ANNUAL REPORT
2021
Inca Minerals Limited
ACN 128 512 907
2
CORPORATE PARTICULARS
Directors
Mr Ross Brown
Managing Director
Mr Gareth Lloyd
Director
Dr Jonathan West
Director
Company Secretary
Mr Mal Smartt
Registered Office
Suite 1, 16 Nicholson Road
Subiaco WA 6008
Corporate Office
Suite 1, 16 Nicholson Road
Subiaco WA 6008
Mailing Address
P.O. Box 38
West Perth WA 6872
Share Registry
Advanced Share Registry
110 Stirling Highway
Nedlands WA 6009
Auditor
Stantons
Level 2, 1 Walker Avenue
West Perth WA 6005
Table of Contents
Managing Director’s Summary
Corporate Governance Plan / Statement
Directors’ Report
Consolidated Statement of Profit or Loss and Other Comprehensive Income
Consolidated Statement of Financial Position
Consolidated Statement of Changes in Equity
Consolidated Statement of Cash Flows
Notes to the Financial Statements
Directors’ Declaration
Auditor’s Independence Declaration
Independent Auditor’s Report
Shareholder Information
List of Tenements
1
2
3
4
16
17
18
19
20
48
49
50
54
58
1
Managing Director’s Summary
2
Welcome to Inca’s Annual Report (Report) for the financial year ended 30 June 2021, a year in which the world is
still grappling with COVID-19, with the roadmap to normality seemingly through vaccinations. Like last year’s
Annual Report, COVID-19 is not going to be the theme of our Report. Despite hardships Inca has launched major
exploration campaigns in Peru and Australia. We have developed exploration projects with tremendous potential.
In this Annual Report you will find our Annual Financial Report, Directors’ Report, Directors’ Declaration, the
Independent Auditor’s Report, Corporate Governance Statement, various shareholder information and our
tenement schedule. I have provided an MD’s summary so that you, as a shareholder, may reflect with pride and
ownership your contribution and participation of the past year’s exploration activities. Our exploration outcomes
and our corporate well-being are a net function of exploration application, shareholder support and, yes,
serendipity.
What constitutes a flagship project? A project with the most potential. A
project that receives the most funding. Under any measure Inca might have
three, maybe four flagship projects, any of which might headline a portfolio
of another junior explorer.
Riqueza/Riqueza South. The copper-gold-silver-lead-zinc project that we are
currently drilling. It hosts a mineralised system 12km x 5km in size with more
than a dozen tier-1 scale epithermal-porphyry-skarn targets. It is book-ended
by BHP to the northwest and Anglo American to the southeast. We are
currently drill testing porphyry-skarn targets in the NE Area and we will soon
be lodging a second drill permit application for the central and southern parts
of Riqueza.
Frewena Group. The copper-gold regional project that we are currently flying
an airborne geophysical survey over and currently generating drill targets
post gravity survey. It hosts several tier-1 scale iron oxide-copper-gold and
sedimentary exhalative targets. We have applied for the government drill
blocks which host government drill holes NDIBK01/04. NDIBK04 hosts 326m
of sulphide mineralization.
If Inca is successful in its application for the NDIBK04 ground it would be as if the hole was drilled by us.
MaCauley Creek (Mac Creek). A sleeping project that has just woken up, with recent results rerating this project.
We are currently, or about to, fly an airborne geophysical survey over the project and are continuing to review the
recent stunning sampling rock chip results. It hosts an intrusive-related mineralised system 12km x 10km in size with
several tier-1 scale epithermal-porphyry-skarn targets.
Our short-term, medium-term and long-term strategies are in full swing. We are drilling tier-1 targets in Peru, and
we are generating the next-generation tier-1 drill target in Australia.
Like I did last year, I’d like to close now by thanking our shareholders for converting their class B options. Our
treasury has never been healthier. Our projects have never looked so promising.
Ross Brown
Managing Director
2
Corporate Governance Plan / Statement
3
A copy of the Company’s Corporate Governance Plan and current Corporate Statement is set out on our website
www.incaminerals.com.au/corporate-governance.
3
Directors’ Report
4
The Directors of Inca Minerals Limited (Inca or Company) present their financial report on the Company and its
controlled entities (Group) for the year ended 30 June 2021.
Directors
The names of directors in office at any time during or since the end of the financial year are listed hereunder.
Directors were in office since the start of the financial year to the date of this report unless otherwise stated.
Ross Brown, Managing Director
Gareth Lloyd, Director
Jonathan West, Director
Information on Directors and Company Secretary
ROSS BROWN BSc (Hons), M.Aus.IMM.
Managing Director
A geologist by profession, Mr Brown has over 30 years’ experience in mineral exploration in Australia, Asia, Africa
and South America and he has worked in a broad range of commodities, including gold, base metals, uranium,
phosphate and diamonds. Mr Brown has a rare ability in recognising the commercial potential of exploration
projects and geological process, and has a proven track record of bringing technical-based exploration concepts
and projects to market.
In 2009 Mr Brown co-founded the gold/copper exploration company, Mystic Sands Pty Ltd, which was established
for the purposes of conducting exploration in Chile, South America. With the assistance of other technical
management, Mr Brown was responsible for the composition of the initial project portfolio. Mystic Sands was
purchased by an Australian-listed explorer White Star Minerals Ltd. As part of the transaction, Sandfire Resources
NL became a shareholder of White Star Minerals Ltd.
Mr Brown turned his attention to Peru in 2009 and through his network of Peruvian-based businessmen and
geologists assessed the potential of more than a hundred projects. Mr Brown recognised the great potential of
mineral discovery in that country and has subsequently secured a number of projects for the Company including
the Riqueza and Cerro Rayas zinc-silver-lead projects which the Company is currently exploring and evaluating.
Mr Brown was the co-founder and Managing Director of Urcaguary Pty Ltd (Urcaguary), the Company’s fully
owned subsidiary (formerly called Inca Minerals Limited) and he became the Company’s Managing Director after
its takeover of Urcaguary. As at 30 June 2021, and in addition to his position with the Company, Mr Brown remains
a Director of Urcaguary and the Company’s other subsidiary companies. In the previous 3 years, Mr Brown has not
been a director of any other ASX listed companies.
Mr Brown has been a member of AusIMM since 1988, and is also a member of GSA, SEG and AICD.
4
Directors’ Report (continued)
Information on Directors and Company Secretary (continued)
GARETH LLOYD BSc (Hons)
Director
5
As at 30 June 2021, in addition to his position with Inca, Mr Lloyd was also a Director of Inca’s subsidiary companies.
Mr Lloyd has over 35 years’ experience with mining and exploration companies and brings considerable technical,
commercial and capital raising expertise to the Company. A mining engineer by training, he has operating
experience in gold, base metals and coal operations in Australia, South Africa and the United Kingdom.
Mr Lloyd is a part owner of the Element group, a Perth-based boutique advisory and funds management group
focused on the resources sector through which Mr Lloyd provides strategic advice and fund-raising services to both
listed and unlisted companies (predominantly mining and exploration companies) using both equity and mezzanine
instruments.
Prior to establishing Element (in 2008), Mr Lloyd was an Associate Director at the Rothschild Group where he
helped establish the Golden Arrow Funds I and II, the latter fund becoming the ASX-listed LinQ Resources Fund. At
the time of his departure from LinQ, the fund was one of Australia’s largest listed resource funds with funds under
management of over $475m. He has held a number of senior positions at Australian resource-focused stockbroking
firms including Research Director at Hartleys and Resources Analyst at Eyres Reed. In the previous 3 years, Mr
Lloyd has not been a director of any other ASX listed companies.
DR JONATHAN WEST BSc (Hons), MSc (Exploration Geology), PhD.
Director (appointed 21 January 2020)
Dr Jonathan West has worked across a variety of resource and energy development and management areas, in
both the private and public sector for over 45 years, both in Australia and overseas. He has extensive senior
management experience with a particular focus on strategic planning, policy development, resource development
and management, and corporate and organisational change management. He has extensive experience with
shareholder/stakeholder engagement and in working directly with Traditional Owners on a range of resource
management and economic development projects. He was a director at Excelsior Gold Limited between 2016 –
2018.
MALCOLM SMARTT BA (Accounting), Grad Dip Corporate Management, FCPA, FCIS, FCIM
Company Secretary
Mr Smartt is a Corporate Consultant to listed and unlisted public companies. His is a qualified Accountant and
Company Secretary having had considerable experience in Directorial, Financial and Company Secretary roles with
a number of listed companies in the resource sector in Australia, South East Asia and Africa.
5
Directors’ Report (continued)
OPERATING AND FINANCIAL REVIEW
Operating Results
6
The Group’s operating profit after income tax for the report period was $1,455,397 (2020: loss of $1,472,889).
Principal Activities
The Company’s principal activities during the year were conducting exploration at the Riqueza Project, located in
Peru, at the greater Frewena Project and the Jean Elson project, both located in the Northern Territory, and at the
MaCauley Creek Project, located in Queensland. The Company has completed its Australian projects acquisition
program. The overarching strategy of the Company is to explore for Tier-1 scale mineralisation focussing on copper
and gold, porphyry, porphyry-related and iron oxide copper gold deposits. The principal purpose of our activities is
to generate targets for drill-testing for economic forms of Tier-1 mineralisation.
Review of Operations
At the very beginning of the reporting period the Company’s exploration partner at Riqueza withdrew from
Riqueza. A Withdrawal Notice was provided to the Company on 14 May 2020 and, in accordance with the Earn-in
Joint Venture Agreement (EIJVA), the EIJVA automatically terminated 60 days later on the 13 July 2020. The former
partner funded exploration under an option agreement and EIJVA for a period of approximately 3 years,
contributing approximately $3.5million. That company withdrew prior to the completion of the independent target
and drill proposal.
The Company instigated a revitalised exploration program at Riqueza, which led to the generation of additional
targets, addition of areas to the south of Riqueza, and the commencement of a drill program in the northeast part
of Riqueza.
The Company also focussed on delivering additional projects selected on the basis that they would be:
Prospective for Tier-1 scale mineralisation.
Conducive to rapid value-add exploration.
Attractive to major mining houses.
Have a trajectory similar to Riqueza.
Very significant developments were achieved during the Report Period at the greater Riqueza Project. These
include:
The recognition of a very large (12.0km 5km) intrusive-related mineralised hydrothermal system across
greater Riqueza which hosts known:
o gold-silver-copper epithermal mineralisation.
o gold-copper-silver porphyry mineralisation.
o copper-zinc skarn mineralisation.
o
silver-lead-zinc carbonate replacement mineralisation.
The generation of 28 drill targets prospective for Tier-1 scale mineralisation, and the subsequent
commencement of the NE Area FTA drill program.
The generation of an independent drill program proposal of 43 holes for 19,010 metres of drilling.
The acquisition of additional mining concessions (granted and applications at the time of writing)
immediately south of Riqueza. These new areas comprise the Riqueza South Project.
The recognition of strong copper and silver epithermal, intrusive-related mineralisation at Riqueza South.
6
Directors’ Report (continued)
OPERATING AND FINANCIAL REVIEW (continued)
Review of Operations (continued)
7
Very significant developments were also achieved during the Report Period at the Australian projects. These
include:
The completion of the Australian Project Portfolio, which now comprises the following projects:
o Frewena Group
in the Northern Territory: Frewena Fable (granted), Frewena East
(granted/application), Frewena Far East (granted), and Frewena Frontier (application).
o East Arunta Group in the Northern Territory and Queensland: Jean Elson (granted), Lorna May
(Application), Hay River (Application).
o MaCauley Creek in Queensland (granted).
These exciting projects are considered prospective for Tier-1 IOCG, SEDEX and orogenic gold style
mineralisation.
The Company has completed co-government funded airborne geophysics over Frewena Fable and
Frewena Far East, which has resulted in the identification of several IOCG/SEDEX-like targets.
The Company has completed detailed gravity surveys over the best of these targets and, at the time of
writing, now generating drill targets.
At the time of writing, the Company is conducting government co-funded airborne geophysics over
Frewena East, Frewena Far East and Frewena Frontier generate possible additional IOCG/SEDEX-like
targets.
The Company has lodged a strong application for the excised former Government-owned EL’s that were
used for the NDI drill campaign. The Company has specifically applied for the blocks upon which NDIBK01
and NDIBK04 were drilled.
o NDIBK04 contains a long interval of metal sulphide mineralisation which contains visible copper
mineralisation.
At the time of writing, the Company is preparing to conduct government co-funded airborne geophysics
over Jean Elson. This is designed to generate additional IOCG/orogenic gold-like targets.
The Company has completed a review of antecedent airborne geophysics at MaCauley Creek and has
generated several intrusive targets possibly relating to the known mineralisation.
Subsequent reconnaissance mapping and sampling has now identified skarn and porphyry-related copper
and silver mineralisation.
At the time of writing, the Company is conducting airborne geophysics over MaCauley Creek to identify
possible additional epithermal, skarn and porphyry like targets.
