Inca Minerals : Review of drill-hole FW220009 at the Mount Lamb NE prospect

Iron Oxide Copper-Gold(IOCG) style alteration and sulphide occurrences (pyrite, pyrrhotite, chalcopyrite, sphalerite) recorded in drill hole FW220009, drilled at the Mount Lamb NE prospect

FW220009 intersected Alroy Fm. sediments with haematite-chlorite, carbonate-haematiteand quartz-chlorite-pyriteveined schist, shale and siltstone in its upper levels with rare to trace chalcopyrite (<1%-1%)

Magnetite-richsiltstone zones intersected at 319-350mand 595-700massociated with silicification and abundant quartz, carbonate, chlorite, pyrite (1%-15%)and rare-tracechalcopyrite (<1%-1%)

Strong dolomitic alteration zones intersected at 450-595mand 700-740mand host variable levels of pyrite (1%-15%),pyrrhotite (1%-10%)and rare-tracechalcopyrite (<1%-1%)and sphalerite (<1%-1%)

Strong pyrrhotite (10%-25%)and pyrite (10%-25%)with variable rare-tracechalcopyrite (<1%-1%)and rare sphalerite (<1%) intersected in graphitic schist from 700m to end-of-holeat 1,051m

Alteration and observed sulphides in FW220009 expands the IOCG footprint to >2km strike distance in this portion of Mount Lamb NE and confirms Inca's exploration model and robust geophysical modelling

FW220010, being drilled 2.2km WNW of FW220007 and FW220009, is currently at 440.3m and has intersected a thick interval of altered, silicified, porphyritic granite-granodiorite-dioriteintrusive rocks from 189m down-hole

Follow-updrill hole FW220009 at Mount Lamb Northeast intersects further zoned haematite and magnetite IOCG-style

alteration with sulphides observed over +800m down-hole

IOCG FOOTPRINT EXPANDS AT THE MOUNT LAMB NE PROSPECT

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Targeting a new generation of Tier-1 mineral discoveries in Peru and Australia

onlyASX Announcement │ 14 July 2022 │ ASX: ICG

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Further to its ASX announcements of 6 April, 9 May, 1 June, 6 June and 4 July 2022, Inca Minerals Limited (ASX: ICG) is pleased to advise that review of drill-hole, FW220009, at the Mount Lamb NE prospect, completed as part of its reconnaissance program at the Frewena Group Project in the Northern Territory, is now complete.

FW220009 was drilled to a total depth of 1,051.0m, comprising a Reverse Circulation (RC) pre-collar of 136.4m and a diamond tail of 914.6m.

FW220009 was drilled as a follow-up of the highly encouraging hole FW220007 which, as announced 6 June, intersected a +500m down- hole interval of zoned haematite and magnetite IOCG-style alteration with visual observations of copper, lead and zinc sulphides.

ForThe Company is pleased to report that FW220009 intersected wide intervals of zoned haematite, magnetite and dolomite alteration, with visual observations of rare-trace(<1%-1%) copper and zinc sulphides (chalcopyrite, sphalerite).

Of the metal sulphides of economic importance, both the chalcopyrite and sphalerite occur as blebs within veins and as disseminations.

Figure 1: Haematite-chlorite banded schist with quartz-carbonate- haematite veining with ex-sulphides at 222m (left), silicification with chlorite, pyrite, haematite, and trace chalcopyrite at 338m (centre), and magnetite-rich siltstone with garnet, pyrrhotite, pyrite, and chalcopyrite at 595m (right) in FW220009.

Suite 1/16 Nicholson Road, Subiaco, WA 6008

Telephone: [phone]

Website: www.incaminerals.com.au │ ABN: 36 128 512 907

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Table 1: Drill-holeparameters of FW220009 and FW220010 at the Mount Lamb NE prospect. FW220009 was commenced on 15 June and
	completed on 2 July 2022; FW220010 commenced 3 July 2022 and at the time of writing is at 440.3m with a 1,000m planned depth.
personal	Figure 2: Filtered magnetic anomaly image (tmi-rtp transparent colour intensity image on tmi-rtp-2vd-agc greyscale background)

showing planned and completed drill-hole locations undertaken during the 2022 reconnaissance drill program.

