ANNUAL REPORT
2023
Inca Minerals Limited
ACN 128 512 907
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
Auditor
Stantons
40 Kings Park Road
West Perth WA 6005
Table of Contents
Chairman’s Summary
Corporate Governance Plan / Statement
Directors’ Report
Consolidated Statement of Profit or Loss and Other Comprehensive Income
Consolidated Statement of Financial Position
Consolidated Statement of Changes in Equity
Consolidated Statement of Cash Flows
Notes to the Financial Statements
Directors’ Declaration
Auditor’s Independence Declaration
Independent Auditor’s Report
Shareholder Information
List of Tenements
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3
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18
19
46
47
48
52
55
1
Chairman’s Summary
Dear Fellow Shareholders,
I would like to again thank shareholders for their support through what has been a challenging year
for Inca but one that, with some housekeeping behind us, helps us look forward to the future.
Inca has had some significant changes within the business, and I thank all Inca staff for their
continued efforts while Inca is running a very lean structure, putting in the extra where required to
get Inca on a path to realising value for shareholders. I thank all staff members but give special
mention to my fellow board members who are putting in significant additional effort over and above
what a normal Non-Executive would be doing again as we work to push the company forward.
Inca will continue to move to position itself in commodities that
will benefit from the tailwind that is the transition of the worlds
energy systems. I believe that this will be the key narrative that
we will see for the next generation and that companies that are
able to generate meaningful projects that tap into commodities
required for energy transition put themselves in the best position
to outperform. We are continually reviewing opportunities in this
space and have chosen to pass on many, but shareholders may
have seen some recent evidence of where Inca wants to head,
and we will continue to make more moves in this direction in the
future.
We are very frustrated not to have been able to drill at the Jean
Elson Project yet and this is still very much a high priority in the
thinking of the company. We hope to have cleared the hurdles
from achieving this soon.
Whilst we are disappointed with the performance of Inca over the past couple of years, you can be
assured that we are working as hard as possible to turn this around for shareholders. We are
challenging ourselves internally and working well as a team to understand the failures of the past
and make the necessary changes for the future. What has not changed is the calibre and prospectivity
of the company’s projects and we will do everything possible to try and ensure that this potential is
realised for shareholders.
Thank you again for the support, it is not lost on us that we need to repay that support in the future.
Kind regards.
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
3
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 2023.
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, Non-Executive Chairman
• 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 was appointed as a director on 1 March 2022 and was appointed Non-Executive Chairman, in July 2022, when the
Managing Director resigned. He 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 was appointed 14 September 2012, and 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 Hartley’s 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 was appointed as a Director on 21 January 2019, and 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.
4
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 Managing Director (who was appointed 8 March 2012) and of Urcaguary Pty Ltd
(Urcaguary), the Company’s fully owned subsidiary. 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
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 year ended 30 June 2023 was loss $1,448,826 (2022: loss of
$11,858,499).
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.
Review of Operations
During the year ended 30 June 2023, the Company completed several important programs, including but not limited to,
the maiden Australian drill program at Frewena Far East and Frewena East on the Barkly Tableland in the Northern
Territory.
In addition, the results of completed geophysical surveys (GAIP, VTEM) at the Jean Elson project in the East Arunta region
of the Northern Territory were assessed and several strong drill targets identified for follow up. These targets are now
the subject of planned drilled programs at the Camel Creek and Spinifex pigeon prospects, which will likely take place in
Q1, 2024.
5
DIRECTORS’ REPORT (continued)
Review of Operations (continued)
Frewena Project
The Frewena drilling program was finalised early in the reporting period and subsequently work involving core logging,
cutting and sampling was completed in late 2022, together with an internal review of the geology, alteration and available
assay results, from all the Frewena drill core.
Drillholes FW220002/2A, FW220006, FW220009 and FW220010 completed within the Mount Lamb gravity and magnetic
trend, all return zones of subtle anomalous polymetallic geochemistry (Cu, Fe, Co, As, Pb, P and Zn) hosted in graphitic-
pyritic shales and metasediments, correlating with pyrrhotite, silicification, carbonate and magnetite IOCG-style
alteration. As well as highly anomalous copper results in a number of holes, the large intercepts of anomalous copper in
holes FW20009 are considered most encouraging. FW220004 completed within the Jumping Spider Prospect returned
patchy but anomalous levels of Cu, As, Co, Fe and Zn in hematite-chlorite-carbonate-biotite altered meta-volcanics, plus
sediment-hosted phosphorus (P) within the Georgina Sedimentary Basin. These metal and alteration associations are
considered very positive and demonstrate a fertile mineral system and are considered indicative of potential for discovery
of IOCG and SEDEX mineral systems.
The geochemical signatures of the various sections of core sampled and assayed, which contain halos of gold, silver,
copper, lead and zinc, in association with magnetite and haematite alteration, are unequivocal−they are indicative of an
Iron Oxide Copper Gold (IOCG) system(s) being present at Mount Lamb. There is also some indication, in a number of
holes at Mt Lamb, that SEDEX style geology is present.
The mineralised hydrothermal system identified at Mount Lamb bears strong resemblance to the classic IOCG model,
including zonation of haematite, magnetite, and sodic alteration, enrichment of Au-Ag-Cu-Fe and associated metals Bi-
Mo-As, together with significant veining, brecciation, and faulting of Proterozoic host lithologies. Pleasingly, the scale of
magnetic and gravity anomalies at Mount Lamb compares favourably to known IOCG systems elsewhere in the Northern
Territory, Queensland, and South Australia.
Inca continues to collate and review all recent exploration results for the Frewena project with a view to determining
future exploration priorities. The potential for discovery of significant mineralisation is considered high, however the
“buried” nature of the various identified targets means that the exploration needed to find a mineralised body will be
both expensive and complex. Accordingly, the company remains focused on securing a joint venture with a party that
has the technical and financial capacity to fast track this exploration.
Frewena East and Frewena Frontier tenements
Across the southern and eastern half of the Frewena Group Project (Frewena East and Frewena Frontier tenements), the
Company received the results of the NT government co-funded airborne geophysics magnetic and radiometric
(AMAGRAD) survey. The 29,385 line-kilometre survey was co-funded by the Northern Territory Department of Primary
Industry and Resources (NTPIR) for $100,000 under its Geophysics and Drilling Collaborations Program.
The AMAGRAD data identified a number of compelling targets for future exploration, most notably for phosphate
mineralisation. In fact, the highlight of the first half of the year was the review of past exploration which has indicated
the occurrence of significant amounts of potential phosphate mineralisation on Inca ground. Inca reviewed this gravity
data and has recognised gravity anomalies interpreted as basin structures. Tellingly, these basin structures mimic the
characteristics of the same basin structure that hosts the Wonarah Phosphate Deposit.
There are five basin structures wholly or partly within Inca ground that have been identified to date that warrant
investigation. The most prominent of the five are two that are located northeast and north-northwest of Wonarah.
The basin northeast of Wonarah (on Inca’s Frewena Frontier Project) is particularly interesting in that it has not been
drilled. It has an area roughly 50% - 75% larger than that of the basin that hosts Wonarah. The basin north-northwest of
Wonarah is approximately 100% larger than the Wonarah basin. The Company investigated the potential of a JORC-
compliant phosphate Exploration Target being present at Frewena and reported on this in January 2023. The reported
phosphate Exploration Target is projected to be 452.9 to 761.1 million tonnes with a grade range of 14.7 to 17.9% P2O5.
The phosphate Exploration Target sits in the Frewena East project area (EL 32587) and surrounds the phosphate resource
that has been declared for the Arruwurra deposit owned by Avenira.
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DIRECTORS’ REPORT (continued)
Review of Operations (continued)
In addition to the extensive phosphate potential identified at Frewena East, from both the AMAGRAD survey and a review
of historical exploration results, a potential phosphate bearing basin was identified on the Frewena Frontier ground. This
potential basin is larger than the area currently holding the significant Arruwurra deposit and represents an exciting
target for the Company.
