ANNUAL REPORT
2022
Inca Minerals Limited
ACN 128 512 907
2
Auditor
Stantons
Level 2, 1 Walker Avenue
West Perth WA 6005
CORPORATE PARTICULARS
Directors
Mr Adam Taylor
Chairman
Mr Gareth Lloyd
Director
Dr Jonathan West
Director
Company Secretaries
Mr Mal Smartt
Ms Emma Curnow
Registered Office
Suite 1, 16 Nicholson Road
Subiaco WA 6008
Corporate Office
Suite 1, 16 Nicholson Road
Subiaco WA 6008
Share Registry
Advanced Share Registry
110 Stirling Highway
Nedlands WA 6009
Table of Contents
Chairman’s Letter
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
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3
4
15
16
17
18
19
45
46
47
51
55
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2
Chairman’s Letter
Dear Fellow Shareholders,
I would like to thank all shareholders for their continued support of Inca Minerals Limited through the financial year
ended 30 June 2022 with the Company completing a very busy year both in Peru and Australia.
Shareholder support was further shown at the start of the financial year with the conversion of ICGOB options
providing the Company with necessary cash to explore. This support facilitated the Company in being able to
complete two large drill programs, one in Peru and one in Australia. Again, I and the Board thank you all for this
support and continue to work to repay that trust in Inca.
Peru
The Company successfully completed a large drill program in the Northeast area of the Riqueza Project and no
follow up drilling will be required in this area. The Company has made the decision to scale down operations in Peru
due to external factors, mainly the political environment, making operating in the country harder and more
expensive than normal. The Company still holds very prospective ground and hope that conditions change in the
future where we can confidently give it the focus it deserves. Inca is keeping an active watch on Peru and is on the
lookout for opportunities to move forward our prospects in the country.
Frewena
Inca successfully completed its maiden drill program at the Frewena Project. Our technical team
is very happy with the initial findings from the drilling, and we are particularly proud of their
achievement in finding a blind IOCG system in our first program at the project. Efforts now are
focussed on gathering detailed information on the core extracted and use this for the
development for the next and more focussed program on the project. The core is being stored
and logged at our property at Mt Isa which was purchased during the year. The scale of this
project is extremely large, and the work being done now to help target prospective areas
around our current drilling also provides us with extremely valuable information for the
targeting around the remainder of our large tenement package.
Jean Elson
With a strong focus on drilling both in Peru and then at Frewena’s project, exploration has been
relatively smaller at the Company’s other projects, but still important work has been completed
to move forward knowledge and perspectivity of the ground. The Jean Elson project now has
multiple identified targets with the Company performing various geophysical methods to
further understand and design future drill programs for the project. The Company’s work has
followed in line with the intentions of having the project drill ready for the 2023 season.
MaCauley
In November-December 2021, gradient array induced polarisation surveying was trialed at MaCauley Creek but was
hindered by weather and access conditions. Completion of this survey is anticipated during the 2023 field season. In
February 2022, an airborne magnetic-radiometric survey covering 127km2 was commenced but not completed
during the reporting period due to a mechanical fault with the contractor’s light aircraft. The completion of this
survey is planned for October 2022.
In closing I would like to thank our shareholders, employees and contractors for the support and efforts in helping
push Inca forward. I am particularly happy with the current work our teams are completing and look forward to
sharing the continued journey of finding a major discovery.
Adam Taylor
Chairman
2
Corporate Governance Plan / Statement
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
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Directors’ Report
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 2022.
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.
• Adam Taylor, Chairman (appointed 1 March 2022)
• Gareth Lloyd, Director
• Jonathan West, Director
• Ross Brown, Managing Director (resigned 5 July 2022)
Information on Directors and Company Secretaries
MR ADAM TAYLOR
(Non-executive Chairman)
Adam is an experienced CEO heading up a family-owned group of businesses with a history in the civil construction
and mining sectors of over 20 years. Adam currently oversees businesses within the Mining, Construction, Waste
Management, Dewatering and Infrastructure Maintenance sectors, all currently within Western Australia and with
a history of operations in New Zealand and the East Coast of Australia.
His core skills include business management, strategy development, contract negotiation and the implementation
of innovation across a business. Mr Taylor has invaluable and direct mining industry experience and contacts for the
Company. He is also a substantial shareholder. In the previous 3 years, Mr Taylor has not been a director of any other
ASX listed companies.
GARETH LLOYD BSc (Hons)
Director
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. 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
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. In the previous 3 years, Mr West has not been a director of any
other ASX listed companies.
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5
DIRECTORS’ REPORT (continued)
Information on Directors and Company Secretaries (continued)
ROSS BROWN BSc (Hons), M.Aus.IMM.
Managing Director (resigned 5 July 2022)
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.
Mr Brown was the co-founder and Managing Director of Urcaguary Pty Ltd (Urcaguary), the Company’s fully owned
subsidiary. As at 30 June 2022, 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.
MALCOLM SMARTT BA (Accounting), Grad Dip Corporate Management, FCPA, FCIS, FCIM
Joint Company Secretary
Mr Smartt is a Corporate Consultant to listed and unlisted public companies. He 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.
EMMA CURNOW B Com, CA Grad Dip Corporate Governance
Joint Company Secretary (appointed 1 March 2022)
Ms Curnow is an experienced corporate finance executive who has worked in senior management roles for several
listed exploration companies both in Australia and the UK, having commenced her career as a Chartered Accountant
at Ernst & Young in 2003. She holds a Bachelor of Commerce from the University of Western Australia and is a
member of both the Institute of Chartered Accountants and the Governance Institute of Australia.
Ms Curnow joined Inca in November 2021 as Chief Financial Officer. She assumed the role of Joint Company
Secretary in addition to her role as CFO, as mentioned above, from 1 March 2022.
Operating Results
The Group’s operating loss after income tax for the report period was $11,858,499 (2021: profit of $1,455,397).
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 overarching strategy of the Company is to explore for Tier-1 scale mineralisation focusing 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.
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6
DIRECTORS’ REPORT (continued)
Review of Operations
The Company launched its maiden drill program in Australia at Frewena during the Report Period. The +8,000m
reconnaissance drill program at Frewena mainly focussed on the prospects contained within the Frewena East and
Frewena Far East project areas (Roadhouse, Jumping Spider and some of the many Mount Lamb targets). At the
time of writing, detailed core logging, core cutting and geochemical analysis is ongoing.
In Peru the Company withdrew from its agreement with Rimpago to acquire the Nueva Santa Rita concession at
Riqueza due to force majeure events affecting access to the concession area. The Company drilled various targets
in the NE Area of Riqueza under a category-1 FTA drill permit. No economic mineralisation was identified. This part
of Riqueza was downgraded and the concessions will be allowed to lapse in 2023.
Inca has refocussed its exploration efforts in Australia with selective opportunities being reviewed in Peru on a case
by case basis. The Company has acquired additional tenements in the Frewena and Jean Elson project areas, greatly
enhancing both projects’ prospectivity.
The exploration focus of the Company continues to be large-scale (tier-1) copper, gold, silver mineralisation. The
exploration strategy is to conduct reconnaissance exploration for the purpose of verifying the exploration model
of the projects within the portfolio. This has been achieved for every project in Inca’s portfolio.
Inca’s exploration strategy extends to target generation and definition. On this front, Inca has again been
successful, having identified large-scale targets on all projects.
Significant developments were achieved during the financial year. These include:
•
•
•
•
•
•
•
•
•
The identification of multiple drill targets at Frewena through multi-stage geophysics surveys.
The completion of a maiden drill program at Frewena.
The expansion of the Frewena Project through the application/granting of five tenements.
