EMERGING GRAPHITE AND IRON ORE PRODUCER 2 MINES IN 2 YEARS

EMERGING GRAPHITE AND IRON ORE PRODUCER 2 MINES IN 2 YEARS Dr A. John Parker AUGUST 2013 LINCOLN MINERALS LIMITED ASX : LML www.lincolnminerals.com.au Subject to Government approvals, finance and economic market conditions Kookaburra Gully Trench 4 12m @ 20.5% graphitic carbon

Important Notice This presentation has been prepared by ( LML") as an aid to a spoken explanation. The information contained in this presentation is a professional opinion only and is given in good faith. Forward-Looking Statements This presentation contains forward looking statements concerning the projects owned by LML. Statements concerning Mineral Resources may also be deemed to be forward looking statements in that they involve estimates based on specific assumptions. Forward-looking statements are not statements of historical fact, and actual events and results may differ materially from those described in the forward looking statements as a result of a variety of risks, uncertainties and other factors. Forward looking statements are based on LML s beliefs, opinions and estimates as of the date the forward looking statements are made and no obligation is assumed to update forward looking statements if these beliefs, opinions and estimates should change or to reflect other future developments. Data and amounts shown in this presentation relating to capital costs, operating costs and project timelines are based on consultant reports and internally generated estimates and are best estimates only. Accordingly, LML cannot guarantee the accuracy and/or completeness of the figures or data included in the presentation. All dollar amounts indicated in this presentation are in Australian dollars unless otherwise stated. Competent Person s Statement Information in this presentation that relates to exploration activity, mineral resources and results was compiled by Dr A J Parker who is a Member of the Australasian Institute of Geoscientists. Dr. Parker is Managing Director of and has shares in. He has sufficient experience relevant to the styles of mineralisation and to the activities which are being presented to qualify as a Competent Person as defined by the JORC code, 2012. Dr. Parker consents to the release of the information compiled in this presentation in the form and context in which it appears. It is emphasised that Exploration Target tonnage and grade estimates are entirely conceptual in nature and it is uncertain if further exploration will result in the estimation of a Mineral Resource.

Key Messages: 2 Mines in 2 Years Lincoln Minerals is the major mineral acreage holder on South Australia s Eyre Peninsula, with resources that include a world class flake graphite JORC Mineral Resource and substantial magnetite and hematite resources Lincoln Minerals is now shifting its focus from exploration to producing with plans in place for development and mining of graphite and hematite resources The 2 Mines in 2 Years plan sets out the pathway for mining of hematite from 2014 and graphite from 2015 on Lincoln Minerals licences A fully underwritten rights issue of $1.4 million will provide the funds to take these project to critical commercialisation milestones Favourable project economics are supported by proximity to transport and infrastructure, grade and experienced management

Presentation outline 1. Company snapshot 2. Gum Flat Iron Ore Project 3. Graphite and Lincoln Minerals Graphite Projects 4. Kookaburra Gully High Grade Flake Graphite Resource 5. Project timelines and conclusion 6. Appendices

Company Snapshot ASX- listed Major acreage holder in minerals rich Eyre Peninsula Substantial graphite and iron ore resources Shifting focus to production Experienced management Team Financial resources and stable share register Ticker code: LML 173 million shares on issue 4,346 km 2 exploration licenses Proven world class flake graphite and iron ore province Other minerals include copper, lead, zinc, silver, nickel-cobalt, uranium World Class flake graphite JORC Mineral Resource 2.25Mt at 15% TGC with Exploration Targets ca. 20Mt-45Mt Iron Mineral Resources total 130 Mt of magnetite and hematite with Exploration Targets in excess of 1 billion tonnes Graphite: targeting >25,000 tpa commercial production and sales of high purity (>90% TGC) concentrate from 2015 Iron ore: targeting >250,000 tpa commercial production and sales of DSO from 2014 Richard Ryan AO, Chairman Dr John Parker, Managing Director Currently raising $1.44 million in fully underwritten issue Long term cornerstone shareholders hold >50% issued share capital

Projects Dominant position on Eyre Peninsula - tenements totalling 4,346 km 2 - proven world class iron ore & flake graphite province - close to infrastructure High grade JORC Mineral Resources with significant exploration upside in a region with a long history of iron ore & graphite production Proposed infrastructure corridor to Cape Hardy opens up central Eyre Peninsula for Lincoln Minerals, particularly Nantuma, and will be a catalyst for Lincoln s proposed iron ore mine at Gum Flat Target: 2 Mines in 2 Years Subject to Government approvals, finance and economic market conditions

