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ANNUAL REPORT 2021

Inca Minerals Limited ACN 128 512 907

CORPORATE PARTICULARS

Directors

Mr Ross Brown

Managing Director

Mr Gareth Lloyd Director

Dr Jonathan West Director

Company Secretary

Mr Mal Smartt

Registered Office

Suite 1, 16 Nicholson Road Subiaco WA 6008

Corporate Office

Suite 1, 16 Nicholson Road Subiaco WA 6008

Mailing Address

P.O. Box 38 West Perth WA 6872

Share Registry

Advanced Share Registry 110 Stirling Highway Nedlands WA 6009

Auditor

Stantons Level 2, 1 Walker Avenue West Perth WA 6005

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Table of Contents
Managing Director’s Summary	2
Corporate Governance Plan / Statement	3
Directors’ Report	4
Consolidated Statement of Profit or Loss and Other Comprehensive Income	16
Consolidated Statement of Financial Position	17
Consolidated Statement of Changes in Equity	18
Consolidated Statement of Cash Flows	19
Notes to the Financial Statements	20
Directors’ Declaration	48
Auditor’s Independence Declaration	49
Independent Auditor’s Report	50
Shareholder Information	54
List of Tenements	58

Managing Director’s Summary

Welcome to Inca’s Annual Report ( Report ) for the financial year ended 30 June 2021, a year in which the world is still grappling with COVID-19, with the roadmap to normality seemingly through vaccinations. Like last year’s Annual Report, COVID-19 is not going to be the theme of our Report. Despite hardships Inca has launched major exploration campaigns in Peru and Australia. We have developed exploration projects with tremendous potential.

In this Annual Report you will find our Annual Financial Report, Directors’ Report, Directors’ Declaration, the Independent Auditor’s Report, Corporate Governance Statement, various shareholder information and our tenement schedule. I have provided an MD’s summary so that you, as a shareholder, may reflect with pride and ownership your contribution and participation of the past year’s exploration activities. Our exploration outcomes and our corporate well-being are a net function of exploration application, shareholder support and, yes, serendipity.

What constitutes a flagship project ? A project with the most potential. A project that receives the most funding. Under any measure Inca might have three, maybe four flagship projects, any of which might headline a portfolio of another junior explorer.

Riqueza/Riqueza South. The copper-gold-silver-lead-zinc project that we are currently drilling. It hosts a mineralised system 12km x 5km in size with more than a dozen tier-1 scale epithermal-porphyry-skarn targets. It is book-ended by BHP to the northwest and Anglo American to the southeast. We are currently drill testing porphyry-skarn targets in the NE Area and we will soon be lodging a second drill permit application for the central and southern parts of Riqueza.

Frewena Group. The copper-gold regional project that we are currently flying an airborne geophysical survey over and currently generating drill targets post gravity survey. It hosts several tier-1 scale iron oxide-copper-gold and sedimentary exhalative targets. We have applied for the government drill blocks which host government drill holes NDIBK01/04. NDIBK04 hosts 326m of sulphide mineralization.

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If Inca is successful in its application for the NDIBK04 ground it would be as if the hole was drilled by us.

MaCauley Creek (Mac Creek). A sleeping project that has just woken up, with recent results rerating this project. We are currently, or about to, fly an airborne geophysical survey over the project and are continuing to review the recent stunning sampling rock chip results. It hosts an intrusive-related mineralised system 12km x 10km in size with several tier-1 scale epithermal-porphyry-skarn targets.

Our short-term, medium-term and long-term strategies are in full swing. We are drilling tier-1 targets in Peru, and we are generating the next-generation tier-1 drill target in Australia.

Like I did last year, I’d like to close now by thanking our shareholders for converting their class B options. Our treasury has never been healthier. Our projects have never looked so promising.

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Ross Brown Managing Director

Corporate Governance Plan / Statement

A copy of the Company’s Corporate Governance Plan and current Corporate Statement is set out on our website www.incaminerals.com.au/corporate-governance.

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Directors’ Report

The Directors of Inca Minerals Limited ( Inca or Company ) present their financial report on the Company and its controlled entities ( Group ) for the year ended 30 June 2021.

Directors

The names of directors in office at any time during or since the end of the financial year are listed hereunder. Directors were in office since the start of the financial year to the date of this report unless otherwise stated.

Ross Brown, Managing Director
Gareth Lloyd, Director
Jonathan West, Director

Information on Directors and Company Secretary

ROSS BROWN BSc (Hons), M.Aus.IMM. Managing Director

A geologist by profession, Mr Brown has over 30 years’ experience in mineral exploration in Australia, Asia, Africa and South America and he has worked in a broad range of commodities, including gold, base metals, uranium, phosphate and diamonds. Mr Brown has a rare ability in recognising the commercial potential of exploration projects and geological process, and has a proven track record of bringing technical-based exploration concepts and projects to market.

In 2009 Mr Brown co-founded the gold/copper exploration company, Mystic Sands Pty Ltd, which was established for the purposes of conducting exploration in Chile, South America. With the assistance of other technical management, Mr Brown was responsible for the composition of the initial project portfolio. Mystic Sands was purchased by an Australian-listed explorer White Star Minerals Ltd. As part of the transaction, Sandfire Resources NL became a shareholder of White Star Minerals Ltd.

Mr Brown turned his attention to Peru in 2009 and through his network of Peruvian-based businessmen and geologists assessed the potential of more than a hundred projects. Mr Brown recognised the great potential of mineral discovery in that country and has subsequently secured a number of projects for the Company including the Riqueza and Cerro Rayas zinc-silver-lead projects which the Company is currently exploring and evaluating.

Mr Brown was the co-founder and Managing Director of Urcaguary Pty Ltd ( Urcaguary ), the Company’s fully owned subsidiary (formerly called Inca Minerals Limited) and he became the Company’s Managing Director after its takeover of Urcaguary. As at 30 June 2021, and in addition to his position with the Company, Mr Brown remains a Director of Urcaguary and the Company’s other subsidiary companies. In the previous 3 years, Mr Brown has not been a director of any other ASX listed companies.

Mr Brown has been a member of AusIMM since 1988, and is also a member of GSA, SEG and AICD.

Directors’ Report (continued)

Information on Directors and Company Secretary (continued)

GARETH LLOYD BSc (Hons)

Director

As at 30 June 2021, in addition to his position with Inca, Mr Lloyd was also a Director of Inca’s subsidiary companies. Mr Lloyd has over 35 years’ experience with mining and exploration companies and brings considerable technical, commercial and capital raising expertise to the Company. A mining engineer by training, he has operating experience in gold, base metals and coal operations in Australia, South Africa and the United Kingdom.

Mr Lloyd is a part owner of the Element group, a Perth-based boutique advisory and funds management group focused on the resources sector through which Mr Lloyd provides strategic advice and fund-raising services to both listed and unlisted companies (predominantly mining and exploration companies) using both equity and mezzanine instruments.

Prior to establishing Element (in 2008), Mr Lloyd was an Associate Director at the Rothschild Group where he helped establish the Golden Arrow Funds I and II, the latter fund becoming the ASX-listed LinQ Resources Fund. At the time of his departure from LinQ, the fund was one of Australia’s largest listed resource funds with funds under management of over $475m. He has held a number of senior positions at Australian resource-focused stockbroking firms including Research Director at Hartleys and Resources Analyst at Eyres Reed. In the previous 3 years, Mr Lloyd has not been a director of any other ASX listed companies.

DR JONATHAN WEST BSc (Hons), MSc (Exploration Geology), PhD . Director (appointed 21 January 2020)

Dr Jonathan West has worked across a variety of resource and energy development and management areas, in both the private and public sector for over 45 years, both in Australia and overseas. He has extensive senior management experience with a particular focus on strategic planning, policy development, resource development and management, and corporate and organisational change management. He has extensive experience with shareholder/stakeholder engagement and in working directly with Traditional Owners on a range of resource management and economic development projects. He was a director at Excelsior Gold Limited between 2016 – 2018.

MALCOLM SMARTT BA (Accounting), Grad Dip Corporate Management, FCPA, FCIS, FCIM Company Secretary

Mr Smartt is a Corporate Consultant to listed and unlisted public companies. His is a qualified Accountant and Company Secretary having had considerable experience in Directorial, Financial and Company Secretary roles with a number of listed companies in the resource sector in Australia, South East Asia and Africa.

Directors’ Report (continued)

OPERATING AND FINANCIAL REVIEW

Operating Results

The Group’s operating profit after income tax for the report period was $1,455,397 (2020: loss of $1,472,889).

Principal Activities

The Company’s principal activities during the year were conducting exploration at the Riqueza Project, located in Peru, at the greater Frewena Project and the Jean Elson project, both located in the Northern Territory, and at the MaCauley Creek Project, located in Queensland. The Company has completed its Australian projects acquisition program. The overarching strategy of the Company is to explore for Tier-1 scale mineralisation focussing on copper and gold, porphyry, porphyry-related and iron oxide copper gold deposits. The principal purpose of our activities is to generate targets for drill-testing for economic forms of Tier-1 mineralisation.

Review of Operations

At the very beginning of the reporting period the Company’s exploration partner at Riqueza withdrew from Riqueza. A Withdrawal Notice was provided to the Company on 14 May 2020 and, in accordance with the Earn-in Joint Venture Agreement ( EIJVA ), the EIJVA automatically terminated 60 days later on the 13 July 2020. The former partner funded exploration under an option agreement and EIJVA for a period of approximately 3 years, contributing approximately $3.5million. That company withdrew prior to the completion of the independent target and drill proposal.

The Company instigated a revitalised exploration program at Riqueza, which led to the generation of additional targets, addition of areas to the south of Riqueza, and the commencement of a drill program in the northeast part of Riqueza.

The Company also focussed on delivering additional projects selected on the basis that they would be:

Prospective for Tier-1 scale mineralisation.
Conducive to rapid value-add exploration.
Attractive to major mining houses.
Have a trajectory similar to Riqueza.

Very significant developments were achieved during the Report Period at the greater Riqueza Project. These include:

The recognition of a very large (12.0km 5km) intrusive-related mineralised hydrothermal system across greater Riqueza which hosts known:
gold-silver-copper epithermal mineralisation.
gold-copper-silver porphyry mineralisation.
copper-zinc skarn mineralisation.
silver-lead-zinc carbonate replacement mineralisation.
The generation of 28 drill targets prospective for Tier-1 scale mineralisation, and the subsequent commencement of the NE Area FTA drill program.
The generation of an independent drill program proposal of 43 holes for 19,010 metres of drilling.
The acquisition of additional mining concessions (granted and applications at the time of writing) immediately south of Riqueza. These new areas comprise the Riqueza South Project.
The recognition of strong copper and silver epithermal, intrusive-related mineralisation at Riqueza South.

