Ann: Update - Consolidation/Split - ICG, page-20

Lock and Lateral

You, like many, have been here since dot and have seen the good, the bad and the ugly of Inca v1.0 ie Chanape, CRs and share dilution… so consolidation now understandably a huge concern, especially when most end badly.

Although I’ve not experienced a consolidation before, and got no clue, I’m hoping it’s simply a speed bump and not a brick wall going forward.

For Inca to be one of the last explorers left standing after this decade long PM bear market is an incredible achievement. And although I was sceptical about Inca taking on the 2 Aussie projects in such a poor financial postion, I'm now seeing it as a master stroke in hindsight... not only do we derisk the Peru project re geo-politiical issues but thanks to a new PM bull market we'll attract majors and cornerstone investors who are sniffing out serious T1 explorers as we speak.

Fact is, majors have scrapped exploration budgets for years and we are now in pole position to be on their hit list given that we are 1% of explorers who have worked with majors (thanks s32), use best practice techniques to map detailed targets and have received funding from state government/s to unlock potential T1s.

In short, consolidation is short term pain for long term gain imo.

Only my 0.4 cents worth. Poet

PS I’ve posted this link before re mining investor looking for companies with big potential. He reckons it’s all about market cap when it comes to bloated share structures (@ 14:00). Also, how explorers like ours are getting the most love right now because we have drill targets ready to go (@16:30). The tide is finally turning for Inca v2.0. Hooray!