Inca Minerals : Gov NDIBK04 Data Confirms IOCG/ISCG Model for Mt Lamb

GOVERNMENT DRILL-HOLE DATA OF NDIBK04 CONFIRMS IOCG/ISCG -

SEDEX EXPLORATION MODEL FOR MOUNT LAMB

Assays and whole-rock data released by Geoscience Australia provide proof-of-concept of the large-scale IOCG/ISCG-

SEDEX potential of Inca's greater Mount Lamb Prospect, while Inca's first drill-hole at Mount Lamb intersects high levels of pyrite-pyrrhotite and first signs of chalcopyrite as drilling continues towards the target zone

Highlights

• • Assays and whole-rock data released from Government drilling, including drill-hole NDIBK04, provide proof-of-concept for the potential of large scale IOCG-SEDEX mineral systems at Inca's Mount Lamb Prospect

• • Results indicate widespread geochemical anomalism within Proterozoic basement lithologies, with restricted zones of higher-grade copper-gold-silver occurring in quartz-sulphide veining, indicating a fertile mineralising environment

• • Notably, mineralisation is associated with iron oxides and iron sulphides that broadly indicates potential for iron oxide copper-gold (IOCG) and iron sulphide copper-gold (ISCG) styles

• • Age-dating of mineralisation in basement rocks places timing as the same as the IOCG deposits of the Tennant Creek Mineral Field

• • Inca's recently commenced reconnaissance drill program is progressing well with the first Mount Lamb hole intersecting widespread chlorite-hematite alteration, high levels of pyrite-pyrrhotite and the first signs of chalcopyrite

• • Clarification of Bullseye Dispute 31 March ASX announcement, that the affected area relates only to five tenements, E37/1348, E53/2125, E53/1377, E53/1380 and E53/1407, which is a relatively small part of Bullseye's North Laverton Gold Project

Inca Minerals Limited (ASX: ICG) is pleased to advise that a review of assay and whole-rock data released by Geoscience Australia (GA) for Government drill-hole NDIBK04 on 5 April 2022 (refer also to Inca's ASX Trading Halt announcement of 5 April 2022) has confirmed the presence of copper, gold and silver mineralisation plus other base metal enrichment, validating Inca's exploration model for its Frewena IOCG/ISCG-SEDEX Project in the East Tennant Province, Northern Territory.

Drill-hole NDIBK04 (Figure 3, Table 1), which was drilled to a depth of 416.3m, targeted large-scale magnetic-gravity features at the Mount Lamb prospect that are evident in regional scale geophysical data. Confirmation of the presence of copper-gold-silver mineralisation, in close association with iron oxide alteration and iron sulphide mineral species, in this first-pass Government drilling of a frontier region is considered to be a strong result for Inca and validates the Company's decision to become an early-stage mover in the East Tennant.

Age-dating of mineralisation in NDIBK04, presented by GA at Annual Geoscience Exploration Seminar (AGES), in Alice Springs, places mineralisation at approximately 1.85GA which is the same timing of mineralisation of the IOCG deposits of the Tennant Creek Mineral Field.

It also strongly validates Inca's IOCG exploration model for the Mount Lamb prospect and the wider Frewena Project.

Suite 1/16 Nicholson Road, Subiaco, WA 6008 │PO BOX 38, West Perth, WA 6872

Telephone: +61 (08) 6145 0300 │

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Peak metal enrichment was returned at a depth of approximately 250m down-hole within a zone of veining with variable mineral species including pyrite, chalcopyrite, arsenopyrite and quartz. Peak intercepts from this zone include:

• • 0.25m @ 1.12g/t gold (Au) + 12.3g/t silver (Ag) from 249.50m down-hole; and

• • 1m @ 0.27% copper (Cu) + 0.13g/t Au + 5.94g/t Ag + 395ppm cobalt (Co) from 252.25m down-hole.

NDIBK04 assay tables are presented in Appendix 1.

This metal assemblage, in addition to haematitic alteration and anomalous bismuth (Bi), molybdenum (Mo), nickel (Ni), tungsten (W) and zinc (Zn) variably throughout NDIBK04, is considered by the Company to provide supporting evidence of the IOCG/ISCG potential of the greater Mount Lamb Prospect. High sulphur content is also recorded across large sections of NDIBK04, with sulphur being a critical component for the formation of metal sulphide deposits.