Directors’ Report (continued)

OPERATING AND FINANCIAL REVIEW (continued)

Review of Operations (continued)

Very significant developments were also achieved during the Report Period at the Australian projects. These include:

The completion of the Australian Project Portfolio, which now comprises the following projects:
Frewena Group in the Northern Territory: Frewena Fable (granted), Frewena East (granted/application), Frewena Far East (granted), and Frewena Frontier (application).
East Arunta Group in the Northern Territory and Queensland: Jean Elson (granted), Lorna May (Application), Hay River (Application).
MaCauley Creek in Queensland (granted).
These exciting projects are considered prospective for Tier-1 IOCG, SEDEX and orogenic gold style mineralisation.
The Company has completed co-government funded airborne geophysics over Frewena Fable and Frewena Far East, which has resulted in the identification of several IOCG/SEDEX-like targets.
The Company has completed detailed gravity surveys over the best of these targets and, at the time of writing, now generating drill targets.
At the time of writing, the Company is conducting government co-funded airborne geophysics over Frewena East, Frewena Far East and Frewena Frontier generate possible additional IOCG/SEDEX-like targets.
The Company has lodged a strong application for the excised former Government-owned EL’s that were used for the NDI drill campaign. The Company has specifically applied for the blocks upon which NDIBK01 and NDIBK04 were drilled.
NDIBK04 contains a long interval of metal sulphide mineralisation which contains visible copper mineralisation.
At the time of writing, the Company is preparing to conduct government co-funded airborne geophysics over Jean Elson. This is designed to generate additional IOCG/orogenic gold-like targets.
The Company has completed a review of antecedent airborne geophysics at MaCauley Creek and has generated several intrusive targets possibly relating to the known mineralisation.
Subsequent reconnaissance mapping and sampling has now identified skarn and porphyry-related copper and silver mineralisation.
At the time of writing, the Company is conducting airborne geophysics over MaCauley Creek to identify possible additional epithermal, skarn and porphyry like targets.
Discussions with Traditional Owners to secure agreement to commence exploration at Lorna May and Hay River has begun.

The Company also conducted two highly successful capital raisings during the year. The first, which was a Rights Issue, was undertaken in October 2020 and raised in excess of $9 million before costs. Subsequently, a small capital raising targeting sophisticated investors in March 2021 raised a further $2.8 million before costs. The Company also sought and received shareholder approval to conduct a 20 to 1 consolidation of shares in August 2020. These were major milestone/events and have set the company up for future growth.

The current report period represents a very significant year, a year of transition, as the Company completes predrilling Tier-1 target generation exploration at Riqueza and settles its Australian projects. It’s the third-year of a fiveyear progression: moving from year 1, changing our exploration focus; to year 2, acquiring tier-1-focus projects, restructuring the company for future success and building a significant cash base to allow it to progress meaningful exploration on its priority projects; merging with year 3, generating tier-1 targets for drill testing. Year 4 and beyond is the execution of tier-1 drilling, drilling at Riqueza and drilling the more advanced projects in Australia.

Directors’ Report (continued)

OPERATING AND FINANCIAL REVIEW (continued)

Review of Operations (continued)

Pre-empting the increasing fluctuating fortunes of the resource sector and volatility of the money markets, some time ago the Company instigated a strategy of sustained exploration through partnerships to reduce operating costs while accessing exploration know-how and large exploration treasuries.

The Company’s exploration activities, as well as other corporate activities of the year, were released to the Australian Securities Exchange ( ASX ) throughout the year ended 30 June 2021 (report period). These ASX announcements should be accessed (The Company’s ASX code is ICG ) and read in conjunction with this annual report.

During the report period, the Company’s payments to suppliers and employees combined with payments for exploration and payments for project acquisitions totalled $3,911,795, of which $3,414,015 (87.27%) represents cash flows on exploration, and $497,780 (12.73%) represents cash outflows on administrative staff and administration. As in previous years, these figures highlight the Company’s continued focus on the deployment of funds for exploration purposes to extract value through mineral discovery at its projects. The value-proposition this year now also extends to developing partnerships for extant and new projects alike.

Financial Position

The net assets of the Group were $19,511,218 as at 30 June 2021 ($6,708,691 as at 30 June 2020).

Significant Changes in the State of Affairs

The Company raised capital of $13.297 million (before broker commissions and other costs of capital raising) during the report period via the issue of 212,065,334 fully paid ordinary shares. In addition, there was a total of 145,866,512 free-attached options issued to the shares as follows.

68,266,589 options issued (ASX: ICGOC) exercisable at $0.20 per option at any time up to 31 October 2023; and
66,766,590 options issued (ASX: ICGOB) exercisable at $0.09 per option at any time up to 30 July 2021; and
10,833,333 options issued (ASX: ICGOA) exercisable at $0.14 per option at any time up to 31 October 2022.

There were no other significant changes in the state of affairs of the Group during the financial year.

Dividends Paid or Recommended

The directors do not recommend the payment of a dividend and no dividends have been paid or declared since the start of the financial year.

Significant Events After Reporting Date

On 6 July 2021, the Company issued to directors and consultants a total 389,851 fully paid ordinary shares for noncash. 95,950 shares were issued at a deemed price of $0.1303 per share, being for remuneration-sacrifice to directors. 200,000 shares were issued at a deemed price of $0.10 per share, being for settlement of a bonus payable to a director as accrued in the accounts at 30 June 2021. 93,901 shares were issued at a deemed price of $0.1303 per share, being for consultant fees.

On 6 July 2021, the Company issued a further 4,388,543 shares upon the conversion of options with an exercise price of $0.09, raising a total of $394,968.

On 14 July 2021, the Company issued 4,518,597 shares upon the conversion of options with an exercise price of $0.09, raising a total of $406,673.

Directors’ Report (continued)

On 22 July 2021, the Company issued 10,109,427 shares upon the conversion of options with an exercise price of $0.09, raising a total of $909,848.

On 28 July 2021, the Company issued 16,902,750 shares upon the conversion of options with an exercise price of $0.09, raising a total of $1,521,247.

On 4 August 2021, the Company issued 12,797,187 shares upon the conversion of options with an exercise price of $0.09, raising a total of $1,151,746.

On 6 August 2021, the Company issued 14,197,423 shares upon the conversion of options with an exercise price of $0.09, raising a total of $1,277,768.

On 13 August 2021, the Company issued 1,500,000 shares upon the conversion of options with an exercise price of $0.09, raising a total of $135,000.

No other matters or circumstances have arisen since the end of the financial year which significantly affected or may significantly affect the Company’s operations or the state of affairs of the Company in future financial years.

Likely Developments and Expected Results

The Company expects to maintain the present status and level of operation and hence there are no likely unwarranted developments in the entity’s operations.

Environmental Issues

The Company is subject to environmental regulation in respect of its exploration activities in Peru and Australia. The Company ensures the appropriate standard of environmental care is achieved and, in doing so, that it is aware of and is in compliance with all environmental legislation. The directors of the Company are not aware of any breach of environmental legislation for the year.

Proceedings on Behalf of the Company

No person has applied for leave of the Court to bring proceedings on behalf of the Company or intervene in any proceedings to which the Company is a party for the purpose of taking responsibility on behalf of the Company for all or any part of those proceedings. The Company was not a party to any such proceedings during the year.

Indemnification of Officers and Insurance Premiums

The Company has paid premiums to insure the directors against liabilities for costs and expenses incurred by them in defending legal proceedings arising from their conduct while acting in the capacity of director of the Company, other than conduct involving a wilful breach of duty in relation to the Company.

The premiums paid in respect of Directors’ and Officers’ insurance during the year amounted to $24,466 (2020: $22,334). Insurance premiums have not been allocated to individual directors or key management personnel.

Options

At the date of this report, there are 160,197,844 (post-consolidation) unissued ordinary shares of Inca Minerals Limited under option.

Risk Management

The Board is responsible for ensuring that risks and opportunities are identified in a timely manner and that activities are aligned with the risks and opportunities identified by the Board.

Directors’ Report (continued)

Meetings of Directors

During the financial year, 5 meetings of directors were held. Attendances by each director were as follows:

	Board Meetings	Board Meetings
	No. of meetings	Number
	eligible to attend	attended
Mr Ross Brown	5	5
Mr Gareth Lloyd	5	5
Mr Jonathan West	5	5

REMUNERATION REPORT (AUDITED)

This report outlines the remuneration arrangements in place for directors and executives of the Company.

Remuneration Policy

The remuneration policy of Inca Minerals Limited aligns director and executive objectives with shareholder and business objectives by providing a fixed remuneration component and, where the Board believes it appropriate, may also include specific long-term incentives based on key performance areas affecting the Company’s ability to attract and retain the best executives and directors to run and manage the Company.

The remuneration policy setting out the terms and conditions for the executive directors and other senior executives was developed by the Board. All executives receive a base salary (which is based on factors such as ability and experience). The Board reviews executive packages annually by reference to the economic entity’s performance, executive performance, and comparable information from industry sectors and other listed companies in similar industries. The performance of the executive directors is measured against the objective of promoting growth in shareholder value.

The Board may exercise discretion in relation to approving incentives, bonuses, and options. The policy is designed to attract the highest calibre of executives and reward them for performance that results in long-term growth in shareholder wealth. Executives may, where the Board believes it appropriate, participate in employee share and option arrangements.

The Board policy is to remunerate directors at market rates for comparable companies for time, commitment and responsibilities. The Board determines payments to directors and regularly reviews their remuneration based on market practice, duties and accountability. Independent external advice is sought when required. No external advice was sought during the report period. The maximum aggregate amount of fees that can be paid to nonexecutive directors is subject to approval by shareholders in a general meeting (currently $240,000 per annum).

Performance Based Remuneration

For the year ended 30 June 2021, Ross Brown received a bonus of 200,000 fully paid ordinary shares to be issued at a deemed price of $0.10 per share, with the issued being in relation to the realisation of a number of milestones contained within his employment contract.

Directors’ Report (continued)

REMUNERATION REPORT (AUDITED) (continued)

This report outlines the remuneration arrangements in place for directors and executives of the Company.

Remuneration Policy

Performance Based Remuneration

There was nil performance-based remuneration for the year ended 30 June 2020.

