Ann: Inca Agrees US$9 Million Earn-in Amount, page-52

Hi Allen

Thanks for your email and the concerns you’ve raised. I can allay your fears if you chose to accept what I say. The delay is largely a result of both parties being very thorough. If we get this wrong, and there are loopholes and deficiencies in the agreement – then - who has deeper pockets (Inca or South32) to legally challenge something in the future? We don’t want any ambiguity, any wriggle-room for South32. And, to be honest, the festive season has not helped either – with key South32 people absent for some of the time. I’m not one to provide “excuses” in ASX announcements so I don’t mention these types of issues.

Other parts of the Inca-South32 transaction have progressed very well in deed. For example, the Year-1 exploration program is now almost entirely planned and a budget for same locked in. This is no small matter, for in the earn-in agreement such things have to be established as they are contained in the earn-in agreement.

I do hope that you accept my repose to you. I can’t make you change your mind if you think something more sinister is playing out. Justin by the way is totally behind Inca and wishes nothing but success for us. He has an incredible mind and is super super diligent and motivated to help in delivering the best outcome possible, which is a water-tight earn-in agreement with South32.

Again, thanks for your email.

Oh…. I note from your address below you are in Indonesia. Are you based there? Do you come to Perth at all?

Cheers - Ross