Annual Geoscience Exploration Seminar (AGES) 2021 - 19 to 22 April, page-111

Fellow shareholders .... I have held off posting anything as until we hear back from what has been discussed/presented at the AGES conference it is all conjecture. I am concerned that people are "jumping at shadows" and missing the salient points. I know NDIBK hole 4, drilled within Inca's Frewena Far East ground was very positive but I am not holding out for ground breaking or company making assay results.

First, I think everyone has forgotten the purpose of these holes - they were stratigraphic (to see what the geology is) and were designed to test the hypothesis that the East Tennant region is a likely IOCG province. They have delivered on that objective, comprehensively!! They were never drilled as exploration (i.e. looking for mineralisation) holes and the fact that hole 4 exhibits extensive alteration, structural deformation and mineralisation is an absolute bonus.

Also given that 10 holes, some as deep as 700 m, were drilled as part of the program, I am inclined to believe that it is not the Governments' job, nor intent, to assay every metre of every hole. No doubt we will get some assay results and no doubt there will be a focus on hole 4, which clearly is the stand out hole, from a proof of concept of the IOCG model perspective. If and when these data are reported at the AGES conference we will no doubt be informed by the Inca staff who are in attendance. I must admit to being a lot more interested in seeing some high quality photos of the drill core as it will be the subtle features, such as alteration style/intensity, amount of brecciation and other structural deformation, rough volume of the disseminated and veined sulphides, etc that will tell us heaps about what sort of potential mineralised system we are sitting in.

Lastly, regardless of whatever grades are reported, for whatever part of the core is assayed, the key takeaways is that hole 4 is NOT an exploration hole that specifically targeted a postulated mineral deposit and yet still it has confirmed the hopes and expectations that the East Tennant region is prospective for IOCG style mineralisation. Also, if you all refer back to the company's ASX release of 22 March, where we flagged the preliminary results of the AMAGRAD geophysical survey for the Frewena Far East project area, you will see that the prime targets (figure 1) are not necessarily where NDIBK-04 hole was drilled. Close yes, and many nearby and along strike on what is now believed to be a major, and deep seated, hydrothermal system, but this point is made to emphasise that the NDI hole did not specifically target what we think are the nearby priority anomalies and potential mineralisation.

So, for me regardless of what is finally revealed for NDIBK-04, it is pretty immaterial to the extent that the overriding outcome of this NDI drilling is telling us that we are sitting in a mineralised system which looks huge and that Inca, regardless of what finally is done with the blocks currently excised for the Government's work and research (and I also hope that these come to Inca- seems the most logical and fair outcome I think), i sitting in a highly prospective area and I can't wait to start the next phase of exploration, which will no doubt - at some point - involve targeted drilling which is looking for mineralisation!

Lastly, and with a wry smile, I note that like a "bad penny" old WE61 just can't help himself and continues to "bob up", whenever there is a slight hiccup in the Inca journey or the share price retreats a little. Still, given that he first appeared on the Inca threads in November 2019, when the share price (in post consolidation terms) was around 5-6 c, and he has continually - like Chicken Little - preached doom and disaster, I am inclined to think that with a share price that is roughly 250% higher than at that time (and also at the time of the 5.5c CR last October), we are not travelling too badly.

Lastly, a point for all to remember and I say this repeatedly. Exploration is a long game, a bit like a marathon and there are many twists and turns. Still I think that we are the best position we have ever been in and the speed with which the company will advance exploration - both here and also in Peru now we have the drilling permit - will impress and I am looking forward to a strong news flow over the coming months.