Gilmore Project’s 516Mt Resource Powers LinQ Minerals’ $10M IPO

LinQ Minerals’ IPO and Capital Raise

LinQ Minerals Limited has lodged a Replacement Prospectus dated 27 May 2025, seeking to raise a minimum of $7.5 million and up to $10 million through an initial public offering (IPO) on the Australian Securities Exchange (ASX). The offer comprises 37.5 million to 50 million fully paid ordinary shares priced at $0.20 each. Bell Potter Securities and Alpine Capital are appointed as joint Lead Managers.

The IPO is conditional on raising the minimum subscription and ASX granting approval for listing. The funds will primarily support the company’s exploration and development activities at its flagship Gilmore Project in central west New South Wales, Australia.

The Gilmore Project, A Significant Gold-Copper Asset

LinQ Minerals owns 100% of the Gilmore Project, a substantial gold-copper exploration asset covering approximately 597 square kilometres along a 40-kilometre strike in the Macquarie Arc geological province. This region is renowned for hosting world-class porphyry copper-gold and epithermal gold deposits, including the nearby Cadia, Northparkes, and Lake Cowal mines.

In August 2024, LinQ released a Mineral Resource Estimate (MRE) for six deposits within the Gilmore Project, totaling approximately 516 million tonnes containing around 3.7 million ounces of gold and 1.2 million tonnes of copper. The resource comprises sulphide porphyry copper-gold, sulphide epithermal gold, and oxide gold mineralisation, all open at depth and along strike, indicating significant potential for resource expansion.

Southern Startup, Brownfield Development Opportunity

Within the Gilmore Project, the Southern Startup area includes the Gidginbung gold deposit and the adjacent Dam porphyry copper-gold deposit. This brownfield project has a combined MRE of approximately 55 million tonnes containing about 1.2 million ounces of gold and 120,000 tonnes of copper, with around 60% classified as Indicated Resources.

Gidginbung was previously mined between 1987 and 1996, producing approximately 540,000 ounces of gold at an average grade of 2.1 g/t. LinQ aims to advance this project through infill and extensional drilling to upgrade resource categories and support feasibility studies targeting a low-strip ratio open pit mining operation.

Exploration Upside and Strategic Priorities

Beyond the defined resources, LinQ has identified over 20 porphyry and epithermal prospects across the Gilmore tenements at various stages of maturity. Key targets include Gidginbung North, Donnington, Monza, MagH1, Woolshed, and Kangaroo Hill. The company’s immediate focus is to drill test high-priority prospects in the central and southern zones to delineate new resources and extend existing ones.

The company benefits from a comprehensive database compiled from over 40 years of historical exploration, enabling efficient targeting and resource modelling. The Gilmore Project’s proximity to existing rail, road, water, and power infrastructure further enhances its development potential.

Financial Outlook and Risks

LinQ reported a net loss of $337,215 from incorporation to 30 June 2024. Post-listing, the company’s financial performance will depend on exploration success and eventual development outcomes, which remain inherently uncertain. The funds raised are expected to cover the company’s objectives for two years, but additional funding may be required if exploration results warrant expanded programs.

Risks typical of mineral exploration apply, including exploration and development uncertainties, funding availability, key personnel retention, and fluctuations in commodity prices and exchange rates. Deferred consideration payments totaling approximately $3 million are owed to Sandfire Resources, secured by the Gilmore Project assets.

Governance and Management

The board and management team combine extensive experience in mining finance, exploration, and project development. Executive Chair Clive Donner brings private equity and banking expertise, supported by executive directors with legal, financial, and geological backgrounds. Non-executive directors provide engineering and metallurgical expertise. The company has adopted corporate governance practices aligned with ASX recommendations, appropriate for its size and stage.

Independent Technical and Tenement Assessments

Independent reports by Agricola Mining Consultants and Hetherington Legal confirm the quality and standing of the Gilmore Project’s mineral resources and tenement tenure. The technical assessment highlights the advanced exploration status, significant resource base, and substantial exploration upside. The tenement report confirms good standing of all exploration licenses with no known impediments to ongoing exploration activities.