Announcement • Nov 23

Inca Minerals Limited Announces Results from a Reconnaissance Exploration Program Conducted At the Company's Jean Elson Project in the Northern Territory

Inca Minerals Limited announced highly encouraging results from a reconnaissance exploration program conducted at the Company's Jean Elson Project in the Northern Territory. Highlights include high grade Cu assay results from rockchip sampling at the Camel Creek Target. A total of 81 rockchip samples were collected during a brief reconnaissance trip to the Project during October 2020. Jean Elson is located 30km northwest of Inca's Lorna May Project and, along with the Hay River Project, forms part of the Company's East Arunta Group Project. The two tenements that make up Jean Elson Project area are currently applications. The purpose of the reconnaissance program was to ground-truth historically reported mineralisation and elevated geochemistry. This was achieved. Importantly, the size and scale of the historic mineralisation was greatly expanded, particularly at Camel Creek with very significant extensions identified. Location plan of Inca's Australian projects including Jean Elson, Lorna May and Hay River in the East Arunta Block (NT), the Frewena Group in the East Tennant region (NT), and MaCauley Creek in the Townsville- Mornington Island Belt (QLD). Like the Frewena Group, the East Arunta Group are companion projects that will enjoy shared logistics and various other cost and exploration synergies. High Copper Grades Across 500m Wide System at Camel Creek: A total of 44 rockchip samples were collected at Camel Creek with 32 taken from the Ningaloo Prospect (Ningaloo) and 12 taken from the Sunset Boulevard Prospect (Sunset Boulevard). Ningaloo and Sunset Boulevard lie approximately 1.5 km apart along a structural and likely mineralised northwest-southeast striking corridor. Both sit above untested, large-scale gravity and AEM features. Ningaloo Prospect: At Ningaloo, limited exploration by past explorers reported the occurrence of multiphase quartz-hematite veins with up to 2.88% Cu. Reconnaissance by Inca confirmed the location and metal content of these veins but also identified very significant extensions to known mineralisation with an additional four veins discovered. The stacked mineralised vein swarm, now consisting of six individual veins, has a prospect true width of at least 500m. Mineralisation is open in all directions (hidden below covering sands). Rockchip sample location and Cu geochemistry from Ningaloo showing Inca's reconnaissance samples (coloured triangles) and historically reported samples (coloured squares). A series of parallel veins with strong Cu grades are partially exposed within the dry bed of Camel Creek. The vein swarm defines a 500m mineralised corridor (solid yellow lines) which remains open in all directions. The mineralised veins are poorly exposed at Camel Creek and show high variability in terms of mineralogy, metal grade and morphology. Noted variations include thin (1m wide) zones of stockwork quartz and quartz-hematite veins/veinlets within altered granite, 1.0m-2.0m wide quartz-(hematite) veins, and more complex zoned veins varying from 1.0m-5.0m width. Complex veins generally consist of an inner zone (1-2m wide) of massive specular hematite that is flanked by banded quartz-hematite material grading towards quartz-rich in the outer zones. The variation evident in veins suggests multiple hydrothermal fluid phases occurred with each phase having a different geochemistry (i.e. silica rich, Fe rich, silica-Fe-Cu rich, silica-Cu rich). Widespread Cu mineralisation is in the form of supergene malachite, with lesser chrysocolla and azurite, that coats fractures and infills pore spaces. Very fine (<0.5mm) chalcopyrite is also noted in several samples of both quartz-hematite and specular hematite material. Standout Cu grades were achieved at Ningaloo with 11 samples returning between 1.62% and 10.3% Cu and a further 10 samples with results between 0.1% and 1% Cu (Table 1). Peak levels of other metals include 6.4g/t Ag, 42ppb Au, 65ppm U and 37% Fe. This metal-mix suggests a geochemical suite with an IOCG affinity. The mineralised zone at Ningaloo now represents a large target that is more in proportion to the +kilometre-wide geophysical anomalies that coincide at Ningaloo. Sunset Boulevard Prospect: A total of 12 rockchip samples were collected from Sunset Boulevard and from an area immediately to the south- west. Several rock specimens were retained and photographed. Sunset Boulevard is a 70mx5m outcrop of highly fractured ex granite that is heavily veined by quartz stockwork, brecciation and zones of hematite that have largely destroyed textures of the original rock. Four rockchip samples were collected with each returning encouraging results between 236ppm and 5,250ppm (0.52%) Cu. Sunset Boulevard lies approximately 1.5 km southeast of Ningaloo, in line with the direction of the vein swarm at Ningaloo. Both areas are strongly controlled by structure and, given their similar orientation, hydrothermal style textures and alteration, and elevated geochemistry, they are considered to be related to each other, potentially representing a single hydrothermal system. Their location above untested, large-scale gravity and AEM anomalies underline Camel Creek's IOCG prospectivity. This brings the scale of mineralisation even better aligned with the scale of the geophysics anomalies. It is also notable that the Camel Creek area, like much of the Jean Elson Project, is overlain by thin sand cover that masks basement rocks and further possible mineralisation. Exploring beneath this shallow cover presents the Company with a strong discovery potential. Rockchip sample locations and Cu geochemistry of the Sunset Boulevard Prospect (coloured triangles). Encouraging results were returned from Sunset Boulevard between 236ppm and 5,250ppm Cu. Additional samples were also collected on a traverse south-west of Sunset Boulevard. Mt Cornish South Geochemical Signature Confirms IOCG Potential: A total of 37 rockchip samples were collected from the Mt Cornish South Prospect (Appendix 4). Mapping and sampling traverses were conducted along and across the western 1km portion of the >5km long topographical ridge, and over a faulted block located 1.5km to the north-west. Areas traversed fall within U radiometric and Fe oxide ASTER anomalies apparent on regional scale data. The Mt Cornish South topographic ridge consists of altered granite, ferruginous sandstones, Fe breccias, felsic breccias, quartz veins, quartz stockwork zones, massive Fe-rich zones, and metasedimentary units. Several rock specimens were kept as a rock-library and photographed. Historic sampling at Mt Cornish South reports peak rockchip results of 0.31% Cu, 320ppm U, and 22.9% Fe, amongst additional samples ranging between 100ppm and 760ppm Cu. Inca's samples report between 100ppm and 564ppm Cu, along with peak results of 37ppb Au, 1.31g/t Ag, 3,290ppm lead (Pb), 240ppm zinc (Zn), 65ppm U, 26ppm molybdenum (Mo), 165ppm nickel (Ni), 110ppm cobalt (Co), and >50% Fe.

