Ann: 2022 Annual Report to Shareholders, page-44

Hi Tybo, Poet, Matt and other posters with a positive view in worrying times. Thanks for your posts.

I find it hard to post myself, with only sketchy knowledge of geology and only empirical experience of exploration.
However I am coming to the view that world markets (particularly for companies in the critical metals space) are on the mend. IMO we will soon have a bottom, if not already.

I also harbour a view that Inca may be using this time of market uncertainty to review its overall position and to make out forward plans.
We must be prepared to give them space to do that - worst thing would be they react too quickly just to appease the market.

There are many pathways -
1. Continue with Frewena progress to date.
2. Look eastwards to other Frewena targets.
3. Work towards an eventual JV.
4. Bring Peru to a JV.
5. Make an early move into RH's other discoveries at LE and MacC
6. Make a left field move into a well developed new project. (Li is so hot it will catch fire in coming years)

Inca's big advantage is it is still cashed up - 5mil is good for a 15 mill capper.
It also has an excellent team of exploration professionals - sure the Company has taken some body blows over time, but that only produces a time for courage and determination.

So, for shareholders too its a time for long term thinking and confidence in the team and their abilities.

However DYOR.