The phosphate occurrences at Frewena East were independently assessed in terms of qualifying as a JORC-compliant,
clause 17, Exploration Target. The full criteria involved in the calculation of the Exploration Targets (past data
descriptions, parameters and calculations, in accordance with the JORC Code 2012 Edition, clause 17) were provided in
the ASX January release on 23 January 2023 where an exploration target range for the three areas reviewed was
determined. The Company is not aware of any new information or data that may materially affect the information
included in the relevant market announcement being this financial statement.
The company plans to drill this phosphate potential at both Frewena east and Frewena Frontier in the coming year and
work is progressing to secure both the Cultural heritage Clearance Agreement with the relevant traditional owner group
and a land access Agreement with the landowner to allow for application for the Mine management Plan (MMP)
necessary for drilling.
Frewena Fable
During the reporting period the company was advised that it received a GDC co-funding grant, from the Northern
Territory Government, for assistance in drilling a strong gravity target at the Alpaca Hill project. Planning for this drilling,
which is scheduled for later 2023 was undertaken.
Jean Elson Project
Inca received an independent report, based on a number of geophysical surveys undertaken, outlining additional Tier-1
and Tier-2 scale targets at its 90%-owned Jean Elson Project in the Northern Territory. In addition to the two known
mineralised targets at the Camel Creek (Ningaloo) Prospect and the Mt Cornish South Prospect, six new high-priority
targets have been identified. Following this finding, the Company undertook further geophysical surveys at Jean Elson.
A GAIP and VTEM geophysical surveys were completed at Jean Elson. Also, a co-funded VTEM geophysical survey, was
undertaken and data interpreted, leading to the identification of drill targets at the Camel Creek and Spinifex Pigeon
targets, which have now been scheduled for drill-testing in Q1, 2024.
During the year, Inca also expanded the Jean Elson Project area through the application of a 216-block (679km2)
Exploration Licence (EL) and this tenure was granted in early 2023. The new EL33214 extends immediately west and north-
west from the original project area, with the Jean Elson Project now covering some 2,142km2 making Inca one of the
largest tenure holders in the region.
A brief mapping and sampling program was completed at Jean Elson in November 2022, including parts of the new
tenement EL33214, with a number of new mineral occurrences found and 44 rock chip samples collected for assay. The
most promising Cu results are from the Bonya West Prospect where mineralised lodes (veins) were identified. The Bonya
West prospect is located in Inca’s new EL33214. The numerous historical mineral occurrences that are recorded within
the vicinity of EL33214 was the compelling reason for the Oct-Nov 2022 fieldtrip. The fieldtrip was highly successful with
the discovery of an array of mineralised lodes (veins) some 170m wide with five individual veins up to 20m true width.
Assay results were positive. Multiple possible new prospect areas in the new (western most) Exploration License
(EL33214) and a new prospect area southeast of Camel Creek were also investigated. The Jean Elson October-November
2022 field trip resulted in a number of important results:
•
•
•
The identification of strong copper mineralisation coinciding with known geophysical and mineralised prospects,
Camel Creek and Whistling Kite.
The identification of strong copper mineralisation in new areas on the new Jean Elson Exploration Licence
EL33214.
The geochemical association of Cu, Ag, Co, Pb, Zn, P, As, Bi, Cd, Mo, Fe, Mg, Ti, and U with low levels of REEs.
This geochemical association is indicative of skarn and/or skarnoid mineralisation.
7
DIRECTORS’ REPORT (continued)
Review of Operations (continued)
The company has also received approval for drilling with the receipt of a Mine management Plan (MMP) and subject to
final clearance on Cultural heritage clearance, which is still being progressed, will be in a position to commence drilling in
the 2023-2024 year.
MaCauley Creek Project
At the Company’s MaCauley Creek project in Queensland, mapping and sampling programs were completed in the
December quarter with 71 rock chips collected and assayed. Numerous new outcrops of copper mineralisation were also
identified and mapped. Results of the 71 rock chip samples were reported to the market, and many samples returned
strong copper results. An AMAGRAD survey that was previously commenced at MaCauley Creek was completed in the
2022 December quarter with AMAGRAD interpretations identifying a strong magnetic anomaly at the Wallaroo prospect
in EPM 27163.
Following data modelling and collation of geological, geochemical and geophysical information, a 10-hole RC drill
program was completed at the Wallaroo prospect in late July to early August 2023, targeting outcropping copper
mineralisation mainly as malachite and azurite coincident with magnetics and chlorite-epidote-biotite alteration. Samples
from the program were submitted to ALS Townsville for multi-element analysis and results are pending.
Peru
In Peru, at Riqueza, additional ground was acquired towards the south, following the identification of bonanza grade
silver and percentage level copper mineralisation in mapping and sampling. Now referred to as Riqueza South, two key
mining concessions (concessions) that form a central part of the Company’s highly prospective Riqueza South Project
were granted in late 2022. The Occorccocha II and Ccarhua II concessions were granted after a prolonged approval
process which followed Inca’s award of mining concession closed bids (competing against Anglo American). The
protracted granting phase following the award was entirely procedural. Anglo American, that was also awarded
concessions in the immediate area, has no claim over the Occorccocha II and Ccarhua II concessions.
Occorccocha II and Ccarhua II are located immediately south of Riqueza (the Uchpanga III concession is the southern-
most that makes up Riqueza). They occupy a central and strategic position along the well-established northwest-
southeast trending epithermal-porphyry-skarn Chonta-Fault mineralised corridor. The twin copper-gold epithermal and
copper-gold porphyry Huancullo deposits occur immediately adjacent to Inca’s granted Ccarhua I concession.
Reconnaissance mapping identified multiple zones of mineralisation associated with pervasive epithermal style
alteration; breccias and/or structures. The conclusion was that Inca had delineated a 14km strike length of contiguous
epithermal-related copper and silver mineralisation associated with the Chonta Fault System. The volcanic rocks of the
Castrovirreyna Formation and Sacsaquero Group dominate the geology of Riqueza South. The entire sequence is affected
by several rhyolitic-rhyodacitic domes (sub-volcanic intrusions, or stocks) which are believed to be controlled by the
northwest-southeast regional structures of the Chonta Fault System. The occurrence of intrusive domes makes this area
similar to the Alternation Ridge Prospect at Riqueza, which hosts a very large and altered rhyolitic dome. Broad alteration
zones were identified during mapping (confirming satellite interpretations) which are believed to be related to northeast-
southwest trending structures and intrusive stocks. These argillic alteration zones host Fe-oxides and Mn-oxides as well
as visible secondary copper mineralisation (malachite, azurite and chrysocolla), and “non-visible” bonanza-grade silver
mineralisation, elevated levels of lead, zinc, molybdenum and gold.
The occurrence of copper-silver mineralisation in cross-cutting northeast-southwest structures makes this area similar to
the Cuncayoc Copper and Huasijaja prospects at Riqueza, and importantly, makes the various Riqueza South prospects,
similar to the Huancullo epithermal and porphyry deposits, that both have topographic NE-SW orientations, NE-SW
geology and structural alignment. The large structures that cut across the Chonta Fault System are believed to be fertile
locations for intrusives and therefore intrusive-related mineralisation (epithermal, porphyry and skarn styles).
Huancullo and other prospects in the vicinity along the Chonta system, are currently being explored by Anglo American
and First Quantum. Interestingly, BHP, that once owned the Kenita copper-molybdenum prospect immediately
northwest of Riqueza, is set to now expand its exploration effort in Peru.
8
DIRECTORS’ REPORT (continued)
Review of Operations (continued)
During the year, the Company’s payments to suppliers and employees combined with payments for exploration and
payments for project acquisitions totalled $4.597 million, of which $2.700 million (58.7%) represents cash flows on
exploration, and $1.897 million (41.3%) 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 $12,930,458 as at 30 June 2023 ($13,985,476 as at 30 June 2022).
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 2023, the Company issued to directors and consultants a total of 1,495,508 fully paid shares for non cash.
716,853 shares were issued at a deemed price of $0.0218 per share, being for remuneration sacrifice to directors. 778,655
shares were issued at a deemed price of $0.0218 per share, being for consultant fees.
On 3rd August 2023, the Company’s sale of its Mt Isa property settled. This meant a receipt of $668,540 (after sales
commission and other related costs). The contract was a sale and lease back agreement where the Company is still able
to use the property under the lease to 30 April 2026.