CEO salary percentage	55.12%
CEO tenure	1.8yrs
CEO ownership	0.7%
Management average tenure	1.7yrs
Board average tenure	2yrs

Date	Total Compensation	Salary	Company Earnings
Dec 31 2025	n/a	n/a	-AU$4m
Sep 30 2025	n/a	n/a	-AU$3m
Jun 30 2025	AU$476k	AU$263k	-AU$2m

Name	Position	Tenure	Compensation	Ownership
Trevor Benson	Chief Executive Officer	1.8yrs	AU$476.24k	0.68% A$ 62.5k
Brett Dickson	Joint Company Secretary & CFO	1.7yrs	AU$229.00k	1.16% A$ 106.3k
Peter Kroll	Chief Geologist	no data	no data	no data
James Moran	Joint Company Secretary	no data	no data	no data

Name	Position	Tenure	Compensation	Ownership
Andrew Haythorpe	Non-Executive Director	1.7yrs	AU$58.47k	3.7% A$ 337.5k
Bradley James Marwood	Non Executive Director	2yrs	AU$69.11k	0.98% A$ 89.1k
Adam Taylor	Non-Executive Chairman	4.2yrs	AU$66.80k	3.11% A$ 284.3k

Data	Last Updated (UTC time)
Company Analysis	2026/05/31 06:21
End of Day Share Price	2026/05/29 00:00
Earnings	2025/12/31
Annual Earnings	2025/06/30

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

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