The expansion of the Jean Elson Project through the application/granting of a large tenement.
The identification of multiple drill targets at Jean Elson through multi-stage geophysics, geological and
geochemical surveys.
The identification of multiple drill targets at MaCauley Creek through geophysics, geological and
geochemical surveys.
The completion of drilling at the NE Area of Riqueza.
The acquisition of the Riqueza South Project through the application/granting of five concessions.
The acquisition and revitalisation of the Dingo Range nickel project in Western Australia.
Target Generation and Drilling at Frewena
Significant work programs were undertaken by the Company at the Greater Frewena Project during the reporting
period that included airborne magnetic-radiometric surveying, ground gravity surveys, drill targeting studies, and a
maiden reconnaissance drill program of 8,473.5m.
Airborne magnetic-radiometric (AMAGRAD) surveying completed during 2021-2022 was the second phase of
surveying undertaken at the Greater Frewena Group Project and followed on from the Company’s 2020-2021
survey. During the reporting period, a total of 3,497km2 of 50m and 100m spaced surveying was undertaken over
the entirety of the Frewena East and Frewena Frontier Projects, and partially over the Frewena Far East Project.
This survey – of 58,171 line kilometres – received $100,000 co-funding assistance as part of the Government’s
Geophysics and Drilling Collaboration program.
Subsequent to the AMAGRAD survey, the Company undertook ground gravity surveys at selected prospects in the
Frewena Fable, Frewena East and Frewena Far East Projects. This program included a total of 2,512 stations at
400m spacing to cover 392km2.
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DIRECTORS’ REPORT (continued)
Review of Operations (continued)
Results from Inca’s detailed AMAGRAD and gravity surveying were incorporated into a thorough, project-wide drill
targeting study carried out by an independent, expert consultancy. In addition to AMAGRAD and gravity data,
information used in this study included: seismic, airborne electromagnetic and magnetotellurmetric datasets
acquired as part of the Government-led pre-competitive geophysical program, as well as geological and
geochemical information derived from the Government-led East Tennant Stratigraphic Drill Program, which
included two holes within Inca’s Frewena Far East Project (NDIBK01 and NDIBK04).
The targeting study resulted in identification of numerous areas of interest across the Greater Frewena Project
with a 29 hole program for 28,200m recommended by the independent consultancy. Of these, Inca elected to
undertake a maiden reconnaissance drill program at the Mount Lamb North East and Mount Lamb South West
prospects within Frewena Far East, and the Roadhouse and Jumping Spider prospects within Frewena East. A
total of 8,473.5m was drilled with a combination of reverse circulation pre-collars and diamond tails of 8 holes
(plus two incomplete pre-collars). Significant Iron Ore Copper-Gold (IOCG) alteration was intersected at each
prospect with low levels of copper, zinc and lead sulphides observed visually. At the time of writing, detailed core
logging, sampling and assaying remains on-going at the Company’s facility in Mount Isa.
Target Generation at Jean Elson
Exploration programs undertaken at the Jean Elson Project during 2021-2022 included a project-wide airborne
magnetic-radiometric survey, selected ground gravity surveying and a thorough project review.
A total of 1,336km2 of detailed, 50m spaced AMAGRAD surveying was completed over the Project with 29,385 line
kilometres flown during the reporting period. A second $100,000 Geophysics and Drilling Collaboration co-funding
grant was awarded to Inca to complete this work.
Subsequent to the AMAGRAD survey, a thorough project review was undertaken by an independent, expert
consultancy. This review supported the Iron Ore Copper-Gold prospectivity of Jean Elson and also significantly
upgraded potential for Broken Hill type mineralisation similar to that which occurs nearby at the Jervois Base
Metal Deposit. New areas of interest – including Spinifex Pigeon, Whistling Kite and Kestrel, amongst others –
were identified alongside the existing Camel Creek and Mt Cornish South prospects.
To further define drill targets, a comprehensive prospect-scale geophysical program was recommended to be
completed during the 2022 field season. This included ground gravity surveying, airborne versatile time domain
electromagnetic (VTEM) surveying and selected gradient array induced polarisation (GAIP).
Ground gravity surveying covering 197km2 was completed over the Spinifex Pigeon, Kestrel and Camel Creek
prospects during the reporting period; while a VTEM survey covering 310km2 commenced post reporting period in
August 2022 with a 15km2 GAIP survey scheduled for September 2022.
Target Generation at MaCauley Creek
Exploration undertaken at the MaCauley Creek Project during 2021-2022 included a geological reconnaissance and
rock chip sampling program, detailed airborne magnetic-radiometric surveying and trial gradient array induced
polarisation surveying.
A 15 day geological reconnaissance and rock chip sampling field trip was undertaken in July 2021 covering 14
prospects across the MaCauley Creek Project with 115 rock chips samples collected. Reconnaissance work focused
on areas of interest identified in magnetic data and historical geochemical sampling, along with introductory
meetings with landowners of Ewan Hills, Zig Zag and Laroona Stations. Rock chip assays from this trip provided
further support to the copper-lead-zinc-silver prospectivity at the Project, and highlighted newer prospects area –
Wallaroo, Mt Brown and Eckleburg West – as warranting exploration alongside the better known historical mine
sites in the centre of the Project.
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8
DIRECTORS’ REPORT (continued)
Review of Operations (continued)
In November 2021, a trial program of gradient array induced polarisation surveying was undertaken at MaCauley
Creek. This is the first electrical surveying to be used at the Project and was initially planned to cover the historical
mine sites in the centre of the Project with three GAIP grids covering 4km2. Due to rainfall and difficult terrain, only
one of the three planned grids could be completed. In light of this, Inca elected to trial additional single GAIP grids
at the Wallaroo and Buchanan prospects where access was easier. It is anticipated that further GAIP surveying will
be undertaken in subsequent reporting periods once additional access tracks are constructed.
In February 2022, an airborne magnetic-radiometric survey covering 127km2 was commenced but not completed
during the reporting period due to a mechanical fault with the contractor’s light aircraft. The completion of this
survey is planned for October 2022.
NE Area Drilling at Riqueza
Inca completed a diamond core drill program at the NE Area of the Riqueza Project, covering the Antacocha I,
Antacocha II and Maihuasi mining concessions. A total of seven holes and 3,738 metres of drilling were completed
to test the Puymanpata, Pucamachay and Yanacolipa porphyry-skarn targets.
The geological (core logging data) and geochemical (assay data) results reflect the proximity of a hydrothermal
system in the NE Area of Riqueza. Low levels of copper, gold, molybdenum, lead and zinc within an altered
limestone-andesite sill sequence is positive. The occurrence of sulphide bearing structures such as faults, breccias
and vein systems is also positive. Chalcopyrite (a copper sulphide) and sphalerite (a zinc sulphide) are rare within a
broad pyrite-chlorite-sericite alteration halo.
Nevertheless, vectoring analysis indicates that hydrothermal zoning is vertical. As such, the direction towards heat
and a possible [mineralised porphyry] intrusion and skarn(s) is “downwards”. The sulphide and alteration
assemblages present in the drilling in the NE Area are believed representative of an upper propylitic zone of a
possible deep porphyry system, which is considered out of reach for conventional exploration and mining. The NE
Area of Riqueza was downgraded by Inca.
Reconnaissance at Riqueza South
During the financial year, Inca lodged competing concession applications with Anglo American Peru S.A.C. for
ground immediately south of Riqueza. The Company won three concessions including: Occorccocha I, Occorccocha
II and Ccarhua II Ccarhua II. These concessions are still in the application phase, but nevertheless add to Inca’s
granted Gutierrez II and Ccarhua I concessions to comprise Inca’s new Riqueza South Project.