On 4th September 2023, the Company announced the signing of a tenement sale and purchase agreement with North
West Iron Pty Ltd for the acquisition of EL 80/5904 which is currently under application with the WA Department of
Mines, Industry Regulation and Safety. As consideration, Inca will issue 6 million ordinary shares of which 1 million were
issued on 6th September 2023 with the remaining to be issued within 30 days of signing of the agreement. The shares
issued and to be issued are at a deemed price of $0.018 per share.
Likely Developments and Expected Results
The Company expects to maintain the present status and level of operation and hence there is no likely unwanted
developments in the entities operations.
Environmental Issues
The Company is subject to environmental regulation in respect of its exploration activities in Australia and Peru. The
Company ensures that appropriate standard of environmental care is achieved and, in doing so, that it is aware of, and it
is in compliance with all environmental legislation. The Directors of the Company are not aware of any breach of
environmental legislation of 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 on-going but it has not reached a decision to proceed with Court.
9
DIRECTORS’ REPORT (continued)
Review of Operations (continued)
Material Business Risks
• Access to and dependence on Capital Raisings
Inca Minerals Limited is currently an exploration company where it relies mainly on funding in the form of capital raisings
from shareholders, government funding in terms of grants for exploration work conducted and joint venture funding
when sharing the costs of exploring an area of interest. There are outside market factors involved in capital raising and
thus it is dependent on various factors for investors to commit funds and thus support the Company in doing so.
• No guarantees with an exploration company of profitability
There is no guarantee of discovering resources on a scale that makes development and production feasible and therefore
there is no guarantee that the Company will become or remain profitable.
•
Exploration Risks
The projects that the Company holds are exciting (see Operations Review) and it continues to explore for tier-1
mineralisation. However the current and future operations of the Company including exploration, appraisal and possible
production activities may be affected by a range of factors including: (i) geological conditions; (ii) limitations on activities
due to seasonal weather patterns; (iii) unanticipated operational and technical difficulties encountered in drilling and
production activities; (iv) mechanical failure of operating plant and equipment, adverse weather conditions, industrial
and environmental incidents and other force majeure events; (v) unexpected shortages or increases in the costs of
consumables, spare parts, plant and equipment
•
Share price fluctuations
Specifically, share market conditions may affect the securities irrespective of operating performance. This can be the
general economic climate, acts of war or terrorism impacting on market confidence, movements in interest rates,
fluctuations in currency rates and commodity prices, changes in market sentiment and the requirement of the Company
from time to time for capital.
• Geopolitics
With operations in Peru, the Company is affected by the in-country risks of Peru. The country has faced severe political
instability and civil unrest since 2017, an election is due to take place in 2024 which could affect business environments.
The areas where Inca’s tenements are and our office and employees have not been affected by this but it is still a risk for
the Group.
Indemnification of Officers and Insurance premiums
The Company has paid premiums to insure the directors against liabilities for costs and expenses incurred by them in
defending legal proceedings arising from their conduct while acting in the capacity of director of the Company, other
than conduct involving a wilful breach of duty in relation to the Company.
The premiums paid in respect of Directors’ and Officers’ insurance during the year amounted to $22,854 (2022: $23,133).
Insurance premiums have not been allocated to individual directors or key management personnel.
Options
At the date of this report, there are 68,266,588 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.
10
DIRECTORS’ REPORT (continued)
Review of Operations (continued)
Meetings of Directors
During the financial year, 6 meetings of directors were held. Attendances by each director were as follows:
Mr Ross Brown
Mr Gareth Lloyd
Mr Jonathan West
Mr Adam Taylor
Board Meetings
No. of meetings
eligible to attend
Number
attended
1
6
6
6
1
6
6
6
REMUNERATION REPORT (AUDITED)
This report outlines the remuneration arrangements in place for directors and executives of the Company.
Remuneration Policy
The remuneration policy of Inca Minerals Limited aligns director and executive objectives with shareholder and business
objectives by providing a fixed remuneration component and, where the Board believes it appropriate, may also include
specific long-term incentives based on key performance areas affecting the Company’s ability to attract and retain the
best executives and directors to run and manage the Company.
The remuneration policy setting out the terms and conditions for the executive directors and other senior executives
was developed by the Board. All executives receive a base salary (which is based on factors such as ability and
experience). The Board reviews executive packages annually by reference to the economic entity’s performance,
executive performance, and comparable information from industry sectors and other listed companies in similar
industries. The performance of the executive directors is measured against the objective of promoting growth in
shareholder value.
The Board may exercise discretion in relation to approving incentives, bonuses, and options. The policy is designed to
attract the highest calibre of executives and reward them for performance that results in long-term growth in
shareholder wealth. Executives may, where the Board believes it appropriate, participate in employee share and option
arrangements.
The Board policy is to remunerate directors at market rates for comparable companies for time, commitment and
responsibilities. The Board determines payments to directors and regularly reviews their remuneration based on market
practice, duties and accountability. Independent external advice is sought when required. No external advice was sought
during the report period. The maximum aggregate amount of fees that can be paid to non-executive directors is subject
to approval by shareholders in a general meeting (currently $240,000 per annum).
Performance Based Remuneration
For the year ended 30 June 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 realisation of a number of milestones
contained within his employment contract. There was no bonus issued for the year end 30 June 2023.
11
DIRECTORS’ REPORT (continued)
REMUNERATION REPORT (AUDITED) (continued)
Key management personnel service agreements
Details of the key conditions of service agreements for key management personnel are as follows:
Commencement
Date
Notice
Period Base
Salary
Base Salary
Termination
Payments
Provided
Ross Brown1
1 March 2012
6 months
$268,492 per
annum
Gareth Lloyd
14 September
2012
Jonathan West
21 January 2019
Adam Taylor
1 March 2022
Nil
Nil
Nil
$50,000 per annum
director fees
$50,000 per annum
director fees
$50,000 per annum
director fees
The Company may terminate
employment at any time within the
initial term by giving 12 months’
notice or 12 months payment in lieu
None
None
None
1 Mr Brown was engaged under a contract of employment with the Company. The contract was not extended beyond 1
March 2023. A bonus 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 and 23 November 2022 (for Mr Taylor), shareholders approved
the ability for the Company to undertake a future issue of directors’ remuneration-sacrifice shares. 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 $25,000 for Mr Taylor, Mr Lloyd and for
Mr West.
There are no other agreements with key management personnel.
(a) Key management personnel compensation
2023
Short-term benefits
Post-employment
benefits
Name
Salary
and fees
Perfor-
mance
Bonus
Other
(Annual
Leave)
Non-
monetary
benefits
Super-
annuation
Long
service
leave
Total
Performance
related
compensation
as % of total
remuneration
Directors
Ross Brown
Gareth Lloyd
Jonathan
West
Adam Taylor
Totals
$
166,945
50,000
50,000
50,000
316,945
$
-
-
-
-
-
$
7,667
-
-
7,667
$
-
-
-
-
$
$
18,334
5,250
44,750
-
5,250
5,250
34,084
-
44,750
-
-
-
-
$
237,696
55,250
55,250
55,250
403,446
The salary and fees plus super of Ross Brown is for the period 1 July 2022 to 28 February 2023.
12
DIRECTORS’ REPORT (continued)
REMUNERATION REPORT (AUDITED) (continued)
2022
Name
Short-term benefits
Post-employment
benefits
Salary
and fees
$
Perfor-
mance
Bonus
Other
Non-
monetary
benefits
Super-
annuation
Long
service
leave
Total
Performance
related
compensation
as % of total
remuneration
Directors
Ross Brown
Gareth Lloyd
Jonathan
West
Adam Taylor
Totals
$
268,489
50,000
17,720
-
50,000
16,667
385,156
-
17,720
$
-
-
-
-
b) Options and rights granted as remuneration
$
-
-
-
-
$
$
26,849
5,000
5,000
1,667
38,516
4,922
-
5.5%
-
-
-
4,922
4.0%
$
317,980
55,000
55,000
18,334
446,314
No options or rights were granted as remuneration during the year (2022: $nil).
During the year ended 30 June 2023, shares received by directors in lieu of cash consideration have been issued as follows.