Discussions with Traditional Owners to secure agreement to commence exploration at Lorna May and Hay
River has begun.
The Company also conducted two highly successful capital raisings during the year. The first, which was a Rights
Issue, was undertaken in October 2020 and raised in excess of $9 million before costs. Subsequently, a small capital
raising targeting sophisticated investors in March 2021 raised a further $2.8 million before costs. The Company also
sought and received shareholder approval to conduct a 20 to 1 consolidation of shares in August 2020. These were
major milestone/events and have set the company up for future growth.
The current report period represents a very significant year, a year of transition, as the Company completes pre-
drilling Tier-1 target generation exploration at Riqueza and settles its Australian projects. It’s the third-year of a five-
year progression: moving from year 1, changing our exploration focus; to year 2, acquiring tier-1-focus projects,
restructuring the company for future success and building a significant cash base to allow it to progress meaningful
exploration on its priority projects; merging with year 3, generating tier-1 targets for drill testing. Year 4 and beyond
is the execution of tier-1 drilling, drilling at Riqueza and drilling the more advanced projects in Australia.
7
Directors’ Report (continued)
OPERATING AND FINANCIAL REVIEW (continued)
Review of Operations (continued)
8
Pre-empting the increasing fluctuating fortunes of the resource sector and volatility of the money markets, some
time ago the Company instigated a strategy of sustained exploration through partnerships to reduce operating
costs while accessing exploration know-how and large exploration treasuries.
The Company’s exploration activities, as well as other corporate activities of the year, were released to the
Australian Securities Exchange (ASX) throughout the year ended 30 June 2021 (report period). These ASX
announcements should be accessed (The Company’s ASX code is ICG) and read in conjunction with this annual
report.
During the report period, the Company’s payments to suppliers and employees combined with payments for
exploration and payments for project acquisitions totalled $3,911,795, of which $3,414,015 (87.27%) represents cash
flows on exploration, and $497,780 (12.73%) represents cash outflows on administrative staff and administration.
As in previous years, these figures highlight the Company’s continued focus on the deployment of funds for
exploration purposes to extract value through mineral discovery at its projects. The value-proposition this year
now also extends to developing partnerships for extant and new projects alike.
Financial Position
The net assets of the Group were $19,511,218 as at 30 June 2021 ($6,708,691 as at 30 June 2020).
Significant Changes in the State of Affairs
The Company raised capital of $13.297 million (before broker commissions and other costs of capital raising) during
the report period via the issue of 212,065,334 fully paid ordinary shares. In addition, there was a total of 145,866,512
free-attached options issued to the shares as follows.
- 68,266,589 options issued (ASX: ICGOC) exercisable at $0.20 per option at any time up to 31 October 2023;
and
- 66,766,590 options issued (ASX: ICGOB) exercisable at $0.09 per option at any time up to 30 July 2021;
and
- 10,833,333 options issued (ASX: ICGOA) exercisable at $0.14 per option at any time up to 31 October 2022.
There were no other significant changes in the state of affairs of the Group during the financial year.
Dividends Paid or Recommended
The directors do not recommend the payment of a dividend and no dividends have been paid or declared since the
start of the financial year.
Significant Events After Reporting Date
On 6 July 2021, the Company issued to directors and consultants a total 389,851 fully paid ordinary shares for non-
cash. 95,950 shares were issued at a deemed price of $0.1303 per share, being for remuneration-sacrifice to
directors. 200,000 shares were issued at a deemed price of $0.10 per share, being for settlement of a bonus payable
to a director as accrued in the accounts at 30 June 2021. 93,901 shares were issued at a deemed price of $0.1303
per share, being for consultant fees.
On 6 July 2021, the Company issued a further 4,388,543 shares upon the conversion of options with an exercise
price of $0.09, raising a total of $394,968.
On 14 July 2021, the Company issued 4,518,597 shares upon the conversion of options with an exercise price of
$0.09, raising a total of $406,673.
8
Directors’ Report (continued)
9
On 22 July 2021, the Company issued 10,109,427 shares upon the conversion of options with an exercise price of
$0.09, raising a total of $909,848.
On 28 July 2021, the Company issued 16,902,750 shares upon the conversion of options with an exercise price of
$0.09, raising a total of $1,521,247.
On 4 August 2021, the Company issued 12,797,187 shares upon the conversion of options with an exercise price of
$0.09, raising a total of $1,151,746.
On 6 August 2021, the Company issued 14,197,423 shares upon the conversion of options with an exercise price of
$0.09, raising a total of $1,277,768.
On 13 August 2021, the Company issued 1,500,000 shares upon the conversion of options with an exercise price of
$0.09, raising a total of $135,000.
No other matters or circumstances have arisen since the end of the financial year which significantly affected or
may significantly affect the Company’s operations or the state of affairs of the Company in future financial years.
Likely Developments and Expected Results
The Company expects to maintain the present status and level of operation and hence there are no likely
unwarranted developments in the entity’s operations.
Environmental Issues
The Company is subject to environmental regulation in respect of its exploration activities in Peru and Australia.
The Company ensures the appropriate standard of environmental care is achieved and, in doing so, that it is aware
of and is in compliance with all environmental legislation. The directors of the Company are not aware of any
breach of environmental legislation for the year.
Proceedings on Behalf of the Company
No person has applied for leave of the Court to bring proceedings on behalf of the Company or intervene in any
proceedings to which the Company is a party for the purpose of taking responsibility on behalf of the Company for
all or any part of those proceedings. The Company was not a party to any such proceedings during the year.
Indemnification of Officers and Insurance Premiums
The Company has paid premiums to insure the directors against liabilities for costs and expenses incurred by them
in defending legal proceedings arising from their conduct while acting in the capacity of director of the Company,
other than conduct involving a wilful breach of duty in relation to the Company.
The premiums paid in respect of Directors’ and Officers’ insurance during the year amounted to $24,466 (2020:
$22,334). Insurance premiums have not been allocated to individual directors or key management personnel.
Options
At the date of this report, there are 160,197,844 (post-consolidation) unissued ordinary shares of Inca Minerals
Limited under option.
Risk Management
The Board is responsible for ensuring that risks and opportunities are identified in a timely manner and that
activities are aligned with the risks and opportunities identified by the Board.
9
Directors’ Report (continued)
Meetings of Directors
During the financial year, 5 meetings of directors were held. Attendances by each director were as follows:
10
Mr Ross Brown
Mr Gareth Lloyd
Mr Jonathan West
REMUNERATION REPORT (AUDITED)
Board Meetings
No. of meetings
eligible to attend
Number
attended
5
5
5
5
5
5
This report outlines the remuneration arrangements in place for directors and executives of the Company.
Remuneration Policy
The remuneration policy of Inca Minerals Limited aligns director and executive objectives with shareholder and
business objectives by providing a fixed remuneration component and, where the Board believes it appropriate,
may also include specific long-term incentives based on key performance areas affecting the Company’s ability to
attract and retain the best executives and directors to run and manage the Company.
The remuneration policy setting out the terms and conditions for the executive directors and other senior
executives was developed by the Board. All executives receive a base salary (which is based on factors such as
ability and experience). The Board reviews executive packages annually by reference to the economic entity’s
performance, executive performance, and comparable information from industry sectors and other listed
companies in similar industries. The performance of the executive directors is measured against the objective of
promoting growth in shareholder value.
The Board may exercise discretion in relation to approving incentives, bonuses, and options. The policy is designed
to attract the highest calibre of executives and reward them for performance that results in long-term growth in
shareholder wealth. Executives may, where the Board believes it appropriate, participate in employee share and
option arrangements.
The Board policy is to remunerate directors at market rates for comparable companies for time, commitment and
responsibilities. The Board determines payments to directors and regularly reviews their remuneration based on
market practice, duties and accountability. Independent external advice is sought when required. No external
advice was sought during the report period. The maximum aggregate amount of fees that can be paid to non-
executive directors is subject to approval by shareholders in a general meeting (currently $240,000 per annum).
Performance Based Remuneration
For the year ended 30 June 2021, Ross Brown received a bonus of 200,000 fully paid ordinary shares to be issued
at a deemed price of $0.10 per share, with the issued being in relation to the realisation of a number of milestones
contained within his employment contract.
10
Directors’ Report (continued)
REMUNERATION REPORT (AUDITED) (continued)
11
This report outlines the remuneration arrangements in place for directors and executives of the Company.
Remuneration Policy
The remuneration policy of Inca Minerals Limited aligns director and executive objectives with shareholder and
business objectives by providing a fixed remuneration component and, where the Board believes it appropriate,
may also include specific long-term incentives based on key performance areas affecting the Company’s ability to
attract and retain the best executives and directors to run and manage the Company.
The remuneration policy setting out the terms and conditions for the executive directors and other senior
executives was developed by the Board. All executives receive a base salary (which is based on factors such as
ability and experience). The Board reviews executive packages annually by reference to the economic entity’s
performance, executive performance, and comparable information from industry sectors and other listed
companies in similar industries. The performance of the executive directors is measured against the objective of
promoting growth in shareholder value.
The Board may exercise discretion in relation to approving incentives, bonuses, and options. The policy is designed
to attract the highest calibre of executives and reward them for performance that results in long-term growth in
shareholder wealth. Executives may, where the Board believes it appropriate, participate in employee share and
option arrangements.
The Board policy is to remunerate directors at market rates for comparable companies for time, commitment and
responsibilities. The Board determines payments to directors and regularly reviews their remuneration based on
market practice, duties and accountability. Independent external advice is sought when required. No external
advice was sought during the report period. The maximum aggregate amount of fees that can be paid to non-
executive directors is subject to approval by shareholders in a general meeting (currently $240,000 per annum).
Performance Based Remuneration
There was nil performance-based remuneration for the year ended 30 June 2020.
11
Directors’ Report (continued)
REMUNERATION REPORT (AUDITED) (continued)
Key management personnel service agreements
Details of the key conditions of service agreements for key management personnel are as follows:
12
Commencement
Date
Notice Period
Base Salary
Base Salary
Ross Brown1
1 March 2012
6 months
$268,492 per annum
Gareth
Lloyd
Jonathan
West
14 September
2012
21 January 2019
Nil
Nil
$50,000 per annum
director fees
$50,000 per annum
director fees
Termination
Payments
Provided2
The Company may terminate
employment at any time
within the initial term by giving
12 months’ notice or 12 months
payment in lieu
None
None
1 Mr Brown is engaged as Managing Director under a contract of employment with the Company. The current
contract period is for an initial two-year term commencing 1 March 2021, with further renewal at the mutual
agreement of both Mr Brown and the Company. In the preceding employment contract, Mr Brown was eligible to
receive an additional $40,000 performance-based remuneration (excluding superannuation), $20,000 of which was
in cash and $20,000 in shares subject to certain milestones being achieved. These bonuses became payable during
the report period as the conditions had been met. 200,000 fully paid ordinary shares were issued at $0.10 on 6 July
2021 as full settlement of the $20,000 share based performance-based remuneration (excluding superannuation).
2 Other than statutory entitlements.
At a General Meeting of the Company held on 31 May 2019, shareholders approved the ability for the Company to
undertake a future issue of directors’ remuneration-sacrifice shares to Mr Ross Brown, Mr Gareth Lloyd and Mr
Jonathan West. Any shares are to be issued in accordance with the Company’s Directors’ Remuneration-Sacrifice
Share Plan (Share Plan).
Under the Share Plan, the Company’s directors agreed to reduce their cash remuneration by up to 50% through the
issue of shares, in lieu of cash consideration. The reduction in cash consideration is for an amount up to $48,620
for Mr Brown, up to $25,000 for Mr Lloyd, and up to $25,000 for Mr West.
There are no other agreements with key management personnel.
(a) Key management personnel compensation
2021
Name
Directors
Ross Brown
Gareth Lloyd
Jonathan
West
Executives
-
Totals
Short-term benefits
Post-employment
benefits
Salary and
fees
Perfor-
mance
Bonus
Other
$
$
Super-
annuation
Non-
monetary
benefits
$
Long
service
leave
$
Total
Performance
related
compensation
as % of total
remuneration
$
251,795
50,000
50,000
20,000
-
-
-
351,795
-
20,000
2,400
-
-
-
2,400
-
-
-
-
-
$
26,597
4,750
4,750
-
36,097
7,055
-
-
-
7,055
6.3%
-
-
-
4.7%
$
307,847
54,750
54,750
-
417,347
12
Directors’ Report (continued)
REMUNERATION REPORT (AUDITED) (continued)
Premiums of $24,466 were paid in relation to directors and officers liability insurance.
2020
Short-term benefits
Post-employment
benefits
13
Total
Performance
related
compensation
as % of total
remuneration
Name
Salary and
fees
Perfor-
mance
Bonus
Directors
Ross Brown
Gareth Lloyd
Jonathan
West
Executives
-
Totals
$
255,708
50,000
46,875*
-
352,583
$
-
-
-
-
-
Other
Non-
monetar
y
benefits
$
$
Super-
annuation
$
Long
service
leave
$
3,000
-
-
-
3,000
-
-
-
-
-
22,992
(4,954)
3,266
2,227
-
-
-
-
-
-
28,485
-
(4,954)
-
0.0%
$
276,74
6
53,266
49,102
-
379,114
*Jonathan West agreed to forgo part of his remuneration for the year amounting to $,3125 as a response to reduce
costs during the COVID lockdowns.