The Company has conducted reconnaissance mapping and sampling programs at the new Occorccocha I,
Occorccocha II and Ccarhua II concession areas this quarter. A total of 90 samples were collected from Occorccocha
II, 53 samples were collected from Occorccocha I, and 21 samples were collected from Ccarhua II. A peak silver assay
result of 2,238g/t Ag (or 65.5ozt/t Ag) is noteworthy. Assay results from targeted outcrops revealed exceptionally
strong grades of silver (in North American parlance “bonanza grade”, meaning a silver grade ≥750g/t-800g/t) and
high grades of copper.
At the newly named Cerro Hualtasja Prospect, where four trenches were excavated, the southern-most trench
contains an average grade of 621.5g/t Ag over 5.0m (believed to be a true width) which is open ended across and
along strike. Individual samples of Trench 4 include: BM-01191 with 899g/t Ag (0.8m), BM-01192 with 134g/t Ag
(0.8m), BM-01191 with 2,238g/t Ag (0.7m), BM-01194 with 539g/t Ag (1.0m), BM-01195 with 155g/t Ag (0.9m), and BM-
01207 with 109g/t Ag (0.9m). Indeed, the lowest grade is still >3 oz/t silver.
Riqueza South is considered highly prospective for epithermal and porphyry copper-gold mineralisation and should
be considered a “stand alone” project to Riqueza.
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 2022. These ASX announcements should
be accessed and read in conjunction with this annual report. The Company’s ASX code is ICG.
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DIRECTORS’ REPORT (continued)
Review of Operations (continued)
During the report period, the Company’s payments to suppliers and employees combined with payments for
exploration and payments for project acquisitions totalled $9.247 million, of which $8.154 million (88.2%) represents
cash flows on exploration, and $1.093 million (11.8%) 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 $13,985,476 as at 30 June 2022 ($19,511,218 as at 30 June 2021).
Significant Changes in the State of Affairs
There were no 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 5th July 2022, the Company issued to directors and consultants a total of 334,812 fully paid shares for non cash.
291,419 shares were issued at a deemed price of $0.1037 per share, being for remuneration sacrifice to directors.
43,394 shares were issued at a deemed price of $0.1037 per share, being for consultant fees.
No 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.
However, the Company is currently in dispute with Bullseye Mining Limited regarding Bullseye’s obligations under
the Dingo Range Nickel Rights Agreement (3 February 2016) (NRA) and the Company’s rights under the NRA. The
NRA applies to E37/1124, E53/1377, E53/1352, E53/1380 and E53/1407, including any mining tenement(s) applied for or
granted in lieu of, renewal, extension or substitution of any of the above-mentioned tenements. At the date of this
report, the dispute is ongoing and is set to proceed to mediation.
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DIRECTORS’ REPORT (continued)
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 willful breach of duty in relation to the Company.
The premiums paid in respect of Directors’ and Officers’ insurance during the year amounted to $23,133 (2021:
$24,466). Insurance premiums have not been allocated to individual directors or key management personnel.
Options
At the date of this report, there are 114,902,665 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.
Meetings of Directors
During the financial year, 5 meetings of directors were held. Attendances by each director were as follows:
Mr Ross Brown
Mr Gareth Lloyd
Mr Jonathan West
Mr Adam Taylor
REMUNERATION REPORT (AUDITED)
Board Meetings
No. of meetings
eligible to attend
Number
attended
5
5
5
1
5
5
5
1
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.
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DIRECTORS’ REPORT (continued)
REMUNERATION REPORT (AUDITED) (continued)
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 2022, Ross Brown received a bonus of 170,879 fully paid ordinary shares to be issued at
a deemed price of 10.37 cents per share, with the issue being in relation to the partial realisation of a number of
milestones contained within his employment contract.
Key management personnel service agreements
Details of the key conditions of service agreements for key management personnel are as follows:
Commencement
Date
Notice
Period Base
Salary
Base Salary
Termination
Payments
Provided2
Ross Brown1
1 March 2012
6 months
Gareth Lloyd
September
Nil
14
2012
Jonathan West 21 January 2019
Nil
Adam Taylor
1 March 2022
Nil
$268,492
annum
per
$50,000
per
annum director
fees
$50,000
per
annum director
fees
$50,000
per
annum director
fees
Company may
The
terminate
employment at any time within the
initial term by giving 12 months’ notice
or 12 months payment in lieu
None
None
None
1 Mr Brown is engaged 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 current employment contract, Mr Brown is eligible to receive a discretionary bonus of up
to 20% of the base salary, such payment will be in the form of Company shares (issued on a 30 day VWAP) and is
based on achieving agreed performance measures. A bonus of in the form of 170,879 fully paid ordinary shares at
$0.1037 per share were issued on 5 July 2022 ($17,720) to Mr Brown in relation to the 2022 financial year.
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.
Mr Taylor has confirmed once approved at the Company’s 2022 Annual General Meeting, he will elect to have up to
50% of his cash remuneration reduced through the issue of shares, in lieu of cash consideration.
There are no other agreements with key management personnel.
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12
Total
Performance
related
compensation
as % of total
remuneration
DIRECTORS’ REPORT (continued)
REMUNERATION REPORT (AUDITED) (continued)
(a) Key management personnel compensation
2022
Short-term benefits
Name
Directors
Ross Brown
Gareth Lloyd
Jonathan
West
Adam Taylor
Totals
Salary
and fees
$
Perfor-
mance
Bonus
$
268,489
50,000
17,720
-
50,000
16,667
385,156
-
17,720
Other
$
-
-
-
-
Post-employment
benefits
Super-
annuation
Non-
monetary
benefits
$
Long
service
leave
$
$
26,849
5,000
5,000
1,667
38,516
4,922
-
-
5.5%
-
-
4,922
4.0%
-
-
-
-
2021
Short-term benefits
Post-employment
benefits
Performance
related
compensation
as % of total
remuneration
Name
Salary and
fees
Perfor-
mance
Bonus
$
Other
$
Non-
monetary
benefits
$
Super-
annuation
$
Long
service
leave
$
$
Directors
Ross Brown
Gareth Lloyd
Jonathan
West
Totals
351,795
20,000
2,400
b) Options and rights granted as remuneration
251,795
50,000
50,000
20,000
-
-
2,400
-
-
26,597
4,750
4,750
7,055
-
-
6.3%
-
-
-
-
-
-
36,097
7,055
4.7%
417,347
No options or rights were granted as remuneration during the year (2021: $nil).
c) Share Based Payments
During the year ended 30 June 2022, 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 2022)
370,879
213,550
213,550
Total $ Value of Shares
Issued
$37,720
$25,000
$25,000
Accrued Salary & Fees at 30 June 2022
to be Received in Shares
$17,720*
$6,250
$6,250
*Performance-based remuneration (excluding superannuation)
12
$
317,980
55,000
55,000
18,334
446,314
Total
$
307,847
54,750
54,750
13
DIRECTORS’ REPORT (continued)
REMUNERATION REPORT (AUDITED) (continued)
During the year ended 30 June 2021, shares received by directors in lieu of cash consideration have been issued as
follows.
Director
Shares Issued (or to be
issued at 30 June 2021)
1,040,910
372,265
372,265
*Performance-based remuneration (excluding superannuation)
Total $ Value of Shares
Issued
$48,620
$25,000
$25,000
Ross Brown
Gareth Lloyd
Jonathan West
Accrued Salary & Fees at 30 June 2021
to be Received in Shares
$20,000*
$6,250
$6,250
No other share-based payments were issued as key management personnel remuneration during the year (2021:
$nil).