Directors’ Report (continued)

REMUNERATION REPORT (AUDITED) (continued)

Key management personnel service agreements

Details of the key conditions of service agreements for key management personnel are as follows:

	Commencement Date	Notice Period Base Salary	Base Salary	Termination Payments Provided2
Ross Brown1	1 March 2012	6 months	$268,492 per annum	The Company may terminate employment at any time within the initial term by giving 12 months’ notice or 12 months payment in lieu
Gareth Lloyd	14 September 2012	Nil	$50,000 per annum director fees	None
Jonathan West	21 January 2019	Nil	$50,000 per annum director fees	None

1 Mr Brown is engaged as Managing Director under a contract of employment with the Company. The current contract period is for an initial two-year term commencing 1 March 2021, with further renewal at the mutual agreement of both Mr Brown and the Company. In the preceding employment contract, Mr Brown was eligible to receive an additional $40,000 performance-based remuneration (excluding superannuation), $20,000 of which was in cash and $20,000 in shares subject to certain milestones being achieved. These bonuses became payable during the report period as the conditions had been met. 200,000 fully paid ordinary shares were issued at $0.10 on 6 July 2021 as full settlement of the $20,000 share based performance-based remuneration (excluding superannuation). 2 Other than statutory entitlements.

At a General Meeting of the Company held on 31 May 2019, shareholders approved the ability for the Company to undertake a future issue of directors’ remuneration-sacrifice shares to Mr Ross Brown, Mr Gareth Lloyd and Mr Jonathan West. Any shares are to be issued in accordance with the Company’s Directors’ Remuneration-Sacrifice Share Plan ( Share Plan ).

Under the Share Plan, the Company’s directors agreed to reduce their cash remuneration by up to 50% through the issue of shares, in lieu of cash consideration. The reduction in cash consideration is for an amount up to $48,620 for Mr Brown, up to $25,000 for Mr Lloyd, and up to $25,000 for Mr West.

There are no other agreements with key management personnel.

(a) Keymanagementpersonnel compensation	(a) Keymanagementpersonnel compensation	(a) Keymanagementpersonnel compensation	(a) Keymanagementpersonnel compensation
2021		Short-term	benefits		Post-employment benefits		Performance related compensation as % of total remuneration	Total $
Name	Salary and fees $	Perfor- mance Bonus $	Other $	Non- monetary benefits $	Super- annuation $	Long service leave $
*Directors*
Ross Brown	251,795	20,000	2,400	-	26,597	7,055	6.3%	307,847
Gareth Lloyd	50,000	-	-	-	4,750	-	-	54,750
Jonathan West	50,000	-	-	-	4,750	-	-	54,750
*Executives*
-	-	-	-	-	-	-	-	-
Totals	351,795	20,000	2,400	-	36,097	7,055	4.7%	417,347

Directors’ Report (continued)

REMUNERATION REPORT (AUDITED) (continued)

Premiums of $24,466 were paid in relation to directors and officers liability insurance.

2020		Short-term benefits	Short-term benefits		Post-employment benefits	Post-employment benefits	Performance related compensation as % of total remuneration	Total $
Name	Salary and fees $	Perfor- mance Bonus $	Other $	Non- monetar y benefits $	Super- annuation $	Long service leave $
*Directors*
Ross Brown	255,708	-	3,000	-	22,992	(4,954)	-	276,74 6
Gareth Lloyd	50,000	-	-	-	3,266	-	-	53,266
Jonathan West	46,875*	-	-	-	2,227	-	-	49,102
*Executives*
-	-	-	-	-	-	-	-	-
Totals	352,583	-	3,000	-	28,485	(4,954)	0.0%	379,114

*Jonathan West agreed to forgo part of his remuneration for the year amounting to $,3125 as a response to reduce costs during the COVID lockdowns.

Premiums of $22,334 were paid in relation to directors and officers liability insurance.

b) Options and rights granted as remuneration

No options or rights were granted as remuneration during the year (2020: $nil).

c) Share Based Payments

During the year ended 30 June 2021, shares received by directors in lieu of cash consideration have been issued as follows. Note that shares issued in the year ended 30 June 2021 were on a post-consolidation basis, whilst shares issued in the year ended 30 June 2020 were on a pre-consolidation basis.

Director	Shares Issued (or to be issued at 30 June 2021)	Total $ Value of Shares Issued	Accrued Salary & Fees at 30 June 2021 to be Received in Shares
Ross Brown	1,040,910	$48,620	$20,000*
Gareth Lloyd	372,265	$25,000	$6,250
Jonathan West	372,265	$25,000	$6,250

*$20,000 performance-based remuneration (excluding superannuation)

During the year ended 30 June 2020, shares received by directors in lieu of cash consideration have been issued as follows.

Director	Shares Issued	Total $ Value of Shares Issued	Accrued Salary & Fees at 30 June 2020 to be Received in Shares
Ross Brown	2,892,310	$9,724	$6,963
Gareth Lloyd	5,592,502	$9,375	$6,250
Jonathan West	11,185,004	$18,750	$4,688

No other share-based payments were issued as key management personnel remuneration during the year (2020: nil).

Directors’ Report (continued)

REMUNERATION REPORT (AUDITED) (continued)

Key Management Personnel Relevant Interests

The relevant interests of key management personnel in the capital of the Company at the date of this report is as follows. Note that shares held reported at 30 June 2021 were on a post-consolidation basis, whilst shares held reported at 30 June 2020 were on a pre-consolidation basis

Director	Number of Ordinary Shares	Number of Options over Ordinary Shares
Ross Brown	3,695,286	151,328
Gareth Lloyd	1,212,946	62,139
Jonathan West	3,747,266	150,000

The following tables show the movements in the relevant interests of key management personnel in the share capital of the Company:

capital of the Company:
2021
Name	Opening balance 1 July 2020 (post consolidation)	Additions / Director Appointment	Disposals / Director Resignation	Closing balance 30 June 2021
Ross Brown	1,965,177	1,453,945	-	3,419,122
Gareth Lloyd	279,625	823,207	-	1,102,832
Jonathan West	2,262,500	1,436,790	-	3,699,290
Totals	4,507,302	3,713,942	-	8,221,244

2020
Name	Opening balance 1 July 2019*	Additions / Director Appointment*	Disposals / Director Resignation	Closing balance 30 June 2020*
Ross Brown	35,911,762	3,392,310	-	39,304,072
Gareth Lloyd	-	5,592,502	-	5,592,502
Jonathan West	17,000,000	28,250,000	-	45,250,000
Totals	52,911,762	37,234,812	-	90,146,574

The number of shares disclosed in the year ended 30 June 2020 was prior to the share consolidation being implemented on a 20 to 1 basis in August 2020.

END OF REMUNERATION REPORT

Non-Audit Services

The Directors are satisfied that the provision of non-audit services during the year is compatible with the general standard of independence for auditors imposed by the Corporations Act 2001. The Directors are satisfied that the services disclosed below did not compromise the external auditor’s independence for the following reasons:

all non-audit services are reviewed and approved by the Board of Directors prior to commencement to ensure they do not adversely affect the integrity and objectivity of the auditor; and
the nature of the services provided does not compromise the general principles relating to auditor independence in accordance with APES 110: Code of Ethics for Professional Accountants set by the Accounting Professional and Ethical Standards Board.

No non-audit services were provided by the entity’s auditor, Stantons, as shown at Note 16.

Auditor’s Independence Declaration

We have obtained an Auditor’s Independence Declaration. Please refer to “Auditor’s Independence Declaration” included on page 46 of the financial statements.

Directors’ Report (continued)

The Directors’ Report, incorporating the Remuneration Report, is signed in accordance with a resolution of the Board of Directors.

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Ross Brown Director

Dated at Perth this 29th day of September 2021

Consolidated Statement of Profit and Loss and Other Comprehensive Income for the year ended 30 June 2021

Note Revenue 2 Management and directors’ fees Wages and salaries Administrative expenses Advertising and promotional costs Professional fees Listing and share registry expenses Depreciation Impairment of Peruvian Value Added Tax receivable Foreign exchange (loss) / gain Environmental rehabilitation Exploration and evaluation expenditure written off 7 Profit / (Loss) before income tax Income tax benefit 3 Profit / (Loss) after income tax Other comprehensive income Items that will not be reclassified to profit or loss Items that may be reclassified subsequently to profit or loss Exchange differences on translation of foreign operations, net of tax Total comprehensive profit / (loss) Profit / (Loss) for the year attributable to members of Inca Minerals Limited Total comprehensive profit / (loss) attributable to members of Inca Minerals Limited Basic and profit / (loss) per share (cents) 13 Diluted profit / (loss) per share (cents) 13	2021 2020 $ $ 2,968,688 36,018 (76,558) (71,076) (170,426) (131,676) (441,158) (666,902) (18,865) - (187,176) (130,629) (163,515) (96,398) (18,175) (18,386) (193,524) (131,380) (207,035) (204,957) (36,859) (35,717) - (21,786)
	1,455,397 (1,472,889) - -
	1,455,397 (1,472,889) - - (1,050,758) (379,011)
	404,639 (1,851,900)
	1,455,397 (1,472,889) 404,639 (1,851,900) 0.44 (0.8) 0.43 (0.8)

The accompanying notes form an integral part of these financial statements.

Consolidated Statement of Financial Position

as at 30 June 2021

Note ASSETS Current Assets Cash and cash equivalents 14(b) Trade and other receivables 5 Total Current Assets Non-Current Assets Plant and equipment 6 Exploration and evaluation expenditure 7 Right-of-use asset 8(a) Total Non-Current Assets TOTAL ASSETS LIABILITIES Current Liabilities Lease liability 8(e) Trade and other payables 9(a) Provisions 9(b) Funding in advance 9(c) Total Current Liabilities Non-Current Liabilities Lease liability 8(e) Total Non-Current Liabilities TOTAL LIABILITIES NET ASSETS EQUITY Contributed equity 10 Accumulated losses Foreign currency translation reserve Share Option Reserve TOTAL EQUITY	2021 2020 $ $ 9,264,004 732,856 23,268 31,431
	9,287,272 764,287
	255,413 207,841 10,721,723 9,118,246 28,311 42,467
	11,005,447 9,368,554
	20,292,719 10,132,841
	14,839 14,117 636,445 144,916 115,980 114,064 - 3,121,977
	767,264 3,395,074
	14,237 29,076
	14,237 29,076

	781,501 3,424,150
	19,511,218 6,708,691
	53,671,191 41,559,456 (33,293,502) (34,748,899) (1,185,475) (134,717) 319,004 32,851
	19,511,218 6,708,691

The accompanying notes form an integral part of these financial statements.

Consolidated Statement of Changes in Equity for the year ended 30 June 2021

2020 Balance at 1 July 2019 Total comprehensive loss for the year Shares issued during the year Cost of equity issue Balance at 30 June 2020 2021 Balance at 1 July 2020 Total comprehensive loss for the year Shares issued during the year Cost of equity issue Options issued during the year Balance at 30 June 2021	Contributed Equity Accumulated Losses Foreign Currency Translation Reserve Share Option Reserve Total $ $ $ $ $
	39,543,924 (33,276,010) 244,294 - 6,512,208
	- (1,472,889) (379,011) - (1,851,900)
	2,305,469 - - - 2,305,469 (289,937) - - 32,851 (257,086)
	41,559,456 (34,748,899) (134,717) 32,851 6,708,691

	41,559,456 (34,748,899) (134,717) 32,851 6,708,691
	- 1,455,397 (1,050,758) - 404,639
	13,297,886 - - - 13,297,886 (1,186,151) - - - (1,186,151) - - - 286,153 286,153
	53,671,191 (33,293,502) (1,185,475) 319,004 19,511,218

The accompanying notes form an integral part of these financial statements.