Director
Total $ Value of Shares
Issued
Ross Brown
Gareth Lloyd
Jonathan West
Adam Taylor
$17,720
$25,000
$12,500
$25,000
Accrued Salary & Fees at 30
June 2023 to be Received in
Shares
-
$6,250
$3,125
$6,250
Shares to be issued at 30
June 2023
-
286,741
143,371
286,741
During the year ended 30 June 2022, shares received by directors in lieu of cash consideration have been issued as follows.
Director
Total $ Value of Shares
Issued
Ross Brown
Gareth Lloyd
Jonathan West
$37,720
$25,000
$25,000
Accrued Salary & Fees at 30
June 2022 to be Received in
Shares
$17,720*
$6,250
$6,250
Shares Issued (or to be
issued at 30 June 2022)
370,879
213,550
213,550
*Performance-based remuneration (excluding superannuation)
No other share-based payments were issued as key management personnel remuneration during the year (2022: $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
Gareth Lloyd
Jonathan West
Adam Taylor
Number of Ordinary Shares
2,313,659
4,410,545
29,900,275
Number of Options over Ordinary Shares
62,139
150,000
5,397,172
13
DIRECTORS’ REPORT (continued)
REMUNERATION REPORT (AUDITED) (continued)
The following tables show the movements in the relevant interests of key management personnel in the share capital
of the Company:
2023
Name
Ross Brown
Gareth Lloyd
Jonathan West
Adam Taylor
Totals
2022
Name
Ross Brown
Gareth Lloyd
Jonathan West
Adam Taylor
Totals
Opening
balance 1 July
2022
3,694,313
1,378,521
3,912,840
25,238,482
34,224,156
Additions
(through
salary
sacrifice and
purchases)
-
648,397
354,334
4,375,052
5,377,783
Director
Resignation
Closing balance
30 June 2023
(3,694,313)
-
-
-
(3,694,313)
-
2,026,918
4,267,174
29,613,534
35,907,626
Opening
balance 1 July
2021
3,419,122
1,102,832
3,699,290
-
8,221,244
END OF REMUNERATION REPORT
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
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 18.
Auditor’s Independence Declaration
We have obtained an Auditor’s Independence Declaration. Please refer to “Auditor’s Independence Declaration”
included on page 45 of the financial statements.
The Directors’ Report, incorporating the Remuneration Report, is signed in accordance with a resolution of the Board of
Directors.
Adam Taylor
Chairman
Dated at Perth this 15th day of September 2023
14
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND
OTHER COMPREHENSIVE INCOME
for the year ended 30 June 2023
Note
2023
$
2022
$
Revenue
2
106,634
194,036
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
8
3
(150,000)
(116,667)
(113,616)
(136,839)
(543,942)
(657,337)
(46,112)
(62,755)
(295,255)
(244,847)
(83,745)
(113,152)
(103,339)
(30,678)
(54,978)
(666,223)
(7,631)
19,747
(13,405)
(49,567)
(133,624)
(10,004,030)
(1,448,826)
(11,858,499)
-
-
(1,448,826)
(11,858,499)
Items that will not be reclassified to profit or loss
-
-
Items that may be reclassified subsequently to profit or
loss
Exchange differences on
translation of
foreign
operations, net of tax
Total comprehensive profit / (loss)
303,878
418,347
(1,144,948)
(11,440,152)
Profit / (Loss) for the year attributable to members of
(1,448,826)
(11,858,499)
Inca Minerals Limited
Total comprehensive profit / (loss) attributable to
(1,144,948)
(11,440,152)
members of Inca Minerals Limited
Basic and profit / (loss) per share (cents)
Diluted profit / (loss) per share (cents)
15
15
(0.30)
(0.30)
(2.49)
(2.49)
The accompanying notes form an integral part of these financial statements.
15
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
as at 30 June 2023
ASSETS
Current Assets
Cash and cash equivalents
Trade and other receivables
Held for sale asset
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
Loan payable
Total Current Liabilities
Non-Current Liabilities
Lease liability
Provisions
Total Non-Current Liabilities
TOTAL LIABILITIES
Note
16 (b)
5
6
7
8
9(a)
9(e)
10(a)
10(b)
11
9(e)
10(b)
2023
$
2022
$
795,186
84,476
520,136
1,399,798
4,920,053
250,867
-
5,170,920
316,030
11,851,809
31,857
12,199,696
942,321
8,940,720
14,156
9,897,197
13,599,494
15,068,117
16,274
116,412
17,580
500,000
650,266
15,648
3,122
18,770
14,237
928,740
139,664
-
1,082,641
-
-
-
669,036
1,082,641
NET ASSETS
12,930,458
13,985,476
EQUITY
Contributed equity
Accumulated losses
Foreign currency translation reserve
Share Option Reserve
TOTAL EQUITY
12
59,675,531
(46,462,111)
(463,250)
180,288
59,585,601
(45,152,001)
(767,128)
319,004
12,930,458
13,985,476
The accompanying notes form an integral part of these financial statements.
16
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 30 June 2023
Contributed
Equity
Accumulated
Losses
Foreign
Currency
Translation
Reserve
Share Option
Reserve
Total
$
$
$
$
$
53,671,191
(33,293,502)
(1,185,475)
319,004
19,511,218
-
-
-
(11,858,499)
-
-
418,347
(11,858,499)
418,347
5,930,036
(15,626)
-
-
-
-
-
-
-
-
-
(11,858,499)
418,347
(11,440,152)
5,930,036
(15,626)
59,585,601
(45,152,001)
(767,128)
319,004
13,985,476
59,585,601
(45,152,001)
(767,128)
319,004
13,985,476
-
-
-
(1,448,826)
-
-
303,878
(1,448,826)
303,878
89,930
-
-
138,716
-
-
-
-
-
-
(1,448,826)
303,878
(1,144,948)
89,930
(138,716)
-
59,675,531
(46,462,111)
(463,250)
180,288
12,930,458
2022
Balance at 1 July 2021
Loss attributable to members of
the Company
Other comprehensive income for
the year
Total comprehensive loss for the
year
Shares issued during the year
Cost of equity issue
Balance at 30 June 2022
2023
Balance at 1 July 2022
Loss attributable to
members of the Company
Other comprehensive
income for the year
Total comprehensive loss
for the year
Shares issued during the
year
Expiry of share options
Balance at 30 June 2023
The accompanying notes form an integral part of these financial statements.
17
CONSOLIDATED STATEMENT OF CASH FLOWS
for the year ended 30 June 2023
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
Repayment of lease liability
Proceeds received from loan facility drawn down
Net cash from financing activities
Net increase/ (decrease) in cash held
Cash and cash equivalents at the beginning of
the financial year
Effect of exchange rate changes on cash and cash
equivalents
Cash and cash equivalents at the
end of the financial year
Note
16
2023
$
2022
$
(1,896,804)
22,401
90,909
(1,783,494)
(1,092,780)
1,518
181,818
(909,444)
(2,699,769)
-
(2,699,769)
(8,154,207)
(724,459)
(8,878,666)
-
(16,084)
500,000
483,916
5,781,632
(15,956)
-
5,765,676
(3,999,347)
(4,022,434)
4,920,053
9,264,004
(125,520)
(321,517)
16 (b)
795,186
4,920,053
The accompanying notes form an integral part of these financial statements.
18
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2023
Note 1: Statement of Significant Accounting Policies
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 15th September
2023 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 2023, the Group incurred after tax loss of $1,448,826 (2022: loss of $11,858,499) and the Group had
net cash outflows of $3,999,347 (2022: net cash outflows of $4,022,434).
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 $795,186, net working capital of $749,532 and net assets of
$12,930,458; and
The ability of the Group to raise capital by the issue of additional shares under the Corporation Act 2001, the
Company will endevour to raise capital in the short to medium term and based on its previous results, the
Company is confident in doing so; 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 2020-3: Amendments to Australian Accounting Standards – Annual Improvements 2018-2020 and Other
Amendments
The Entity adopted AASB 2020-3 which makes some small amendments to a number of standards including the
following: AASB 1, AASB 3, AASB 9, AASB 116, AASB 137 and AASB 141. The adoption of the amendment did not have
a material impact on the financial statements.
