Ann: Appointment of CEO, page-33

good question student i think it is all explained here:

Inca and MRG
• Inca has agreements with MRG Resources (MRG) for all projects subject of this Fact Sheet - where Inca has 90% and 95% equity (SEE below) for sole funding to BFS – JV conditions apply after BFS with dilution to 1.5% NSR.
o Frewena Group: Inca 90%, 5% MRG, 5% Dr J West
o Jean Elson: Inca 90%, 10% MRG
o Lorna May: Inca 95%, 5% MRG
o Hay River: Inca 90%, 10% MRG
o MaCauley Creek: Inca 90%, 10% MRG

•MRG principal Mr Rob Heaslop is the generator of these exciting projects and has joined Inca as Consultant Regional Exploration Manager

https://www.incaminerals.com.au/inca/wp-content/uploads/2021/02/Inca-Minerals-Australian-Projects-Information-Pamphlet.pdf