Consolidated Statement of Cash Flows

for the year ended 30 June 2021

Note Cash flows from operating activities Payments to suppliers and employees Interest received Government grants received Net cash (used in) operating activities 14 (a) Cash flows from investing activities Payments for exploration expenditures Payments for plant and equipment Net cash (used in) investing activities Cash flows from financing activities Proceeds from issue of shares (net of share issue costs) Proceeds from S32 under Share Subscription and Earn-in Agreement Repayment of lease liability Proceeds received in advance for shares Net cash from financing activities Net increase/ (decrease) in cash held Cash and cash equivalents at the beginning of the financial year Effect of exchange rate changes on cash and cash equivalents Cash and cash equivalents at the end of the financial year 14 (b)	2021 2020 $ $ (497,780) (382,665) 1,093 1,089 145,906 20,694
	(350,781) (360,882)
	(3,414,015) (3,408,628) (20,405) (21,151)
	(3,434,420) (3,429,779)
	12,233,822 1,823,615 - 1,356,466 (15,956) (15,956) 221,891 -
	12,439,757 3,164,125
	8,654,556 (626,536)
	732,856 1,377,481 (123,408) (18,089)
	9,264,004 732,856

The accompanying notes form an integral part of these financial statements.

Notes To The Financial Statements

For the year ended 30 June 2021

Note 1: Statement of Significant Accounting Policies

The financial report covers the Company of Inca Minerals Limited, a listed public company incorporated and domiciled in Australia, and its controlled entities.

The financial report was authorised for issue on 29th September 2021 by the Board of Directors.

Basis of preparation

The financial report is a general purpose financial report that has been prepared in accordance with Australian Accounting Standards, Australian Accounting Interpretations, other authoritative pronouncements of the Australian Accounting Standards Board (AASB) and the Corporations Act 2001.

Australian Accounting Standards set out accounting policies that the AASB has concluded would result in a financial report containing relevant and reliable information about transactions, events and conditions. Compliance with Australian Accounting Standards ensures that the financial statements and notes also comply with International Financial Reporting Standards.

The financial report has been prepared on an accruals basis and is based on historical costs, modified, where applicable, by the measurement at fair value of selected non-current assets, financial assets and financial liabilities.

Going Concern

The financial statements have been prepared on the going concern basis, which contemplates continuity of normal business activities and the realisation of assets and discharge of liabilities in the normal course of business. For the year ended 30 June 2021, the Group incurred after tax profit of $1,455,397 (2020: loss of $1,472,889) and the Group had net cash inflows of $8,654,556 (2020: net cash outflows of $626,536).

The Directors believe that it is reasonably foreseeable that the Company and Group will continue as a going concern and that it is appropriate to adopt the going concern basis in the preparation of the financial report after consideration of the following factors:

The Group has cash at bank at the reporting date of $9,264,004, net working capital of $8,520,008 and net assets of $19,511,218; and
The Company raised $5,797250 subsequent to year end via the conversion of 64,413,927 options in to shares at an exercise price of $0.09 per share; and
The ability of the Group to raise capital by the issue of additional shares under the Corporation Act 2001; and
The ability to curtail administration, operational and investing cash outflows as required.

Accounting Policies

The same accounting policies and methods of computation have been followed in this interim financial report as were applied in the most recent annual financial statements, except for those as described below.

New and Amended Standards Adopted by the Group

The Group has considered the implications of new and amended Accounting Standards which have become applicable for the current financial reporting period.

Initial adoption of AASB 2020-04: COVID-19-Related Rent Concessions

AASB 2020-4: Amendments to Australian Accounting Standards – COVID-19-Related Rent Concessions amends AASB 16 by providing a practical expedient that permits lessees to assess whether rent concessions that occur as a direct consequence of the COVID-19 pandemic and, if certain conditions are met, account for those rent concessions as if they were not lease modifications.

Notes To The Financial Statements For the year ended 30 June 2021

Note 1: Statement of Significant Accounting Policies (continued)

Initial adoption of AASB 2018-6: Amendments to Australian Accounting Standards – Definition of a Business

AASB 2018-6 amends and narrows the definition of a business specified in AASB 3: Business Combinations, simplifying the determination of whether a transaction should be accounted for as a business combination or an asset acquisition. Entities may also perform a calculation and elect to treat certain acquisitions as acquisitions of assets.

Initial adoption of AASB 2018-7: Amendments to Australian Accounting Standards – Definition of Material

This amendment principally amends AASB 101 and AASB 108 by refining the definition of material by improving the wording and aligning the definition across the standards issued by the AASB.

Initial adoption of AASB 2019-3: Amendments to Australian Accounting Standards – Interest Rate Benchmark

This amendment amends specific hedge accounting requirements to provide relief from the potential effects of the uncertainty caused by interest rate benchmark reform.

Initial adoption of AASB 2019-1: Amendments to Australian Accounting Standards – References to the Conceptual Framework

This amendment amends Australian Accounting Standards, Interpretations and other pronouncements to reflect the issuance of Conceptual Framework for Financial Reporting by the AASB.

The standards listed above did not have any impact on the amounts recognised in prior periods and are not expected to significantly affect the current or future periods.

a) Principles of Consolidation

The consolidated financial statements incorporate all of the assets, liabilities and results of the parent, Inca Minerals Limited and all of the subsidiaries. Subsidiaries are entities the parent controls. The parent controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. A list of the subsidiaries is provided in Note 21.

The assets, liabilities and results of all subsidiaries are fully consolidated into the financial statements of the Group from the date on which control is obtained by the Group. The consolidation of a subsidiary is discontinued from the date that control ceases. Intercompany transactions, balances and unrealised gains or losses on transactions between Group entities are fully eliminated on consolidation. Accounting policies of subsidiaries have been changed and adjustments made where necessary to ensure uniformity of the accounting policies adopted by the Group.

Equity interests in a subsidiary not attributable, directly or indirectly, to the Group are presented as “noncontrolling interests". The Group initially recognises non-controlling interests that are present ownership interests in subsidiaries and are entitled to a proportionate share of the subsidiary's net assets on liquidation at either fair value or at the non-controlling interests' proportionate share of the subsidiary's net assets. Subsequent to initial recognition, non-controlling interests are attributed their share of profit or loss and each component of other comprehensive income. Non-controlling interests are shown separately within the equity section of the statement of financial position and statement of comprehensive income.

Notes To The Financial Statements For the year ended 30 June 2021

Note 1: Statement of Significant Accounting Policies (continued)

b) Revenue Recognition

Under AASB 15 Revenue from contracts with customers, revenue is recognised when a performance obligation is satisfied, being when control of the goods or services underlying the performance obligations is transferred to the customer.

Interest

Revenue is recognised as the interest accrues (using the effective interest method, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial instrument) to the net carrying amount of the financial asset.

c) Income Tax

The income tax expense / (benefit) charged to the profit of loss is the tax payable on taxable income calculated using applicable income tax rates enacted, or substantially enacted, as at reporting date. Current tax liabilities (assets) are therefore measured at the amounts expected to be paid to (recovered from) the relevant taxation authority.

Deferred income tax expense reflects movements in deferred tax asset and deferred tax liability balances during the year as well as unused tax losses.

Current and deferred income tax expense (benefit) is charged or credited directly to equity instead of profit or loss when the tax related to items that are credited or charged directly to equity.

Deferred tax assets and liabilities are ascertained based on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred tax assets also result where amounts have been fully expensed but future tax deductions are available. No deferred income tax will be recognised from the initial recognition of an asset or liability, excluding a business combination, where there is no effect on accounting or taxable profit or loss.

Deferred tax assets and liabilities are calculated at the tax rates that are expected to apply to the year when the asset is realised or the liability is settled, based on tax rates enacted or substantially enacted at reporting date. Their measurement also reflects the manner in which management expects to recover or settle the carrying amount of the related asset or liability. Deferred tax assets relating to temporary differences and unused tax losses are recognised only to the extent that it is probable that future taxable profit will be available against which the benefits of the deferred tax asset can be utilised.

Where temporary differences exist in relation to investments in subsidiaries, branches, associates, and joint ventures, deferred tax assets and liabilities are not recognised where the timing of the reversal of the temporary difference can be controlled and it is not probable that the reversal will occur in the foreseeable future.

Current tax assets and liabilities are offset where a largely enforceable right of set-off exists and it is intended that net settlement or simultaneous realisation and settlement of the respective asset and liability will occur. Deferred tax assets and liabilities are offset where a legally enforceable right of set-off exists, the deferred tax assets and liabilities related to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where it is intended that net settlement or simultaneous realisation and settlement of the respective asset and liability will occur in future periods in which significant amounts of deferred tax assets or liabilities are expected to be recovered or settled.

d) Mining Tenements and Exploration and Evaluation Expenditure

Mining tenements are carried at cost, less accumulated impairment losses.

Notes To The Financial Statements For the year ended 30 June 2021

Note 1: Statement of Significant Accounting Policies (continued)

d) Mining Tenements and Exploration and Evaluation Expenditure (continued)

Exploration, evaluation and development expenditure incurred is accumulated in respect of each identifiable area of interest. These costs are only carried forward to the extent that they are expected to be recouped through the successful development and/or sale of the area or where activities in the area have not yet reached a stage that permits reasonable assessment of the existence of economically recoverable reserves.

Accumulated costs in relation to an abandoned area are written off in full against profit or loss in the year in which the decision to abandon the area is made.

When production commences, the accumulated costs for the relevant area of interest are amortised over the life of the area according to the rate of depletion of the economically recoverable reserves.

A regular review is undertaken of each area of interest to determine the appropriateness of continuing to carry forward costs in relation to that area of interest.

Costs of site restoration are provided for over the life of the facility from when exploration commences and are included in the costs of that stage. Site restoration costs include the dismantling and removal of mining plant, equipment and building structures, waste removal, and rehabilitation of the site in accordance with clauses of the mining permits. Such costs are determined using estimates of future costs, current legal requirements and technology on an undiscounted basis.

Any changes in the estimates for the costs are accounted for on a prospective basis. In determining the costs of site restoration, there is uncertainty regarding the nature and extent of the restoration due to community expectations and future legislation. Accordingly, the costs have been determined on the basis that the restoration will be completed within one year of abandoning the site.

e) Financial Instruments

Recognition and derecognition

Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual provisions of the financial instrument.