AASB 2021- 7a: Amendments to Australian Accounting Standards – Effective Date of Amendments to AASB 10 and
AASB 128 and Editorial Corrections.
AASB 2020-7a: makes various additional corrections to a number of standards effective for reporting periods
beginning on or after 1 January 2022. The adoption of the amendment did not have a material impact on the
financial statements.
19
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2023
Note 1: Statement of Significant Accounting Policies (continued)
New and Amended Accounting Policies Not Yet Adopted by the Entity
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 along with the
adoption of AASB 2022-6. The amendment is not expected to have a material impact on the financial statements
once adopted.
AASB 2022-6: Amendments to Australian Accounting Standards – Non-current Liabilities with Covenants
AASB 2022-6 amends AASB 101 to improve the information an entity provides in its financial statements about
liabilities arising from loan arrangements for which the entity’s right to defer settlement of those liabilities for at
least 12 months after the reporting period is subject to the entity complying with conditions specified in the loan
arrangement. It also amends an example in Practice Statement 2 regarding assessing whether information about
covenants is material for disclosure. 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 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.
AASB 2021-7c: Amendments to Australian Accounting Standards – Effective Date of Amendments to AASB 10 and
AASB 128 and Editorial Corrections
AASB 2021-7c defers the mandatory effective date (application date) of amendments to AASB 10 and AASB 128
that were originally made in AASB 2014-10: Amendments to Australian Accounting Standards – Sale or
Contribution of Assets between an Investor and its Associate or Joint Venture so that the amendments are
required to be applied for annual reporting periods beginning on or after 1 January 2025 instead of 1 January 2018.
The Group plans on adopting the amendments for the reporting periods ending 30 June 2024 and 30 June 2026.
The impact of initial application is not yet known.
AASB 2022-7: Editorial Corrections to Australian Accounting Standards and Repeal of Superseded and Redundant
Standard
AASB 2022-7 makes editorial corrections to the following standards: AASB 7, AASB 116, AASB 124, AASB 128,
AASB 134 and AASB as well as to AASB Practice Statement 2. It also formally repeals superseded and redundant
Australian Account Standards as set out in Schedules 1 and 2 to the Standard. The Group plans on adopting the
amendments for the reporting period ending 30 June 2024. The amendment is not expected to have a material
impact on the financial statements once adopted.
20
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2023
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.
Income Tax
c)
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 2023
Note 1: Statement of Significant Accounting Policies (continued)
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.
a)
Mining tenements are carried at cost, less accumulated impairment losses.
Mining Tenements and Exploration and Evaluation Expenditure
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
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2023
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 2023
Note 1: Statement of Significant Accounting Policies (continued)
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 2023
Note 1: Statement of Significant Accounting Policies (continued)
‘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.
Impairment of Assets
f)
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
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2023
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.
Goods and Services Tax
i)
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
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2023
Note 1: Statement of Significant Accounting Policies (continued)
Contributed Equity
j)
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.
Leases
l)
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.
Segment Reporting
n)
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.
Trade and Other Receivables
o)
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.
27
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2023
Note 1: Statement of Significant Accounting Policies (continued)
p) Non-current assets held for sale,
Non-current assets and disposal groups are classified as held for sale and generally measured at the lower of carrying
amount and fair value less costs to sell, where the carrying amount will be recovered principally through sale as
opposed to continued use. No depreciation or amortisation is charged against assets classified as held for sale.
Classification as “held for sale” occurs when: management has committed to a plan for immediate sale; the sale is
expected to occur within one year from the date of classification; and active marketing of the asset has commenced.
Such assets are classified as current assets.
A discontinued operation is a component of an entity, being a cash-generating unit (or a group of cash-generating
units), that either has been disposed of, or is classified as held for sale, and: represents a separate major line of
business or geographical area of operations; is part of a single coordinated plan to dispose of a separate major line of
business or geographical area of operations; or is a subsidiary acquired exclusively with the view to resale.
Impairment losses are recognised for any initial or subsequent write-down of an asset (or disposal group) classified
as held for sale to fair value less costs to sell. Any reversal of impairment recognised on classification as held for sale
or prior to such classification is recognised as a gain in profit or loss in the period in which it occurs.
q) 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.
Foreign Currency Transactions Balances
r)
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 2023
Note 1: Statement of Significant Accounting Policies (continued)
Foreign Currency Transactions Balances continued
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.
Critical Accounting Estimates and Other Accounting Judgements
s)
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.
t) Comparative Figures
When required by Accounting Standards, comparative figures have been adjusted to conform to changes in
presentation for the current financial year.
Note 2: Revenue
Interest received
Government grant received
Sale of fixed assets1
Consolidated
2023
$
22,401
90,909
(6,676)
106,364
2022
$
1,518
181,818
10,700
194,036
1 The amount shown in FY 2023 relates to expenses incurred pre-sale of the property at Mt Isa. The sale of the property
was completed on 3 August 2023.
29
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2023
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% (2022: 25%)
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% (2022: 25%)
Consolidated
2023
$
(1,448,826)
(362,206)
2022
$
(11,858,501)
(2,964,625)
989,643
(631,331)
(3,894)
-
3,668,198
(703,680)
107
-
45,479,594
1,235
45,480,829
41,521,025
1,235
41,522,260
11,370,207
10,380,565
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
2023
$
71,331
13,145
84,476
2022
$
235,533
15,334
250,867
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 2023
Note 6: Held for Sale Asset
Current
Land and Buildings
2023
$
520,136
520,136
Consolidated
2022
$
-
-
On 11 May 2023, the Company announced that it has listed its Mount Isa property under a sale and leaseback
arrangement. The lease terms for the Company (once Inca becomes the lessor) are at a commercial rate. The sale
is expected to unlock additional short-term liquidity.
On 9th June 2023, via an ASX announcement, the Company confirmed that a contract had been signed at an agreed
sale price of $700,000 (before sales commission and other related costs). The deposit has been received whilst at
the time of the announcement the contract was pending finance being secured by the buyer and settlement of
final funds was expected in mid to late July 2023.
Thus, by applying AASB 5, as at 30 June 2023, the land and buildings which were previously recorded as “plant and
equipment” were recorded as “an asset held for sale”. The sale was completed on 3 August 2023.
31
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2023
Note 7: Plant and Equipment
Plant and
Equipment
IT
equipment
Motor
Vehicles
Land
Buildings
Total
254,684
729
-
-
-
255,413
138,272
15,065
76,684
195,000
338,159
763,180
(64,390)
(1,579)
(5,734)
-
(4,569)
(76,272)
328,566
14,215
70,950
195,000
333,590
942,321
544,534
39,091
76,684
195,000
338,159
1,193,468
(215,968)
(24,876)
(5,734)
-
(4,569)
(251,147)
328,566
14,215
70,950
195,000
333,590
942,321
328,566
14,215
70,950
195,000
333,590
942,321
(10,257)
-
-
(195,000)
(325,136)
(530,393)
(63,302)
(4,971)
(19,171)
255,007
9,244
51,779
-
-
(8,454)
(95,898)
-
316,030
Balance at 1 July
2021
Additions /
(disposals) and
writeoffs
Depreciation/
writeback
on disposals*
Balance at 30 June
2022
At cost
Accumulated
depreciation
Balance at 30 June
2022
Balance at 1 July
2022
Additions /
(disposals) and
transfers
Depreciation/
writeback
on disposals*
Balance at 30 June
2023
At cost
534,277
39,091
76,684
195,000
338,159
1,183,211
Accumulated
depreciation
Additions /
(disposals) and
transfers
Balance at 30 June
2023
(279,270)
(29,847)
(24,905)
-
(13,023)
(347,045)
-
-
-
(195,000)
(325,136)
(520,136)
255,007
9,244
51,779
-
-
316,030
* Inclusive of depreciation capitalised to exploration and evaluation expenditure.
32
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2023
Note 8: Exploration and Evaluation Expenditure
Costs carried forward in respect of areas of interest in the following phases:
Exploration and evaluation phase – at cost
Balance at 1 July
Expenditure incurred (including exchange rate movements)
Expenditure written off
Balance at 30 June
Note 9: Right-of-use Asset and Lease Liability
Consolidated
2023
$
2022
$
8,940,720
3,044,713
(133,624)
10,721,723
8,223,027
(10,004,030)
11,851,809
8,940,720
The Company’s lease portfolio includes the Perth office lease. The average term of the lease is 1-2 years with an
option to extend for an additional 2 years. On 6 June 2023, the lease was extended for 2 years to 6 June 2025.
