipeline Infrastructure Proposed access track Light vehicle access track DN250 mPVC buried pipeline Plant Structure pads Magazine ROPMro pPoasded access road Waste rock dump WaTtSeFr tpreipaetlminent and storage Infrastructure

Tailings dam DN250 mPVC buried pipeline Plant [ Perimeter fence [ Magazine ROM Pad Waste rock dump Water treatment and storage

Data Source: DEWNR, DPTI TaMilianpg sN od:a 2m185702A_GIS_F003_A1 0 75 150

Kookaburra Gully Scoping Study [ PeAriumtheotre: Jr Ffence m Figure 4 © Parsons Brinckerhoff Australia Pty Ltd ("PB") Copyright in the drawings, information [ 1:10,000 ± and data recorded ("the information") is the property of PB. This document and the information are solely for the use of the authorised recipient and this document may not Approved by: - be used, copied or reproduced in whole or part for any purpose other than that which it Scale correct when printed at A4 Portrait Kookaburra Gully operations area was supplied by PB. PB makes no representation, undertakes no duty and accepts no responsibility to any third party who may use or rely upon this document or the information. NCSI Certified Quality System to ISO 9001. © APPROVED FOR AND ON BEHALF OF Date: 5/09/2012 Projection: Transverse Mercator Parsons Brinckerhoff Australia Pty Ltd. Trademarks provided under license from ESRI. Coordinate System: GDA 1994 MGA Zone 53 Lincoln Minerals \\APADLFIL01\proj\L\Lincoln_Minerals\2185702A_Kookaburra_Koppio_Scoping_Stu\10_GIS\Projects\Maps\2185702A_GIS_F003_A1.mxd www.pbworld.com Water supply pipeline AcceDastas So urroce:a DEdWNR, DPTI Map No: 2185702A_GIS_F003_A1 0 75 150 Kookaburra Gully Scoping Study Author: JF m Figure 4 © Parsons Brinckerhoff Australia Pty Ltd ("PB") Copyright in the drawings, information 1:10,000 ± and data recorded ("the information") is the property of PB. This document and the information are solely for the use of the authorised recipient and this document may not Approved by: - be used, copied or reproduced in whole or part for any purpose other than that which it Scale correct when printed at A4 Portrait Kookaburra Gully operations area was supplied by PB. PB makes no representation, undertakes no duty and accepts no ! responsibility to any third party who may use or rely upon this document or the information.

NCSI Certified Quality System to ISO 9001. © APPROVED FOR AND ON BEHALF OF Projection: Transverse Mercator Date: 5/09/2012 ! Parsons Brinckerhoff Australia Pty Ltd. Trademarks provided under license from ESRI. Coordinate System: GDA 1994 MGA Zone 53 Lincoln Minerals \\APADLFIL01\proj\L\Lincoln_Minerals\2185702A_Kookaburra_Koppio_Scoping_Stu\10_GIS\Projects\Maps\2185702A_GIS_F003_A1.mxd www.pbworld.com Water supply pipeline Access road

! ! Kookaburra Gully • Mine, crush, screen, mill Conceptual Process Flow Sheet • 4 stage flotaon incl. flash flotaon, regrind as needed, then rougher, scavenger & cleaner flotaon cells • Thicken, press & dry • Bag & export Kookaburra Gully Scoping Study

• Capital Expenditure Esmate (Capex)

Item Estimate ($) Estimate ($) 200,000 tpa 400,000 tpa Kookaburra Gully Graphite Project $30,307,300 Mining $380,400 Process plant $22,597,800 Infrastructure $7,329,100 Total direct costs $30,308,100 $38,800,000 EPCM (15%) $4,546,200 $5,820,000 Common distributables (10%) $3,030,800 $3,880,000 TOTAL CAPITAL COST ESTIMATE $37,885,100 $48,500,000

• Operang Expenditure Esmate (Opex) Not including mining costs nor transport/shipping

Recovery Availability $ / annum $ / tonne $ / tonne $ / tonne ore concentrate concentrate 200,000 tonnes ore per annum 400,000 tpa 70% 85% $9,041,400 $45.2 $538.2 $436.3 80% 85% $9,099,900 $45.5 $474.0 $384.8 90% 85% $9,158,500 $45.8 $424.0 $344.8 Comparison of Kookaburra Gully Scoping Study with Northern Graphite BFS – Bisse Creek (Canada)

Bisse Creek Kookaburra Gully Resource size 19 million tonnes 0.9 million tonnes Resource grade (% total graphic carbon) 1.9% 11.5% Processing rate (tonnes per annum) 840,000 tpa 200,000 tpa Mill recovery 95% 80% Annual producon (ca. 95% C) 18,600-15,900 tonnes 16,000 tonnes Capital cost CDN $102.9 million AUD $37.9 million Operang cost ($ per tonne concentrate) CDN $851 to $968 AUD $474 + mining

Bisse Creek data based on Bankable Feasibility Study, 2012 Mining cost for Kookaburra Gully may be $200-$300 per tonne concentrate depending on strip rao

Kookaburra Gully is high grade and cost competitive by international standards Campoona Graphite Key Points • Immediately adjacent to Archer (Cockabidnie Project) Exploraon (AXE) & Monax Mining (MOX) graphite discoveries • Campoona, Jameison Tank & Sugarloaf Hill EM anomalies extend onto EL 4883 • Further potenal in Campoona Syncline between Campoona and Sugarloaf Hill • EM survey – July 2012

Lincoln Minerals EL 4883

Map based on Archer Exploraon Limited ASX release 19-11-2012 Campoona Graphite – EM Survey Summary Graphite – exciting opportunities on south-central Eyre Peninsula A World Class Graphite Province

Lincoln Minerals has a dominant ground position with existing Inferred Resources of high grade, high value flake graphite and significant graphite Exploration Targets Positive Scoping Study with low Capex and low Opex by international standards

Lincoln Minerals Limited – in the right place at the right time

Exploration and Development Schedule Next 6 months - drilling program (approved by DMITRE) Mid 2013 – resource definition Later 2013 – BFS and Mining Lease application

November 2012