Ann: MD's Company Update - June 2021, page-182

At a broader/higher level, shortfall in options conversion will leave company with 2 alternatives:

- Pare down the exploration activities to match the purse. Unlikely as there will be many sophisticateds/outsider willing to offer money to get a slice of Inca and its potential.

- Do a capital raise to raise the funds required - wouldn't be difficult to do and much as above. Likely be oversubscribed to further accelerate oz program.

Works in our interest to convert oppies rather than suffer dilution. SP drop will be short and temporary. Some here also have dry power on stand by and ready.



I for one hope that the best of the news possible does not come out the next couple of weeks of July.Rather fly with tailwinds than waste the fuel to work through headwinds sooner.