Upper RC (pre-collar) Portion of FW220009

The RC portion of FW220009 penetrated into Georgina Basin sedimentary units with the switch to diamond coring occurring above the top of the Helen Springs Volcanics. Two metre composite RC samples will be submitted for multi-element analysis.

Lower Diamond Core (target testing) Portion of FW220009

FW220009 was designed to test the peak magnetic anomaly in the vicinity of the earlier completed drill hole, FW220007, which intersected a thick down-hole interval of zoned, IOCG-style hematite and magnetite alteration. Both holes are collared approximately 3km north-east of the government drill-hole, NDIBK04 (Figure 2).

Magnetic anomalism that occurs in this portion of Mount Lamb Northeast is primarily attributed to the occurrence of magnetite, along with a lesser influence of the semi-magnetic iron sulphide mineral, pyrrhotite.

ForThe magnetic anomaly targeted by FW220009 (Figures 3 and 4), lies off-set from the peak gravity anomaly, the upper portions f which were tested by FW220007. FW220009, therefore, tested a significantly different portion of geophysical signature.

The top of the magnetic feature intersected by FW220009 is estimated to lie at approximately 325m down-hole depth with a high tenor zone estimated between c. 450-700mdown-hole depth (Figure 4).

The unconformity between the Georgina Basin sediments and the Helen Springs Volcanics was intersected at 166.8m and the lower unconformity between the volcanics and basement Alroy Formation was intersected at 219.5m.

The upper levels of the Alroy Fm. consisted of mixed schist, shale and siltstone lithologies showing strong veining, and local brecciation, with a mix of haematite-chlorite,carbonate-haematite and quartz-chlorite-pyrite veining. Zones of strong to intense silicification also occur with locally rare-trace chalcopyrite observed in association with veining.

Magnetite banding within siltstone commenced at 319m and continued with varying intensity to c. 350m, correlating well with the outer contour of the modelled magnetic anomaly. This magnetite-rich zone was strongly veined and silicified with abundant quartz, carbonate, chlorite and pyrite occurring, lesser haematite and rare-trace chalcopyrite.

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Below 350m, host rock geology was dominated by black shale and siltstone units with abundant pyrite, pyrrhotite and chlorite, as well as zones with strong garnet and quartz-(pyrite) overprinted garnets, and rare occurrences of sphalerite. Siltstone units become increasingly dolomitic altered and fractured-brecciated from c. 450m with variable levels of pyrite, pyrrhotite and rare- trace chalcopyrite.

onlyA second, larger magnetite-rich zone was encountered from c. 595m with magnetite overprinting siltstone and hosting trace to minor levels of garnet, pyrrhotite and pyrite, and rare to trace chalcopyrite. The zone showed variable degrees of fracturing and brecciation, while a narrow breccia zone at 647m hosted quartz-epidote-fluorite-chalcopyrite-potassium feldspar (kspar).

A 40m wide dolomitic alteration zone occurred between c. 700-740m that hosted a 2.5m wide zone (728-730.5m) with semi- massive pyrrhotite-pyrite and trace chalcopyrite. Alteration intensity and brecciation increased significantly immediately adjacent to the semi-massive sulphide zone.

Dolomitic alteration decreased below 750m with geology increasingly dominated by schist and then graphitic schist from c. use800m that continued to end of hole (EOH) at 1,051m. Schist units were strongly folded and faulted with quartz-pyrrhotite- pyrite veining common as well as pyrrhotite and pyrite laminations within the schist foliation. Rare to trace chalcopyrite and

rare sphalerite were observed throughout this wide interval. A selection of core photos is provided in Appendix 1.

personalFor	Figure 3: FW220009 location plan in relation to FW220007, the gravity (black contours) and magnetic anomalies (coloured background;
	also refer to Figure 2 and 4).

Figure 4: FW220009 cross section showing the modelled gravity anomaly (faded brown-red isosurfaces), magnetic anomaly (solid green-

pink) and drill trace (black line); the gravity anomaly lies off section with FW220009 targeting the magnetic high.