Premiums of $22,334 were paid in relation to directors and officers liability insurance.
b) Options and rights granted as remuneration
No options or rights were granted as remuneration during the year (2020: $nil).
c) Share Based Payments
During the year ended 30 June 2021, shares received by directors in lieu of cash consideration have been issued as
follows. Note that shares issued in the year ended 30 June 2021 were on a post-consolidation basis, whilst shares
issued in the year ended 30 June 2020 were on a pre-consolidation basis.
Director
Ross Brown
Gareth Lloyd
Jonathan West
Shares Issued (or to
be issued at 30 June
2021)
1,040,910
372,265
372,265
Total $ Value of Shares
Issued
Accrued Salary & Fees at 30 June 2021
to be Received in Shares
$48,620
$25,000
$25,000
$20,000*
$6,250
$6,250
*$20,000 performance-based remuneration (excluding superannuation)
During the year ended 30 June 2020, shares received by directors in lieu of cash consideration have been issued as
follows.
Director
Shares Issued
Ross Brown
Gareth Lloyd
Jonathan West
2,892,310
5,592,502
11,185,004
Total $ Value of Shares
Issued
$9,724
$9,375
$18,750
Accrued Salary & Fees at 30 June 2020
to be Received in Shares
$6,963
$6,250
$4,688
No other share-based payments were issued as key management personnel remuneration during the year (2020:
nil).
13
Directors’ Report (continued)
REMUNERATION REPORT (AUDITED) (continued)
Key Management Personnel Relevant Interests
14
The relevant interests of key management personnel in the capital of the Company at the date of this report is as
follows. Note that shares held reported at 30 June 2021 were on a post-consolidation basis, whilst shares held
reported at 30 June 2020 were on a pre-consolidation basis
Director
Ross Brown
Gareth Lloyd
Jonathan West
Number of Ordinary Shares
3,695,286
1,212,946
3,747,266
Number of Options over Ordinary Shares
151,328
62,139
150,000
The following tables show the movements in the relevant interests of key management personnel in the share
capital of the Company:
2021
Name
Ross Brown
Gareth Lloyd
Jonathan West
Totals
2020
Name
Opening balance
1 July 2020 (post
consolidation)
1,965,177
279,625
2,262,500
4,507,302
Additions /
Director
Appointment
1,453,945
823,207
1,436,790
3,713,942
Disposals /
Director
Resignation
-
-
-
-
Closing balance
30 June 2021
3,419,122
1,102,832
3,699,290
8,221,244
Opening balance
1 July 2019*
Closing balance
30 June 2020*
Ross Brown
Gareth Lloyd
Jonathan West
Totals
39,304,072
5,592,502
45,250,000
90,146,574
* The number of shares disclosed in the year ended 30 June 2020 was prior to the share consolidation being
implemented on a 20 to 1 basis in August 2020.
35,911,762
-
17,000,000
52,911,762
Additions /
Director
Appointment*
3,392,310
5,592,502
28,250,000
37,234,812
Disposals /
Director
Resignation
-
-
-
-
END OF REMUNERATION REPORT
Non-Audit Services
The Directors are satisfied that the provision of non-audit services during the year is compatible with the general
standard of independence for auditors imposed by the Corporations Act 2001. The Directors are satisfied that the
services disclosed below did not compromise the external auditor’s independence for the following reasons:
all non-audit services are reviewed and approved by the Board of Directors prior to commencement to ensure
they do not adversely affect the integrity and objectivity of the auditor; and
the nature of the services provided does not compromise the general principles relating to auditor
independence in accordance with APES 110: Code of Ethics for Professional Accountants set by the Accounting
Professional and Ethical Standards Board.
No non-audit services were provided by the entity’s auditor, Stantons, as shown at Note 16.
Auditor’s Independence Declaration
We have obtained an Auditor’s Independence Declaration. Please refer to “Auditor’s Independence Declaration”
included on page 46 of the financial statements.
14
Directors’ Report (continued)
15
The Directors’ Report, incorporating the Remuneration Report, is signed in accordance with a resolution of the
Board of Directors.
Ross Brown
Director
Dated at Perth this 29th day of September 2021
15
Consolidated Statement of Profit and Loss and Other
Comprehensive Income
for the year ended 30 June 2021
16
Note
2021
2020
$
$
Revenue
2
2,968,688
36,018
Management and directors’ fees
Wages and salaries
Administrative expenses
Advertising and promotional costs
Professional fees
Listing and share registry expenses
Depreciation
Impairment of Peruvian Value Added Tax receivable
Foreign exchange (loss) / gain
Environmental rehabilitation
Exploration and evaluation expenditure written off
Profit / (Loss) before income tax
Income tax benefit
Profit / (Loss) after income tax
Other comprehensive income
7
3
(76,558)
(71,076)
(170,426)
(131,676)
(441,158)
(666,902)
(18,865)
-
(187,176)
(130,629)
(163,515)
(96,398)
(18,175)
(18,386)
(193,524)
(131,380)
(207,035)
(204,957)
(36,859)
-
(35,717)
(21,786)
1,455,397
(1,472,889)
-
-
1,455,397
(1,472,889)
Items that will not be reclassified to profit or loss
-
-
Items that may be reclassified subsequently to profit or
loss
Exchange differences on
operations, net of tax
Total comprehensive profit / (loss)
translation of
foreign
Profit / (Loss) for the year attributable to members of
Inca Minerals Limited
Total comprehensive profit / (loss) attributable to
(1,050,758)
(379,011)
404,639
(1,851,900)
1,455,397
(1,472,889)
members of Inca Minerals Limited
404,639
(1,851,900)
Basic and profit / (loss) per share (cents)
Diluted profit / (loss) per share (cents)
13
13
0.44
0.43
The accompanying notes form an integral part of these financial statements.
(0.8)
(0.8)
16
Consolidated Statement of Financial Position
as at 30 June 2021
17
ASSETS
Current Assets
Cash and cash equivalents
Trade and other receivables
Total Current Assets
Non-Current Assets
Plant and equipment
Exploration and evaluation expenditure
Right-of-use asset
Total Non-Current Assets
TOTAL ASSETS
LIABILITIES
Current Liabilities
Lease liability
Trade and other payables
Provisions
Funding in advance
Total Current Liabilities
Non-Current Liabilities
Lease liability
Total Non-Current Liabilities
TOTAL LIABILITIES
NET ASSETS
EQUITY
Contributed equity
Accumulated losses
Foreign currency translation reserve
Share Option Reserve
TOTAL EQUITY
Note
14(b)
5
6
7
8(a)
8(e)
9(a)
9(b)
9(c)
8(e)
10
2021
$
2020
$
9,264,004
23,268
9,287,272
732,856
31,431
764,287
255,413
10,721,723
28,311
11,005,447
207,841
9,118,246
42,467
9,368,554
20,292,719
10,132,841
14,839
636,445
115,980
-
767,264
14,117
144,916
114,064
3,121,977
3,395,074
14,237
14,237
29,076
29,076
781,501
3,424,150
19,511,218
6,708,691
53,671,191
(33,293,502)
(1,185,475)
319,004
41,559,456
(34,748,899)
(134,717)
32,851
19,511,218
6,708,691
The accompanying notes form an integral part of these financial statements.
17
Consolidated Statement of Changes in Equity
for the year ended 30 June 2021
18
Contributed
Equity
Accumulated
Losses
Foreign
Currency
Translation
Reserve
$
$
$
39,543,924
(33,276,010)
244,294
-
(1,472,889)
(379,011)
2020
Balance at 1 July 2019
Total comprehensive loss for
the year
Shares issued during the
year
2,305,469
Cost of equity issue
(289,937)
-
-
-
-
Balance at 30 June 2020
41,559,456
(34,748,899)
(134,717)
Share Option
Reserve
Total
$
-
-
-
32,851
32,851
$
6,512,208
(1,851,900)
2,305,469
(257,086)
6,708,691
2021
Balance at 1 July 2020
Total comprehensive loss for
the year
41,559,456
(34,748,899)
(134,717)
32,851
6,708,691
-
1,455,397
(1,050,758)
Shares issued during the
year
13,297,886
Cost of equity issue
(1,186,151)
Options issued during the
year
-
-
-
-
-
-
-
-
-
-
404,639
13,297,886
(1,186,151)
286,153
286,153
Balance at 30 June 2021
53,671,191
(33,293,502)
(1,185,475)
319,004
19,511,218
The accompanying notes form an integral part of these financial statements.
18
Consolidated Statement of Cash Flows
for the year ended 30 June 2021
19
Cash flows from operating activities
Payments to suppliers and employees
Interest received
Government grants received
Net cash (used in) operating activities
Cash flows from investing activities
Payments for exploration expenditures
Payments for plant and equipment
Net cash (used in) investing activities
Cash flows from financing activities
Proceeds from issue of shares (net of share issue
costs)
Proceeds from S32 under Share Subscription and
Earn-in Agreement
Repayment of lease liability
Proceeds received in advance for shares
Net cash from financing activities
Net increase/ (decrease) in cash held
Cash and cash equivalents at the beginning of
the financial year
Effect of exchange rate changes on cash and cash
equivalents
Cash and cash equivalents at the
end of the financial year
Note
14 (a)
2021
$
2020
$
(497,780)
1,093
145,906
(350,781)
(382,665)
1,089
20,694
(360,882)
(3,414,015)
(20,405)
(3,434,420)
(3,408,628)
(21,151)
(3,429,779)
12,233,822
1,823,615
-
(15,956)
221,891
12,439,757
1,356,466
(15,956)
-
3,164,125
8,654,556
(626,536)
732,856
1,377,481
(123,408)
(18,089)
14 (b)
9,264,004
732,856
The accompanying notes form an integral part of these financial statements.
19
Notes To The Financial Statements
For the year ended 30 June 2021
Note 1: Statement of Significant Accounting Policies
20
The financial report covers the Company of Inca Minerals Limited, a listed public company incorporated and
domiciled in Australia, and its controlled entities.
The financial report was authorised for issue on 29th September 2021 by the Board of Directors.
Basis of preparation
The financial report is a general purpose financial report that has been prepared in accordance with Australian
Accounting Standards, Australian Accounting Interpretations, other authoritative pronouncements of the
Australian Accounting Standards Board (AASB) and the Corporations Act 2001.
Australian Accounting Standards set out accounting policies that the AASB has concluded would result in a financial
report containing relevant and reliable information about transactions, events and conditions. Compliance with
Australian Accounting Standards ensures that the financial statements and notes also comply with International
Financial Reporting Standards.
The financial report has been prepared on an accruals basis and is based on historical costs, modified, where
applicable, by the measurement at fair value of selected non-current assets, financial assets and financial liabilities.
Going Concern
The financial statements have been prepared on the going concern basis, which contemplates continuity of normal
business activities and the realisation of assets and discharge of liabilities in the normal course of business. For the
year ended 30 June 2021, the Group incurred after tax profit of $1,455,397 (2020: loss of $1,472,889) and the Group
had net cash inflows of $8,654,556 (2020: net cash outflows of $626,536).
The Directors believe that it is reasonably foreseeable that the Company and Group will continue as a going concern
and that it is appropriate to adopt the going concern basis in the preparation of the financial report after consideration
of the following factors:
The Group has cash at bank at the reporting date of $9,264,004, net working capital of $8,520,008 and net assets
of $19,511,218; and
The Company raised $5,797250 subsequent to year end via the conversion of 64,413,927 options in to shares at
an exercise price of $0.09 per share; and
The ability of the Group to raise capital by the issue of additional shares under the Corporation Act 2001; and
The ability to curtail administration, operational and investing cash outflows as required.
Accounting Policies
The same accounting policies and methods of computation have been followed in this interim financial report as
were applied in the most recent annual financial statements, except for those as described below.
New and Amended Standards Adopted by the Group
The Group has considered the implications of new and amended Accounting Standards which have become
applicable for the current financial reporting period.
Initial adoption of AASB 2020-04: COVID-19-Related Rent Concessions
AASB 2020-4: Amendments to Australian Accounting Standards – COVID-19-Related Rent Concessions amends
AASB 16 by providing a practical expedient that permits lessees to assess whether rent concessions that occur as
a direct consequence of the COVID-19 pandemic and, if certain conditions are met, account for those rent
concessions as if they were not lease modifications.
20
Notes To The Financial Statements
For the year ended 30 June 2021
Note 1: Statement of Significant Accounting Policies (continued)
21
Initial adoption of AASB 2018-6: Amendments to Australian Accounting Standards – Definition of a Business
AASB 2018-6 amends and narrows the definition of a business specified in AASB 3: Business Combinations,
simplifying the determination of whether a transaction should be accounted for as a business combination or an
asset acquisition. Entities may also perform a calculation and elect to treat certain acquisitions as acquisitions of
assets.