Financial assets are derecognised when the contractual rights to the cash flows from the financial asset expire, or when the financial asset and substantially all the risks and rewards are transferred.

A financial liability is derecognised when it is extinguished, discharged, cancelled or expires. Classification and initial measurement of financial assets

Except for those trade receivables that do not contain a significant financing component and are measured at the transaction price in accordance with AASB 15, all financial assets are initially measured at fair value adjusted for transaction costs (where applicable).

Financial assets, other than those designated and effective as hedging instruments, are classified into the following categories:

amortised cost
fair value through profit or loss (FVTPL)
fair value through other comprehensive income (FVOCI).

In the periods presented the corporation does not have any financial assets categorised as FVOCI.

Notes To The Financial Statements For the year ended 30 June 2021

Note 1: Statement of Significant Accounting Policies (continued)

The classification is determined by both:

the entity’s business model for managing the financial asset
the contractual cash flow characteristics of the financial asset.

All income and expenses relating to financial assets that are recognised in profit or loss are presented within finance costs, finance income or other financial items, except for impairment of trade receivables which is presented within other expenses.

Subsequent measurement of financial assets

Financial assets at amortised cost

Financial assets are measured at amortised cost if the assets meet the following conditions (and are not designated as FVTPL):

- they are held within a business model whose objective is to hold the financial assets and collect its contractual cash flows

- the contractual terms of the financial assets give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding.

After initial recognition, these are measured at amortised cost using the effective interest method.

Discounting is omitted where the effect of discounting is immaterial. The Group’s cash and cash equivalents, trade and most other receivables fall into this category of financial instruments as well as listed bonds that were previously classified as held-to-maturity under AASB 139.

Financial assets at fair value through profit or loss (FVTPL)

Financial assets that are held within a different business model other than ‘hold to collect’ or ‘hold to collect and sell’ are categorised at fair value through profit or loss. Further, irrespective of business model financial assets whose contractual cash flows are not solely payments of principal and interest are accounted for at FVTPL. All derivative financial instruments fall into this category, except for those designated and effective as hedging instruments, for which the hedge accounting requirements apply.

The category also contains an equity investment. The Group accounts for the investment at FVTPL and did not make the irrevocable election to account for the investment in unlisted and listed equity securities at fair value through other comprehensive income (FVOCI). The fair value was determined in line with the requirements of AASB 9, which does not allow for measurement at cost.

Assets in this category are measured at fair value with gains or losses recognised in profit or loss.

The fair values of financial assets in this category are determined by reference to active market transactions or using a valuation technique where no active market exists.

Notes To The Financial Statements For the year ended 30 June 2021

Note 1: Statement of Significant Accounting Policies (continued)

Financial assets at fair value through other comprehensive income (FVOCI)

The Group accounts for financial assets at FVOCI if the assets meet the following conditions:

they are held under a business model whose objective it is “hold to collect” the associated cash flows and sell and
the contractual terms of the financial assets give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding.

Any gains or losses recognised in other comprehensive income (OCI) will be recycled upon derecognition of the asset.

Impairment of financial assets

AASB 9’s impairment requirements use more forward-looking information to recognise expected credit losses – the ‘expected credit loss (ECL) model’. This replaced AASB 139’s ‘incurred loss model’.

Instruments within the scope of the new requirements included loans and other debt-type financial assets measured at amortised cost and FVOCI, trade receivables, contract assets recognised and measured under AASB 15 and loan commitments and some financial guarantee contracts (for the issuer) that are not measured at fair value through profit or loss.

Recognition of credit losses is no longer dependent on the Group first identifying a credit loss event. Instead the Group considers a broader range of information when assessing credit risk and measuring expected credit losses, including past events, current conditions, reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument.

In applying this forward-looking approach, a distinction is made between:

financial instruments that have not deteriorated significantly in credit quality since initial recognition or that have low credit risk (‘Level 1’) and
financial instruments that have deteriorated significantly in credit quality since initial recognition and whose credit risk is not low (‘Level 2’).

‘Stage 3’ would cover financial assets that have objective evidence of impairment at the reporting date.

‘12-month expected credit losses’ are recognised for the first category while ‘lifetime expected credit losses’ are recognised for the second category.

Measurement of the expected credit losses is determined by a probability-weighted estimate of credit losses over the expected life of the financial instrument.

Trade and other receivables and contract assets

The Group makes use of a simplified approach in accounting for trade and other receivables as well as contract assets and records the loss allowance as lifetime expected credit losses. These are the expected shortfalls in contractual cash flows, considering the potential for default at any point during the life of the financial instrument. In calculating, the Group uses its historical experience, external indicators and forward-looking information to calculate the expected credit losses using a provision matrix.

Notes To The Financial Statements For the year ended 30 June 2021

Note 1: Statement of Significant Accounting Policies (continued)

The Group assess impairment of trade receivables on a collective basis as they possess shared credit risk characteristics they have been grouped based on the days past due.

Classification and measurement of financial liabilities

The Group’s financial liabilities include borrowings, trade and other payables and derivative financial instruments. Financial liabilities are initially measured at fair value, and, where applicable, adjusted for transaction costs unless the Group designated a financial liability at fair value through profit or loss.

Subsequently, financial liabilities are measured at amortised cost using the effective interest method except for derivatives and financial liabilities designated at FVTPL, which are carried subsequently at fair value with gains or losses recognised in profit or loss (other than derivative financial instruments that are designated and effective as hedging instruments).

All interest-related charges and, if applicable, changes in an instrument’s fair value that are reported in profit or loss are included within finance costs or finance income.

f) Impairment of Assets

At each reporting date, the entity reviews the carrying values of its tangible and intangible assets to determine whether there is any indication that those assets have been impaired. If such an indication exists, the recoverable amount of the asset, being the higher of the asset’s fair value less costs to sell and value in use, is compared to the asset’s carrying value. Any excess of the asset’s carrying value over its recoverable amount is expensed to profit or loss.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised in profit or loss immediately, unless the relevant asset is carried at fair value, in which case the impairment loss is treated as a revaluation decrease. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but only to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised in profit or loss immediately, unless the relevant asset is carried at fair value, in which case the reversal of the impairment loss is treated as a revaluation increase.

g) Plant and Equipment

Plant and equipment are measured on the cost basis and therefore carried at cost less accumulated depreciation and any accumulated impairment. In the event the carrying amount of plant and equipment is greater than the estimated recoverable amount, the carrying amount is written down immediately to the estimated recoverable amount and impairment losses are recognised either in profit or loss or as a revaluation decrease if the impairment losses relate to a revalued asset.

Notes To The Financial Statements

For the year ended 30 June 2021

Note 1: Statement of Significant Accounting Policies (continued)

The carrying amount of plant and equipment is reviewed annually by directors to ensure it is not in excess of the recoverable amount from these assets. The recoverable amount is assessed on the basis of the expected net cash flows that will be received from the asset’s employment and subsequent disposal. The expected net cash flows have been discounted to their present values in determining recoverable amounts.

Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. All other repairs and maintenance are charged to the statement of comprehensive income during the financial period in which they are incurred.

Depreciation

The depreciable amount of all fixed assets is depreciated on a straight-line basis over the asset’s useful life to the Company commencing from the time the asset is held ready for use. The depreciation rates used for each class of depreciable assets are:

Class of fixed asset

Class of fixed asset
Plant and equipment	10–33%
Motor vehicles	20–33%
IT equipment	10-33%
Leasehold improvements	20%

The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period.

An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount.

Gains and losses on disposals are determined by comparing proceeds with the carrying amount. These gains and losses are included in the profit or loss.

h) Cash and Cash Equivalents

Cash and cash equivalents include cash on hand and deposits held at call with banks.

i) Goods and Services Tax

Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST incurred is not recoverable from the Australian Tax Office. In these circumstances the GST is recognised as part of the cost of acquisition of the asset or as part of an item of the expense. Receivables and payables in the statement of financial position are shown inclusive of GST. Cash flows are presented in the statement of cash flows on a gross basis, except for the GST component of investing and financing activities, which are disclosed as operating cash flows.

j) Contributed Equity

Ordinary shares are classified as equity.

Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds. Incremental costs directly attributable to the issue of new shares or options for the acquisition of a business are not included in the cost of the acquisition as part of the purchase consideration.

Notes To The Financial Statements For the year ended 30 June 2021

Note 1: Statement of Significant Accounting Policies (continued)

k) Earnings per Share

(i) Basic earnings per share

Basic earnings per share is calculated by dividing the profit attributable to equity holders of the Company, excluding any costs of servicing equity other than ordinary shares, by the weighted average number of ordinary shares outstanding during the financial year.

(ii) Diluted earnings per share

Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account the after income tax effect of interest and other financing costs associated with dilutive potential ordinary shares and the weighted average number of shares assumed to have been issued for no consideration in relation to dilutive potential ordinary shares.

l) Leases

Leases of fixed assets, where substantially all the risks and benefits incidental to the ownership of the asset, but not the legal ownership that are transferred to the economic entity, are classified as finance leases.

Finance leases are capitalised by recording an asset and a liability at the lower of the amounts equal to the fair value of the leased property or the present value of the minimum lease payments, including any guaranteed residual values. Lease payments are allocated between the reduction of the lease liability and the lease interest expense for the period.

Leased assets are depreciated on a straight-line basis over the shorter of their estimated useful lives or the lease term. Lease payments for operating leases, where substantially all the risks and benefits remain with the lessor, are charged as expenses in the periods in which they are incurred.

m) Employee Benefits

Provision is made for the Company’s liability for employee benefits arising from services rendered by employees to reporting date. Employee benefits that are expected to be settled within one year have been measured at the amounts expected to be paid when the liability is settled, plus related on-costs. Employee benefits payable later than one year have been measured at the present value of the estimated future cash outflows to be made for those benefits.

n) Segment Reporting

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The chief operating decision maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Board of Directors.

o) Trade and Other Receivables

Trade and other receivables include amounts due from customers for goods sold and services performed in the ordinary course of business. Receivables expected to be collected within 12 months of the end of the reporting period are classified as current assets. All other receivables are classified as non-current assets.

Trade and other receivables are initially recognised at fair value and subsequently measured at amortised cost using the effective interest method, less any provision for impairment.

Notes To The Financial Statements For the year ended 30 June 2021

Note 1: Statement of Significant Accounting Policies (continued)

p) Trade and Other Payables

Trade and other payables represent the liabilities for goods and services received by the entity that remain unpaid at the end of the reporting period. The balance is recognised as a current liability with the amounts normally paid within 30 days of recognition of the liability.

q) Foreign Currency Transactions Balances

Functional and presentation currency

The functional currency of each of the Group’s entities is measured using the currency of the primary economic environment in which that entity operates. The consolidated financial statements are presented in Australian dollars, which is the parent entity’s functional currency.