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Update on Current Drilling Activities

Following completion of FW220009, Rig 1 has commenced drill-hole FW220010, that is located 2.2km WNW of FW220007 and FW220009, with this hole currently at 440.3m depth and planned to 1,000m (Figures 2 and 5).

onlyFW220010 is an addition to the 2022 reconnaissance drill program and was designed to test a strong gravity anomaly that occurs beneath the peak of Mount Lamb, which is partly offset from the >15km long Mount Lamb magnetic-gravity-conductive trend (Figures 2 and 5).

I ca can report that a thick sequence of altered and silicified, porphyritic intrusive rocks (granite, granodiorite and diorite) have been intersected from 189m down-hole in FW220010, with these being the first recorded intrusive rocks at the Mount Lamb prospect.

While this hole is continuing, epidote-chlorite and sericite alteration of the intrusives has been observed during preliminary useinspection of core, along with low levels of disseminated garnet and low levels of veining that includes variable quartz, carbonate, chlorite, epidote, kspar and fluorite infill, and rare-trace(<1%-1%) pyrite and chalcopyrite. A selection of core

photos is provided in Figure 6.

FW220010 will be the final hole drilled as part of the 2022 Phase-1 Frewena reconnaissance drill program with the program a marked success having confirmed the IOCG (and lesser SEDEX) potential of Inca's land-holding at the four prospects tested so far, being Mount Lamb NE, Mount Lamb SW, Jumping Spider and Roadhouse.

While the Company notes that visual sulphide estimates undertaken during preliminary core inspection should not be personalconsidered a substitute for laboratory analysis, observation of low level (<1%-1%) copper, lead and zinc sulphides occurring in ssociation with strong IOCG-style alteration is a standout success. This success if all the more significant given the frontier

nature of the East Tennant region and that drilling has tested blind, conceptual geophysical targets.

The Company will focus its attention on completing detailed study of drill core and expediting core cutting for dispatch of samples for assaying. Pleasingly, core samples from FW220007 have been submitted with anticipated laboratory turn around times of 8-12 weeks.

As part of Inca's staged, systematic, results driven exploration program, the Company intends a thorough review and interpretation of data acquired at Frewena to determine the best next steps to advance exploration and discovery at the Project.

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Figure 5: Gravity model in the vicinity of FW220009 (labelled MLNEDDP0002b) and FW220010 (labelled Camp1) showing gravity high

anomalies (orange-red isosurfaces); for sense of scale, the planned drill traces (yellow lines) are 1,000m long.

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only	Figure 6: Core photo collage showing the progression of geology, alteration and veining down hole FW220010, including: A) porphyritic
use	granite-granodiorite with abundant biotite, haematite alteration of feldspars, minor chlorite, and rare pyrite; cut by quartz-carbonate-
haematite-chlorite-(pyrite) veining at 194m, B) epidote-haematite altered and veined granite at 279m, C) fine-grained,chloritic-silicified
zones within chlorite-epidote altered granodiorite at 292m, D) 50cm wide zone hosting quartz-carbonate-kspar-chlorite infill, trace pyrite,
	and rare chalcopyrite at 330.5m, and E) rare quartz-carbonate veinlets in granodiorite with trace, disseminated garnets, pyrite, and rare
	chalcopyrite within the granodiorite at 363m.
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This announcement has been authorised for release by the Board of Inca Minerals Limited.
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Media Inquiries/Investor Relations - Nicholas Read, Read Corporate - 0419 929 046
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Competent Person's Statements

The information in this report that relates to exploration activities for the Frewena Group Project in the Northern Territory, is based on information also compiled by Mr Robert Heaslop BSc (Hons), MAusIMM, SEG, Consulting Exploration Manager, Inca Minerals Limited. He has sufficient experience, which is relevant to the exploration activities, style of mineralisation and types of deposits under consideration, and to the activity which has been undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Heaslop is a consultant for Inca Minerals Limited and consents to the report being issued in the form and context in which it appears.

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