Copper levels towards the bottom of the hole are below that which might be anticipated from the Government logging and reports of visible mineralisation. This may be attributed to the difficulties of discerning chalcopyrite, bornite and pyrite. Nevertheless, the broad low levels of Cu, Ni, Mo, W and Zn, and the generally high levels of sulphide mineralisation in a highly brecciated and veined basement interval, is significant in terms of indicating the presence of a pervasive mineralising system.

Importantly, government targeting for NDIBK04 was completed using regional-scale magnetic and gravity data that Inca has subsequently improved upon through programs of detailed surveying completed during 2021 at Mount Lamb and other nearby prospects. The data acquired by Inca has allowed the large-scale magnetic and gravity anomalies to be refined, forming the basis for the Company's 12,000m reconnaissance drill program that has recently commenced at the Mount Lamb, Jumping Spider and Roadhouse targets.

At Mount Lamb, Inca's refined targeting has shown that NDIBK04 is located "off-target" and yet, despite this, still contains material levels of copper, gold and silver and other IOCG pathfinder elements in quartz-sulphide-Fe oxide veining.

Inca's initial reconnaissance drilling at Mount Lamb is targeting zones of higher tenor magnetics and gravity than was tested by NDIBK04.

Table 1: Drill hole parameters of the government drill hole NDIBK04.

Current Drill Program

As reported to the market (ASX Announcement 28 March 2022), Inca's reconnaissance drilling program at the Frewena Project has commenced, with two rigs operating. Rig 1 commenced in the greater Mount Lamb Target area and Rig-2 commenced at the Roadhouse-Jumping Spider area (Figure 3).

Rig-1's first hole, FW220002 (planned hole MLSWDDP003 - Table 2) at Mount Lamb, is currently at a depth of c. 667m and is progressing well towards its target depth of 1,000m. Diamond core production is currently averaging >30m per 12-hour shift, with this rig double-shifting.

In the lower diamond core intervals of the hole, FW220002 has intersected altered, veined and sulphide-bearing basement rocks. These rocks include chlorite-haematite altered schist and haematite altered quartzite units with quartz veining (Figure

• 1a), rare, irregular chalcopyrite veinlets (<1% of the core) at times occurring with quartz-feldspar or quartz-calcite veins (Figure

• 1b), quartz-pyrite veining (pyrite levels between 10-30% of the core in zones) in graphitic schist with trace levels of chalcopyrite (<0.1% of the core) (Figure 1c), and pervasive pyrrhotite veining and laminations (pyrrhotite levels between 10-30% of the core) in zones in graphitic schist with trace pyrite (<1% of the core) and rare (<1% of the core) chalcopyrite (Figure 1d).

The sulphide content has generally increased with depth within the bedrock sequence. Pyrite, and rarer observed chalcopyrite, is dominantly vein-hosted, whereas in discrete intervals of graphitic schist hosting abundant pyrrhotite, sulphide distribution is in vein/veinlet and lamination form.

Figure 1a: Chlorite-haematite altered schist and haematite altered quartzite units with quartz veining (c. 400m depth); 1b an irregular chalcopyrite veinlet (c. 425m depth); 1c quartz-pyrite veining in graphitic schist (c. 657m depth); 1d pervasive pyrrhotite veining and laminations in graphitic schist (c. 660m depth).

It is important to note that FW220002 will be drilled to a depth of 1,000m (Table 1), whereas NDIBK04 was terminated at 416m. Drillhole FW220002 is currently entering the modelled, higher tenor magnetic anomaly (broadly coinciding with the first observation of pyrrhotite, a magnetic mineral), with the hole planned to test both the magnetic anomaly and - further downhole - a semi-coincident gravity feature (Figure 2).

There are demonstrable similarities in the visible expression of sulphides between FW220002 and the government drill hole NDIBK04. In view of the fact that IOCG/ISCG geochemical signatures and a Tennant Creek Mineral Field timing of mineralisation are now recognised in NDIBK04, similarities between the holes become important. Located approximately two kilometres apart along the southwest-northeast trending 18km long Mount Lamb Prospect (Figure 3), the initial assessment of FW220002 is highly positive, and the prospectivity of the Mount Lamb SW Target and the entire Mount Lamb Prospect is greatly enhanced.