Transactions and balances

Foreign currency transactions are translated into functional currency using the exchange rates prevailing at the date of the transaction. Foreign currency monetary items are translated at the year-end exchange rate. Nonmonetary items measured at historical cost continue to be carried at the exchange rate at the date of the transaction. Non-monetary items measured at fair value are reported at the exchange rate at the date when fair values were determined.

Exchange differences arising on the translation of monetary items are recognised in profit or loss, except where deferred in equity as a qualifying cash flow or net investment hedge. Exchange differences arising on the translation of non-monetary items are recognised directly in other comprehensive income to the extent that the underlying gain or loss is recognised in other comprehensive income; otherwise the exchange difference is recognised in profit or loss.

Group companies

The financial results and position of foreign operations, whose functional currency is different from the Group’s presentation currency, are translated as follows:

assets and liabilities are translated at exchange rates prevailing at the end of the reporting period;
the Company raised an additional $4,276,003 as from 1 July 2021 in relation to options being converted in to shares at $0.09 per share; and
income and expenses are translated at average exchange rates for the period; and
retained earnings are translated at the exchange rates prevailing at the date of the transaction.

Exchange differences arising on translation of foreign operations with functional currencies other than Australian dollars are recognised in other comprehensive income and included in the foreign currency translation reserve in the statement of financial position. These differences are recognised in profit or loss in the period in which the operation is disposed of.

r) Critical Accounting Estimates and Other Accounting Judgements

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The Company is of the view that there are no critical accounting estimates and judgements in this financial report, other than accounting estimates and judgements in relation to the carrying value of mineral exploration expenditure.

Notes To The Financial Statements For the year ended 30 June 2021

Note 1: Statement of Significant Accounting Policies (continued)

Key judgements

Deferred exploration and evaluation expenditure

Exploration and evaluation costs are carried forward where right of tenure of the area of interest is current. These costs are carried forward in respect of an area that has not at reporting date reached a stage that permits reasonable assessment of the existence of economically recoverable reserves, or alternatively, are expected to be sold. Refer to the accounting policy stated in Note 1(d).

Deferred taxation

The potential deferred tax asset arising from the tax losses and temporary differences have not been recognised as an asset because in the directors’ judgement, it is not probable that the Company will make taxable profits against which the tax losses can be recovered.

s) Comparative Figures

When required by Accounting Standards, comparative figures have been adjusted to conform to changes in presentation for the current financial year.

Note 2: Revenue

te 2: Revenue
Interest received Government grant received Income received as a result of debt forgiveness from South 32 loan written back	Consolidated 2021 2020 $ $ 1,325 1,100 136,815 34,918 2,830,548 -
	2,968,688 36,018

Notes To The Financial Statements For the year ended 30 June 2021

Note 3: Income Tax

(a) Income tax recognised in profit

No income tax is payable by the Company as it recorded losses for income tax purposes for the year.

(b) Numerical reconciliation between income tax expense and the loss before income tax.

Profit / (loss) before income tax Income tax expense / (benefit) at 26% (2020: 27.5%) Tax effect of: Deferred tax asset not recognised Movement in unrecognised temporary differences Tax effect of permanent differences Income tax benefit	Consolidated 2021 2020 $ $ 1,455,397 (1,472,889) 378,403 (405,045) (381,447) 510,590 14,905 (96,035) 366,542 (414,555)
	- -

Revenue tax losses available to the Company Capital tax losses available to the Company Total tax losses available to the Company Potential tax benefit at 26% (2020: 27.5%)	26,848,233 28,315,337 1,235 1,235
	26,849,468 28,316,572
	6,980,862 7,787,057

A deferred tax asset attributable to income tax losses has not been recognised at reporting date as the probability criteria disclosed in Note 1(c) is not satisfied and such benefit will only be available if the conditions of deductibility, also disclosed in Note 1(c), are satisfied.

Note 4: Dividends

No dividends were paid or declared since the start of the financial year. No recommendation for payment of dividends has been made.

Note 5: Trade and Other Receivables

Current Other receivables Prepayments	Consolidated 2021 2020 $ $ 13,806 29,166 9,462 2,265 23,268 31,431

None of the trade and other receivables are past due date. There are no expected credit losses.

Notes To The Financial Statements For the year ended 30 June 2021

Note 6: Plant and Equipment

Balance at 1 July 2019 Additions / (disposals) and writeoffs Depreciation / writeback on disposals Balance at 30 June 2020 At cost Accumulated depreciation Balance at 30 June 2020 Balance at 1 July 2020 Additions / (disposals) and writeoffs Depreciation / writeback on disposals Balance at 30 June 2021 At cost Accumulated depreciation Balance at 30 June 2021	Plant and equipment IT equipment Leasehold Improvements Total $ $ $ $
	236,505 1,432 - 237,937
	11,405 - - 11,405 (40,069) (1,432) - (41,501)
	207,841 - - 207,841
	349,680 21,848 6,213 377,741 (141,839) (21,848) (6,213) (169,900)
	207,841 - - 207,841

	207,841 - - 207,841
	56,582 2,178 - 58,760 (9,739) (1,449) - (11,188)
	254,684 729 - 255,413
	406,262 24,026 6,213 436,501 (151,578) (23,297) (6,213) (181,088)
	254,684 729 - 255,413

* Inclusive of depreciation capitalised to exploration and evaluation expenditure.

Note 7: Exploration and Evaluation Expenditure

Costs carried forward in respect of areas of interest in the following phases:

Exploration and evaluation phase – at cost Balance at 1 July Expenditure incurred (including exchange rate movements) Expenditure written off Balance at 30 June	Consolidated 2021 2020 $ $ 9,118,246 6,871,149 1,603,477 2,268,883 - (21,786) 10,721,723 9,118,246

Notes To The Financial Statements

For the year ended 30 June 2021

Note 8: Right-of-use Asset and Lease Liability

The Company’s lease portfolio includes the office lease, The average term of the lease is 1-2 years with an option to extend for an additional 2 years.

(a): Carrying value

): Carrying value
Balance at inception of the lease Accumulated depreciation	Consolidated 2021 2020 $ $ 56,623 56,623 (28,312) (14,156)
	28,311 42,467

(b): AASB 16 related amounts recognised in the Statement of Profit or Loss and Other Comprehensive Income

Depreciation expense Interest expense (included in administrative expenses) : Total cash outflows for leases Repayment of lease liabilities	Consolidated 2021 2020 $ $ 14,156 14,156 1,839 2,526
	15,995 16,682
	Consolidated 2021 2020 $ $ (15,956) (15,956)

(c): Total cash outflows for leases

(d): Option to extend or terminate

The Company uses high sight in determining the lease term where the contract contains options to extend or terminate the lease.

(e): Lease liability

Recognised on 1 July 2020 Less: principal repayments Add: interest expense on lease liability Current lease liability Non-current lease liability	Consolidated 2021 2020 $ $ 43,193 56,623 (15,956) (15,956) 1,839 2,526
	29,076 43,193
	14,839 14,117 14,237 29,076

Notes To The Financial Statements For the year ended 30 June 2021

Note 9(a): Trade and Other Payables (current)

Note 9(a): Trade and Other Payables (current)
Trade and other creditors Accrued liabilities Proceeds for share issue received in advance None of the payables are past due date.	Consolidated 2021 2020 $ $ 283,521 104,911 131,033 40,005 221,891 -
	636,445 144,916

Note 9(b): Provisions (current)

Annual leave Long service leave Note 9(c): Funding in Advance (current) Funding received under Share Subscription Agreement and Earn-In Agreement with South32*	Consolidated 2021 2020 $ $ 70,018 75,157 45,962 38,907
	115,980 114,064
	Consolidated 2021 2020 $ $ - 3,121,977
	- 3,121,977

*Under the terms of the Share Subscription and Earn-In Agreement (Agreement) with South32 Group Operations Pty Ltd (South32) dated 29 March 2020, this amount represents funding received from South32 in relation to project expenditure that the Company must incur on the Greater Riqueza Project held by its 100% subsidiary Brillandino Minerales S.A.C. (Brillandino).

The Company received written notification dated 14 May 2020 from South 32, that pursuant to the Agreement, South 32 exercised its right to withdrawn from the Project held by Brillandino. Pursuant to the Agreement, the Agreement shall terminate 60 days from 14 May 2020. The funding provided is not refundable to South 32.

Notes To The Financial Statements

For the year ended 30 June 2021

Note 10: Contributed Equity

Note 10: Contributed Equity	Note 10: Contributed Equity
a) Paid up capital 415,976,672 ordinary shares (30 June 2020: 4,078,233,994 ordinary shares) b) Movements in shares on issue Balance at 30 June 2019 Issued 4 July 2019 Issued 22 August 2019 Issued 2 October 2019 Issued 30 October 2019 Issued 19 November 2019 Issued 19 November 2019 Issued 7 January 2020 Selective buy-back 9 January 2020 Issued 6 April 2020 Transaction costs from issue of shares Balance at 30 June 2020 Reduction on reconstruction 31 August 2020 Issued 28 October 2020 Issued 29 October 2020 Issued 30 October 2020 Issued 11 November 2020 Issued 6 January 2021 Issued 16 March 2021 Issued 1 April 2021 Issued 3 May 2021 Issued 31 May 2021 Issued 8 June 2021 Issued 24 June 2021 Transaction costs from issue of shares Balance at 30 June 2021		Consolidated 2021 2020 $ $ 53,671,191 41,559,456 No of shares Paid up capital $
		3,085,600,366 39,543,924
		8,750,000 43,750 40,000,000 150,000 5,680,813 19,099 966,087,592 1,932,175 46,000,000 94,733 8,700,000 26,133 11,788,223 23,952 (110,000,000) - 15,627,000 15,627 - (289,937)
		4,078,233,994 41,559,456
		(3,874,322,656) - 148,657,611 8,176,169 16,142,167 887,819 2,676,443 79,048 1,633,334 81,667 1,947,153 101,207 28,000,000 2,800,000 444,354 41,192 840,000 75,600 3,811,038 342,993 3,060,505 275,445 4,852,729 436,746 - (1,186,151)
		415,976,672 53,671,191

c) Movements in options on issue

In relation to listed options (ASX: ICGOA) exercisable at $0.14 per option at any time up to 31 October 2022, there were 10,833,333 options issued during the year, and 46,636,077 options outstanding over unissued ordinary shares on issue at 30 June 2021. This class of option reduced by 680,255,561 on 31 August 2020 as a result of the capital reconstruction.

In relation to listed options (ASX: ICGOC) exercisable at $0.20 per option at any time up to 31 October 2023, there were 68,266,588 options issued during the year, and 68,266,588 options outstanding over unissued ordinary shares on issue at 30 June 2021.