(a): Carrying value
Balance at inception of the lease
Addition to Right-of-use Asset (extension)
Accumulated depreciation
Consolidated
2023
$
14,156
33,242
(15,541)
31,857
2022
$
56,623
-
(42,467)
14,156
(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
2023
$
15,541
527
16,068
2022
$
14,155
1,117
15,272
Consolidated
2023
$
2022
$
(16,084)
(15,956)
117
The Company uses high sight in determining the lease term where the contract contains options to extend or
terminate the lease.
33
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2023
(e): Lease liability
Opening balance
Addition to Right-of-Use Asset (extension)
Less: principal repayments
Add: interest expense on lease liability
Current lease liability
Non-current lease liability
Note 10(a): Trade and Other Payables (current)
Trade and other creditors
Accrued liabilities
None of the payables are past due date.
Note 10(b): Provisions
Current
Annual leave
Long service leave
Non-current
Annual leave
Long service leave
Note 11: Loan Payable
Related party Loan - Director
Consolidated
2023
$
14,237
33,242
(16,084)
527
31,922
16,274
15,648
2022
$
29,076
-
(15,956)
1,117
14,237
14,237
-
Consolidated
2023
$
75,787
40,625
116,412
2022
$
395,298
553,442
948,740
Consolidated
2023
$
17,580
-
17,580
-
3,122
3,122
2022
$
88,770
50,894
139,664
-
-
-
Consolidated
2023
$
500,000
500,000
2022
$
-
-
On 11 May 2023, the Company announced that a director related entity had agreed to provide the Company with a
loan facility of A$500,000. On 30 June 2023, the Company completed a draw-down of the full amount of the loan
facility being $500,000. The interest will be charged from this date.
The loan funds will be used towards the planned exploration activities in the 2023 field season.
34
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2023
Note 11: Loan Payable continued.
The facility description is as follows:
Loan amount
$500,000
Maturity date
11 May 2024
Security
Unsecured
Interest rate
RBA rate plus 4% on a compound interest basis
Repayment date
The repayment date is 12 months from the first draw-down.
Lender
Adam Taylor
Note 12: Contributed Equity
a) Paid up capital
483,514,473 ordinary shares (30 June 2022: 481,559,927 ordinary shares)
b) Movements in shares on issue
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
Issued 5 July 2022
Issued 1 October 2022
Issued 25 November 2022
Issued 3rd January 2023
Issued 3rd April 2023
Balance at 30 June 2023
c) Movements in options on issue
Consolidated
2023
$
2022
$
59,675,531
59,585,601
No of shares
Paid up capital
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
334,812
168,098
261,478
529,058
661,100
483,514,473
$
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
34,720
9,375
14,585
15,625
15,625
59,675,531
In relation to listed options (ASX: ICGOC) exercisable at $0.20 per option at any time up to 31 October 2023, there is
68,266,588 options outstanding over unissued ordinary shares on issue at 30 June 2023.
35
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2023
Note 12: Contributed Equity continued.
d) Ordinary shares
Ordinary shares have the right to receive dividends as declared and, in the event of winding up of the Company,
to participate in the proceeds from the sale of all surplus assets in proportion to the number of and amounts
paid up on shares held.
Note 13: Interests of Key Management Personnel
a) Key management personnel compensation
Refer to the Remuneration Report contained in the Director’s Report for details of the remuneration paid to each
member of the Company’s key management personnel for the year ended 30 June 2023. The totals of remuneration
paid to key management personnel of the Company during the year are as follows:
Short-term employee benefits (i)
Post-employment benefits (ii)
(i) Includes payments for salaries, director fees, consulting fees and allowances.
(ii) Includes superannuation contributions and long service leave entitlements.
b) Key management personnel shareholdings
Consolidated
2023
$
324,612
78,834
403,336
2022
$
402,876
43,438
446,314
The number of ordinary shares in Inca Minerals Limited held by key management personnel of the Company during
the financial year is as follows.
2023
Name
Ross Brown
Gareth Lloyd
Jonathan West
Adam Taylor
Totals
2022
Name
Ross Brown
Gareth Lloyd
Jonathan West
Adam Taylor
Totals
Opening
balance 1 July
2022
3,694,313
1,378,521
3,912,840
25,238,482
34,224,156
Additions
(through
salary
sacrifice and
purchases)
-
648,397
354,334
4,375,052
5,377,783
Director
Resignation
Closing balance
30 June 2023
(3,694,313)
-
-
-
(3,694,313)
-
2,026,918
4,267,174
29,613,534
35,907,626
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
36
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2023
Note 14: Related Party Transactions
During the year ended 30 June 2023, shares received by directors in lieu of cash consideration have been issued as
follows:
Director
Total $ Value of Shares
Issued
Ross Brown
Gareth Lloyd
Jonathan West
Adam Taylor
$17,720
$25,000
$12,500
$25,000
*$17,720 performance-based remuneration
Accrued Salary & Fees at 30
June 2023 to be Received in
Shares
-
$6,250
$3,125
$6,250
Shares to be issued at 30
June 2023
-
286,741
143,371
286,741
The Company has joint ventures with Jonathan West (5%) and MRG (5%) covering the Frewena tenements, these
were agreed upon in 2019.
During the year, the Company obtained a loan from an entity related to Adam Taylor. Refer to Note 11 for further
details.
There were no other transactions and balances with directors and other key management personnel.
Note 15: Loss Per Share
a) Basic Earnings Per Share
Profit / (loss) used in calculating basic and diluted earnings
per share
Consolidated
2023
$
2022
$
(1,448,826)
(11,858,499)
Weighted average number of ordinary shares on issue during the year used as
the denominator in calculating basic loss per share
482,171,856
476,113,245
Basic profit / (loss) per share (cents)
(0.30)
(2.49)
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
482,171,856
476,113,245
Diluted profit / (loss) per share (cents)
(0.30)
(2.49)
37
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2023
Note 16: 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
Interest on lease liability
Write off of PPE
Changes in assets and liabilities
Decrease / (increase) 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
Cash balance comprises: cash assets
2023
$
(1,448,826)
111,441
54,978
89,930
7,631
133,624
527
32,100
166,391
(812,328)
(118,962)
(1,783,494)
2022
$
(11,858,499)
76,272
666,223
132,780
19,747
10,004,321
1,117
-
(227,599)
292,295
23,684
(909,444)
795,186
4,920,053
(c) Non-cash financing activities
During the year ended 30 June 2023, the Company did not have any non-cash financing.
During the year ended 30 June 2022, the Company did not have any non-cash financing.
Note 17: Expenditure Commitments
The Group has certain commitments to meet minimum expenditure requirements on the mineral exploration assets
in which it has an interest. These commitments are optional and only required if the Company wishes to maintain its
rights of earn-in or rights of tenure. Outstanding exploration commitments for not later than one year and for
between one and five years are as follows:
Not later than one year
Between one and five years
Consolidated
2023
$
1,533,714
1,107,804
2,641,518
Consolidated
2022
$
1,277,377
7,880,510
9,157,887
38
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2023
Note 17: Expenditure Commitments Continued.
