Inca Minerals : Additional Targets Identified at Jean Elson Project

Targeting a new generation of Tier-1 mineral discoveries in Peru and Australia

ADDITIONAL TARGETS IDENTIFIED AT JEAN ELSON PROJECT

Broad-based independent interpretations of past exploration and Company AMAGRAD data have identified new Tier-1 scale targets prospective for IOCG, SEDEX and Broken Hill-style (metamorphic-hosted)

mineralisation at this exciting and rapidly maturing project in the Northern Territory.

Highlights

• • Six high-priority Tier-1 and Tier-2 scale targets (in addition to existing targets at Camel Creek and Mt Cornish South) identified by an independent review of Inca-acquired air magnetic and radiometric data, together with open-file government regional and project-scale exploration data

• • Follow-up exploration is strongly recommended ahead of drill testing, which the Company plans for 2022

• • Jean Elson is located close to the Jervois base metal deposit and is prospective for Jervois-like mineralisation as well as iron oxide, copper, gold (IOCG), sedimentary exhalative (SEDEX) and metamorphic-hosted, Broken Hill style mineralisation

Inca Minerals Limited (ASX: ICG) is pleased to advise that it has received an advanced draft independent report outlining additional Tier-1 and Tier-2 scale targets at its Jean Elson Project in the Northern Territory. In addition to the two known mineralised targets at the Camel Creek (Ningaloo) Prospect and the Mr Cornish South Prospect, six new high-priority targets have been identified (Figure 1).

Figure 1: Greyscale filtered magnetic intensity anomaly image (tmirtp-2vdagc) of the Jean Elson Project area with target locations. Please refer to the in-diagram legend. The new targets are very large Tier-1 scale and are prospective for Broken Hill and/or IOCG style mineralisation.

This vital independent high-level interpretative work has identified regional structures and geophysical trends across the project area. Prospect-scale interpretations have recognised high-priority targets of a particularly large size at Whistling Kite, Spinifex Pigeon, Straw Neck Ibis, Camel Creek/Ningaloo and at Kestrel, each with coincident magnetic and gravity anomalies.

As an example of a new target, Spinifex Pigeon occurs in an area with no outcropping rock where anomalous copper was identified in RAB/percussion holes during previous, limited exploration. The strongest magnetic responses appear to be associated with intensely folded, potentially magnetite-bearing units which may be similar to the Bonya Metamorphic units present at the Jervois base metals mine. The gravity high at Spinifex Pigeon is closely associated with the magnetic high (Figure 2a).

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The known Camel Creek/Ningaloo Prospect, which hosts an array of gold-silver-copper quartz-iron veins (now confirmed as a genuine target), is located adjacent to the new Kestrel Target. The Camel Creek Target is located on a regional gravity high and with numerous tightly folded and sheared units located within and along a gravity ridge. A strong magnetic intensity high surrounds a demagnetised (or magnetic low) anomaly. The demagnetised zone may indicate hydrothermal alteration of magnetite to haematite and can potentially indicate an IOCG system (Figure 2b).

Figure 2a (left): Greyscale filtered magnetic intensity anomaly image (tmirtp-2vdagc) of the western part of the Jean Elson Project area showing the Spinifex Pigeon Target. Figure 2b (right) Greyscale filtered magnetic intensity anomaly image (tmirtp-2vdagc) of the eastern part of the Jean Elson Project area showing the Camel Creek/Ningaloo and Kestrel Targets.

The Company expects to receive the final version of the independent report in shortly. Among other things, the report will provide additional details on all of these newly-identified targets and will elaborate on targets not subject to this announcement, such as the possible kimberlite field shown in Figure 2a.

The draft report received by the Company recommends, among other next steps, two phases of follow-up ground geophysics - Induced Polarisation and ground gravity. The Company is committed to commencing these surveys on a "as soon as possible" basis. Subject to the timely completion of these surveys, Inca intends to drill test the targets at Jean Elson this year.

Investor inquiries - Ross Brown, Managing Director - Inca Minerals - 0407 242 810

Media Inquiries/Investor Relations - Nicholas Read, Read Corporate - 0419 929 046

Ross Brown

Managing Director Inca Minerals Limited

*****

Competent Person's Statements

The information in this report that relates to exploration activities for the Jean Elson Project, located in the Northern Territory, is based on information compiled by Mr Ross Brown BSc (Hons), MAusIMM, SEG, Managing Director, Inca Minerals Limited, who is a Member of the Australasian Institute of Mining and Metallurgy. He has sufficient experience, which is relevant to the exploration activities, style of mineralisation and types of deposits under consideration, and to the activity which has been undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr

Brown is a fulltime employee of Inca Minerals Limited and consents to the report being issued in the form and context in which it appears.

