Ann: RIGHTS ISSUE OVERSUBSCRIBED, page-184

Byron ... don't panic and think it through. We have just had a massive and over subscribed CR and that involved not only existing and new shareholders buying but probably a number of short term traders who wanted the very attractive options. This has happened in previous CR's. The traders are happy to buy and then quickly exit, at or close to their buy price, and then to hold options that have essentially cost them nothing. In fact, from my perspective, and for the good of the long term shareholders, the sooner these traders are out the better, then we have less downward pressure and only serious buyers.

In terms of pumping, I would argue that the share price moving from low 6's to 8c the other day, had nothing to do with "pump and dump" and everything to do with the very good ASX release on the Jean Elson project where visible copper was observed, for the first recorded time, in outcrop. Likewise, you can't forget that with the massive increase in COVID outbreaks in the USA and Europe, the o/s market had a major drop yesterday and that also no doubt played into negative market sentiment.

The fundamentals have not changed!!! They are that Inca has multiple Tier 1 potential projects, it has an outstanding and drill ready project at Riqueza and it is now cashed up so that it can actually drive substantial exploration programs at a number of projects. It is this exploration, if successful, that will see a significant re-rating of company value. I, for one, and as "happy as a pig in mud" and think that the company is in the best position it has been in for a long time and can't wait to start exploration.