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:
Consolidated
2022
$
43,950
-
43,950
Consolidated
2023
$
46,774
16,042
62,816
Not later than one year
Between one and five years
Note 18: 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
Consolidated
2023
$
2022
$
40,000
3,000
43,000
18,584
-
18,584
61,584
40,000
-
40,000
19,307
-
19,307
59,307
39
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2023
Note 19: Segment Information
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. Segment revenues are allocated based on the country in which the party is located. Operating revenues
of approximately Nil (2022: 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
2023
2022
Segment result
2023
2022
Segment assets
2023
2022
Segment liabilities
2023
2022
Depreciation and amortisation expense
2023
2022
Australia
$
106,634
194,036
Peru
$
-
-
Consolidated
$
106,634
194,036
(777,744)
(814,256)
(671,082)
(11,044,243)
(1,448,826)
(11,858,499)
9,378,311
11,523,656
4,221,183
3,544,460
13,599,494
15,068,117
(653,201)
(1,005,056)
(63,822)
(28,972)
(15,835)
(77,585)
(49,330)
(1,706)
(669,036)
(1,082,641)
(113,152)
(30,678)
Note 20: Financial Risk Management Objectives and Policies
(a)
Interest rate risk
The Company’s exposure to interest rate risk which is the risk that a financial instruments value will fluctuate as a
result of changes in market interest rates and the effective weighted average interest rate for each class of financial
assets and financial liabilities as set out below:
Weighted
average
interest
rate (%)
Non-
interest
bearing
Floating
interest
rate
$
$
Fixed interest
maturing
1 year or less
$
Fixed interest
maturing
1 to 5 years
$
Total
$
0.78
525,836
208,950
60,400
-
795,186
0.01
4,815,632
84,411
20,000
-
4,920,053
30 June 2023
Cash and cash
equivalents
30 June 2022
Cash and cash
equivalents
40
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2023
Note 20: Financial Risk Management Objectives and Policies Continued.
(b) Interest rate sensitivity analysis
At 30 June 2023, 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 $32,326 higher/lower (2022: $12,300)
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 2023
Note 20: Financial Risk Management Objectives and Policies (continued)
30 June 2023
Financial liabilities due
for payment
Trade and other payables
Lease liabilities
Loan Payable
Financial assets – cash
flows realisable
Cash assets
Trade and other receivables
Net (outflow)/inflow on
financial instruments
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
Less than 6
months
$
6 months
to 1 year
$
1 to 5 years
$
Total
$
(116,412)
(8,036)
-
(124,448)
-
(8,238)
(500,000)
(508,238)
-
(15,648)
-
(15,648)
(116,412)
(31,922)
(500,000)
(648,334)
734,786
84,476
819,262
60,400
-
60,400
-
-
-
795,186
84,276
879,662
694,814
(447,838)
(15,648)
231,328
(928,740)
(14,237)
(942,977)
4,900,053
235,533
5,135,586
-
-
-
20,000
-
20,000
-
-
-
-
-
-
(928,740)
(14,237)
(942,977)
4,920,053
235,533
5,155,586
4,192,609
20,000
-
4,212,609
There were no other 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 2023
Cash and cash equivalents,
Exploration and evaluation expenditure
30 June 2022
Cash and cash equivalents
Exploration and evaluation expenditure
42
USD
$
14,089
-
1,776
-
PEN
$
30,569
2,922,687
64,076
2,210,053
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2023
Note 28: 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 21: Events Subsequent to Reporting Date
On 5th July 2023, the Company issued to directors and consultants a total of 1,495,508 fully paid shares for non cash.
716,853 shares were issued at a deemed price of $0.0218 per share, being for remuneration sacrifice to directors.
778,655 shares were issued at a deemed price of $0.1037 per share, being for consultant fees.
On 3rd August 2023, the Company’s sale of its Mt Isa property settled. This meant a receipt of $ $668,540 (after
sales commission and other related costs). The contract was a sale and lease back agreement where the Company
is still able to use the property under the lease to 30 April 2026.
On 4th September 2023, the Company announced the signing of a tenement sale and purchase agreement with
North West Iron Pty Ltd for the acquisition of EL 80/5904 which is currently under application with the WA
Department of Mines, Industry Regulation and Safety. As consideration, Inca will issue 6 million ordinary shares of
which 1 million were issued on 6th September 2023 with the remaining to be issued within 30 days of signing of the
agreement. The shares issued and to be issued are at a deemed price of $0.018 per share.
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 22: Contingent Liabilities
There are no contingent liabilities at reporting date.
Note 23: Controlled Entities
Subsidiaries of Inca Minerals Limited:
Urcaguary Pty Ltd
Inca Minerales S.A.C.
Brillandino S.A.C.
Hydra Minerals Ltd
Dingo Minerals Pty Ltd
Country of
Incorporation
Australia
Peru
Peru
Australia
Australia
Percentage Controlled (%)
2023
2022
100
100
100
100
100
100
100
100
100
100
43
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2023
Note 24: Share-based Payments
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 2023, 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
Total $ Value of Shares
Issued
Ross Brown
Gareth Lloyd
Jonathan West
Adam Taylor
$17,720 *
$25,000
$12,500
$25,000
Accrued Salary & Fees at 30
June 2023 to be Received in
Shares
-
$6,250
$3,125
$6,250
Shares to be issued at 30
June 2023
-
286,741
143,371
286,741
*: Performance based remuneration paid issued in this financial year but related to the previous year.
Note 25: 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
2023
$
2022
$
1,316,375
22,123,628
23,440,003
5,096,891
19,424,182
24,521,073
(621,702)
(31,499)
(653,201)
(1,005,057)
-
(1,005,057)
22,786,802
23,516,016
59,675,531
180,288
(37,069,017)
22,786,802
59,585,603
319,004
(36,388,591)
23,516,016
(819,144)
-
(819,144)
(814,257)
-
(814,257)
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.
44
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2023
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:
2023
$
17,500
16,042
33,542
2022
$
17,551
-
17,551
Not later than one year
Between one and five years
Note 26: Company Details
The principal place of business of the Company is:
Inca Minerals Limited
Suite 1, 16 Nicholson Road
Subiaco, WA, 6008
Australia
45
DIRECTORS’ DECLARATION
The Directors of the Company declare that:
1.
2.
the financial statements and notes, as set out on pages 13 to 43, are in accordance with the Corporations
Act 2001 and:
a.
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 2023 and of the performance for the
year ended on that date of the Group;
b.
the Directors have been given the declarations required by s295A of the Corporations Act 2001 that:
a.
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.
b.
c.
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:
Adam Taylor
Director
Dated at Perth this 15th day of September 2023
46
AUDITOR’S INDEPENDENCE DECLARATION UNDER S 307C OF THE CORPORATIONS
ACT 2001
TO THE DIRECTORS OF INCA MINERALS LIMITED
47
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF INCA MINERALS LIMITED
48
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF INCA MINERALS LIMITED
49
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF INCA MINERALS LIMITED
50
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF INCA MINERALS LIMITED
51
Shareholder Information
The shareholder information set out below is applicable as at 15 September 2023 unless otherwise stated.
CAPITAL STRUCTURE
The Company currently has issued capital of 486,009,981 fully paid ordinary shares. The Company has also issued
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 15 September 2023
The number of holders by size of their holding of fully paid ordinary issued shares in the Company is as follows:
SPREADS OF HOLDINGS
1 - 1,000
1,001 - 5,000
5,001 - 10,000
10,001 - 100,000
100,001 - 999,999,999,999
TOTAL
NUMBER OF
HOLDERS
84
126
348
980
579
2,117
NUMBER OF UNITS
19,736
435,952
2,670,384
39,693,357
443,190,552
486,009,981
% OF TOTAL ISSUED
CAPITAL
0.00%
0.09%
0.55%
8.17%
91.19%
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 15 September 2023 was 29,900,275 (6.15%). 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 15 September 2023 there were 918 shareholders with an unmarketable share parcel of less than 23,809
shares at the prevailing share price of 2.1 cents per share.
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.