Key Management Personnel Relevant Interests
The relevant interests of key management personnel in the capital of the Company at the date of this report is as
follows:
KMP
Ross Brown
Gareth Lloyd
Jonathan West
Adam Taylor
Number of Ordinary Shares
3,865,192
1,438,790
3,973,109
25,238,482
Number of Options over Ordinary Shares
151,328
62,139
150,000
8,537,172
The following tables show the movements in the relevant interests of key management personnel in the share
capital of the Company:
2022
Name
Ross Brown
Gareth Lloyd
Jonathan West
Adam Taylor
Totals
2021
Name
Ross Brown
Gareth Lloyd
Jonathan West
Totals
Opening
balance 1 July
2021
3,419,122
1,102,832
3,699,290
-
8,221,244
Additions /
Director
Appointment
275,191
275,689
213,550
25,238,482
26,002,912
Disposals /
Director
Resignation
-
-
-
-
-
Closing balance
30 June 2022
3,694,313
1,378,521
3,912,840
25,238,482
34,224,156
Opening
balance 1 July
2020 (post
consolidation)
1,965,177
279,625
2,262,500
4,507,302
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
END OF REMUNERATION REPORT
13
14
DIRECTORS’ REPORT (continued)
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 44 of the financial statements.
The Directors’ Report, incorporating the Remuneration Report, is signed in accordance with a resolution of the
Board of Directors.
Gareth Lloyd
Director
Dated at Perth this 14th day of September 2022
14
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND
OTHER COMPREHENSIVE INCOME
for the year ended 30 June 2022
Revenue
Note
2
2022
$
2021
$
194,036
2,968,688
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
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
7
3
Profit / (Loss) for the year attributable to members of
Inca Minerals Limited
Total comprehensive profit / (loss) attributable to
members of Inca Minerals Limited
(116,667)
(136,839)
(657,337)
(62,755)
(244,847)
(103,339)
(30,678)
(666,223)
19,747
(49,567)
(10,004,030)
(11,858,499)
-
(11,858,499)
(76,558)
(170,426)
(441,158)
(18,865)
(187,176)
(163,515)
(18,175)
(193,524)
(207,035)
(36,859)
-
1,455,397
-
1,455,397
-
-
418,347
(11,440,152)
,050,758)
404,639
(11,858,499)
1,455,397
(11,440,152)
404,639
Basic and profit / (loss) per share (cents)
Diluted profit / (loss) per share (cents)
13
13
(2.49)
(2.49)
0.44
0.43
The accompanying notes form an integral part of these financial statements.
15
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
as at 30 June 2022
16
Note
14(b)
5
6
7
8(a)
8(e)
9(a)
9(b)
8(e)
10
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
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
2022
$
2021
$
4,920,053
250,867
5,170,920
9,264,004
23,268
9,287,272
942,321
8,940,720
14,156
9,897,197
255,413
10,721,723
28,311
11,005,447
15,068,117
20,292,719
14,237
928,740
139,664
1,082,641
-
-
-
14,839
636,445
115,980
767,264
14,237
14,237
1,082,641
781,501
13,985,476
19,511,218
59,585,601
(45,152,001)
(767,128)
319,004
53,671,191
(33,293,502)
(1,185,475)
319,004
13,985,476
19,511,218
The accompanying notes form an integral part of these financial statements.
16
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 30 June 2022
17
Contributed
Equity
Accumulated
Losses
$
$
Foreign
Currency
Translation
Reserve
$
Share Option
Reserve
Total
$
$
41,559,456
(34,748,899)
(134,717)
32,851
6,708,691
2021
Balance at 1 July 2020
Total comprehensive loss for the
year
-
1,455,397
(1,050,758)
13,297,886
(1,186,151)
-
-
-
-
-
-
-
-
-
-
404,639
13,297,886
(1,186,151)
286,153
286,153
53,671,191
(33,293,502)
(1,185,475)
319,004
19,511,218
53,671,191
(33,293,502)
(1,185,475)
319,004
19,511,218
Total comprehensive loss for the
year
-
(11,858,499)
418,347
5,930,036
(15,626)
-
-
-
-
-
-
-
(11,440,152)
5,930,036
(15,626)
59,585,601
(45,152,001)
(767,128)
319,004
13,985,476
Shares issued during the year
Cost of equity issue
Options issued during the year
Balance at 30 June 2021
2022
Balance at 1 July 2021
Shares issued during the year
Cost of equity issue
Balance at 30 June 2022
The accompanying notes form an integral part of these financial statements.
17
CONSOLIDATED STATEMENT OF CASH FLOWS
for the year ended 30 June 2022
18
Note
14 (a)
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)
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
2022
$
2021
$
(1,092,780)
1,518
181,818
(909,444)
(497,780)
1,093
145,906
(350,781)
(8,154,207)
(724,459)
(8,878,666)
(3,414,015)
(20,405)
(3,434,420)
5,781,632
(15,956)
-
5,765,676
12,233,822
(15,956)
221,891
12,439,757
(4,022,434)
8,654,556
9,264,004
732,856
(321,517)
(123,408)
Cash and cash equivalents at the
end of the financial year
14 (b)
4,920,053
9,264,004
The accompanying notes form an integral part of these financial statements.
18
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2022
Note 1: Statement of Significant Accounting Policies
19
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 14th September
2022 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 2022, the Group incurred after tax loss of $11,858,499 (2021: profit of $1,455,397) and the Group
had net cash outflows of $3,957,851 (2021: net cash inflows of $8,654,556).
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 $4,920,053, net working capital of $4,088,279 and net
assets of $13,985,476; 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
New and Amended Accounting Policies Adopted by the Group
▪ AASB 2021-3: Amendments to Australian Accounting Standards – COVID-19 Related Rent Concessions beyond
30 June 2021
The Group has applied AASB 2021-3: Amendments to Australian Accounting Standards – COVID-19-Related Rent
Concessions beyond 30 June 2021 this reporting period.
The amendment amends AASB 16 to extend by one year, the application of the practical expedient added to
AASB 16 by AASB 2020-4: Amendments to Australian Accounting Standards – COVID-19-Related Rent
Concessions. The practical expedient permits lessees not to assess whether rent concessions that occur as a
direct consequence of the COVID-19 pandemic and meet specified conditions are lease modifications and
instead, to account for those rent concessions as if they were not lease modifications. The amendment has
not had a material impact on the Group’s financial statements.
19
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2022
Note 1: Statement of Significant Accounting Policies (continued)
20
▪ AASB 2020-8: Amendments to Australian Accounting Standards –Interest Rate Benchmark Reform – Phase 2
The Group has applied AASB 2020-8 which amends various standards to help listed entities to provide financial
statement users with useful information about the effects of the interest rate benchmark reform on those
entities’ financial statements. As a result of these amendments, an entity:
• will not have to derecognise or adjust the carrying amount of financial statements for changes required
by the reform, but will instead update the effective interest rate to reflect the change to the alternative
benchmark rate;
• will not have to discontinue its hedge accounting solely because it makes changes required by the reform,
if the hedge meets other hedge accounting criteria; and
• will be required to disclose information about new risks arising from the reform and how it manages the
transition to alternative benchmark rates. The amendment has not had a material impact on the Group’s
financials.
New and Amended Accounting Policies Not Yet Adopted by the Group
▪ AASB 2020-1: Amendments to Australian Accounting Standards – Classification of Liabilities as Current or Non-
current
The amendment amends AASB 101 to clarify whether a liability should be presented as current or non-current. The
Group plans on adopting the amendment for the reporting period ending 30 June 2024. The amendment is not
expected to have a material impact on the financial statements once adopted.
