Inca Minerals Limited announced that it has secured the grant of two key mining concessions (concessions) that make up the central part of the Company's highly prospective Riqueza South Porphyry/Epithermal Project in Peru. The Occorccocha II and Ccarhua II concessions were granted after a prolonged approval process which followed Inca's award of mining concession closed bids (competing against Anglo American). The protracted granting phase following the award was entirely procedural.

Anglo, which was also awarded concessions in the immediate area, has no claim over the Occorccocha II and Ccarhua II concessions. T Inca applied its knowledge of the northwest-southeast trending Chonta Fault System, and its role in the multiple mineralised prospects of Riqueza (Huasijaja, Cuncayoc Copper, Ajo Oji, The Enclave), to identify highly prospective areas south of Riqueza. The Company conducted low-cost orientation programs covering Occorccocha I (awarded), Occorccocha II (now granted), Ccarhua I (granted) and Ccarhua II (now granted).

The 2020-2021 reconnaissance mapping identified multiple zones of mineralisation associated with pervasive epithermal style alteration, breccias and/or structures. The conclusion was that Inca had delineated a 14km strike length of contiguous epithermal-related copper and silver mineralisation associated with the Chonta Fault System. The volcanic rocks of the Castrovirreyna Formation and Sacsaquero Group dominate the geology of Riqueza South.

The entire sequence is affected by several rhyolitic-rhyodacitic domes (sub-volcanic intrusions, or stocks) which are believed to be controlled by the northwest-southeast regional structures of the Chonta Fault System. The occurrence of intrusive domes makes this area similar to the Alternation Ridge Prospect at Riqueza, which hosts a very large and altered rhyolitic dome. Broad alteration zones were identified during mapping (confirming satellite interpretations) which are believed to be related to northeast-southwest trending structures and intrusive stocks.

These argillic alteration zones host Fe-oxides and Mn-oxides as well as visible secondary copper mineralisation (malachite, azurite and chrysocolla), and "non-visible" bonanza-grade silver mineralisation, elevated levels of lead, zinc, molybdenum and gold. The occurrence of copper-silver mineralisation in cross-cutting northeast-southwest structures makes this area similar to the Cuncayoc Copper and Huasijaja prospects at Riqueza, and importantly, makes the various Riqueza South prospects, similar to the Huancullo epithermal and porphyry deposits, that both have topographic NE-SW orientations, NE-SW geology and structural alignment. The large structures that cut across the Chonta Fault System are believed to be fertile locations for intrusives and therefore intrusive-related mineralisation (epithermal, porphyry and skarn styles).

In more recent work, mapping and sampling was extended into Inca' Uchpanga III concession (part of Riqueza) and across the southern limits of Ccarhua I. A total of 220 samples were taken in the 2022 campaign. Four new prospects have been identified - Cachillusca in Uchpanga III, Cerro Chuntani, Cerro Ccaputa and Cerro Anta, all in Ccarhua I. The mapping and sample assay data results continue to be assessed and it is likely that additional drill- worthy targets will be generated. Inca (Peru) is currently analysing the mapping and assay results of Riqueza South, focusing on the trench work conducted at the Cerro Vicuña and Cerro Ccarhua prospects.

Preliminary true-width intervals of silver mineralisation mapped and sampled in trenches include: · 3.30m at 888.48ppm Ag (sample #s BM-01191 to BM-01194); 4.15m at 169.23ppm Ag (sample #s BM-01339 to BM-01344); 3.10m at 27.59ppm Ag (sample #s BM-01171 to BM-01174); 7.60m at 15.98ppm Ag (sample #s BM-01141 to BM-01149) This work is of a preliminary nature. Additional analysis will be caried out for copper, lead, zinc, molybdenum and gold. As well as calculating true widths of mineralisation (such as that above for silver) Inca is integrating the 2022 sample data and reviewing the geochemical signatures of all assay data.

A table of results of 2021 assay data from sampling at Cerro Vicuña shows a clear copper, silver, molybdenum, lead, zinc ± gold association. Although the geochemical analysis has not been completed, initial results indicate that the mineralisation is characteristic of epithermal and possible porphyry-style mineralisation. It is worth repeating, that the twin Huancullo epithermal and porphyry deposits, immediately southeast of Riqueza South contains elevated levels of copper and gold in historic drilling.

Both are currently subject of attention from major mining houses. Preliminary mapping and sampling has identified significant new occurrences of copper and silver mineralisation at Riqueza South (Occorccocha II and Ccarhua I & II) and on the Uchpanga III concession. The characteristics of the mineralisation are highly reminiscent of the copper-silver occurrences at the Alteration Ridge, Cuncayoc Copper and Huasijaja prospects located in the southern third of Riqueza.

The salient shared features of mineralisation include strong copper and silver values, argillic alteration, strong localised silicification, brecciation, and the northeast-southwest fabric and structural orientation. The Exploration Model for the southern part of Riqueza (including the Uchpanga I, Uchpanga II, Uchpanga III, and Picuy concessions and all of Riqueza South is that of gently dipping Miocene-Tertiary sediments and volcanics, intruded by vertical to near-vertical igneous stocks (including porphyry stocks). Where such intrusions have resulted in copper-gold-siler intermediate sulphidation epithermal and/or porphyry style mineralisation.

Whilst strong zinc and lead grades characterise mineralisation in the northern parts of the greater Riqueza area, it is interesting to note that zinc and lead values in mineralisation so far identified in Riqueza South are relatively lower. It is believed that this indicates that the hydrothermal processes are "hotter" in the south. The metal zoning that is indicated in preliminary geochemical studies is consistent with a possible porphyry intrusive "centre(s)" in these southern parts.

Indeed, Riqueza South is considered to be a nexus between of widespread copper-silver-gold epithermal system of the southern parts of Riqueza and the gold-copper epithermal and porphyry system known at Huancullo to the southeast. The latter deposits are not owned by Inca. With mineralisation contiguous from Riqueza to Huancullo, the greater Riqueza intrusive-related mineralised system is approximately 14km x 5km in size.

Inca holds the vast majority of this system.