Initial adoption of AASB 2018-7: Amendments to Australian Accounting Standards – Definition of Material
This amendment principally amends AASB 101 and AASB 108 by refining the definition of material by improving the
wording and aligning the definition across the standards issued by the AASB.
Initial adoption of AASB 2019-3: Amendments to Australian Accounting Standards – Interest Rate Benchmark
This amendment amends specific hedge accounting requirements to provide relief from the potential effects of
the uncertainty caused by interest rate benchmark reform.
Initial adoption of AASB 2019-1: Amendments to Australian Accounting Standards – References to the Conceptual
Framework
This amendment amends Australian Accounting Standards, Interpretations and other pronouncements to reflect
the issuance of Conceptual Framework for Financial Reporting by the AASB.
The standards listed above did not have any impact on the amounts recognised in prior periods and are not
expected to significantly affect the current or future periods.
a) Principles of Consolidation
The consolidated financial statements incorporate all of the assets, liabilities and results of the parent, Inca Minerals
Limited and all of the subsidiaries. Subsidiaries are entities the parent controls. The parent controls an entity when
it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect
those returns through its power over the entity. A list of the subsidiaries is provided in Note 21.
The assets, liabilities and results of all subsidiaries are fully consolidated into the financial statements of the Group
from the date on which control is obtained by the Group. The consolidation of a subsidiary is discontinued from the
date that control ceases. Intercompany transactions, balances and unrealised gains or losses on transactions
between Group entities are fully eliminated on consolidation. Accounting policies of subsidiaries have been
changed and adjustments made where necessary to ensure uniformity of the accounting policies adopted by the
Group.
Equity interests in a subsidiary not attributable, directly or indirectly, to the Group are presented as “non-
controlling interests". The Group initially recognises non-controlling interests that are present ownership interests
in subsidiaries and are entitled to a proportionate share of the subsidiary's net assets on liquidation at either fair
value or at the non-controlling interests' proportionate share of the subsidiary's net assets. Subsequent to initial
recognition, non-controlling interests are attributed their share of profit or loss and each component of other
comprehensive income. Non-controlling interests are shown separately within the equity section of the statement
of financial position and statement of comprehensive income.
21
22
Notes To The Financial Statements
For the year ended 30 June 2021
Note 1: Statement of Significant Accounting Policies (continued)
b) Revenue Recognition
Under AASB 15 Revenue from contracts with customers, revenue is recognised when a performance obligation is
satisfied, being when control of the goods or services underlying the performance obligations is transferred to the
customer.
Interest
Revenue is recognised as the interest accrues (using the effective interest method, which is the rate that exactly
discounts estimated future cash receipts through the expected life of the financial instrument) to the net carrying
amount of the financial asset.
c)
Income Tax
The income tax expense / (benefit) charged to the profit of loss is the tax payable on taxable income calculated using
applicable income tax rates enacted, or substantially enacted, as at reporting date. Current tax liabilities (assets) are
therefore measured at the amounts expected to be paid to (recovered from) the relevant taxation authority.
Deferred income tax expense reflects movements in deferred tax asset and deferred tax liability balances during the
year as well as unused tax losses.
Current and deferred income tax expense (benefit) is charged or credited directly to equity instead of profit or loss
when the tax related to items that are credited or charged directly to equity.
Deferred tax assets and liabilities are ascertained based on temporary differences arising between the tax bases of
assets and liabilities and their carrying amounts in the financial statements. Deferred tax assets also result where
amounts have been fully expensed but future tax deductions are available. No deferred income tax will be
recognised from the initial recognition of an asset or liability, excluding a business combination, where there is no
effect on accounting or taxable profit or loss.
Deferred tax assets and liabilities are calculated at the tax rates that are expected to apply to the year when the
asset is realised or the liability is settled, based on tax rates enacted or substantially enacted at reporting date.
Their measurement also reflects the manner in which management expects to recover or settle the carrying
amount of the related asset or liability. Deferred tax assets relating to temporary differences and unused tax losses
are recognised only to the extent that it is probable that future taxable profit will be available against which the
benefits of the deferred tax asset can be utilised.
Where temporary differences exist in relation to investments in subsidiaries, branches, associates, and joint
ventures, deferred tax assets and liabilities are not recognised where the timing of the reversal of the temporary
difference can be controlled and it is not probable that the reversal will occur in the foreseeable future.
Current tax assets and liabilities are offset where a largely enforceable right of set-off exists and it is intended that
net settlement or simultaneous realisation and settlement of the respective asset and liability will occur. Deferred
tax assets and liabilities are offset where a legally enforceable right of set-off exists, the deferred tax assets and
liabilities related to income taxes levied by the same taxation authority on either the same taxable entity or
different taxable entities where it is intended that net settlement or simultaneous realisation and settlement of
the respective asset and liability will occur in future periods in which significant amounts of deferred tax assets or
liabilities are expected to be recovered or settled.
d) Mining Tenements and Exploration and Evaluation Expenditure
Mining tenements are carried at cost, less accumulated impairment losses.
22
Notes To The Financial Statements
For the year ended 30 June 2021
Note 1: Statement of Significant Accounting Policies (continued)
23
d)
Mining Tenements and Exploration and Evaluation Expenditure (continued)
Exploration, evaluation and development expenditure incurred is accumulated in respect of each identifiable area
of interest. These costs are only carried forward to the extent that they are expected to be recouped through the
successful development and/or sale of the area or where activities in the area have not yet reached a stage that
permits reasonable assessment of the existence of economically recoverable reserves.
Accumulated costs in relation to an abandoned area are written off in full against profit or loss in the year in which
the decision to abandon the area is made.
When production commences, the accumulated costs for the relevant area of interest are amortised over the life
of the area according to the rate of depletion of the economically recoverable reserves.
A regular review is undertaken of each area of interest to determine the appropriateness of continuing to carry
forward costs in relation to that area of interest.
Costs of site restoration are provided for over the life of the facility from when exploration commences and are
included in the costs of that stage. Site restoration costs include the dismantling and removal of mining plant,
equipment and building structures, waste removal, and rehabilitation of the site in accordance with clauses of the
mining permits. Such costs are determined using estimates of future costs, current legal requirements and
technology on an undiscounted basis.
Any changes in the estimates for the costs are accounted for on a prospective basis. In determining the costs of site
restoration, there is uncertainty regarding the nature and extent of the restoration due to community expectations
and future legislation. Accordingly, the costs have been determined on the basis that the restoration will be
completed within one year of abandoning the site.
e) Financial Instruments
Recognition and derecognition
Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual
provisions of the financial instrument.
Financial assets are derecognised when the contractual rights to the cash flows from the financial asset expire, or
when the financial asset and substantially all the risks and rewards are transferred.
A financial liability is derecognised when it is extinguished, discharged, cancelled or expires.
Classification and initial measurement of financial assets
Except for those trade receivables that do not contain a significant financing component and are measured at the
transaction price in accordance with AASB 15, all financial assets are initially measured at fair value adjusted for
transaction costs (where applicable).
Financial assets, other than those designated and effective as hedging instruments, are classified into the following
categories:
amortised cost
fair value through profit or loss (FVTPL)
fair value through other comprehensive income (FVOCI).
In the periods presented the corporation does not have any financial assets categorised as FVOCI.
23
24
Notes To The Financial Statements
For the year ended 30 June 2021
Note 1: Statement of Significant Accounting Policies (continued)
The classification is determined by both:
the entity’s business model for managing the financial asset
the contractual cash flow characteristics of the financial asset.
All income and expenses relating to financial assets that are recognised in profit or loss are presented within
finance costs, finance income or other financial items, except for impairment of trade receivables which is
presented within other expenses.
Subsequent measurement of financial assets
Financial assets at amortised cost
Financial assets are measured at amortised cost if the assets meet the following conditions (and are not designated
as FVTPL):
- they are held within a business model whose objective is to hold the financial assets and collect its contractual cash
flows
- the contractual terms of the financial assets give rise to cash flows that are solely payments of principal and interest
on the principal amount outstanding.
After initial recognition, these are measured at amortised cost using the effective interest method.
Discounting is omitted where the effect of discounting is immaterial. The Group’s cash and cash equivalents, trade
and most other receivables fall into this category of financial instruments as well as listed bonds that were
previously classified as held-to-maturity under AASB 139.
Financial assets at fair value through profit or loss (FVTPL)
Financial assets that are held within a different business model other than ‘hold to collect’ or ‘hold to collect and
sell’ are categorised at fair value through profit or loss. Further, irrespective of business model financial assets
whose contractual cash flows are not solely payments of principal and interest are accounted for at FVTPL. All
derivative financial instruments fall into this category, except for those designated and effective as hedging
instruments, for which the hedge accounting requirements apply.
The category also contains an equity investment. The Group accounts for the investment at FVTPL and did not
make the irrevocable election to account for the investment in unlisted and listed equity securities at fair value
through other comprehensive income (FVOCI). The fair value was determined in line with the requirements of AASB
9, which does not allow for measurement at cost.
Assets in this category are measured at fair value with gains or losses recognised in profit or loss.
The fair values of financial assets in this category are determined by reference to active market transactions or
using a valuation technique where no active market exists.
24
Notes To The Financial Statements
For the year ended 30 June 2021
Note 1: Statement of Significant Accounting Policies (continued)
Financial assets at fair value through other comprehensive income (FVOCI)
25
The Group accounts for financial assets at FVOCI if the assets meet the following conditions:
they are held under a business model whose objective it is “hold to collect” the associated cash flows and
sell and
the contractual terms of the financial assets give rise to cash flows that are solely payments of principal and
interest on the principal amount outstanding.
Any gains or losses recognised in other comprehensive income (OCI) will be recycled upon derecognition of the
asset.
Impairment of financial assets
AASB 9’s impairment requirements use more forward-looking information to recognise expected credit losses –
the ‘expected credit loss (ECL) model’. This replaced AASB 139’s ‘incurred loss model’.
Instruments within the scope of the new requirements included loans and other debt-type financial assets
measured at amortised cost and FVOCI, trade receivables, contract assets recognised and measured under AASB
15 and loan commitments and some financial guarantee contracts (for the issuer) that are not measured at fair
value through profit or loss.
Recognition of credit losses is no longer dependent on the Group first identifying a credit loss event. Instead the
Group considers a broader range of information when assessing credit risk and measuring expected credit losses,
including past events, current conditions, reasonable and supportable forecasts that affect the expected
collectability of the future cash flows of the instrument.
In applying this forward-looking approach, a distinction is made between:
financial instruments that have not deteriorated significantly in credit quality since initial recognition or that
have low credit risk (‘Level 1’) and
financial instruments that have deteriorated significantly in credit quality since initial recognition and whose
credit risk is not low (‘Level 2’).
‘Stage 3’ would cover financial assets that have objective evidence of impairment at the reporting date.
‘12-month expected credit losses’ are recognised for the first category while ‘lifetime expected credit losses’ are
recognised for the second category.
Measurement of the expected credit losses is determined by a probability-weighted estimate of credit losses over
the expected life of the financial instrument.
Trade and other receivables and contract assets
The Group makes use of a simplified approach in accounting for trade and other receivables as well as contract
assets and records the loss allowance as lifetime expected credit losses. These are the expected shortfalls in
contractual cash flows, considering the potential for default at any point during the life of the financial instrument.
In calculating, the Group uses its historical experience, external indicators and forward-looking information to
calculate the expected credit losses using a provision matrix.
25
Notes To The Financial Statements
For the year ended 30 June 2021
Note 1: Statement of Significant Accounting Policies (continued)
26
The Group assess impairment of trade receivables on a collective basis as they possess shared credit risk
characteristics they have been grouped based on the days past due.
Classification and measurement of financial liabilities
The Group’s financial liabilities include borrowings, trade and other payables and derivative financial instruments.
Financial liabilities are initially measured at fair value, and, where applicable, adjusted for transaction costs unless
the Group designated a financial liability at fair value through profit or loss.
Subsequently, financial liabilities are measured at amortised cost using the effective interest method except for
derivatives and financial liabilities designated at FVTPL, which are carried subsequently at fair value with gains or
losses recognised in profit or loss (other than derivative financial instruments that are designated and effective as
hedging instruments).
All interest-related charges and, if applicable, changes in an instrument’s fair value that are reported in profit or
loss are included within finance costs or finance income.
f)
Impairment of Assets
At each reporting date, the entity reviews the carrying values of its tangible and intangible assets to determine
whether there is any indication that those assets have been impaired. If such an indication exists, the recoverable
amount of the asset, being the higher of the asset’s fair value less costs to sell and value in use, is compared to the
asset’s carrying value. Any excess of the asset’s carrying value over its recoverable amount is expensed to profit
or loss.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the
estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current
market assessments of the time value of money and the risks specific to the asset for which the estimates of future
cash flows have not been adjusted.