In relation to listed options (ASX: ICGOB) exercisable at $0.09 per option at any time up to 30 July 2021, there were 66,766,589 options issued during the year, 12,564,272 options converted in to shares during the year, and 54,202,317 options outstanding over unissued ordinary shares on issue at 30 June 2021.

Notes To The Financial Statements

For the year ended 30 June 2021

Note 10: Contributed Equity (continued)

d) Ordinary shares

Ordinary shares have the right to receive dividends as declared and, in the event of winding up of the Company, to participate in the proceeds from the sale of all surplus assets in proportion to the number of and amounts paid up on shares held.

Note 11: Interests of Key Management Personnel

a) Key management personnel compensation

Refer to the Remuneration Report contained in the Director’s Report for details of the remuneration paid to each member of the Company’s key management personnel for the year ended 30 June 2021. The totals of remuneration paid to key management personnel of the Company during the year are as follows:

Short-term employee benefits (i) Post-employment benefits (ii)	Consolidated 2021 2020 $ $ 374,195 350,629 43,152 28,485
	417,347 379,114

(i) Includes payments for salaries, director fees, consulting fees and allowances.
(ii) Includes superannuation contributions and long service leave entitlements.

b) Key management personnel shareholdings

The number of ordinary shares in Inca Minerals Limited held by key management personnel of the Company during the financial year is as follows. Note that shares issued in the year ended 30 June 2021 were on a post-consolidation basis, whilst shares issued in the year ended 30 June 2020 were on a pre-consolidation basis.

2021
Name	Opening balance 1 July 2020 (post consolidation)	Additions / Director Appointment	Disposals / Director Resignation	Closing balance 30 June 2021
Ross Brown	1,965,177	1,453,945	-	3,419,122
Gareth Lloyd	279,625	823,207	-	1,102,832
Jonathan West	2,262,500	1,436,790	-	3,699,290
Totals	4,507,302	3,713,942	-	8,221,244

2020
Name	Opening balance 1 July 2019*	Additions / Director Appointment *	Disposals / Director Resignation	Closing balance 30 June 2020*
Ross Brown	35,911,762	3,392,310	-	39,304,072
Gareth Lloyd	-	5,592,502	-	5,592,502
Jonathan West	17,000,000	28,250,000	-	45,250,000
Totals	52,911,762	37,234,812	-	90,146,574

The number of shares disclosed in the year ended 30 June 2020 was prior to the share consolidation being implemented on a 20 to 1 basis in August 2020.

Notes To The Financial Statements

For the year ended 30 June 2021

Note 12: Related Party Transactions

During the year ended 30 June 2021, shares received by directors in lieu of cash consideration have been issued as follows.

Director	Shares Issued (or to be issued at 30 June 2021)	Total $ Value of Shares Issued	Accrued Salary & Fees at 30 June 2021 to be Received in Shares
Ross Brown	1,040,910	$48,620	$20,000*
Gareth Lloyd	372,265	$25,000	$6,250
Jonathan West	372,265	$25,000	$6,250

*$20,000 performance-based remuneration (excluding superannuation)

There were no other transactions and balances with directors and other key management personnel.

Note 13: Loss Per Share a) Basic Earnings Per Share Profit / (loss) used in calculating basic and diluted earnings per share Weighted average number of ordinary shares on issue during the year used as the denominator in calculating basic loss per share Basic profit / (loss) per share (cents) b) Diluted profit / (loss) per share (cents) Weighted average number of ordinary shares and share options on issue during the year used as the denominator in calculating diluted loss per share Diluted profit / (loss) per share (cents) Note 14: Cash Flow Information a) Reconciliation of the net profit / (loss) after income tax to the net cash flows from operating activities Net profit / (loss) for the year Depreciation Impairment of Peruvian value added tax Foreign exchange (gains) / losses Exploration and evaluation expenditure written off Peruvian capitalised exploration expenditure Income received as a result of South 32 loan written off Interest on lease liability Changes in assets and liabilities (Increase) / decrease in trade and other receivables Increase / (decrease) in trade and other payables Increase / (Decrease) in provisions Net cash outflow from operating activities		Consolidated 2021 2020 $ $ 1,455,397 (1,472,889)
		327,187,811 188,363,261
		0.44 (0.8)
		338,970,923 188,363,261
		0.43 (0.8)
		Consolidated 2021 2020 $ $ 1,455,397 (1,472,889) 18,175 18,386 193,524 131,380 207,035 204,957 - 21,786 102,189 773,240 (2,830,548) - 1,839 2,526 8,163 (834) 491,529 (27,139) 1,916 (12,295)
		(350,781) (360,882)

Notes To The Financial Statements For the year ended 30 June 2021

Note 14: Cash Flow Information (continued)

(b) Reconciliation of cash and cash equivalents

Cash balance comprises: cash assets 9,264,004 732,856

During the year ended 30 June 2021, the Company issued 4,067,985 fully paid ordinary shares (post 20 to 1 share consolidation basis) for a total value of $171,447 as payment for services provided to the Company.

During the year ended 30 June 2020, the Company did not have any non-cash financing.

Note 15: Expenditure Commitments

The Group has certain commitments to meet minimum expenditure requirements on the mineral exploration assets in which it has an interest. These commitments are optional and only required if the Company wishes to maintain its rights of earn-in or rights of tenure. Outstanding exploration commitments for not later than one year and for between one and five years are as follows:

Not later than one year Between one and five years	Consolidated 2021 Consolidated 2020 $ $ 1,749,966 1,492,082 7,342,225 5,993,580
	9,092,191 7,485,662

The exploration expenditure commitments above include commitments related to agreements for the acquisition of interests in mining concessions pertaining to the Group’s Greater Riqueza ( Riqueza ) and Cerro Rayas projects in Peru. As at 30 June 2021 the Group has met all its obligations in respect of the agreements and all future exploration commitments are payable at the Group’s discretion and dependent upon the Group acquiring the exclusive rights to the mining concessions. The key terms of the agreements pertaining to concessions within the Riqueza and Cerro Rayas projects are set out below.

1. Riqueza Project: A 5-year mining concession transfer option and assignment agreement granting the Group the exclusive option to acquire 100% interest in a mining concession called Nueva Santa Rita and referred to as the Riqueza Project. The Group has the exclusive right to terminate at any time during the transfer option and assignment period and any unpaid amounts are not payable to the vendor.

On 31 October 2018, 17 May 2019 and 7 July 2020, the Group executed addendums to the option and assignment agreement extending the payment timing. The total consideration payable has been increased by US$15,000. The addendum extended the assignment period to 6 years from the commencement date.

Notes To The Financial Statements For the year ended 30 June 2021

Note 15: Expenditure Commitments (continued)

Other key terms are:

Total Mining Concession Transfer Option & Assignment (MCTOA) Consideration	US$1,850,000: - US$10,000 (Mining Assignment); and, - US$1,840,000 (Mining Option).
Payment Timing of MCTOA Consideration	Mining Assignment Payment (MAP): MAP Payment on Execution Date (ED): US$10,000 Mining Transfer Option Payments (MTOP): MTOP Payment on ED: US$30,000 MTOP Payment 6 months from ED: US$20,000 MTOP Payment 12 months from ED: US$50,000 MTOP Payment 18 months from ED: US$60,000 MTOP Payment 24 months from ED: US$50,000 MTOP Payment on or before November 15, 2018: US$31,500 MTOP Payment on or before December 15, 2018: US$31,500 MTOP Payment on or before 20 May 2019: US$10,000 MTOP Payment on or before 20 June 2019: US$20,000 MTOP Payment on or before 20 July 2019: US$70,000 MTOP Payment 42 months from ED: US$100,000 MTOP Payment on or before 30 May 2020: US$15,000 MTOP Payment on or before 30 September 2020: US$30,000 MTOP Payment on or before 30 December 2020: US$30,000 MTOP Payment on or before 30 January 2020: US$30,000 MTOP Payment 60 months from ED: US$170,000* US$40,000 on or before 30 September 2021 - Pending US$100,000 on or before 30 November 2021 - Pending US$100,000 on or before 28 February 2022 - Pending US$100,000 on or before 31 May 2022 - Pending US$100,000 on or before 31 August 2022 - Pending US$100,000 on or before 30 November 2022 - Pending US$200,000 on or before 28 February 2023 - Pending US$352,000 on or before 19May2023- Pending
Mining assignment period	6 years from the Execution Date (19 May 2016).
NSR Royalty	2% NSR. The Group has a 20-year option to buy back 50% of the NSR for US$1,000,000 leaving a 1% NSR to the vendor.
Cancellability	The Group has the exclusive right to terminate at any time during the option and assignment period without cost or penalty. Any unpaid amounts are not payable to the vendor.

As at the date of the Directors’ Declaration, the Group has met all applicable commitments under the agreement.

Notes To The Financial Statements

For the year ended 30 June 2021

Note 15: Expenditure Commitments (continued)

2. Cerro Rayas Project - La Elegida Concession: A 2-year mining concession transfer option and assignent agreement commencing 30 June 2017 granting the Group the exclusive option to acquire 100% interest in a mining concession known as La Elegida which forms part of the Group’s Cerro Rayas Project. The Group has the exclusive right to terminate at any time during the transfer option and assignment period and any unpaid amounts are not payable to the vendor.

On 17 July 2017, 10 April 2019 and 2 July 2020, the Group executed addendums to the option and assignment agreement extending the payment timing. The total consideration payable remains unchanged. The addendum extended the assignment period to 38 months from the commencement date.

In addition, on 28 April 2020, the Group notified the decision to exercise the Mining Option. On 2 July 2020, the Group acquired 100% of La Elegida Concession. The Mining Concession denominated “La Elegida” was registered in the Public Registries in favour of the Company on 7 August 2020.

Other key terms are:

Total Mining Concession Transfer Option and Assignment (MCTOA) Consideration	- US$245,000:US$1,000 (Mining Assignment); and, - US$244,000 (MiningOption).
Payment Timing of MCTOA Consideration	Mining Assignment Payment (MAP): MAP on Commencement Date (CD): US$1,000 Mining Transfer Option Payment (MTOP): MTOP onCD: US$5,000 MTOP on CD: US$45,000 MTOP on or before 6 months from CD: US$11,000 MTOP on or before 12 months from CD: US$90,000 MTOP on or before 13 – 19 months from CD: US$4,000 per month. These payments total USD28,000 MTOP on 2 April 2020: US$4,000 MTOP on or before 22 months from CD: US$2,500 MTOP on or before 23months from CD: US$2,500*
	MTOP on or before 24 – 32 months from CD: US$4,000 per month. These payments total USD36,000 MTOP on or before 33 months from CD: US$10,000 MTOP on or before 34 months from CD: US$5,000 MTOP on or before38 months from CD: US$5,000
Mining assignment period	38 months from the Commencement Date (30 June 2017).

