Ann: Potential For Phosphate Mineralisation at Frewena, page-17

This is almost all old hat - the presence of the Wonarah main zone was discussed when the new Frewena tenements were acquired.

From that discussion I recall that NCM holds the ground to the west of Wonarah.

It is such a shame that Inca becomes obsessed and preoccupied with its desire to make a magnificent first mover discovery, when all the time this phosphate and JE and MacC were calling out for some attention (more than collections of rock chips and photos of highly coloured outcrops or getting highly paid consultants and then doing nothing).

And NO! Poet and Matt, I do not agree that Inca should concentrate on IOCGs - history proves that Inca's expertise at finding them is NIL!!
From Chanape which RB flogged to Condor as an IOCG discovery (it was actually one hole straight down a breccia pipe) all through the Peru debacle, and now the expenditure of upwards of 12million on a misreading of the significance of Gov Hole 4. (IMO)

However, as far as the phosphate is concerned it is only now that AEV has made its move (DSO phosphate ore, H3PO4 (Phosphoric Acid plant JV), and LFP for Li batteries) has the penny dropped.
How would Inca handle a phosphate discovery on that target to the NE of Wonarah?

Whatever, IMO the board needs to let BHP know that Frewena is for sale. (Phosphate is one of BHP's main pillars, it might swing them).
JV no good, take the cash and dump the kilometer long drilling for IOCGs.
And IMO we would be happy if some consideration was due to forward looking success, even a royalty.

Matt, I feel for you and all holders who put up large funds - yep I too was once holding ~2 million equities, when SP was 15c - Its hard to watch as that figure falls to below cost. Others have more pain than that, and bear a thought for some who put in much less but in a different time of their life when a wife and young children were to be supported. It's a tough game we play - it's tough for the guys who manage and run the Company too.

So to wrap up, I'm certainly not selling - only maybe will I buy more on AEV nearology, I was in to buy AEV a week ago but got left at the station - maybe a bit cynical because of that. Now that powder is on a graphite /REE play, which has also run away.
As Buffett said. 'An opportunity is not a missed opportunity if it was not recognised at the time' Bad boy me.

So do your DD, and if you decide, move. But that is only me thinking to myself.

GL all.