Appendix 1: ASIC Compliancy Table

The following information is provided to comply with the JORC Code (2012) exploration reporting requirements.

Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or hand-held XRF instruments, etc.). These examples should not be taken as limiting the broad meaning of sampling.

This announcement refers to results contained in a mature draft version of an independent report containing interpretations of a recently completed airborne magnetic and radiometric (AMAGRAD) survey completed at the Company's Jean Elson Project area, as well as regional and project-scale open file data. This announcement includes geophysical images of geophysical data and targeting.

Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.

No sampling or assay results are referred to in this announcement.

Aspects of the determination of mineralisation that are Material to the Public Report. In cases where 'industry standard' work has been done this would be relatively simple (e.g. 'reverse circulation drilling was used to obtain 1m samples from which 3 kg was pulverised to produce a 30g charge for fire assay'). In other cases, more explanation may be required, such as where there is a coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information.

No sampling or assay results are referred to in this announcement.

Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).

No drilling or drilling results are referred to in this announcement.

Method of recording and assessing core and chip sample recoveries and results assessed.

No drilling or drilling results are referred to in this announcement.

Measures taken to maximise sample recovery and ensure representative nature of the samples.

No drilling or drilling results are referred to in this announcement.

Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.

No drilling or drilling results are referred to in this announcement.

Criteria: Logging

Whether core and chip samples have been geologically and geo-technically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.

No drilling or drilling results are referred to in this announcement.

Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.) photography Company Commentary

No drilling or drilling results are referred to in this announcement.

The total length and percentage of the relevant intersections logged.

No drilling or drilling results are referred to in this announcement.

Criteria: Sub-sampling techniques and sample preparation JORC CODE Explanation

If core, whether cut or sawn and whether quarter, half or all core taken.

No sampling or assay results are referred to in this announcement.

If non-core, whether riffled, tube sampled, rotary split, etc. and whether sampled wet or dry.

No sampling or assay results are referred to in this announcement.

For all sample types, the nature, quality, and appropriateness of the sample preparation technique.

No sampling or assay results are referred to in this announcement.

Quality control procedures adopted for all sub-sampling stages to maximise "representivity" of samples.

No sampling or assay results are referred to in this announcement.

Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling.

No sampling or assay results are referred to in this announcement.

Whether sample sizes are appropriate to the grain size of the material being sampled.

No sampling or assay results are referred to in this announcement.

The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.

Company Commentary

No sampling or assay results are referred to in this announcement.

For geophysical tools, spectrometers, hand-held XRF instruments, etc., the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.

No sampling or assay results are referred to in this announcement.

Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.

No sampling or assay results are referred to in this announcement.

The verification of significant intersections by either independent or alternative company personnel.

No sampling or assay results are referred to in this announcement.

The use of twinned holes.

No drilling or drilling results are referred to in this announcement.

Documentation of primary data, data entry procedures, date verification, data storage (physical and electronic) protocols.

This announcement refers to a mature draft independent report, that among other things includes interpretation of a AMAGRAD survey completed by the Company's Jean Elson Project. Primary magnetic and radiometric data was collected via an airborne survey conducted by a specialist consultancy. The raw data image was provided by this consultancy to show the total magnetics of the project area unmodelled. The data collection, presentation of raw imagery followed best-practise protocols. All open-file data was sourced from relevant online databases.

Discuss any adjustment to assay data.

No sampling or assay results are referred to in this announcement.

Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.

Company Commentary

This announcement refers to a mature draft independent report, that among other things includes interpretation of a AMAGRAD survey completed by the Company's Jean Elson Project. The AMAGRAD survey followed best-practise data collection geo-referencing through aircraft-assisted GIS.

Specification of the grid system used.

GDA94 Zone 53

Quality and adequacy of topographic control.

This announcement refers to a mature draft independent report, that among other things includes interpretation of a AMAGRAD survey completed by the Company's Jean Elson Project. The AMAGRAD survey followed best-practise data collection geo-referencing through aircraft-assisted GIS.

Criteria: Data spacing and distribution JORC CODE Explanation

Data spacing for reporting of Exploration Results.

This announcement refers to a mature draft independent report, that among other things includes interpretation of a AMAGRAD survey completed by the Company's Jean Elson Project. The coverage, line spacing and use of tie-lines follows best-practise data-spacing protocols for this form of geophysical survey.

Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.

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