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the
asset is reduced to its recoverable amount. An impairment loss is recognised in profit or loss immediately, unless
the relevant asset is carried at fair value, in which case the impairment loss is treated as a revaluation decrease.
Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised
estimate of its recoverable amount, but only to the extent that the increased carrying amount does not exceed
the carrying amount that would have been determined had no impairment loss been recognised for the asset in
prior years. A reversal of an impairment loss is recognised in profit or loss immediately, unless the relevant asset is
carried at fair value, in which case the reversal of the impairment loss is treated as a revaluation increase.
g) Plant and Equipment
Plant and equipment are measured on the cost basis and therefore carried at cost less accumulated depreciation
and any accumulated impairment. In the event the carrying amount of plant and equipment is greater than the
estimated recoverable amount, the carrying amount is written down immediately to the estimated recoverable
amount and impairment losses are recognised either in profit or loss or as a revaluation decrease if the impairment
losses relate to a revalued asset.
26
27
Notes To The Financial Statements
For the year ended 30 June 2021
Note 1: Statement of Significant Accounting Policies (continued)
The carrying amount of plant and equipment is reviewed annually by directors to ensure it is not in excess of the
recoverable amount from these assets. The recoverable amount is assessed on the basis of the expected net cash
flows that will be received from the asset’s employment and subsequent disposal. The expected net cash flows
have been discounted to their present values in determining recoverable amounts.
Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate,
only when it is probable that future economic benefits associated with the item will flow to the Company and the
cost of the item can be measured reliably. All other repairs and maintenance are charged to the statement of
comprehensive income during the financial period in which they are incurred.
Depreciation
The depreciable amount of all fixed assets is depreciated on a straight-line basis over the asset’s useful life to the
Company commencing from the time the asset is held ready for use. The depreciation rates used for each class
of depreciable assets are:
Class of fixed asset
Plant and equipment
Motor vehicles
IT equipment
Leasehold improvements
10–33%
20–33%
10-33%
20%
The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting
period.
An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount
is greater than its estimated recoverable amount.
Gains and losses on disposals are determined by comparing proceeds with the carrying amount. These gains and
losses are included in the profit or loss.
h) Cash and Cash Equivalents
Cash and cash equivalents include cash on hand and deposits held at call with banks.
i)
Goods and Services Tax
Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST incurred
is not recoverable from the Australian Tax Office. In these circumstances the GST is recognised as part of the cost
of acquisition of the asset or as part of an item of the expense. Receivables and payables in the statement of
financial position are shown inclusive of GST. Cash flows are presented in the statement of cash flows on a gross
basis, except for the GST component of investing and financing activities, which are disclosed as operating cash
flows.
j)
Contributed Equity
Ordinary shares are classified as equity.
Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction,
net of tax, from the proceeds. Incremental costs directly attributable to the issue of new shares or options for the
acquisition of a business are not included in the cost of the acquisition as part of the purchase consideration.
27
28
Notes To The Financial Statements
For the year ended 30 June 2021
Note 1: Statement of Significant Accounting Policies (continued)
k) Earnings per Share
(i) Basic earnings per share
Basic earnings per share is calculated by dividing the profit attributable to equity holders of the Company, excluding
any costs of servicing equity other than ordinary shares, by the weighted average number of ordinary shares
outstanding during the financial year.
(ii) Diluted earnings per share
Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into
account the after income tax effect of interest and other financing costs associated with dilutive potential ordinary
shares and the weighted average number of shares assumed to have been issued for no consideration in relation to
dilutive potential ordinary shares.
l)
Leases
Leases of fixed assets, where substantially all the risks and benefits incidental to the ownership of the asset, but
not the legal ownership that are transferred to the economic entity, are classified as finance leases.
Finance leases are capitalised by recording an asset and a liability at the lower of the amounts equal to the fair
value of the leased property or the present value of the minimum lease payments, including any guaranteed
residual values. Lease payments are allocated between the reduction of the lease liability and the lease interest
expense for the period.
Leased assets are depreciated on a straight-line basis over the shorter of their estimated useful lives or the lease
term. Lease payments for operating leases, where substantially all the risks and benefits remain with the lessor,
are charged as expenses in the periods in which they are incurred.
m) Employee Benefits
Provision is made for the Company’s liability for employee benefits arising from services rendered by employees
to reporting date. Employee benefits that are expected to be settled within one year have been measured at the
amounts expected to be paid when the liability is settled, plus related on-costs. Employee benefits payable later
than one year have been measured at the present value of the estimated future cash outflows to be made for
those benefits.
n)
Segment Reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the chief
operating decision maker. The chief operating decision maker, who is responsible for allocating resources and
assessing performance of the operating segments, has been identified as the Board of Directors.
o)
Trade and Other Receivables
Trade and other receivables include amounts due from customers for goods sold and services performed in the
ordinary course of business. Receivables expected to be collected within 12 months of the end of the reporting
period are classified as current assets. All other receivables are classified as non-current assets.
Trade and other receivables are initially recognised at fair value and subsequently measured at amortised cost using
the effective interest method, less any provision for impairment.
28
Notes To The Financial Statements
For the year ended 30 June 2021
Note 1: Statement of Significant Accounting Policies (continued)
p) Trade and Other Payables
29
Trade and other payables represent the liabilities for goods and services received by the entity that remain unpaid
at the end of the reporting period. The balance is recognised as a current liability with the amounts normally paid
within 30 days of recognition of the liability.
q)
Foreign Currency Transactions Balances
Functional and presentation currency
The functional currency of each of the Group’s entities is measured using the currency of the primary economic
environment in which that entity operates. The consolidated financial statements are presented in Australian
dollars, which is the parent entity’s functional currency.
Transactions and balances
Foreign currency transactions are translated into functional currency using the exchange rates prevailing at the
date of the transaction. Foreign currency monetary items are translated at the year-end exchange rate. Non-
monetary items measured at historical cost continue to be carried at the exchange rate at the date of the
transaction. Non-monetary items measured at fair value are reported at the exchange rate at the date when fair
values were determined.
Exchange differences arising on the translation of monetary items are recognised in profit or loss, except where
deferred in equity as a qualifying cash flow or net investment hedge. Exchange differences arising on the
translation of non-monetary items are recognised directly in other comprehensive income to the extent that the
underlying gain or loss is recognised in other comprehensive income; otherwise the exchange difference is
recognised in profit or loss.
Group companies
The financial results and position of foreign operations, whose functional currency is different from the Group’s
presentation currency, are translated as follows:
assets and liabilities are translated at exchange rates prevailing at the end of the reporting period;
the Company raised an additional $4,276,003 as from 1 July 2021 in relation to options being converted in
to shares at $0.09 per share; and
income and expenses are translated at average exchange rates for the period; and
retained earnings are translated at the exchange rates prevailing at the date of the transaction.
Exchange differences arising on translation of foreign operations with functional currencies other than Australian
dollars are recognised in other comprehensive income and included in the foreign currency translation reserve in
the statement of financial position. These differences are recognised in profit or loss in the period in which the
operation is disposed of.
r)
Critical Accounting Estimates and Other Accounting Judgements
Estimates and judgements are continually evaluated and are based on historical experience and other factors,
including expectations of future events that are believed to be reasonable under the circumstances.
The Company is of the view that there are no critical accounting estimates and judgements in this financial report,
other than accounting estimates and judgements in relation to the carrying value of mineral exploration expenditure.
29
30
Notes To The Financial Statements
For the year ended 30 June 2021
Note 1: Statement of Significant Accounting Policies (continued)
Key judgements
Deferred exploration and evaluation expenditure
Exploration and evaluation costs are carried forward where right of tenure of the area of interest is current. These
costs are carried forward in respect of an area that has not at reporting date reached a stage that permits reasonable
assessment of the existence of economically recoverable reserves, or alternatively, are expected to be sold. Refer to
the accounting policy stated in Note 1(d).
Deferred taxation
The potential deferred tax asset arising from the tax losses and temporary differences have not been recognised as
an asset because in the directors’ judgement, it is not probable that the Company will make taxable profits against
which the tax losses can be recovered.
s)
Comparative Figures
When required by Accounting Standards, comparative figures have been adjusted to conform to changes in
presentation for the current financial year.
Note 2: Revenue
Interest received
Government grant received
Income received as a result of debt forgiveness from South 32 loan written
back
Consolidated
2021
$
1,325
136,815
2,830,548
2020
$
1,100
34,918
-
2,968,688
36,018
30
Notes To The Financial Statements
For the year ended 30 June 2021
Note 3: Income Tax
(a)
Income tax recognised in profit
No income tax is payable by the Company as it recorded losses for income tax purposes for the year.
(b) Numerical reconciliation between income tax expense and the loss before income tax.
31
Profit / (loss) before income tax
Income tax expense / (benefit) at 26% (2020: 27.5%)
Tax effect of:
Deferred tax asset not recognised
Movement in unrecognised temporary differences
Tax effect of permanent differences
Income tax benefit
(c) Unrecognised deferred tax balances
Revenue tax losses available to the Company
Capital tax losses available to the Company
Total tax losses available to the Company
Potential tax benefit at 26% (2020: 27.5%)
Consolidated
2021
$
1,455,397
378,403
(381,447)
14,905
366,542
-
2020
$
(1,472,889)
(405,045)
510,590
(96,035)
(414,555)
-
26,848,233
1,235
26,849,468
28,315,337
1,235
28,316,572
6,980,862
7,787,057
A deferred tax asset attributable to income tax losses has not been recognised at reporting date as the probability
criteria disclosed in Note 1(c) is not satisfied and such benefit will only be available if the conditions of deductibility,
also disclosed in Note 1(c), are satisfied.
Note 4: Dividends
No dividends were paid or declared since the start of the financial year. No recommendation for payment of dividends
has been made.
Note 5: Trade and Other Receivables
Current
Other receivables
Prepayments
Consolidated
2021
$
13,806
9,462
23,268
2020
$
29,166
2,265
31,431
None of the trade and other receivables are past due date. There are no expected credit losses.
31
Notes To The Financial Statements
For the year ended 30 June 2021
Note 6: Plant and Equipment
32
Plant and
equipment
IT
equipment
$
Leasehold
Improvements
$
$
Total
$
Balance at 1 July 2019
Additions / (disposals) and writeoffs
Depreciation / writeback
on disposals*
236,505
11,405
1,432
-
(40,069)
(1,432)
Balance at 30 June 2020
207,841
-
-
-
-
-
237,937
11,405
(41,501)
207,841
At cost
Accumulated depreciation
349,680
(141,839)
21,848
(21,848)
6,213
(6,213)
377,741
(169,900)
Balance at 30 June 2020
207,841
-
Balance at 1 July 2020
Additions / (disposals) and writeoffs
Depreciation / writeback
on disposals*
207,841
56,582
-
2,178
(9,739)
(1,449)
Balance at 30 June 2021
254,684
729
-
-
-
-
-
207,841
207,841
58,760
(11,188)
255,413
At cost
Accumulated depreciation
406,262
(151,578)
24,026
(23,297)
6,213
(6,213)
436,501
(181,088)
Balance at 30 June 2021
254,684
729
-
255,413
* Inclusive of depreciation capitalised to exploration and evaluation expenditure.
Note 7: Exploration and Evaluation Expenditure
Costs carried forward in respect of areas of interest in the following phases:
Exploration and evaluation phase – at cost
Balance at 1 July
Expenditure incurred (including exchange rate movements)
Expenditure written off
Balance at 30 June
Consolidated
2021
$
2020
$
9,118,246
1,603,477
-
6,871,149
2,268,883
(21,786)
10,721,723
9,118,246
32
Notes To The Financial Statements
For the year ended 30 June 2021
Note 8: Right-of-use Asset and Lease Liability
33
The Company’s lease portfolio includes the office lease, The average term of the lease is 1-2 years with an option
to extend for an additional 2 years.
(a): Carrying value
Balance at inception of the lease
Accumulated depreciation
Consolidated
2021
$
56,623
(28,312)
28,311
2020
$
56,623
(14,156)
42,467
(b): AASB 16 related amounts recognised in the Statement of Profit or Loss and Other Comprehensive Income
Depreciation expense
Interest expense (included in administrative expenses)
(c): Total cash outflows for leases
Repayment of lease liabilities
(d): Option to extend or terminate
Consolidated
2021
$
14,156
1,839
15,995
2020
$
14,156
2,526
16,682
Consolidated
2021
$
2020
$
(15,956)
(15,956)
The Company uses high sight in determining the lease term where the contract contains options to extend or
terminate the lease.
(e): Lease liability
Recognised on 1 July 2020
Less: principal repayments
Add: interest expense on lease liability
Current lease liability
Non-current lease liability
Consolidated
2021
$
43,193
(15,956)
1,839
29,076
14,839
14,237
2020
$
56,623
(15,956)
2,526
43,193
14,117
29,076
33
Notes To The Financial Statements
For the year ended 30 June 2021
Note 9(a): Trade and Other Payables (current)
34
Trade and other creditors
Accrued liabilities
Proceeds for share issue received in
advance
None of the payables are past due date.