1 for 6 Rights Issue Fully underwritten, non-renounceable Rights Issue to raise $1.44 million 1 for 6 at 5 cents per share, closes 29 August 2013 Supported by major shareholders Funds raised to take Gum Flat and Kookaburra Gully projects to key milestones for investment and commercialisation: - Gum Flat Iron Ore: securing of groundwater licenses and mining lease - Kookaburra Gully: metallurgy and marketing to secure customers and joint venturers; preparation of mining lease application

Gum Flat Iron Ore Barns Deposit Located only 20km from Port Lincoln Mineral Resource Stage 1 hematite-goethite resources: Indicated 1.4 Mt @ 49.8% Fe including 0.6 Mt DSO @ 54.2% Fe Inferred 0.7 Mt @ 46.0% Fe Stage 2 Magnetite resource: 105 Mt at 24% Fe (20.6% DTR magnetite concentrate) Additional exploration targets Two Stage Development Option Stage 1 mine and export 250,000 tonnes per annum hematite-goethite DSO & upgraded fines Stage 2 mine magnetite ore & produce high grade magnetite concentrate (67% Fe) Mining Lease Mining Lease Proposal prepared for Stage 1 Awaiting groundwater licensing in progress

Gum Flat Iron Ore Barns Deposit Groundwater Within Southern Basins Prescribed Wells Area Outside area of saturated limestone aquifer but groundwater occurs in basement rock 25m below ground level Revised groundwater model based on modified 5 year mine schedule satisfies requirements of Water Allocation Plan less than 400 ML/year less than 10% drawdown/year excess water re-injected Groundwater license application in progress

Gum Flat Iron Ore Barns Deposit Stage 1 Mining Costs Capex $5.5 million Container Capex (if required) $12 million Removal of overburden $9.8 million Opex (DSO) $37 FOB (Port Lincoln) Shipping Options 1. Containers and Rotainer system from Port Lincoln main wharf 2. Bulk from proposed port at either Cape Hardy or Port Spencer Projected Milestones: 2013 Secure groundwater license then revise and lodge Mining Lease Application 2014 Mining Lease & PEPR* Q4 2014 Commence development * Program for Environmental Protection & Rehabilitation Port Lincoln wharf potential to use ship s loading gear + container Tippler system

Presentation outline 1. Company snapshot 2. Gum Flat Iron Ore Project 3. Graphite and Lincoln Minerals Graphite projects 4. Kookaburra Gully High Grade Flake Graphite Resource 5. Project timelines and conclusion 6. Appendices

Graphite Graphite is an industrial mineral with numerous applications and rising demand drivers Refractory & Metallurgy Hot Metal Forming Carbon Additives Engineering Materials Mobile Energy Refractories Crucibles Hot Metal Toppings Lubricants for Seamless Tubes Descaling Agents Forging Conductive Plastics Conductive Coatings & Paints Carbon Fibers Flame Retardants Solar Power Semi-conductor Coatings & Paints Powder Metallurgy Graphite Foils Alkaline Batteries Zinc-C Batteries Lithium-Ion Batteries Non-Battery Fuel Cells AND Pebble-Bed Nuclear Reactors require 600-1,000 tonnes per year graphite for each 1,000 MW of capacity China plans to build 30 reactors of at least 2,000 MW by 2020

Project Current Status 2013-2014 KOOKABURRA GULLY KOOKABURRA GULLY EXTENDED (Immediate target) KOPPIO GRAPHITE MINE (Target) GUM FLAT (ULEY) (Long-term target) CAMPOONA SYNCLINE (Long-term target) Lincoln has 5 Graphite Projects Indicated & Inferred JORC Mineral Resource 2.25 Mt @ 15.0% TGC Scoping studies completed EM Survey completed Approval to drill received EM Survey completed Existing Inferred Mineral Resource 57Kt @ 13.1% TGC Detailed metallurgical studies Customer and market development Approval to mine Trial mining & pilot plant D & C full process plant Drilling & JORC Resource 2014 Exploration Target 7-20Mt @ 10-15% TGC Drilling & JORC Resource 2014 Adjacent Uley Graphite Mine Exploration targeted 2014 EM Survey completed Adjacent Archer Exploration s Campoona Hill Exploration targeted 2014 Targeting resource expansion & early production across all 5 graphite projects