▪ AASB 2020-3: Amendments to Australian Accounting Standards – Annual Improvements 2018-2020 and Other
Amendments
AASB 2020-3: Amendments to Australian Accounting Standards – Annual Improvements 2018-2020 and Other
Amendments is an omnibus standard that amends AASB 1, AASB 3, AASB 9, AASB 116, AASB 137 and AASB 141. The
Group plans on adopting the amendment for the reporting period ending 30 June 2023. The impact of the initial
application is not yet known.
▪ AASB 2021-2: Amendments to Australian Accounting Standards – Disclosure of Accounting Policies and Definition
of Accounting Estimates
The amendment amends AASB 7, AASB 101, AASB 108, AASB 134 and AASB Practice Statement 2. These
amendments arise from the issuance by the IASB of the following International Financial Reporting Standards:
Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2) and Definition of
Accounting Estimates (Amendments to IAS 8). The Group plans on adopting the amendment for the reporting
period ending 30 June 2024. The impact of the initial application is not yet known.
▪ AASB 2021-5: Amendments to Australian Accounting Standards – Deferred Tax related to Assets and Liabilities
arising from a Single Transaction
The amendment amends the initial recognition exemption in AASB 112: Income Taxes such that it is not applicable
to leases and decommissioning obligations – transactions for which companies recognise both an asset and
liability and that give rise to equal taxable and deductible temporary differences. The Group plans on adopting
the amendment for the reporting period ending 30 June 2024. The impact of the initial application is not yet
known.
20
21
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2022
Note 1: Statement of Significant Accounting Policies (continued)
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.
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.
Government Grant
Revenue is recognised when the invoice is created and issued to appropriate state government. Prior to this, the
Company applies to the government for the grant and if awarded then a funding agreement is created between
the government and the company. It is only upon completion of the work which is detailed in the agreement that
the invoice can be issued.
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.
21
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2022
Note 1: Statement of Significant Accounting Policies (continued)
22
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.
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.
22
23
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2022
Note 1: Statement of Significant Accounting Policies (continued)
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.
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.
23
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2022
Note 1: Statement of Significant Accounting Policies (continued)
24
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.
Financial assets at fair value through other comprehensive income (FVOCI)
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’).
24
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2022
Note 1: Statement of Significant Accounting Policies (continued)
25
‘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.
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.
25
26
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2022
Note 1: Statement of Significant Accounting Policies (continued)
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.
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
Buildings
10–33%
20–33%
10-33%
20%
25%
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.
26
27
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2022
Note 1: Statement of Significant Accounting Policies (continued)
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.
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.
27
28
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2022
Note 1: Statement of Significant Accounting Policies (continued)
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.
p) Trade and Other Payables
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 $4,384,485 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.
28
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2022
Note 1: Statement of Significant Accounting Policies (continued)
29
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.
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
Consolidated
2021
$
2022
$
Interest received
Government grant received
Income received as a result of debt forgiveness -South 32 loan written back
Sale of fixed assets
1,518
181,818
-
10,700
194,036
1,325
136,815
2,830,548
-
2,968,688
29
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2022
30
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.
Profit / (loss) before income tax
Income tax expense / (benefit) at 25% (2021: 26%)
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 25% (2021: 26%)
2022
$
(11,858,501)
(2,964,625)
3,668,198
(703,680)
107
-
Consolidated
2021
$
1,455,397
378,403
(381,447)
14,905
11,861
-
41,521,025
1,235
41,522,260
26,848,233
1,235
26,849,468
10,380,565
6,980,862
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
$
2022
$
235,533
15,334
250,867
13,806
9,462
23,268
None of the trade and other receivables are past due date. There are no expected credit losses.
30
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2022
Note 6: Plant and Equipment
31
Plant and
Equipment
IT
equipment
Motor
Vehicles
Land
Buildings
Leasehold
improvements
Total
Balance at 1 July
2020
Additions /
(disposals) and
writeoffs
Depreciation /
writeback
207,841
-
56,582
2,178
on disposals*
(9,739)
(1,449)
Balance at 30
June 2021
At cost
Accumulated
depreciation
Balance at 30
June 2021
254,684
729
406,262
24,026
(151,578)
(23,297)
254,684
729
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Balance at 1 July
2021
Additions /
(disposals) and
writeoffs
Depreciation /
writeback
254,684
729
138,272
15,065
76,684
195,000
338,159
on disposals*
(64,390)
(1,579)
(5,734)
-
(4,569)
Balance at 30
June 2022
At cost
Accumulated
depreciation
Balance at 30
June 2022
328,566
14,215
70,950
195,000
333,590
544,534
39,091
76,684
195,000
338,159
(215,968)
(24,876)
(5,734)
-
(4,569)
328,566
14,215
70,950
195,000
333,590
* Inclusive of depreciation capitalised to exploration and evaluation expenditure.
-
-
-
-
207,841
58,760
(11,188)
255,413
6,213
436,501
(6,213)
(181,088)
-
-
-
-
-
-
-
-
255,413
255,413
763,180
(76,272)
942,321
1,193,468
(251,147)
942,321
31
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2022
Note 7: Exploration and Evaluation Expenditure
Costs carried forward in respect of areas of interest in the following phases:
32
Exploration and evaluation phase – at cost
Balance at 1 July
Expenditure incurred (including exchange rate movements)
Expenditure written off
Balance at 30 June
Note 8: Right-of-use Asset and Lease Liability
Consolidated
2021
$
2022
$
10,721,723
8,223,027
(10,004,030)
9,118,246
1,603,477
-
8,940,720
10,721,723
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
$
2022
$
56,623
(42,467)
14,156
56,623
(28,312)
28,311
(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
$
2022
$
14,155
1,117
15,272
14,156
1,839
15,995
Consolidated
2021
$
2022
$
(15,956)
(15,956)
The Company uses judgement in determining the lease term where the contract contains options to extend or
terminate the lease.
32
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2022
(e): Lease liability
33
Opening balance
Less: principal repayments
Add: interest expense on lease liability
Current lease liability
Non-current lease liability
Note 9(a): Trade and Other Payables (current)
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
Consolidated
2021
$
2022
$
29,076
(15,956)
1,117
14,237
14,237
-
43,193
(15,956)
1,839
29,076
14,839
14,237
Consolidated
2021
$
2022
$
395,298
533,442
-
928,740
283,521
131,033
221,891
636,445
Consolidated
2021
$
2022
$
88,770
50,894
139,664
70,018
45,962
115,980
33
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2022
Note 10: Contributed Equity
34
a) Paid up capital
481,559,927 ordinary shares (30 June 2021: 415,976,672 ordinary shares)
b) Movements in shares on issue
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
Issued 6 July 2021
Issued 6 July 2021
Issued 6 July 2021
Issued 14 July 2021
Issued 22 July 2021
Issued 28 July 2021
Issued 4 August 2021
Issued 6 August 2021
Issued 13 August 2021
Issued 1 October 2021
Issued 4 January 2022
Issued 1 April 2022
Transaction costs from issue of shares
Balance at 30 June 2022
Consolidated
2021
$
2022
$
59,585,601
53,671,191
No of shares
Paid up capital
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
189,851
200,000
4,388,543
4,518,597
10,109,427
16,902,750
12,797,187
14,197,423
1,500,000
164,467
266,731
348,279
-
481,559,927
$
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
24,737
20,000
394,969
406,674
909,848
1,521,248
1,151,747
1,277,768
135,000
18,749
30,546
38,750
(15,626)
59,585,601
c) Movements in options on issue
In relation to listed options (ASX: ICGOA) exercisable at $0.14 per option at any time up to 31 October 2022, there is
46,636,077 options outstanding over unissued ordinary shares on issue at 30 June 2022.