Note 9(b): Provisions (current)
Annual leave
Long service leave
Note 9(c): Funding in Advance (current)
Funding received under Share Subscription Agreement and Earn-In
Agreement with South32*
Consolidated
2021
$
283,521
131,033
221,891
636,445
2020
$
104,911
40,005
-
144,916
Consolidated
2021
$
70,018
45,962
115,980
2020
$
75,157
38,907
114,064
Consolidated
2021
$
-
-
2020
$
3,121,977
3,121,977
*Under the terms of the Share Subscription and Earn-In Agreement (Agreement) with South32 Group Operations
Pty Ltd (South32) dated 29 March 2020, this amount represents funding received from South32 in relation to
project expenditure that the Company must incur on the Greater Riqueza Project held by its 100% subsidiary
Brillandino Minerales S.A.C. (Brillandino).
The Company received written notification dated 14 May 2020 from South 32, that pursuant to the Agreement,
South 32 exercised its right to withdrawn from the Project held by Brillandino. Pursuant to the Agreement, the
Agreement shall terminate 60 days from 14 May 2020. The funding provided is not refundable to South 32.
34
35
Notes To The Financial Statements
For the year ended 30 June 2021
Note 10: Contributed Equity
a) Paid up capital
415,976,672 ordinary shares (30 June 2020: 4,078,233,994 ordinary shares)
b) Movements in shares on issue
Balance at 30 June 2019
Issued 4 July 2019
Issued 22 August 2019
Issued 2 October 2019
Issued 30 October 2019
Issued 19 November 2019
Issued 19 November 2019
Issued 7 January 2020
Selective buy-back 9 January 2020
Issued 6 April 2020
Transaction costs from issue of shares
Balance at 30 June 2020
Reduction on reconstruction 31 August 2020
Issued 28 October 2020
Issued 29 October 2020
Issued 30 October 2020
Issued 11 November 2020
Issued 6 January 2021
Issued 16 March 2021
Issued 1 April 2021
Issued 3 May 2021
Issued 31 May 2021
Issued 8 June 2021
Issued 24 June 2021
Transaction costs from issue of shares
Balance at 30 June 2021
Consolidated
2021
$
2020
$
53,671,191
41,559,456
No of shares
3,085,600,366
8,750,000
40,000,000
5,680,813
966,087,592
46,000,000
8,700,000
11,788,223
(110,000,000)
15,627,000
-
4,078,233,994
(3,874,322,656)
148,657,611
16,142,167
2,676,443
1,633,334
1,947,153
28,000,000
444,354
840,000
3,811,038
3,060,505
4,852,729
-
415,976,672
Paid up capital
$
39,543,924
43,750
150,000
19,099
1,932,175
94,733
26,133
23,952
-
15,627
(289,937)
41,559,456
-
8,176,169
887,819
79,048
81,667
101,207
2,800,000
41,192
75,600
342,993
275,445
436,746
(1,186,151)
53,671,191
c) Movements in options on issue
I In relation to listed options (ASX: ICGOA) exercisable at $0.14 per option at any time up to 31 October 2022, there were
10,833,333 options issued during the year, and 46,636,077 options outstanding over unissued ordinary shares on issue
at 30 June 2021. This class of option reduced by 680,255,561 on 31 August 2020 as a result of the capital reconstruction.
I In relation to listed options (ASX: ICGOC) exercisable at $0.20 per option at any time up to 31 October 2023, there were
68,266,588 options issued during the year, and 68,266,588 options outstanding over unissued ordinary shares on issue
at 30 June 2021.
I In relation to listed options (ASX: ICGOB) exercisable at $0.09 per option at any time up to 30 July 2021, there were
66,766,589 options issued during the year, 12,564,272 options converted in to shares during the year, and 54,202,317
options outstanding over unissued ordinary shares on issue at 30 June 2021.
35
36
Notes To The Financial Statements
For the year ended 30 June 2021
Note 10: Contributed Equity (continued)
d) Ordinary shares
Ordinary shares have the right to receive dividends as declared and, in the event of winding up of the Company, to
participate in the proceeds from the sale of all surplus assets in proportion to the number of and amounts paid up on
shares held.
Note 11: Interests of Key Management Personnel
a) Key management personnel compensation
Refer to the Remuneration Report contained in the Director’s Report for details of the remuneration paid to each
member of the Company’s key management personnel for the year ended 30 June 2021. The totals of remuneration
paid to key management personnel of the Company during the year are as follows:
Short-term employee benefits (i)
Post-employment benefits (ii)
(i) Includes payments for salaries, director fees, consulting fees and allowances.
(ii) Includes superannuation contributions and long service leave entitlements.
b) Key management personnel shareholdings
Consolidated
2021
$
374,195
43,152
417,347
2020
$
350,629
28,485
379,114
The number of ordinary shares in Inca Minerals Limited held by key management personnel of the Company during
the financial year is as follows. Note that shares issued in the year ended 30 June 2021 were on a post-consolidation
basis, whilst shares issued in the year ended 30 June 2020 were on a pre-consolidation basis.
2021
Name
Ross Brown
Gareth Lloyd
Jonathan West
Totals
2020
Name
Opening
balance 1 July
2020 (post
consolidation)
1,965,177
279,625
2,262,500
4,507,302
Opening
balance 1 July
2019*
Additions /
Director
Appointment
Disposals /
Director
Resignation
Closing balance
30 June 2021
1,453,945
823,207
1,436,790
3,713,942
-
-
-
-
3,419,122
1,102,832
3,699,290
8,221,244
Disposals /
Director
Resignation
Closing balance
30 June 2020*
Ross Brown
Gareth Lloyd
Jonathan West
Totals
39,304,072
5,592,502
45,250,000
90,146,574
* The number of shares disclosed in the year ended 30 June 2020 was prior to the share consolidation being
implemented on a 20 to 1 basis in August 2020.
35,911,762
-
17,000,000
52,911,762
-
-
-
-
Additions /
Director
Appointment
*
3,392,310
5,592,502
28,250,000
37,234,812
36
Notes To The Financial Statements
For the year ended 30 June 2021
Note 12: Related Party Transactions
37
During the year ended 30 June 2021, shares received by directors in lieu of cash consideration have been issued as
follows.
Director
Ross Brown
Gareth Lloyd
Jonathan West
Shares Issued (or to
be issued at 30 June
2021)
1,040,910
372,265
372,265
Total $ Value of Shares
Issued
Accrued Salary & Fees at 30 June 2021
to be Received in Shares
$48,620
$25,000
$25,000
$20,000*
$6,250
$6,250
*$20,000 performance-based remuneration (excluding superannuation)
There were no other transactions and balances with directors and other key management personnel.
Note 13: Loss Per Share
a) Basic Earnings Per Share
Consolidated
2021
$
2020
$
Profit / (loss) used in calculating basic and diluted earnings
per share
1,455,397
(1,472,889)
Weighted average number of ordinary shares on issue during the year used as
the denominator in calculating basic loss per share
327,187,811
188,363,261
Basic profit / (loss) per share (cents)
0.44
(0.8)
b) Diluted profit / (loss) per share (cents)
Weighted average number of ordinary shares and share options on issue
during the year used as the denominator in calculating diluted loss per share
338,970,923
188,363,261
Diluted profit / (loss) per share (cents)
0.43
(0.8)
Note 14: Cash Flow Information
a) Reconciliation of the net profit / (loss) after income tax to the net cash
flows from operating activities
Consolidated
Net profit / (loss) for the year
Depreciation
Impairment of Peruvian value added tax
Foreign exchange (gains) / losses
Exploration and evaluation expenditure written off
Peruvian capitalised exploration expenditure
Income received as a result of South 32 loan written off
Interest on lease liability
Changes in assets and liabilities
(Increase) / decrease in trade and other receivables
Increase / (decrease) in trade and other payables
Increase / (Decrease) in provisions
Net cash outflow from operating activities
2021
$
1,455,397
18,175
193,524
207,035
-
102,189
(2,830,548)
1,839
8,163
491,529
1,916
(350,781)
2020
$
(1,472,889)
18,386
131,380
204,957
21,786
773,240
-
2,526
(834)
(27,139)
(12,295)
(360,882)
37
Notes To The Financial Statements
For the year ended 30 June 2021
Note 14: Cash Flow Information (continued)
(b) Reconciliation of cash and cash equivalents
38
Cash balance comprises: cash assets
9,264,004
732,856
(c) Non-cash financing activities
During the year ended 30 June 2021, the Company issued 4,067,985 fully paid ordinary shares (post 20 to 1 share
consolidation basis) for a total value of $171,447 as payment for services provided to the Company.
During the year ended 30 June 2020, the Company did not have any non-cash financing.
Note 15: Expenditure Commitments
The Group has certain commitments to meet minimum expenditure requirements on the mineral exploration assets
in which it has an interest. These commitments are optional and only required if the Company wishes to maintain its
rights of earn-in or rights of tenure. Outstanding exploration commitments for not later than one year and for
between one and five years are as follows:
Not later than one year
Between one and five years
Consolidated
2021
$
1,749,966
7,342,225
9,092,191
Consolidated
2020
$
1,492,082
5,993,580
7,485,662
The exploration expenditure commitments above include commitments related to agreements for the acquisition of
interests in mining concessions pertaining to the Group’s Greater Riqueza (Riqueza) and Cerro Rayas projects in Peru.
As at 30 June 2021 the Group has met all its obligations in respect of the agreements and all future exploration
commitments are payable at the Group’s discretion and dependent upon the Group acquiring the exclusive rights to
the mining concessions. The key terms of the agreements pertaining to concessions within the Riqueza and Cerro
Rayas projects are set out below.
1. Riqueza Project: A 5-year mining concession transfer option and assignment agreement granting the Group
the exclusive option to acquire 100% interest in a mining concession called Nueva Santa Rita and referred to
as the Riqueza Project. The Group has the exclusive right to terminate at any time during the transfer option
and assignment period and any unpaid amounts are not payable to the vendor.
On 31 October 2018, 17 May 2019 and 7 July 2020, the Group executed addendums to the option and assignment
agreement extending the payment timing. The total consideration payable has been increased by US$15,000. The
addendum extended the assignment period to 6 years from the commencement date.
38
Notes To The Financial Statements
For the year ended 30 June 2021
Note 15: Expenditure Commitments (continued)
39
Other key terms are:
Total Mining Concession Transfer Option
& Assignment (MCTOA) Consideration
Payment
Consideration
Timing
of
MCTOA
Mining assignment period
NSR Royalty
Cancellability
US$1,850,000:
- US$10,000 (Mining Assignment); and,
- US$1,840,000 (Mining Option).
Mining Assignment Payment (MAP):
MAP Payment on Execution Date (ED): US$10,000*
Mining Transfer Option Payments (MTOP):
MTOP Payment on ED: US$30,000*
MTOP Payment 6 months from ED: US$20,000*
MTOP Payment 12 months from ED: US$50,000*
MTOP Payment 18 months from ED: US$60,000*
MTOP Payment 24 months from ED: US$50,000*
MTOP Payment on or before November 15, 2018: US$31,500*
MTOP Payment on or before December 15, 2018: US$31,500*
MTOP Payment on or before 20 May 2019: US$10,000*
MTOP Payment on or before 20 June 2019: US$20,000*
MTOP Payment on or before 20 July 2019: US$70,000*
MTOP Payment 42 months from ED: US$100,000*
MTOP Payment on or before 30 May 2020: US$15,000*
MTOP Payment on or before 30 September 2020: US$30,000*
MTOP Payment on or before 30 December 2020: US$30,000*
MTOP Payment on or before 30 January 2020: US$30,000*
MTOP Payment 60 months from ED: US$170,000*
US$40,000 on or before 30 September 2021 - Pending
US$100,000 on or before 30 November 2021 - Pending
US$100,000 on or before 28 February 2022 - Pending
US$100,000 on or before 31 May 2022 - Pending
US$100,000 on or before 31 August 2022 - Pending
US$100,000 on or before 30 November 2022 - Pending
US$200,000 on or before 28 February 2023 - Pending
US$352,000 on or before 19 May 2023 - Pending
6 years from the Execution Date (19 May 2016).
2% NSR. The Group has a 20-year option to buy back 50% of the NSR
for US$1,000,000 leaving a 1% NSR to the vendor.
The Group has the exclusive right to terminate at any time during
the option and assignment period without cost or penalty. Any
unpaid amounts are not payable to the vendor.
* As at the date of the Directors’ Declaration, the Group has met all applicable commitments under the agreement.
39
Notes To The Financial Statements
For the year ended 30 June 2021
Note 15: Expenditure Commitments (continued)
40
2. Cerro Rayas Project - La Elegida Concession: A 2-year mining concession transfer option and assignent agreement
commencing 30 June 2017 granting the Group the exclusive option to acquire 100% interest in a mining concession
known as La Elegida which forms part of the Group’s Cerro Rayas Project. The Group has the exclusive right to
terminate at any time during the transfer option and assignment period and any unpaid amounts are not payable to
the vendor.
