During 2010-2011, the third year of the Gum Flat Iron Ore Project, owner Lincoln Minerals' exploration activities included: - Planning, site preparation and supervision of an RC and aircore drilling program; - Surveying and vegetation clearing for the RC drilling; - Completion during the period November 2010 to February 2011 of 84 inclined or vertical RC drillholes (total penetration 5362 m) plus 6 vertical RC/rotary mud water bores (total 339 m); - Conducting pump tests on the new water bores (March-June 2011). - Undertaking ongoing Aboriginal heritage clearance surveys over drill targets; - Performing ongoing environmental rehabilitation of drill sites; - Ongoing processing, modelling and interpretation of aeromagnetic data; - Revision of independent vegetation DEF (SKM Pty Ltd); - Assaying and analysis of RC samples and geo-modelling wireframes for resource estimation (AMC Consultants and Golder Associates); - Interpretation and analysis of drilling results; - Magnetite and haematite resource definition (in conjunction with Golder Associates); - Mine planning (Golder Associates); - Reviewing the magnetite and haematite mineability scoping study (Golder Associates); - Purchase of freehold property over Barns deposit; - Preparation and planning for diamond core drilling program; - Ongoing monitoring of regional water bore levels; - Ongoing community consultation and compensation payments. - Reviewing the results of metallurgical testwork (Ammtec/Calibre Projects) and the findings of the independent scoping study (Worley Parsons & AMC Consultants) on processing and beneficiation of massive and banded haematite/magnetite iron ore. No field work was undertaken on ELs 3702, 3703, 4049 or 4652 during the reporting year, however, a review of these areas' magnetic anomalies and previous exploration data is ongoing. Lincoln Minerals undertook baseline studies at Gum Flat in preparation for a Mining Lease Application. The studies included ongoing groundwater observations and modelling, environmental baseline studies in regard to flora and fauna, traffic, dust and noise surveys, community engagement, and more detailed planning and engineering work to optimise mine development. The latest RC drilling was designed to further define haematite-goethite resources in the central Barns corridor, and to target possible additional haematite resources along strike on the eastern side of the linear magnetic anomaly. Numerous small intervals of haematite-goethite mineralisation were intersected, and one such notable pod found south-west of the main Barns deposit has been termed Junior Barns. Groundwater is the main concern for planning the Barns open cut mine, as the proposed mine site is situated within a Prescribed Wells Area used for groundwater extraction by the Eyre Peninsula community. Lincoln Minerals has devoted considerable time and resources to ensure that any proposed mining activities will not have a detrimental effect on the aquifer system. Expanding on it’s previous groundwater studies, consultants were engaged to prepare a detailed hydrogeological report. This work has been completed (see Appendix 1) and applications have been lodged with the SA Department for Water for licenses to extract groundwater to dewater the proposed mine pit(s). Investigations carried out to date have provided sound basic information regarding the properties of the aquifers present on site, including lithology, potentiometric surface, water quality, transmissivity and the presence of hydraulic barriers. They indicate that the main calcarenite aquifer used for groundwater extraction in the Uley South Basin is dry or unsaturated in the proposed mine area, and is separated from an underlying fractured bedrock aquifer system by several tens of metres of saprolite (clay). This material varies in thickness and acts as a confining layer to the basement aquifer. Due to the presence of saprolite clay and unsaturated conditions in the Quaternary Bridgewater Formation (calcarenite), it is concluded that the basement aquifer system at the Central Barns Deposit is not hydraulically connected to the Uley East groundwater lens. It is also likely that the saprolite, if laterally extensive, will preclude hydraulic connection between the basement aquifer and the Tertiary / Quaternary aquifers of the Uley South groundwater lens. Lincoln Minerals has acquired approximately 3328 hectares of land at Gum Flat, described in Certificates of Title Volume 6004 Folio 501 and Volume 6017 Folio 516. Settlement was made between the parties on 30/11/2010. As part of the transaction, the company on-sold part of the original land parcel (around 500 hectares), which would be of little benefit for future mining operations, to a neighbouring farmer. Within EL 4643 there remains at least 25 km strike length of aeromagnetic anomalies that have not yet been drill tested. Many of these are only low amplitude linear features, and are likely to have weak and/or deep sources. However, magnetic anomalies mapped along the eastern boundary of the EL are of high amplitude, similar to the Barns prospect anomaly, and potentially represent significant exploration targets. The strike length of these anomalies is approximately 17 km, but part of this anomalism (approx. 