Kookaburra Gully Project Summary JORC Mineral Resource containing 2.25 million tonnes Indicated and Inferred at 15% TGC (5% TGC cutoff) Highly sought after premium flake graphite produced at grades >90% TGC without chemical leaching Up to 95.8% TGC after 4 stage flotation with 86% recovery World class resource which ranks in Top 10 deposits outside China Competitive on quality, grade, cost and economics Proximity to infrastructure and competitive transport options Broad potential graphite product range with scope to value add Trial mining and pilot plant processing in 2014 Full scale plant targeted for 2015 Further exploration upside JORC = JORC Code, 2004 TGC = Total Graphitic Carbon

Kookaburra Gully Deposit Identified by Pancontinental Mining in 1980s & drilled in 2013 by LML Average size graphite flakes >100 micron Up to 40% total graphitic carbon (TGC) with drill intercepts up to 30m at 20.5% TGC Mineralisation extends from surface to at least 125m below ground level & strike length of at least 500m

Kookaburra Gully is a Top 10 Global Graphite Resource Excluding China & Sri Lankan vein deposits Kookaburra Gully is a world class deposit capable of delivering near term production at low cost; and there is significant potential as we explore major consistent EM anomalies immediately to the south of this resource.

Full-scale Processing Plant Parsons Brinckerhoff Aug-Sept 2012 Open pit low cost earthmoving op Process 200,000+ tonnes ore per annum Produce 25,000+ tonnes per annum of high grade (>90% TGC) graphite Capex: $38 million Opex (excluding mining & transport): Recovery Cost competitive with Canadian equivalents Pilot-scale Processing Plant $1.9 million graphite pilot plant 2014 5 + tonnes of graphite concentrate per day within 6 months Scoping Studies Completed Processing Cost 200,000 tonnes ore per annum 400,000 tonnes ore per annum 80% $402 $327 90% $360 $293

Airborne Tempest EM survey 2012 >4.5km EM anomaly extending SW from Kookaburra Gully Exploration Target of 7 20 Mt at Kookaburra Gully Extended Other significant EM anomalies: Koppio Mine Significant Exploration Upside Glendara, Yellow Gums & Pernella Drilling program approved

Summary Timelines 2 Mines in 2 Years* Barns Stage 1 Hematite Kookaburra Gully Graphite 2013 H2 2014 H1 2014 H2 2015 H1 2015 H2 Groundwater Approvals Mining Lease Application & PEPR Metallurgy & Marketing Trial Mining Mining Lease Application & PEPR Remove Overburden Secure Sales Contracts Pilot Plant Mine & Export DSO Hematite Build Full Scale Process Plant Mine & Export Graphite Rights Issue aims to take both projects to critical development and commercialisation milestones over next 9-12 months: Gum Flat: securing of groundwater licenses and mining lease for Barns Stage 1 Kookaburra Gully: conduct of metallurgy and marketing for commitment from enduser customers and joint venturers * Subject to Government approvals, finance and economic market conditions PEPR = Program for Environmental Protection & Rehabilitation

THANKYOU Dr. A. John Parker Managing Director LINCOLN MINERALS LIMITED +61 8 8274 0243

This presentation has been prepared by ( LML") as an aid to a spoken explanation. The information contained in this presentation is based on a number of public statements, Quarterly Reports and ASX releases made by LML: References Lincoln Minerals, 2012. The next big graphite player on South Australia s Eyre Peninsula. Lincoln Minerals Limited, ASX Announcement 19 March 2012. Lincoln Minerals, 2012. New Gum Flat Iron Ore Resource., ASX Announcement 7 June 2012. Lincoln Minerals, 2012. Scoping study completed for Eyre Peninsula graphite. Lincoln Minerals limited, ASX Announcement 19 September 2012. Lincoln Minerals, 2013. Significant high grade graphite intercepts identified at world-class Eyre Peninsula project in SA., ASX Announcement 19 February 2013. Lincoln Minerals, 2013. Maiden high-grade flake graphite Indicated Resource for Lincoln s worldclass Kookaburra Gully project in South Australia s Eyre Peninsula., ASX Announcement 26 March 2013. Lincoln Minerals, 2013. $2m Eyre Peninsula pilot graphite plant by year s end for first global product testing: scoping study backing., ASX Announcement 8 April 2013.

Growth of Iron Ore Assets Since 2007 Lincoln Minerals has grown its iron ore potential & exploration targets And established significant Inferred and Indicated Resources at Gum Flat & Eurilla ** It is emphasized that exploration target tonnage estimates are entirely conceptual in nature. There has been insufficient drilling in the immediate areas of these targets and it is uncertain if further exploration will result in the estimation of a Mineral Resource.