On 17 July 2017, 10 April 2019 and 2 July 2020, the Group executed addendums to the option and assignment
agreement extending the payment timing. The total consideration payable remains unchanged. The addendum
extended the assignment period to 38 months from the commencement date.
In addition, on 28 April 2020, the Group notified the decision to exercise the Mining Option. On 2 July 2020, the Group
acquired 100% of La Elegida Concession. The Mining Concession denominated “La Elegida” was registered in the Public
Registries in favour of the Company on 7 August 2020.
Other key terms are:
Total Mining Concession Transfer Option
and Assignment (MCTOA) Consideration
- US$245,000:US$1,000 (Mining Assignment); and,
- US$244,000 (Mining Option).
Payment Timing of MCTOA Consideration Mining Assignment Payment (MAP):
MAP on Commencement Date (CD): US$1,000*
Mining Transfer Option Payment (MTOP):
MTOP on CD: US$5,000*
MTOP on CD: US$45,000*
MTOP on or before 6 months from CD: US$11,000*
MTOP on or before 12 months from CD: US$90,000*
MTOP on or before 13 – 19 months from CD: US$4,000 per month.
These payments total USD28,000*
MTOP on 2 April 2020: US$4,000*
MTOP on or before 22 months from CD: US$2,500*
MTOP on or before 23 months from CD: US$2,500*
MTOP on or before 24 – 32 months from CD: US$4,000 per
month. These payments total USD36,000*
MTOP on or before 33 months from CD: US$10,000*
MTOP on or before 34 months from CD: US$5,000*
MTOP on or before 38 months from CD: US$5,000*
38 months from the Commencement Date (30 June 2017).
Mining assignment period
* As at the date of the Directors’ Declaration, the Group has met all applicable commitments under the agreement.
3. Cerro Rayas Project - La Elegida I Concession: A 2.5-year mining concession transfer option and assignment
agreement commencing 10 October 2016 granting the Group the exclusive option to acquire 100% interest in a mining
concession known as La Elegida I which forms part of the Group’s Cerro Rayas Project. The Group had the exclusive
right to terminate at any time during the transfer option and assignment period and any unpaid amounts are not
payable to the vendor. The group exercised its right to early terminate the agreement, through a letter dated February
27, 2019. On 27 June 2019, the Group lodged with the Lima Registry Office the termination of the agreement and has
no further rights or obligations pursuant to the agreement.
40
Notes To The Financial Statements
For the year ended 30 June 2021
Note 15: Expenditure Commitments (continued)
41
In addition to exploration expenditure commitments the Group has certain operating commitments pertaining to
non-cancellable operating leases and agreements contracted for but not recognised in the financial statements:
Not later than one year
Between one and five years
Note 16: Auditor’s Remuneration
Statutory audit by auditor of the parent company
Audit and review of financial statements of parent entity
Audit and review of financial statements of subsidiary entity
Statutory audit by auditor of Inca Minerales S.A.C. and Brillandino
Minerales S.A.C.
Other services by auditor of Inca Minerales S.A.C. and Brillandino
Minerales S.A.C.
Consolidated
2021
$
36,412
169,118
205,530
Consolidated
2020
$
39,109
35,102
74,211
Consolidated
Consolidated
2021
$
2020
$
33,000
-
33,000
11,092
-
11,092
44,092
29,937
-
29,937
12,068
-
12,068
42,005
41
Notes To The Financial Statements
For the year ended 30 June 2021
Note 17: Segment Information
42
The Company has identified its operating segments based on the internal reports that are reviewed and used by the
Board of directors (chief operating decision makers) in assessing performance and determining the allocation of
resources. The Company operates in the segments of mineral exploration within Peru and Australia. The Company is
domiciled in Australia. All revenue from external parties is generated from Australia only. Segment revenues are
allocated based on the country in which the party is located. Operating revenues of approximately Nil (2020: Nil) are
derived from a single external party. All the assets are located in Peru and Australia. Segment assets are allocated to
countries based on where the assets are located.
Reportable segments:
Segment revenue
2021
2020
Segment result
2021
2020
Segment assets
2021
2020
Segment liabilities
2021
2020
Australia
$
138,140
36,018
Peru
$
2,830,548
-
Consolidated
$
2,968,688
36,018
(690,717)
(548,614)
2,146,114
(924,275)
1,455,397
(1,472,889)
10,425,647
1,067,584
9,867,072
9,065,297
20,292,719
10,132,881
(498,871)
(184,794)
(282,630)
(3,239,356)
(781,501)
(3,424,150)
Depreciation and amortisation expense
2021
2020
(15,604)
(15,777)
(2,571)
(2,609)
(18,175)
(18,386)
Note 18: Financial Risk Management Objectives and Policies
(a)
Interest rate risk
The Company’s exposure to interest rate risk which is the risk that a financial instruments value will fluctuate as a
result of changes in market interest rates and the effective weighted average interest rate for each class of financial
assets and financial liabilities as set out below:
Weighted
average
interest
rate (%)
Non-
interest
bearing
Floating
interest
rate
$
$
Fixed interest
maturing
1 year or less
$
Fixed interest
maturing
1 to 5 years
$
Total
$
0.01
6,973,905
2,270,099
20,000
0.11
76,858
635,998
20,000
-
-
9,264,004
732,856
30 June 2021
Cash and cash
equivalents
30 June 2020
Cash and cash
equivalents
42
43
Notes To The Financial Statements
For the year ended 30 June 2021
Note 18: Financial Risk Management Objectives and Policies (continued)
(b) Interest rate sensitivity analysis
At 30 June 2021, if interest rates had changed by 25 basis points during the entire year with all other variables held
constant, profit for the year and equity would have been $12,496 higher/lower (2020: $2,638), mainly as a result of
higher/lower interest income from cash and cash equivalents.
A 25-basis point increase or decrease is used when reporting interest rate risk internally to key management personnel
and represents management’s assessment of the possible change in interest rates.
(c) Credit risk
The maximum exposure to credit risk at reporting date on financial assets of the Company is the carrying amount, net
of any provisions for doubtful debts, as disclosed in the statement of financial position and notes to the financial
statements.
(d) Commodity price risk
The Company is not exposed to commodity price risk as the operations of the Company are not yet at the production
stage.
(e) Liquidity risk
The Company manages liquidity risk by monitoring forecast cash flows.
The table below analyses the entity’s financial liabilities into relevant maturity groupings based on the remaining
period from the statement of financial position date to the contractual maturity date. As the amounts disclosed in
the table are the contractual undiscounted cash flows, these balances will not necessarily agree with the amounts
disclosed in the statement of financial position.
43
Notes To The Financial Statements
For the year ended 30 June 2021
Note 18: Financial Risk Management Objectives and Policies (continued)
44
30 June 2021
Financial liabilities due
for payment
Trade and other payables
Lease liabilities
Financial assets – cash
flows realisable
Cash assets
Trade and other receivables
Net (outflow)/inflow on
financial instruments
30 June 2020
Financial liabilities due
for payment
Trade and other payables
Lease liabilities
Funds in advance
Financial assets – cash
flows realisable
Cash assets
Trade and other receivable
Net (outflow)/inflow on
financial instruments
Less than 6
months
$
6 months
to 1 year
$
1 to 5 years
$
Total
$
(636,445)
(7,419)
(643,864)
-
(7,419)
(7,419)
-
(14,237)
(14,237)
(636,445)
(29,075)
(665,520)
2,000,000
23,268
2,023,268
2,000,000
-
2,000,000
5,264,004
-
5,264,004
9,264,004
23,268
9,287,272
1,379,404
1,992,581
5,249,767
8,621,752
(144,916)
(7,058)
(3,121,977)
(3,273,951)
-
(7,059)
-
(7,059)
-
(29,076)
-
(29,076)
(144,916)
(43,193)
(3,121,977)
(3,310,086)
732,856
29,166
762,022
-
-
-
-
-
-
732,856
29,166
762,022
(2,511,929)
(7,059)
(29,076)
(2,548,064)
There were no Level 2 or Level 3 financial instruments.
(f)
Foreign exchange risk
The Company is exposed to foreign exchange risk as certain transactions are denominated in United States Dollars
and Peruvian Nuevos Soles as a result of operating in Peru.
The Group’s exposure to foreign currency risk at the end of the reporting period, expressed in Australian dollars, is
mainly in relation to its cash and cash equivalents and exploration and evaluation expenditure, and was as follows.
30 June 2021
Cash and cash equivalents
Exploration and evaluation expenditure
30 June 2020
Cash and cash equivalents
Exploration and evaluation expenditure
USD
$
PEN
$
1,934,654
-
40,869
-
57,019
8,510,307
64,805
7,646,058
44
Notes To The Financial Statements
For the year ended 30 June 2021
Note 18: Financial Risk Management Objectives and Policies (continued)
(g)
Net fair value of financial assets and liabilities
45
The carrying amounts of financial instruments included in the statement of financial position approximate their fair
values due to their short terms of maturity.
Note 19: Events Subsequent to Reporting Date
On 6 July 2021, the Company issued to directors and consultants a total 389,851 fully paid ordinary shares for non-
cash. 95,950 shares were issued at a deemed price of $0.1303 per share, being for remuneration-sacrifice to
directors. 200,000 shares were issued at a deemed price of $0.10 per share, being for settlement of a bonus payable
to a director as accrued in the accounts at 30 June 2021. 93,901 shares were issued at a deemed price of $0.1303
per share, being for consultant fees.
On 6 July 2021, the Company issued a further 4,388,543 shares upon the conversion of options with an exercise
price of $0.09, raising a total of $394,968.
On 14 July 2021, the Company issued 4,518,597 shares upon the conversion of options with an exercise price of
$0.09, raising a total of $406,673.
On 22 July 2021, the Company issued 10,109,427 shares upon the conversion of options with an exercise price of
$0.09, raising a total of $909,848.
On 28 July 2021, the Company issued 16,902,750 shares upon the conversion of options with an exercise price of
$0.09, raising a total of $909,848.
On 4 August 2021, the Company issued 12,797,187 shares upon the conversion of options with an exercise price of
$0.09, raising a total of $1,151,746.
On 6 August 2021, the Company issued 14,197,423 shares upon the conversion of options with an exercise price of
$0.09, raising a total of $1,277,768.
On 13 August 2021, the Company issued 1,500,000 shares upon the conversion of options with an exercise price of
$0.09, raising a total of $135,000.
No other matters or circumstances have arisen since the end of the financial year which significantly affected or
may significantly affect the Company’s operations or the state of affairs of the Company in future financial years.
Note 20: Contingent Liabilities
There are no contingent liabilities at reporting date.
Note 21: Controlled Entities
Subsidiaries of Inca Minerals Limited:
Urcaguary Pty Ltd
Inca Minerales S.A.C.
Brillandino S.A.C.
Hydra Minerals Ltd
Dingo Minerals Pty Ltd
Country of
Incorporation
Percentage Controlled (%)
Australia
Peru
Peru
Australia
Australia
2021
100
100
100
100
100
2020
100
100
100
100
100
45
Notes To The Financial Statements
For the year ended 30 June 2021
Note 22: Share-based Payments
46
In accordance with the Company’s Directors’ Remuneration-Sacrifice Share Plan (Plan), from time to time and
subject to shareholder approval, the Board may seek to reduce their cash remuneration through the issue of fully
paid ordinary shares (Shares) in the Company, in lieu of cash remuneration, to Directors.
During the year ended 30 June 2021, Shares received by directors under the terms of the Plan in lieu of cash
consideration have been issued as follows. The deemed issue price of the Shares was the volume weighted average
share price of shares sold on the ASX during the 90 days prior to the expiration of the relevant quarter for which
the director elected to sacrifice the remuneration.
Director
Ross Brown
Gareth Lloyd
Jonathan West
Shares Issued (or to
be issued at 30 June
2021)
1,040,910
372,265
372,265
Total $ Value of
Shares Issued
Accrued Salary & Fees at 30 June 2021
to be Received in Shares
$48,620
$25,000
$25,000
$20,000*
$6,250
$6,250
*$20,000 performance-based remuneration (excluding superannuation)
Note 23: Parent Information
Financial position
Assets
Current assets
Non-current assets
Total assets
Liabilities
Current liabilities
Non-current liabilities
Total liabilities
Net Assets
Equity
Issued capital
Share Option Reserve
Accumulated Losses
Total equity
Financial performance
(Loss) for the year
Other comprehensive income
Total comprehensive income
2021
$
2020
$
9,219,660
9,695,072
18,914,732
677,183
6,216,301
6,893,484
(484,634)
(14,237)
(498,871)
(155,718)
(29,076)
(184,794)
18,415,861
6,708,690
53,671,191
319,004
(35,574,334)
18,415,861
41,559,456
32,851
(34,883,617)
6,708,690
(690,717)
-
(690,717)
(1,851,901)
-
(1,851,901)
There are no guarantees entered into by the parent entity in relation to the debts of its subsidiaries. There are no
contingent liabilities of the parent entity as at the reporting date.
There are no contractual commitments by the parent entity for the acquisition of property, plant and equipment
as at the reporting date.