5 km) is close to areas of low-density residential or potential residential development immediately west of Port Lincoln, and thus is off-limits for ongoing exploration. It is planned to test some of the accessible nearby targets during the next drilling campaign. During 2011-2012, the fourth year of the Gum Flat Iron Ore Project, owner Lincoln Minerals' exploration activities were conducted mainly within EL 4643 and included: - Ongoing review of geological, geophysical, geochemical and drilling data; - Ongoing groundwater modelling and analysis (Aldam Geoscience & Lisdon Associates); - Analysis of RC and diamond core drill samples; - Interpretation and analysis of drilling results; - Magnetite and haematite resource definition (in conjunction with Golder Associates & AMC); - Mine planning (Golder Associates); - Completion of a campaign of diamond core drilling (10 holes for 1395 m) during July-August 2011. The focus of this drilling was to define magnetite resources in the central Barns corridor, and to assist to define Indicated Resources. Two PQ diamond cored holes targeted the haematite mineralisation for metallurgical work, and 3 HQ diamond cored holes were drilled specifically for geotechnical investigations. The remaining 5 NQ diamond cored holes were designed to upgrade magnetite resources from Inferred to Indicated status. From the resulting data, Lincoln and AMC Consultants re-defined a JORC compliant Indicated and Inferred Resource for parts of the Barns deposit orebody; - Preparation of a Mining Lease Proposal (compiled by Golder Associates); - Preparation and submittal of EPBC Referral twice (W&G Engineers); - Establishing and monitoring environmental flora test sites; - Ongoing monitoring of regional water bore levels; - Ongoing community consultation; - Ongoing environmental monitoring and rehabilitation of access tracks and drill sites; - Ongoing Aboriginal heritage surveys over drill targets; and - Ongoing environmental rehabilitation of drill sites. During the year 6 Mineral Claims located ~9.5 km west of Port Lincoln, MCs 4312-4317, were pegged and registered with the SA Mining Registrar. No fieldwork was undertaken on ELs 3702, 3703, 4049 and 4652. A review of graphite potential within all seven project tenements was commenced. During 2012-2013, the fifth year of the Gum Flat Iron Ore Project, activities were confined to progressing matters relating to EL 4643 and included: - Ongoing review of geological, geophysical, geochemical and drilling data; - Ongoing groundwater modelling, analysis and review (SKM & Lisdon Associates); - Legal review of groundwater license rejection and preparation of appeal to ERD Court; - Conciliation Conference with ERD Court regarding groundwater licenses; - Detailed aeromagnetic modelling and fracture interpretation; - Ongoing monitoring of regional water bore levels; - Ongoing community consultation; and - Ongoing environmental monitoring and rehabilitation of access tracks and drill sites. - Ongoing environmental rehabilitation of drill sites. No fieldwork was undertaken on other tenements. During 2013-2014, the licensee did no new work. DEWNR continued to do water well pump tests on Lincoln Minerals' groundwater observation wells to investigate the main Uley Basin aquifer and gather data to further inform the existing Water Allocation Plan. During 2014-2015, the licensee did no new work, but provided technical data for its project to a potential JV partner. Two separate blocks of ground comprising ~ 25% of the total project EL acreage were partially relinquished: they consisted of one-third of Wanilla EL 5066 on 12/2/2015, and the whole of Mount Hill EL 5219 through a full surrender that was endorsed on 27/8/2015. By an order of the Environment, Resources and Development Court of South Australia made on 13/8/2014, a groundwater extraction licence 237203 was granted to Lincoln Minerals, and in consequence of receiving this decision the company can now complete a Mining Lease Proposal for the Barns iron ore deposit.