Ann: Inca Agrees US$9 Million Earn-in Amount, page-66

Yesterday and overnight there has been some frank discussion, some enthusiastic, some sad.

That is the ICG thread in a nutshell where folks who have known each other for a long time and experienced the euphoria (remember the first hole at Chanape - almost economic Cu Au over 600m and management thought we had just clipped the porphyry) and the letdown (recall when porphyry expert Sillitoe said NO it was a lucky (unlucky) hit on a breccia pipe)  Chanape got wound up, SP shattered, and Zn was the new good thing at Humaspunco.

Looking back and the pattern is clear - the cards lay as they fell - it was no ones fault or responsibility, it is just the way it happens in this low cap explorer market.

Some alpacas bailed at the top, some too late but in time to save capital, others held - that is always the way too - Chanape and early Rigeuza cost me many thousands.

Now what I want to say is - THAT IS HISTORY - we cannot change it. Look instead at what you have got now, make plans to maximise your gains from NOW. Take advantage of a huge opportunity.

Some are saying that S32 are getting 60% for only 9mill - and that's too cheep.  Well that is absolutely the wrong way to look at it, the dollar value is the amount it will cost to come to the next decision point. The details will be evident when the JV is finally settled. I think something like this (I do not know and have not discussed with insiders, I would be too embarrassed to ask) - USD 9mill will be enough to drill out the main targets and establish the structural controls to the mineralisation, perhaps also to JORC the best deposits. With that info the team will be able to see how to proceed, and so will we !! - next steps will be to do the PFS then the final BFS to establish capex and decision to mine.

Inca as a company then has to decide to go with S32 and raise a heap of capital, or accept (what that rumour says !!) a nice offer.

When thinking about all this recall that S32 did the aerial fly past and all the geotech work at no cost to Inca, just to see what was possible.

I think they are the real deal, and going forward with them will be to our great advantage.

So Cheers.