46
Notes To The Financial Statements
For the year ended 30 June 2021
Note 23: Parent Information (continued)
47
The Company has certain operating commitments pertaining to non-cancellable operating leases and agreements
contracted for but not recognised in the financial statements:
2021
$
17,551
35,102
52,653
2020
$
17,551
35,102
52,653
Not later than one year
Between one and five years
Note 24: Company Details
The principal place of business of the Company is:
Inca Minerals Limited
Suite 1, 16 Nicholson Road
Subiaco, WA, 6008
Australia
47
Directors’ Declaration
The Directors of the Company declare that:
48
1.
the financial statements and notes, as set out on pages 13 to 44, are in accordance with the Corporations
Act 2001 and:
a.
b.
comply with Accounting Standards, which, as stated in accounting policy Note 1 to the financial
statements, constitutes explicit and unreserved compliance with International Financial Reporting
Standards (IFRS);
give a true and fair view of the financial position as at 30 June 2021 and of the performance for the
year ended on that date of the Group;
2.
the Directors have been given the declarations required by s295A of the Corporations Act 2001 that:
a.
b.
c.
the financial records of the Group for the financial year have been properly maintained in accordance
with s286 of the Corporations Act 2001;
the financial statements and notes for the financial year comply with Accounting Standards; and
the financial statements and notes for the financial year give a true and fair view.
3.
in the Directors’ opinion there are reasonable grounds to believe that the Group will be able to pay its debts
as and when they become due and payable.
This declaration is made in accordance with a resolution of the Board of Directors.
On behalf of the Directors:
`
Ross Brown
Director
Dated at Perth this 29th day of September 2021
48
49
49
50
50
51
51
52
52
53
53
Shareholder Information
54
The shareholder information set out below is applicable as at 29 September 2021 unless otherwise stated.
CAPITAL STRUCTURE
The Company currently has issued capital of 480,780,450 fully paid ordinary shares. The Company has also issued
46,636,077 options with an exercise price of $0.14 and an expiry date of 31 October 2022 and 68,266,589 options
with an exercise price of $0.20 and an expiry date of 31 October 23 (see below). The Company has no other class
of security or options on issue.
VOTING RIGHTS
The Company’s Constitution provides that at a meeting of shareholders, and on a show of hands, each shareholder present in
person and each other person present as a proxy, attorney or representative of a shareholder has one vote. On a poll, each
shareholder present in person has one vote for each fully paid ordinary share held by the shareholder and each person as a
proxy, attorney or representative of a shareholder has one vote for each fully paid ordinary share held by the shareholder that
person represents.
DISTRIBUTION OF EQUITY SECURITIES at 29 September 2021
The number of holders by size of their holding of fully paid ordinary issued shares in the Company is as follows:
SPREADS OF HOLDINGS
1 - 1,000
1,001 - 5,000
5,001 - 10,000
10,001 - 100,000
100,001 >999,999,999
TOTAL
NUMBER OF
HOLDERS
72
153
390
1164
627
2406
SUBSTANTIAL SHAREHOLDERS
There are no Substantial Shareholders.
ESCROW
NUMBER OF UNITS
18,052
539,258
3,012,237
46,750,436
430,461,467
480,780,450
% OF TOTAL ISSUED
CAPITAL
0.00%
0.11%
0.63%
9.72%
89.53%
100%
There are no Company securities subject to voluntary escrow.
UNMARKETABLE PARCELS
As at 29 September 2021 there were 142 shareholders with an unmarketable share parcel of less than 3,650 shares
at the prevailing share price of 13.7 cents.
RESTRICTED SECURITIES
There are no restricted securities.
DIVIDENDS
The Company has not paid any dividends in the period.
VOTING RIGHTS
Each ordinary share is entitled to one vote when a poll is called and has one vote if present at a meeting with a
show of hands.
54
Shareholder Information (continued)
55
TWENTY LARGEST SHAREHOLDERS
The names and details of the twenty largest quoted shareholdings in the Company as at 29 September 2021 are
as follows:
55
RankNameUnits% of Units1FORTE EQUIPMENT PTY LTD17,500,0003.642MR CHRISTOPHER ERROL SCHUH12,374,3092.573BNP PARIBAS NOMINEES PTY LTD ACF CLEARSTREAM7,895,8161.644JOHN HAZELDENE NOMINEE COMPANY PTY LTD 7,647,7281.595MR CRAIG MICHAEL LAKE + MRS JUDITH MAY LAKE6,132,5961.286MR STEVEN LOUGHREY6,000,0001.257EXCEL SHARES PTY LTD 5,400,0001.128BNP PARIBAS NOMINEES PTY LTD 4,841,9641.019T C DRAINAGE (WA) PTY LTD4,700,0000.9810MS GIOVANNA LINA GAN4,550,0000.9511CITICORP NOMINEES PTY LIMITED4,544,8880.9512MR ANTONY CHAMBERS4,466,0990.9313MR STEPHEN CHEWTER4,388,6050.9114MR PETER JOHN FISHER + MRS LORIS JOYCE FISHER4,275,0000.8915MR ANDREW PETER FISHER4,200,0000.8716MR ROBERT SAMUEL AMBROSE HEASLOP + MISS MELANY CORDIER 4,110,0970.8517MR STEPHEN PHILIP CHEWTER + MRS MARGARET ELIZABETH CHEWTER 4,072,4910.8518MR PETER JOHN HANNAN3,833,3330.819DR JONATHAN PAUL WEST + MS JANET MARGARET STONE 3,747,2660.7820RENDINO PTY LTD3,700,2000.77118,380,39224.62362,400,05875.38Totals: Top 20 holders of ICG ORDINARY FULLY PAIDTotal Remaining Holders Balance
Shareholder Information (continued)
56
TWENTY LARGEST OPTION HOLDERS - ICGOA
The names and details of the twenty largest quoted option holders in the Company as at 29 September 2021 are
as follows:
56
RankNameUnits% of Units1MR MARK BEVAN TILBROOK4,364,8339.362MR JASON TANG3,300,0007.083FORTE EQUIPMENT PTY LTD3,140,0006.734GOFFACAN PTY LTD 2,226,0154.775BUSINESS SUPER PTY LTD1,665,1993.576DVR INVEST PTY LTD 1,345,1482.887MR DANIEL JOHN BAKER1,153,8962.478MR CRAIG MICHAEL LAKE + MRS JUDITH MAY LAKE1,121,6312.419MRS DESHIKA SCHREIBER1,050,0002.2510GOFFACAN PTY LTD1,000,0002.1411EXCEL SHARES PTY LTD 1,000,0002.1412DABBLER PTY LTD800,0001.7213PAUL THOMSON FURNITURE PTY LTD 682,5591.4614MR PUNIT ARORA + MRS SHWETA ARORA600,0091.2915DR LEON EUGENE PRETORIUS600,0001.2916CHIEU VAN TRAN PTY LTD 600,0001.2917MR MICHAEL THOMAS MAJOR570,0001.2218MR MICHAEL DAVID NEISH500,0001.0719TEAM KENVYN PTY LTD 500,0001.0720MR PAUL JAMES WHETHAM + MRS ELIZABETH WHETHAM 500,0001.0726,719,29057.2919,916,78742.71Totals: Top 20 holders of ICGOA 31102022/$0.14Total Remaining Holders Balance
Shareholder Information (continued)
57
TWENTY LARGEST OPTION HOLDERS - ICGOC
The names and details of the twenty largest quoted option holders in the Company as at 29 September 2021 are as follows:
57
RankNameUnits% of Units1FORTE EQUIPMENT PTY LTD3,444,4455.052PROSPERITY FUND PTY LTD 3,374,3324.943GOFFACAN PTY LTD 3,300,0004.834BUSINESS SUPER PTY LTD3,295,8904.835MR CHRISTOPHER ERROL SCHUH2,424,2433.556ZAMAN PERAK PTY LTD 2,275,0003.337JOHN HAZELDENE NOMINEE COMPANY PTY LTD 1,818,1822.668MINTON TRADING PTY LTD 1,500,0002.29MR JASON TANG1,500,0002.210MS CHUNYAN NIU1,227,2871.811MR ANDREW PETER FISHER1,000,0001.4612MR STEVEN LOUGHREY1,000,0001.4613MR PHILIP JAMES WHITMONT1,000,0001.4614T C DRAINAGE (WA) PTY LTD952,7271.415MR JOHN EDMUND SAINSBURY900,0001.3216MR PAUL JAMES GILLINGHAM870,7831.2817ROOKHARP CAPITAL PTY LIMITED849,8611.2418MR TIM SHANE WESTON + MRS JOANNE CLARE WESTON835,4541.2219EXCEL SHARES PTY LTD 750,0001.120MR NORMAN GRANT OLVER727,9291.0733,046,13348.4135,220,45551.59Totals: Top 20 holders of ICGOC 31102023/$0.20Total Remaining Holders Balance
Tenement Schedule
58
END OF REPORT
58
CountryStateProject NameTenement NamePeruRiquezaNeuva Santa RiaGranted10045501Earning 100%1Brillandino Minerals S.A.C.PeruRiquezaRita MariaGranted10171016100%Brillandino Minerals S.A.C.PeruRiquezaAntacocha IGranted10249916100%Brillandino Minerals S.A.C.PeruRiquezaAntacocha IIGranted10249716100%Brillandino Minerals S.A.C.PeruRiquezaMaihuasiGranted10249816100%Brillandino Minerals S.A.C.PeruRiquezaUchpangaGranted10170916100%Brillandino Minerals S.A.C.PeruRiquezaUchpanga IIGranted10251716100%Brillandino Minerals S.A.C.PeruRiquezaUchpanga IIIGranted10251616100%Brillandino Minerals S.A.C.PeruRiquezaPicuyGranted10171116100%Brillandino Minerals S.A.C.PeruCerro RayasLa Elegida Granted010109205100%Inca Minerales S.A.C.PeruCerro RayasPuyuhuanGranted010336917100%Inca Minerales S.A.C.PeruCerro RayasHuaytapataGranted010337017100%Inca Minerales S.A.C.PeruCerro RayasHuaytapata SurGranted010221018100%Inca Minerales S.A.C.PeruCerro RayasVicuna PuquioGranted010221018100%Inca Minerales S.A.C.PeruCerro RayasVicuna Puquio IIGranted010221018100%Inca Minerales S.A.C.PeruCerro RayasTablamachayGranted010221018100%Inca Minerales S.A.C.PeruCerro RayasYacunaGranted010221318100%Inca Minerales S.A.C.PeruCerro RayasIntihuanunanGranted010221418100%Inca Minerales S.A.C.AustraliaQLDMaCauley CreekMaCauley Creek SouthGrantedEPM27124Earning 100%2Inca Minerals LimitedAustraliaQLDMaCauley CreekMaCauley Creek NorthGrantedEPM27163Earning 100%2Inca Minerals LimitedAustraliaNTFrewena FableFrewena FableGrantedEL31974Earning 100%3Inca Minerals LimitedAustraliaNTFrewena FableFrewena Fable NorthApplicationEL32287Earning 100%3Inca Minerals LimitedAustraliaNTFrewena EastFrewena EastApplicationEL32289Earning 100%4Inca Minerals LimitedAustraliaNTFrewena Far EastFrewena Far EastApplicationEL32293Earning 100%5Inca Minerals LimitedAustraliaNTLorna May Lorna May ApplicationEL32107Earning 100%6Inca Minerals LimitedAustraliaNTJean ElsonJean Elson WestApplicationEL32485Earning 100%7Inca Minerals LimitedAustraliaNTJean ElsonJean Elson EastApplicationEL32486Earning 100%7Inca Minerals LimitedEast TimorManatutoManatutoApplicationN/A100%Inca Minerals LimitedEast TimorOssuOssuApplicationN/A100%Inca Minerals LimitedEast TimorPaatalPaatalApplicationN/A100%Inca Minerals LimitedNote 1: Mining Option Agreement between Inca Minerales and Minera Rimpago S.A.C. with Rimpago carried free interest to residual 1% NSR.Note 2: JV between Inca and MRG Resources Pty Ltd (MRG) with MRG having 10% carried free interest up to feasibility and residual 1.5 % NSR.Note 3: JV between Inca (90%), MRG (5%) and Dr West (5%) with MRG and West carried free up to feasibility and residual 1.5 % NSR shared between MRG and West.Note 4: JV between Inca (90%), MRG (5%) and Dr West (5%) with MRG and West carried free up to feasibility and residual 1.5 % NSR shared between MRG and West.Note 5: JV between Inca (90%), MRG (5%) and Dr West (5%) with MRG and West carried free up to feasibility and residual 1.5 % NSR shared between MRG and West.Note 6: JV between Inca and MRG with MRG having 5% carried free interest up to feasibility and residual 1.5 % NSR.Note 7: JV between Inca and MRG with MRG having 10% carried free interest up to feasibility and residual 1.5 % NSR.Tenement NumberLocationTenement StatusTenement IdentificationTenement Ownership