52
Shareholder Information (continued)
TWENTY LARGEST SHAREHOLDERS
The names and details of the twenty largest quoted shareholdings in the Company as at 15 September 2023 are
as follows:
Rank Name
ADAM TAYLOR
1
2 MR CHRISTOPHER ERROL SCHUH
BNP PARIBAS NOMS PTY LTD
3
MR STEPHEN PHILIP CHEWTER + MRS MARGARET ELIZABETH
CHEWTER
4
BNP PARIBAS NOMINEES PTY LTD ACF CLEARSTREAM
5
6 MRS LORIS JOYCE FISHER + MR PETER JOHN FISHER
7 MS GIOVANNA LINA GAN
8 MR ALLEN JAMES WILSON
JOHN HAZELDENE NOMINEE COMPANY PTY LTD
9
10 MR CRAIG MICHAEL LAKE + MRS JUDITH MAY LAKE
11 EXCEL SHARES PTY LTD
12 CITICORP NOMINEES PTY LIMITED
13 MR PETER JOHN FISHER + MRS LORIS JOYCE FISHER
14 MR ANTONY CHAMBERS
15 MR STEVEN LOUGHREY
16 MRS SANDRA COLLI
DR JONATHAN WEST + MS JANET MARGARET STONE
17
18 CEDARFORD PTY LTD
19 WHATLEY PTY LTD
20 ROSS CURTIS BROWN
Units % of Units
6.15
2.55
2.27
29,900,275
12,374,309
11,015,115
8,461,096
8,243,316
8,225,000
8,000,000
7,898,003
7,647,728
7,350,000
5,600,000
5,497,886
5,075,000
4,799,528
4,500,000
4,420,662
4,410,545
4,285,000
4,000,000
3,865,192
1.74
1.7
1.69
1.65
1.63
1.57
1.51
1.15
1.13
1.04
0.99
0.93
0.91
0.91
0.88
0.82
0.8
Totals: Top 20 holders of ICG ORDINARY FULLY PAID
Total Remaining Holders Balance
Total Holders Balance
155,568,655
330,441,326
486,009,981
32.01
67.99
100
53
Shareholder Information (continued)
TWENTY LARGEST OPTION HOLDERS - ICGOC
The names and details of the twenty largest quoted option holders in the Company as at 15 September 2023 are as follows:
Rank Name
FORTE EQUIPMENT PTY LTD
PROSPERITY FUND PTY LTD
1
2
3 MR ANDREW PETER FISHER + MRS LORIS JOYCE FISHER
4
ZAMAN PERAK PTY LTD
5 MR CHRISTOPHER ERROL SCHUH
6 MR JEREMY RICHARD SHARMAN
7 MR PAUL ROBERT HAYNES
JOHN HAZELDENE NOMINEE COMPANY PTY LTD
8
9 MINTON TRADING PTY LTD
10 HBTM PTY LTD
11 BUSINESS SUPER PTY LTD
12 MRS SWETHA ORAMPADU
13 MR TIM SHANE WESTON + MRS JOANNE CLARE WESTON
14 MR JOHN EDMUND SAINSBURY
15 HEFF SUPER PTY LTD
16 MR STEVEN LOUGHREY
17 T C DRAINAGE (WA) PTY LTD
18 GOFFACAN PTY LTD
19 MR PAUL JAMES GILLINGHAM
20 MR PAUL CAREW FLINT
Totals: Top 20 holders of ICGOC 31102023/$0.20
Total Remaining Holders Balance
Total Holders Balance
Units
4,444,445
4,175,220
3,333,333
2,550,000
2,424,243
2,010,785
1,956,473
1,818,182
1,500,000
1,350,000
1,295,890
1,011,110
1,000,454
1,000,000
1,000,000
1,000,000
952,727
949,614
888,081
863,176
35,523,733
32,742,855
68,266,588
% of Units
6.51
6.12
4.88
3.74
3.55
2.95
2.87
2.66
2.2
1.98
1.9
1.48
1.47
1.46
1.46
1.46
1.4
1.39
1.3
1.26
52.04
47.96
100
54
Tenement Schedule
Location
Project Name
Country
State
Project Name
Tenement Name
Australia
QLD
MaCauley Creek
MaCauley Creek South
Australia
QLD
MaCauley Creek
MaCauley Creek North
Frewena Fable
Frewena Fable
Frewena Fable
Frewena Fable North
Project Status
Tenement
Ownership
Granted
Granted
Granted
Granted
EPM27124
Earning 90%1
Inca Minerals Limited
EPM27163
Earning 90%1
Inca Minerals Limited
EL31974
Earning 90%2
Inca Minerals Limited
EL32287
Earning 90%2
Inca Minerals Limited
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
NT
Frewena East
Frewena East SouthEast (EL32580+EL32856)
Granted
EL33258
Earning 90%2
Inca Minerals Limited
Frewena East
Frewena East (Near Frontier)
Frewena East
Frewena East
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
Granted
EL32857
Earning 90%2
Inca Minerals Limited
EL32795
Earning 90%2
Inca Minerals Limited
EL33282
Earning 90%2
Inca Minerals Limited
EL32688
Earning 90%2
Inca Minerals Limited
EL32689
Earning 90%2
Inca Minerals Limited
EL32690
Earning 90%2
Inca Minerals Limited
Lorna May
Lorna May
Application
EL32107
Earning 95%3
Inca Minerals Limited
Lorna May
Lorna May (non-consent area)
Application
ELA33151
Earning 95%3
Inca Minerals Limited
Jean Elson
Jean Elson West
Jean Elson
Jean Elson East
Jean Elson
Jean Elson Northwest
Granted
Granted
Granted
EL32485
Earning 90%4
Inca Minerals Limited
EL32486
Earning 90%4
Inca Minerals Limited
EL33214
Earning 90%4
Inca Minerals Limited
Hay River
Hay River West
Application
EL32579
Earning 90%5
Inca Minerals Limited
Australia
QLD
Hay River
Hay River East
Granted
EPM27747
Earning 90%5
Inca Minerals Limited
Australia
WA
Dingo Range Nickel
Dingo Range Nickel
Granted
E53/1377
Ni-rights
Bullseye Mining Limited
Australia
WA
Dingo Range Nickel
Dingo Range Nickel
Granted
E53/1380
Ni-rights
Bullseye Mining Limited
Australia
WA
Dingo Range Nickel
Dingo Range Nickel
Granted
E53/1407
Ni-rights
Bullseye Mining Limited
Australia
WA
Dingo Range Nickel
Dingo Range Nickel
Application
E53/2125
Ni-rights6
Bullseye Mining Limited
Australia
WA
Dingo Range
Dingo Range South
Application
E37/1478
100%7
Inca Minerals Limited
Australia
WA
Dingo Range
Dingo Range North
Application
E37/1348
Ni-rights8
Bullseye Mining Limited
Australia
WA
Bramhill Hills
Bramall Hills
Application
E80/5904
100%
Inca Minerals Limited
Note 1: JV Agreement and Royalty Deed between Inca (90%), MRG Resources (10%) free-carried to feasibility and with residual 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 5% NSR.
Note 3: JV Agreement and Royalty Deed between Inca (95%) and MRG Resources (5%) free-carried to feasibility and with residual 5% NSR.
Note 4: JV Agreement and Royalty Deed between Inca (90%) and MRG Resources (10%) free-carried to feasibility and with residual 5% NSR.
Note 5: JV Agreement and Royalty Deed between Inca (90%) and MRG Resources (10%) free-carried to feasibility and with residual 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 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.
55
Tenement Schedule (continued)
Location
Project Name
Country
State
Project Name
Tenement Name
Project Status
Tenement
Number
Ownership
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
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
Rita Maria
Uchpanga
Granted
010171016
100%
Brillandino Minerals S.A.C.
Granted
010170916
100%
Brillandino Minerals S.A.C.
Uchpanga II
Granted
010251716
100%
Brillandino Minerals S.A.C.
Uchpanga III
Granted
010251616
100%
Brillandino Minerals S.A.C.
Picuy
Granted
010171116
100%
Brillandino Minerals S.A.C.
Ccarhua I
Granted
010123020
100%
Brillandino Minerals S.A.C.
Gutiérrez II
Granted
010123120
100%
Brillandino Minerals S.A.C.
Ccarhua II
Granted
010215320
100%
Brillandino Minerals S.A.C.
Occorcocha I
Application
010215520
100%
Brillandino Minerals S.A.C.
Occorcocha II
Granted
010215620
100%
Brillandino Minerals S.A.C.
La Elegida
Puyuhuan
Huaytapata
Huaytapata Sur
Vicuna Puquio
Vicuna Puquio II
Tablamachay
Yacuna
Intihuanunan
Granted
010109205
100%
Inca Minerales S.A.C.
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
010336917
100%
Inca Minerales S.A.C.
010337017
100%
Inca Minerales S.A.C.
010221018
100%
Inca Minerales S.A.C.
010221018
100%
Inca Minerales S.A.C.
010221018
100%
Inca Minerales S.A.C.
010221018
100%
Inca Minerales S.A.C.
010221318
100%
Inca Minerales S.A.C.
010221418
100%
Inca Minerales S.A.C.
END OF REPORT
56