Rig-2, located in the Roadhouse and Jumping Spider Target areas, has completed the four planned Reverse Circulation (RC) pre-collars. This RC rig has now been demobilised and a diamond core rig has mobilised to site with the first diamond tail at the Roadhouse Prospect anticipated to commence this week.

Prospect

Hole ID

Mt Lamb NEMLNEDDP002

Mt Lamb NEMLNEDDP003

Mt Lamb SWMLSWDDP003

Plains

PLDDP001

Plains

PLDDP002

Mt Lamb NEMLNEDDP001

Mt Lamb NEMLNEDDP004

Mt Lamb SWMLSWDDP001

Mt Lamb SWMLSWDDP002

Mt Lamb SWMLSWDDP004

Mt Lamb SWMLSWDDP005

Mt Lamb SWMLSWDDP006

Desert CreekDCDDP001

Hole DepthAziDipTarget

Comment

1000

315

-60

IOCG/SEDEXCoincident magnetic and gravity anomaly high along Mt Lamb trend.

800

315

-60

IOCG/SEDEX

Coincident magnetic and gravity anomaly high along Mt Lamb trend.

1000

315

-60

IOCG/SEDEX

Coincident magnetic and gravity anomaly high along Mt Lamb trend.

1000

315

-70

IOCG/SEDEXDeep gravity anomaly high coincident with strong mag anomaly high.

1000

315

-70

IOCG/SEDEXDeep gravity anomaly high coincident with strong mag anomaly high.

1000

0

-70

IOCG/SEDEXRevise priority pending NDIBK04 results; Potential to shift to the west to target coincident gravity and magnetic anomaly high within NDI tenement.

800

315

-60

IOCG/SEDEXCoincident magnetic and gravity anomaly high along Mt Lamb trend.

1000

315

-60

IOCG/SEDEX

Coincident magnetic and gravity anomaly high along Mt Lamb trend.

1000

315

-60

IOCG/SEDEX

Coincident magnetic and gravity anomaly high along Mt Lamb trend.

1000

315

-60

IOCG/SEDEX

Coincident magnetic and gravity anomaly high along Mt Lamb trend.

1000

270

-60

IOCG/SEDEXOffset mag and gravity anomalies along strike of Mt Lamb trend.

1000

315

-60

IOCG/SEDEXOffset mag and gravity anomalies along strike of Mt Lamb trend.

800

315

-70

IOCG/SEDEXGravity anomaly high offset from magnetic anomaly high.

12400

Table 2: Northern reconnaissance program drill-holes (Rig 1) planned for the greater Mount Lamb area, including the Desert Creek, Mount mb NE, Mount Lamb SW, and Plains targets. A total of 12,400m of drilling is planned. The holes are listed alphabetically.

Figure 2: Drill hole projection showing the drill reach to the current depth of 630m. We are still approaching the centre of the magnetic target yellow and orange shells) adjacent to the semi-coincident gravity anomaly (light to dark blue shells).

Figure 3: Total Magnetic Inversion Reduced To Pole (TMIRTP) image of the greater Mount Lamb and Jumping Spider/Roadhouse areas with drill-hole locations. The existing Hole ID references (Table 2) will be replaced by a simpler numbering system that will reflect drilled order.

The South West Target, with a faded callout box, will most likely be drilled by Rig-2.

Inca-Bullseye Dispute

The Company also wishes to provide further information on the tenure which is subject to its "Dispute with Bullseye Mining Limited Ni-Rights Agreement" (ASX announcement 31 March 2022). The Inca-Bullseye dispute involves five tenements,

E37/1348 (which has replaced E37/1124), E53/2125 (which has replaced E53/1352), E53/1377, E53/1380 and E53/1407. These tenements are the residual part of what was formerly Inca's Dingo Range Project (refer Inca's ASX announcement 14 April 2014 titled "Dingo Range Nickel Project - Western Australia").

The disputed tenements total area is 55 blocks which represents an approximate area of 170km2, or about 21% of Bullseye's North Laverton Gold Project - Dingo Range, which has a total project area of approximately 800km2. The tenements subject to

Inca - Bullseye dispute are located in the northern part of Bullseye's tenement block, to the west and north of Bullseye's granted Mining Lease (which itself is not part of the dispute).

*****

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 Frewena Regional 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.

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