Ann: Annual Report to shareholders, page-15

Tin,
I would say a disgruntled share holder departing not a situation of the new comers. There is no shortage of people wanting to pick up the shares. the buyers out number the sellers 3 to 1 on Commsec.

So its a pick up situation for someone in the know, if you knew what was behind it all then you would probably be able to sit back and scoop the dregs as the new out wait the old.

0.004 or 0.005 they probably don't care if they hold the knowledge of where they are taking us.
Firstly they need a position and that will come after October meeting vote for the 200 million shares.

Once our new holders are voted in at AGM its time for them to start, until then they just ignore us do minimal reporting with minimal information as to what is happening and sit back and place large buy orders at these prices.
Who else would be buying quietly, considering the buy side certainly outweighs the sell side.

Now there is the issue of the TAX concession for the JMEI Credits.

So there is quite a substantial Tax offset against Green Field Exploration on the table here.

INCA RECEIVES JMEI APPROVAL FOR 2024-2025 TAX YEAR
• Inca has been successful in its application for participation in the Federal Government’s Junior Minerals Exploration Incentive (JMEI) scheme for the 2024/2025 financial year;
• Inca has been advised that $437,500 JMEI credits have been allocated to the Company for distribution to eligible investors during the 2024/25 financial year;
• JMEI credits may be distributed to eligible shareholders as a tax offset or franking credit for the 2024/2025 financial year;
• To be eligible for the 2024/2025 tax offset, shareholders must have participated in capital raising activities between 1 July 2024 and 30 June 2025 and Inca will also have undertaken certain Greenfields exploration in Australia during 2024/2025; and
• Only new shares issued by Inca Minerals are eligible for JMEI credits.

So there is incentive to get the Tax credits against it all and only the new share holders get it due they will probably only raise once in this tax envelope.
Also Green field attains to new works not old works.

Consider it all, invest $800,000 and get more than half back in Tax credits and 20% of a company that has existing tenements and all you need to do is bring along something new and do some greenfield exploration at the new location. Whilst doing this you shout down the existing and disregard the probable P205 and the fact your now a large holder in the Arunta area.

Go read the full Background statement for the JMEI document. Its a Tax accountant love story.

These comments are my view only and nothing more.