Gold and Copper – Backing a Brownfields Gem in a Tier-1 Jurisdiction - LinQ Minerals IPO
- Noel Ong
- Jun 12
- 5 min read
A Rare Window Into a Forgotten Gold-Copper System
The IPO wardrobe has been pretty bare in 2025 and it si good to see the emergence of an IPO with a project that appear to have been off the radar for the last four decades in the heart of New South Wales’ Macquarie Arc – one of Australia’s most fertile mineral belts (Figure 1). When I reviewed LinQ Minerals Limited’s IPO Replacement Prospectus (27 May 2025) and accompanying investor presentation, it was clear this is not your standard greenfields hopeful.
LinQ does offer something much more compelling: a genuine brownfields gold-copper project with real tonnage, credible grade, deep geological understanding, and—importantly—a team that’s been here before. In an IPO draft, this is not a bad start.
The offer is simple: 37.5 million shares at $0.20 to raise a minimum of $7.5 million, up to 50 million shares for a maximum raise of $10 million. This does not appear to be a spray-and-pray IPO; it is an old project with 470,000 metres of historical drilling and a global resource of 3.7Moz gold and 1.2Mt copper under the company’s belt.
Figure 1: Map of Gilmore Project and Macquarie Arc showing nearby Tier-1 deposits (source: LinQ Minerals)
The Foundation: Gilmore Gold-Copper Project
At the heart of LinQ’s IPO is the Gilmore Project, a consolidated tenement package spanning nearly 600km², wholly owned by LinQ. Located near West Wyalong and Temora, this project sits within the Macquarie Arc—a belt that also hosts Cadia, Northparkes, and Cowal. The project does have good real estate, which is a good thing to have for the promotional part of the equation.
LinQ holds two things I consider rare in today’s IPO market:
A JORC-compliant resource that’s not just conceptual but already well drilled: ~1.2Moz Au and ~120Kt Cu at Gilmore South alone.
Clear evidence of high-grade intercepts (Figure 2), such as:
40m @ 2.8g/t Au
167m @ 1.0g/t Au, 0.7% Cu
150m @ 1.02% Cu, 0.75g/t Au
Figure 2: Drill intercept highlights (source: LinQ Minerals)
This isn’t early-stage sniffing. This is resource confirmation and potential system expansion.
Strong Capital Discipline
LinQ plans to use the IPO proceeds primarily for exploration and project advancement, allocating $5.0 million to $7.0 million toward drilling and development, depending on the amount raised. Offer costs are estimated between $0.62 million and $0.77 million, with the remaining $2.43 million to $2.78 million set aside for working capital.
“Our aim is to deliver discovery and resource growth in a cost-efficient manner, with over 40 years of historical investment to build on.” – Michael Gibson, Executive Director
Who’s Running the Show?
The leadership at LinQ is one of the most experienced I've seen in a junior IPO this year.
Clive Donner (Executive Chair): 40+ years in mining private equity, ex-NM Rothschild and Citibank
Scott Munro (Chief Geologist): 6+ years of direct experience on Gilmore, Lachlan Fold Belt specialist
John Holliday (Technical Advisor): Principal discoverer of the Cadia porphyry deposit
“We’ve built LinQ to execute like a private equity-backed team—lean, experienced, and discovery-focused.” – Clive Donner
The Upside: More Than a Starter Resource
Yes, LinQ is listing with a solid base. But it’s the exploration pipeline that excites me (Figure 3).
Multiple systems remain open along strike and at depth
+20 prospects across a 40km corridor, spanning porphyry and epithermal targets
Near-term catalysts from drill-ready zones like Donnington and Monza
“The current JORC resources are only estimated to 300–450m. This is shallow compared to major producing peers in the Arc.” – LinQ Prospectus
Figure 3: Geological clusters and target zones (source: LinQ Minerals)
Samso’s Concluding Comments
To me, LinQ Minerals is a good IPO that commonly slips under the radar until a discovery headline forces everyone to look. What I can say is that the project is real, the team is okand the address can be classed Tier-1 or at least have the potential to be in the same class. And the upside, from a system already demonstrating grade and scale, is substantial. The potential is great, and the market sentiment is obvious.
Unlike some IPOs fishing in greenfield ground, LinQ is reactivating a proven system with modern geological thinking and a sharp execution model. As the company says, “drill, don’t drift.” The price of gold is good, and the potential pricing of copper will remain on the upside.
This isn’t investment advice—just my take. We all know that there is never a sure thing, but when the geology and the capital plan all line up like this, I tend to pay attention.
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