In relation to listed options (ASX: ICGOC) exercisable at $0.20 per option at any time up to 31 October 2023, there is
68,266,589 options outstanding over unissued ordinary shares on issue at 30 June 2022.
In relation to listed options (ASX: ICGOB) exercisable at $0.09 per option at any time up to 30 July 2021, there were
48,716,504 options were converted into shares during the year. The remaining 5,485,813 options expired.
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.
34
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2022
Note 11: Interests of Key Management Personnel
35
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 2022. 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)
Consolidated
2021
$
374,195
43,152
417,347
2022
$
402,876
43,438
446,314
(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
The number of ordinary shares in Inca Minerals Limited held by key management personnel of the Company during
the financial year is as follows.
2022
Name
Ross Brown
Gareth Lloyd
Jonathan West
Adam Taylor
Totals
2021
Name
Ross Brown
Gareth Lloyd
Jonathan West
Totals
Note 12: Related Party Transactions
Opening
balance 1 July
2021
3,419,122
1,102,832
3,699,290
-
8,221,244
Additions /
Director
Appointment
275,191
275,689
213,550
25,238,482
26,002,912
Opening
balance 1 July
2020
1,965,177
279,625
2,262,500
4,507,302
Additions
1,453,945
823,207
1,436,790
3,713,942
Disposals /
Director
Resignation
-
-
-
-
-
Disposals /
Director
Resignation
-
-
-
-
Closing balance
30 June 2022
3,694,313
1,378,521
3,912,840
25,238,482
34,224,156
Closing balance
30 June 2021
3,419,122
1,102,832
3,699,290
8,221,244
During the year ended 30 June 2022, shares received by directors in lieu of cash consideration have been issued
as follows:
Director
Shares Issued (or to be
issued at 30 June 2022)
Total $ Value of Shares
Issued
Ross Brown
Gareth Lloyd
Jonathan West
370,879
213,550
213,550
*performance-based remuneration (excluding superannuation)
$37,720
$25,000
$25,000
Accrued Salary & Fees at 30
June 2021 to be Received in
Shares
$17,720*
$6,250
$6,250
The Company has joint ventures with Jonathan West (5%) and MRG (5%) covering the Frewena tenements, these were
agreed upon in 2019. There were no other transactions and balances with directors and other key management
personnel.
35
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2022
36
Note 13: Loss Per Share
a) Basic Earnings Per Share
Consolidated
2021
$
2022
$
Profit / (loss) used in calculating basic and diluted earnings per
share
11,858,499
1,455,397
Weighted average number of ordinary shares on issue during the year used as
the denominator in calculating basic loss per share
476,113,245
327,187,811
Basic profit / (loss) per share (cents)
(2.49)
0.44
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
476,113,245
338,970,923
Diluted profit / (loss) per share (cents)
(2.49)
0.43
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
Shares issued for non cash
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
(b) Reconciliation of cash and cash equivalents
2022
$
(11,858,499)
76,272
666,223
132,780
(19,747)
10,004,030
-
-
1,117
(227,599)
292,295
23,684
(909,444)
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)
Cash balance comprises: cash assets
4,920,053
9,264,004
(c) Non-cash financing activities
During the year ended 30 June 2022, the Company did not have any non-cash financing.
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.
36
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2022
Note 15: Expenditure Commitments
37
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
2022
$
1,277,377
7,880,510
9,157,887
Consolidated
2021
$
1,749,966
7,342,225
9,092,191
In 2021, the above-included commitments related to the Group’s Riqueza project in Peru. As at 30 June 2022, these
commitments are not included because the Group terminated the agreement pertaining to this project on 16 May
2022.
At the date of the termination, the Group had met all its obligations in respect of the agreement. 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. Thus, the payments listed post 28 February 2022 detailed below are noted as no
longer payable.
The Group can confirm that there is no environmental damage caused or to be repaired by it or its contractors during
the time it carried out their mining activities. It also complied with all their obligations contracted with the
Community of Acobambilla during and after the validity of the agreement signed with said community.
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.
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.
37
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2022
38
Note 15: Expenditure Commitments (continued)
Other key terms are:
Total Mining Concession Transfer Option
& Assignment (MCTOA) Consideration
Payment Timing of MCTOA
Consideration
Mining assignment period
NSR Royalty
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 – Paid
US$100,000 on or before 30 November 2021 - Paid
US$100,000 on or before 28 February 2022 - Paid
US$100,000 on or before 31 May 2022 - No longer payable
US$100,000 on or before 31 August 2022 - No longer payable
US$100,000 on or before 30 November 2022 - No longer payable
US$200,000 on or before 28 February 2023 - No longer payable
US$352,000 on or before 19 May 2023 – No longer payable
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.
* As at the date of termination, the Group has met all applicable commitments under the agreement.
38
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2022
Note 15: Expenditure Commitments (continued)
39
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
2022
$
43,950
-
43,950
Consolidated
2021
$
36,412
169,118
205,530
Consolidated
2022
$
Consolidated
2021
$
40,000
-
40,000
19,307
-
19,307
59,307
33,000
-
33,000
11,092
-
11,092
44,092
39
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2022
Note 17: Segment Information
40
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 (2021: 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
2022
2021
Segment result
2022
2021
Segment assets
2022
2021
Segment liabilities
2022
2021
Australia
$
194,036
138,140
Peru
$
-
2,830,548
Consolidated
$
194,036
2,968,688
(814,256)
(690,717)
(11,044,243)
2,146,114
(11,858,499)
1,455,397
11,523,656
10,425,647
3,544,460
9,867,072
15,068,117
20,292,719
(1,005,056)
(498,871)
(77,585)
(282,630)
(1,082,641)
(781,501)
Depreciation and amortisation expense
2022
2021
(28,972)
(15,604)
(1,706)
(2,571)
(30,678)
(18,175)
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
Fixed interest
maturing
1 year or less
$
1 to 5 years
$
Total
$
30 June 2022
Cash and cash
equivalents
30 June 2021
Cash and cash
equivalents
0.01
4,815,632
84,411
20,000
0.01
6,973,905
2,270,099
20,000
-
-
4,920,053
9,264,004
40
41
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2022
Financial Risk Management Objectives and Policies (continued)
(b) Interest rate sensitivity analysis
At 30 June 2022, 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 $12,300 higher/lower (2021: $12,496, 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.
41
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2022
Note 18: Financial Risk Management Objectives and Policies (continued)
42
30 June 2022
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 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
Less than 6
months
$
6 months
to 1 year
$
1 to 5 years
$
Total
$
(928,740)
(14,237)
(942,977)
-
-
-
4,900,053
235,533
5,135,586
20,000
-
20,000
4,192,609
20,000
-
-
-
-
-
-
(928,740)
(14,237)
(942,977)
4,920,053
235,533
5,155,586
4,212,609
(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
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 2022
Cash and cash equivalents
Exploration and evaluation expenditure
30 June 2021
Cash and cash equivalents
Exploration and evaluation expenditure
USD
$
1,776
-
1,934,654
-
PEN
$
64,076
2,210,053
57,019
8,510,307
42
43
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2022
Note 18: Financial Risk Management Objectives and Policies (continued)
(g)
Net fair value of financial assets and liabilities
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 5th July 2022, the Company issued to directors and consultants a total of 334,812 fully paid shares for non-cash.
291,419 shares were issued at a deemed price of $0.1037 per share, being for remuneration sacrifice to directors.
43,394 shares were issued at a deemed price of $0.1037 per share, being for consultant fees.