Prospect Gum Flat Mineral Resource JORC Status Million Tonnes (Mt) Head Grade (% Fe) Barns magnetite Indicated 12.3 26.6 Barns magnetite Inferred 88.9 23.5 Rifle Range magnetite Inferred 3.5 27.1 Barns hematite Indicated 1.4 49.8 Barns hematite Inferred 0.7 46.0 Rifle Range/Sheoak West hematite Inferred 2.2 39.5 Total 109.0 NB tonnages may not add up exactly as shown due to rounding of significant figures Reference Lincoln Minerals, 2012. New Gum Flat Iron Ore Resource., ASX Announcement 7 June 2012.

Kookaburra Gully History of Key Graphite Projects Identified & investigated by Pancontinental Mining during the 1980s & drilled in 2013 by LML Petrology - average size graphite flakes >100 micron Beneficiation 500kg sample @ 18% TGC produced final product of +150 micron flake graphite at >90% TGC Koppio Graphite Mine Historic mine (early 1900 s then 1941 to 1944) Inferred Mineral Resource 57,000 tonnes @ 13.1% TGC but open along strike & at depth Numerous old prospects within 7km of Koppio Gum Flat (Uley North) & Campoona Syncline Gum Flat LML drilling intersected several graphite occurrences e.g. 13m @ 12% C in GFRC022 (57-70m) Gum Flat 2km north of world class Uley Graphite Mine Campoona Syncline up to 15% TGC in historic CRAE drilling & adjacent to Archer Exploration s Campoona Hill Mt = million tonnes TGC = Total Graphitic Carbon Koppio Graphite Mine - mined up to 1944 Kookaburra Gully Flake Graphite 2013

Kookaburra Gully Scoping Study Mt = million tonnes TGC = Total Graphitic Carbon NB tonnages may not add up exactly as shown due to rounding of significant figures Reference Lincoln Minerals, 2013. Maiden high-grade flake graphite Indicated Resource for Lincoln s world-class Kookaburra Gully project in South Australia s Eyre Peninsula., ASX Announcement 26 March 2013.

Koppio Kookaburra Gully Exploration Targets It is emphasized that Exploration Target tonnage estimates are entirely conceptual in nature. There has been insufficient drilling in the immediate areas of these targets and it is uncertain if further exploration will result in the estimation of a Mineral Resource. References Lincoln Minerals, 2012. Scoping study completed for Eyre Peninsula graphite. Lincoln Minerals limited, ASX Announcement 19 September 2012. Lincoln Minerals, 2013. $2m Eyre Peninsula pilot graphite plant by year s end for first global product testing: scoping study backing., ASX Announcement 8 April 2013.

Mine, crush screen & mill Simple Low Cost Processing 4 stage flotation incl. flash flotation, regrind as needed then rougher, scavenger & cleaner flotation cells Thicken, press dry, bag & export

Kookaburra Gully Scoping Study Capital Cost Estimate Item Estimate ($) 200,000 tpa Estimate ($) 400,000 tpa Kookaburra Gully Graphite Project Mining $380,400 Process plant $22,597,800 Infrastructure $7,329,100 Total direct costs $30,308,100 $34,000,000 EPCM (15%) $4,546,200 Common distributables (10%) $3,030,800 TOTAL CAPITAL COST ESTIMATE $37,885,100 $48,500,000 Operating Cost Estimate ($ / tonne concentrate excluding mining costs) Recovery Processing Cost Transport Cost 200,000 tonnes ore 400,000 tonnes ore per annum per annum 70% $456 $370 $110 80% $402 $327 $110 90% $360 $293 $110 References Lincoln Minerals, 2012. Scoping study completed for Eyre Peninsula graphite. Lincoln Minerals limited, ASX Announcement 19 September 2012. Lincoln Minerals, 2013. $2m Eyre Peninsula pilot graphite plant by year s end for first global product testing: scoping study backing., ASX Announcement 8 April 2013.

Campoona Syncline Immediately adjacent to Archer Exploration (AXE) & Monax Mining (MOX) graphite discoveries Campoona, Jamieson Tank & Sugarloaf Hill EM anomalies extend onto EL 4883 Further potential in Campoona Syncline between Campoona & Sugarloaf Hill LML assays on historic CRAE drill core identified intervals of up to 15% TGC EM survey July 2012 Gum Flat Immediately north along strike from Uley Graphite Mine Uley Graphite Mine is a world class flake graphite deposit and currently Australia s largest graphite ore deposit Long-term Exploration Targets