Ann: Third Round of Funds Received for Riqueza, page-4

Perhaps the confusion can be answered by this paragraph from the quarterly June 2019



Inca and South32 sign Riqueza Earn-in Agreement & Condition Precedent Satisfied Inca Minerals Limited (Inca or the Company) executed a legally binding Share Subscription and Earn-in Agreement (EIA) with South32 Group Operations Pty Ltd (South32) over Inca’s Riqueza Project this quarter (ASX announcement 1 April 2019). Under Phase 1 of the EIA, South32 can earn 60% of Riqueza by spending a US$9 million (the equivalent of A$12 million at today’s exchange rate). In early June the condition precedent (CP) for the commencement of South-32 funding was met (ASX announcement 20June 2019). The CP was the notarised transfer of all Riqueza concessions to the project company Brillandino Minerals SAC (Brillandino). The first tranche of funds (USD1.2million), being for the approved first sixmonth exploration period, was transferred to Brillandino immediately thereafter. Costs incurred by Inca post signing of the EIA/pre-CP were reimbursed to the Company.