No 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
Note 22: Share-based Payments
Country of
Incorporation
Australia
Peru
Peru
Australia
Australia
Percentage Controlled (%)
2022
2021
100
100
100
100
100
100
100
100
100
100
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 2022, 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 2022)
370,879
213,550
213,550
Total $ Value of Shares
Issued
$37,720
$25,000
$25,000
Accrued Salary & Fees at 30 June 2022
to be Received in Shares
$17,720*
$6,250
$6,250
*Performance-based remuneration (excluding superannuation)
43
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2022
44
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
2022
$
2021
$
5,096,891
19,424,182
24,521,073
9,219,660
9,695,072
18,914,732
(1,005,059)
(-)
(1,005,059)
(484,634)
(14,237)
(498,871)
23,516,014
18,415,861
59,585,601
319,004
(36,388,591)
23,516,014
53,671,191
319,004
(35,574,334)
18,415,861
(814,257)
-
(814,257)
(690,717)
-
(690,717)
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.
The Company 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 24: Company Details
The principal place of business of the Company is:
Inca Minerals Limited
Suite 1, 16 Nicholson Road
Subiaco, WA, 6008
Australia
2022
$
17,551
-
17,551
2021
$
17,551
35,102
52,653
44
45
DIRECTORS’ DECLARATION
The Directors of the Company declare that:
1.
the financial statements and notes, as set out on pages 13 to 42, 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 2022 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:
`
Gareth Lloyd
Director
Dated at Perth this 14th day of September 2022
45
AUDITOR’S INDEPENDENCE DECLARATION UNDER S 307C OF THE CORPORATIONS ACT 2001
TO THE DIRECTORS OF INCA MINERALS LIMITED
46
46
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF INCA MINERALS LIMITED
47
47
48
48
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF INCA MINERALS LIMITED
49
49
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF INCA MINERALS LIMITED
50
50
Shareholder Information
51
The shareholder information set out below is applicable as at 14 September 2022 unless otherwise stated.
CAPITAL STRUCTURE
The Company currently has issued capital of 481,894,739 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 2023. 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 as at 14 September 2022
The number of holders by size of their holding of fully paid ordinary issued shares in the Company is as follows:
SPREAD OF HOLDINGS
NUMBER OF HOLDERS
1 – 1,000
1,001 – 5,000
5,001 – 10,000
10,001 – 100,000
100,001 >999,999,999
TOTAL
82
136
380
1,081
593
2,272
NUMBER OF
UNITS
19,933
474,973
2,932,105
43,833,601
434,634,127
481,894,739
% OF TOTAL
ISSUED CAPITAL
0.004%
0.099%
0.608%
9.096%
90.193%
100%
SUBSTANTIAL SHAREHOLDERS
Adam Taylor and his associated companies and superfund are considered a substantial shareholder of the
Company and the total number of shares held as at 14 September 2022 was 25,238,482 (5.34%). A substantial
shareholder notice was released by the Company on 20 October 2021.
ESCROW
There are no Company securities subject to voluntary escrow.
UNMARKETABLE PARCELS
As at 14 September 2022 there were 658 shareholders with an unmarketable share parcel of less than 11,627
shares at the prevailing share price of 4.3 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.
51
Shareholder Information (continued)
52
TWENTY LARGEST SHAREHOLDERS
The names and details of the twenty largest quoted shareholdings in the Company as at 14 September 2022 are
as follows:
Rank
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
Name
FORTE EQUIPMENT PTY LTD
MR CHRISTOPHER ERROL SCHUH
BNP PARIBAS NOMINEES PTY LTD ACF CLEARSTREAM
MR ALEX JORDAN
JOHN HAZELDENE NOMINEE COMPANY PTY LTD
CITICORP NOMINEES PTY LIMITED
MR STEPHEN PHILIP CHEWTER + MRS MARGARET
ELIZABETH CHEWTER
MS GIOVANNA LINA GAN
MR ALLEN JAMES WILSON
MR CRAIG MICHAEL LAKE + MRS JUDITH MAY LAKE
BNP PARIBAS NOMINEES PTY LTD
EXCEL SHARES PTY LTD
T C DRAINAGE (WA) PTY LTD
MR ANTONY CHAMBERS
MR PETER JOHN FISHER + MRS LORIS JOYCE FISHER
MR ANDREW PETER FISHER
MR ROBERT SAMUEL AMBROSE HEASLOP + MISS MELANY
CORDIER
MR STEVEN LOUGHREY
DR JONATHAN PAUL WEST + MS JANET MARGARET STONE
MR PETER JOHN HANNAN
Totals: Top 20 holders of ICG ORDINARY FULLY PAID
Total Remaining Holders Balance
Units
18,732,372
12,374,309
8,769,316
8,211,935
7,647,728
7,307,089
7,272,491
7,100,000
6,433,553
6,359,000
6,274,314
5,400,000
4,800,000
4,799,528
4,775,000
4,200,000
4,110,097
4,000,000
3,973,109
3,833,333
136,373,174
345,521,565
% of Units
3.89
2.57
1.82
1.7
1.59
1.52
1.51
1.47
1.34
1.32
1.3
1.12
1
1
0.99
0.87
0.85
0.83
0.82
0.8
28.3
71.7
52
Shareholder Information (continued)
53
TWENTY LARGEST OPTION HOLDERS - ICGOA
The names and details of the twenty largest quoted option holders in the Company as at 14 September 2022 are
as follows:
Rank
Name
Units
% of Units
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
MR MARK BEVAN TILBROOK
FORTE EQUIPMENT PTY LTD
MR TARANDEEP SINGH NANDA + MRS AMANDEEP KAUR
BEDI
MR DANIEL JOHN BAKER
BUSINESS SUPER PTY LTD
MRS DESHIKA SCHREIBER
TEAM KENVYN PTY LTD
DVR INVEST PTY LTD
MR CRAIG MICHAEL LAKE + MRS JUDITH MAY LAKE
EXCEL SHARES PTY LTD
MR JASON TANG
MR SHANE ANTHONY MATCHETT + MRS MELITA ANGELA
MATCHETT
MR SCOTT MACGREGOR
JT KOOPS PTY LTD
MR STEPHEN CHEWTER
MR PAUL JAMES WHETHAM + MRS ELIZABETH WHETHAM
DR LEON EUGENE PRETORIUS
MR TYRAN JAI PREECE
MR CHRISTOPHER PAUL SAXTON
MR MICHAEL DAVID NEISH
4,264,833
3,140,000
2,000,000
1,746,149
1,665,199
1,614,000
1,500,000
1,345,148
1,121,631
1,000,000
1,000,000
823,177
660,847
656,750
600,000
600,000
600,000
565,952
500,000
500,000
9.14
6.73
4.29
3.74
3.57
3.46
3.22
2.88
2.41
2.14
2.14
1.77
1.42
1.41
1.29
1.29
1.29
1.21
1.07
1.07
Totals: Top 20 holders of ICGOA 31102022/$0.14
Total Remaining Holders Balance
25,903,686
20,732,391
55.54
44.46
53
Shareholder Information (continued)
54
TWENTY LARGEST OPTION HOLDERS - ICGOC
The names and details of the twenty largest quoted option holders in the Company as at 14 September 2022 are
as follows:
Rank
Name
Units
% of Units
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
FORTE EQUIPMENT PTY LTD
PROSPERITY FUND PTY LTD
ZAMAN PERAK PTY LTD
MR CHRISTOPHER ERROL SCHUH
GOFFACAN PTY LTD
MR ANDREW PETER FISHER
JOHN HAZELDENE NOMINEE COMPANY PTY LTD
MR DANIEL JOHN BAKER
MINTON TRADING PTY LTD
HBTM PTY LTD
BUSINESS SUPER PTY LTD
MR TIM SHANE WESTON + MRS JOANNE CLARE WESTON
HEFF SUPER PTY LTD
MR JASON TANG
MR STEVEN LOUGHREY
MR JOHN EDMUND SAINSBURY
T C DRAINAGE (WA) PTY LTD
MR PAUL JAMES GILLINGHAM
MR PAUL CAREW FLINT
ROOKHARP CAPITAL PTY LIMITED
Totals: Top 20 holders of ICGOC 31102023/$0.20
Total Remaining Holders Balance
4,444,445
3,175,220
2,550,000
2,424,243
2,415,000
2,000,000
1,818,182
1,635,499
1,500,000
1,350,000
1,295,890
1,000,454
1,000,000
1,000,000
1,000,000
970,000
952,727
888,081
863,176
849,861
33,132,778
35,133,810
6.51
4.65
3.74
3.55
3.54
2.93
2.66
2.4
2.2
1.98
1.9
1.47
1.46
1.46
1.46
1.42
1.4
1.3
1.26
1.24
48.53
51.47
54
Tenement Schedule
55
Location
Country
State
Project Name
Project
Status
Tenement
Number
Ownership
Project Name
Tenement Name
Rita Maria
Uchpanga
Uchpanga II
Uchpanga III
Picuy
Ccarhua I
Gutiérrez II
Ccarhua II
Occorcocha I
Occorcocha II
La Elegida
Puyuhuan
Huaytapata
Huaytapata Sur
Vicuna Puquio
Vicuna Puquio II
Tablamachay
Yacuna
Intihuanunan
Riqueza
Riqueza
Riqueza
Riqueza
Riqueza
Riqueza South
Riqueza South
Riqueza South
Riqueza South
Riqueza South
Cerro Rayas
Cerro Rayas
Cerro Rayas
Cerro Rayas
Cerro Rayas
Cerro Rayas
Cerro Rayas
Cerro Rayas
Cerro Rayas
QLD
QLD
MaCauley Creek
MaCauley Creek South
MaCauley Creek
MaCauley Creek North
Frewena Fable
Frewena Fable
Frewena Fable
Frewena Fable North
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Australia
Australia
Australia
Australia
Australia
Australia
Australia
Australia
Australia
Australia
Australia
Australia
Australia
Australia
Australia
Australia
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
Frewena East
Frewena East SouthEast (EL32580+EL32856)
Granted
Frewena East
Frewena East (Near Frontier)
Frewena Far East
Frewena Far East (EL32293+EL32808)
Frewena Frontier
Frewerna Frontier North
Frewena Frontier
Frewerna Frontier South Central
Frewena Frontier
Frewerna Frontier South
Granted
Granted
Granted
Granted
Granted
Lorna May
Lorna May
Application
EL32107
Lorna May
Lorna May (non-consent area)
Application
ELA33151
Jean Elson
Jean Elson West
Jean Elson
Jean Elson East
Granted
Granted
EL32485
EL32486
Jean Elson
Jean Elson Northwest
Application
EL33214
Hay River
Hay River West
Application
EL32579
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Application
Application
Application
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
010171016
010170916
010251716
010251616
010171116
010123020
010123120
010215320
010215520
010215620
010109205
010336917
010337017
010221018
010221018
010221018
010221018
010221318
010221418
EPM27124
EPM27163
EL31974
EL32287
EL33258
EL32857
EL33282
EL32688
EL32689
EL32690
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
Brillandino Minerals S.A.C.
Brillandino Minerals S.A.C.
Brillandino Minerals S.A.C.
Brillandino Minerals S.A.C.
Brillandino Minerals S.A.C.
Brillandino Minerals S.A.C.
Brillandino Minerals S.A.C.
Brillandino Minerals S.A.C.
Brillandino Minerals S.A.C.
Brillandino Minerals S.A.C.
Inca Minerales S.A.C.
Inca Minerales S.A.C.
Inca Minerales S.A.C.
Inca Minerales S.A.C.
Inca Minerales S.A.C.
Inca Minerales S.A.C.
Inca Minerales S.A.C.
Inca Minerales S.A.C.
Inca Minerales S.A.C.
Earning 90%1
Inca Minerals Limited
Earning 90%1
Inca Minerals Limited
Earning
90%2
Earning
90%2
Earning
90%2
Earning
90%2
Earning
90%2
Earning
90%2
Earning
90%2
Earning
90%2
Earning
95%3
Earning
95%3
Earning
90%4
Earning
90%4
Earning
90%4
Earning
90%5
Earning
90%5
Inca Minerals Limited
Inca Minerals Limited
Inca Minerals Limited
Inca Minerals Limited
Inca Minerals Limited
Inca Minerals Limited
Inca Minerals Limited
Inca Minerals Limited
Inca Minerals Limited
Inca Minerals Limited
Inca Minerals Limited
Inca Minerals Limited
Inca Minerals Limited
Inca Minerals Limited
Inca Minerals Limited
Australia
QLD
Hay River
Hay River East
Application
EPM27747
Australia
Australia
Australia
Australia
Australia
Australia
Australia
East Timor
East Timor
East Timor
WA
WA
WA
WA
WA
WA
WA
Dingo Range Nickel
Dingo Range Nickel
Dingo Range Nickel
Dingo Range Nickel
Dingo Range Nickel
Dingo Range Nickel
Dingo Range
Dingo Range Nickel
Dingo Range
Dingo Range South
Dingo Range
Dingo Range North
Dingo Range
Dingo Range North
Manatuto
Manatuto
Ossu
Paatal
Ossu
Paatal
Granted
Granted
Granted
Application
Application
Application
Application
Application
Application
Application
E53/1377
E53/1380
E53/1407
E53/2125
E37/1478
E53/2221
E37/1348
N/A
N/A
N/A
Ni-rights
Bullseye Mining Limited
Ni-rights
Bullseye Mining Limited
Ni-rights
Bullseye Mining Limited
Ni-rights6
Bullseye Mining Limited
100%7
100%8
Inca Minerals Limited
Inca Minerals Limited
Ni-rights9
Bullseye Mining Limited
100%
100%
100%
Inca Minerals Limited
Inca Minerals Limited
Inca Minerals Limited
Note 1: JV Agreement and Royalty Deed between Inca (90%), MRG Resources (10%) free carried to feasibility and with residual 1.5% NSR.
Note 2: JV Agreement and Royalty Deed between Inca (90%), MRG Resources (5%) and Dr J. West (5%) free carried to feasibility and with residual 1.5% NSR.
Note 3: JV Agreement and Royalty Deed between Inca (95%) and MRG Resources (5%) free carried to feasibility and with residual 1.5% NSR.
Note 4: JV Agreement and Royalty Deed between Inca (90%) and MRG Resources (10%) free carried to feasibility and with residual 1.5% NSR.
Note 5: JV Agreement and Royalty Deed between Inca (90%) and MRG Resources (10%) free carried to feasibility and with residual 1.5% NSR.
Note 6: Inca claims an interest over the tenement by virtue of Bullseye’s failure to make an Offer to Inca under clause 3.2(c) in relation to the surrender of E53/1352.
Note 7: Tenement covers the ground the subject of surrendered E37/1124.
Note 8: Tenement covers the remaining “open” ground that was the subject of surrendered E53/1352.
Note 9: Tenement covers part of the ground the subject of surrendered E37/1124. Inca claims an interest in the application by virtue of Bullseye’s failure to make an Offer to Inca under clause 3.2(c) in
relation to the surrender of E37/1124.
END OF REPORT
55