As at the date of the Directors’ Declaration, the Group has met all applicable commitments under the agreement.

3. Cerro Rayas Project - La Elegida I Concession: A 2.5-year mining concession transfer option and assignment agreement commencing 10 October 2016 granting the Group the exclusive option to acquire 100% interest in a mining concession known as La Elegida I which forms part of the Group’s Cerro Rayas Project. The Group had the exclusive right to terminate at any time during the transfer option and assignment period and any unpaid amounts are not payable to the vendor. The group exercised its right to early terminate the agreement, through a letter dated February 27, 2019. On 27 June 2019, the Group lodged with the Lima Registry Office the termination of the agreement and has no further rights or obligations pursuant to the agreement.

Notes To The Financial Statements

For the year ended 30 June 2021

Note 15: Expenditure Commitments (continued)

In addition to exploration expenditure commitments the Group has certain operating commitments pertaining to non-cancellable operating leases and agreements contracted for but not recognised in the financial statements:

Not later than one year Between one and five years	Consolidated 2021 Consolidated 2020 $ $ 36,412 39,109 169,118 35,102
	205,530 74,211

Note 16: Auditor’s Remuneration

Statutory audit by auditor of the parent company Audit and review of financial statements of parent entity Audit and review of financial statements of subsidiary entity Statutory audit by auditor of Inca Minerales S.A.C. and Brillandino Minerales S.A.C. Other services by auditor of Inca Minerales S.A.C. and Brillandino Minerales S.A.C.	Consolidated 2021 Consolidated 2020 $ $ 33,000 29,937 - -
	33,000 29,937
	11,092 12,068 - -
	11,092 12,068
	44,092 42,005

Notes To The Financial Statements For the year ended 30 June 2021

Note 17: Segment Information

The Company has identified its operating segments based on the internal reports that are reviewed and used by the Board of directors (chief operating decision makers) in assessing performance and determining the allocation of resources. The Company operates in the segments of mineral exploration within Peru and Australia. The Company is domiciled in Australia. All revenue from external parties is generated from Australia only. Segment revenues are allocated based on the country in which the party is located. Operating revenues of approximately Nil (2020: Nil) are derived from a single external party. All the assets are located in Peru and Australia. Segment assets are allocated to countries based on where the assets are located.

Reportable segments:	Australia	Peru	Consolidated
	$	$	$
Segment revenue
2021	138,140	2,830,548	2,968,688
2020	36,018	-	36,018
Segment result
2021	(690,717)	2,146,114	1,455,397
2020	(548,614)	(924,275)	(1,472,889)
Segment assets
2021	10,425,647	9,867,072	20,292,719
2020	1,067,584	9,065,297	10,132,881
Segment liabilities
2021	(498,871)	(282,630)	(781,501)
2020	(184,794)	(3,239,356)	(3,424,150)
Depreciation and amortisation expense
2021	(15,604)	(2,571)	(18,175)
2020	(15,777)	(2,609)	(18,386)

Note 18: Financial Risk Management Objectives and Policies

(a) Interest rate risk

The Company’s exposure to interest rate risk which is the risk that a financial instruments value will fluctuate as a result of changes in market interest rates and the effective weighted average interest rate for each class of financial assets and financial liabilities as set out below:

		Non-	Floating
	Weighted	interest	interest	Fixed interest	Fixed interest
	average	bearing	rate	maturing	maturing
	interest			1 year or less	1 to 5 years	Total
	rate(%)	$	$	$	$	$
30 June 2021
Cash and cash
equivalents	0.01	6,973,905	2,270,099	20,000	-	9,264,004
30 June 2020
Cash and cash
equivalents	0.11	76,858	635,998	20,000	-	732,856

Notes To The Financial Statements For the year ended 30 June 2021

Note 18: Financial Risk Management Objectives and Policies (continued)

(b) Interest rate sensitivity analysis

At 30 June 2021, if interest rates had changed by 25 basis points during the entire year with all other variables held constant, profit for the year and equity would have been $12,496 higher/lower (2020: $2,638), mainly as a result of higher/lower interest income from cash and cash equivalents.

A 25-basis point increase or decrease is used when reporting interest rate risk internally to key management personnel and represents management’s assessment of the possible change in interest rates.

(c) Credit risk

The maximum exposure to credit risk at reporting date on financial assets of the Company is the carrying amount, net of any provisions for doubtful debts, as disclosed in the statement of financial position and notes to the financial statements.

(d) Commodity price risk

The Company is not exposed to commodity price risk as the operations of the Company are not yet at the production stage.

(e) Liquidity risk

The Company manages liquidity risk by monitoring forecast cash flows.

The table below analyses the entity’s financial liabilities into relevant maturity groupings based on the remaining period from the statement of financial position date to the contractual maturity date. As the amounts disclosed in the table are the contractual undiscounted cash flows, these balances will not necessarily agree with the amounts disclosed in the statement of financial position.

Notes To The Financial Statements For the year ended 30 June 2021

Note 18: Financial Risk Management Objectives and Policies (continued)

	Less than 6 months $ 6 months to 1 year $ 1 to 5 years $ Total $
30 June 2021 Financial liabilities due for payment Trade and other payables Lease liabilities Financial assets – cash flows realisable Cash assets Trade and other receivables Net (outflow)/inflow on financial instruments 30 June 2020 Financial liabilities due for payment Trade and other payables Lease liabilities Funds in advance Financial assets – cash flows realisable Cash assets Trade and other receivable Net (outflow)/inflow on financial instruments	(636,445) - - (636,445) (7,419) (7,419) (14,237) (29,075) (643,864) (7,419) (14,237) (665,520)
	2,000,000 2,000,000 5,264,004 9,264,004 23,268 - - 23,268
	2,023,268 2,000,000 5,264,004 9,287,272
	1,379,404 1,992,581 5,249,767 8,621,752
	(144,916) - - (144,916) (7,058) (7,059) (29,076) (43,193) (3,121,977) - - (3,121,977)
	(3,273,951) (7,059) (29,076) (3,310,086)
	732,856 - - 732,856 29,166 - - 29,166
	762,022 - - 762,022
	(2,511,929) (7,059) (29,076) (2,548,064)

There were no Level 2 or Level 3 financial instruments.

(f) Foreign exchange risk

The Company is exposed to foreign exchange risk as certain transactions are denominated in United States Dollars and Peruvian Nuevos Soles as a result of operating in Peru.

The Group’s exposure to foreign currency risk at the end of the reporting period, expressed in Australian dollars, is mainly in relation to its cash and cash equivalents and exploration and evaluation expenditure, and was as follows.

	USD	PEN
	$	$
30 June 2021
Cash and cash equivalents	1,934,654	57,019
Exploration and evaluation expenditure	-	8,510,307
30 June 2020
Cash and cash equivalents	40,869	64,805
Exploration and evaluation expenditure	-	7,646,058

Notes To The Financial Statements For the year ended 30 June 2021

Note 18: Financial Risk Management Objectives and Policies (continued)

(g) Net fair value of financial assets and liabilities

The carrying amounts of financial instruments included in the statement of financial position approximate their fair values due to their short terms of maturity.

Note 19: Events Subsequent to Reporting Date

On 6 July 2021, the Company issued a further 4,388,543 shares upon the conversion of options with an exercise price of $0.09, raising a total of $394,968.

On 14 July 2021, the Company issued 4,518,597 shares upon the conversion of options with an exercise price of $0.09, raising a total of $406,673.

On 22 July 2021, the Company issued 10,109,427 shares upon the conversion of options with an exercise price of $0.09, raising a total of $909,848.

On 28 July 2021, the Company issued 16,902,750 shares upon the conversion of options with an exercise price of $0.09, raising a total of $909,848.

On 4 August 2021, the Company issued 12,797,187 shares upon the conversion of options with an exercise price of $0.09, raising a total of $1,151,746.

On 6 August 2021, the Company issued 14,197,423 shares upon the conversion of options with an exercise price of $0.09, raising a total of $1,277,768.

On 13 August 2021, the Company issued 1,500,000 shares upon the conversion of options with an exercise price of $0.09, raising a total of $135,000.

Note 20: Contingent Liabilities

There are no contingent liabilities at reporting date.

Note 21: Controlled Entities

ote 21: Controlled Entities
	Country of
	Incorporation	Percentage	Controlled(%)
		2021	2020
Subsidiaries of Inca Minerals Limited:
Urcaguary Pty Ltd	Australia	100	100
Inca Minerales S.A.C.	Peru	100	100
Brillandino S.A.C.	Peru	100	100
Hydra Minerals Ltd	Australia	100	100
Dingo Minerals Pty Ltd	Australia	100	100

Notes To The Financial Statements For the year ended 30 June 2021

Note 22: Share-based Payments

In accordance with the Company’s Directors’ Remuneration-Sacrifice Share Plan (Plan), from time to time and subject to shareholder approval, the Board may seek to reduce their cash remuneration through the issue of fully paid ordinary shares (Shares) in the Company, in lieu of cash remuneration, to Directors.

During the year ended 30 June 2021, Shares received by directors under the terms of the Plan in lieu of cash consideration have been issued as follows. The deemed issue price of the Shares was the volume weighted average share price of shares sold on the ASX during the 90 days prior to the expiration of the relevant quarter for which the director elected to sacrifice the remuneration.

Director	Shares Issued (or to be issued at 30 June 2021)	Total $ Value of Shares Issued	Accrued Salary & Fees at 30 June 2021 to be Received in Shares
Ross Brown	1,040,910	$48,620	$20,000*
Gareth Lloyd	372,265	$25,000	$6,250
Jonathan West	372,265	$25,000	$6,250

*$20,000 performance-based remuneration (excluding superannuation)

Note 23: Parent Information

Financial position Assets Current assets Non-current assets Total assets Liabilities Current liabilities Non-current liabilities Total liabilities Net Assets Equity Issued capital Share Option Reserve Accumulated Losses Total equity Financial performance (Loss) for the year Other comprehensive income Total comprehensive income	2021 $ 2020 $ 9,219,660 677,183 9,695,072 6,216,301
	18,914,732 6,893,484
	(484,634) (155,718) (14,237) (29,076)
	(498,871) (184,794)

	18,415,861 6,708,690
	53,671,191 41,559,456 319,004 32,851 (35,574,334) (34,883,617)
	18,415,861 6,708,690
	(690,717) (1,851,901) - -
	(690,717) (1,851,901)

There are no guarantees entered into by the parent entity in relation to the debts of its subsidiaries. There are no contingent liabilities of the parent entity as at the reporting date.

There are no contractual commitments by the parent entity for the acquisition of property, plant and equipment as at the reporting date.

Notes To The Financial Statements For the year ended 30 June 2021

Note 23: Parent Information (continued)

The Company has certain operating commitments pertaining to non-cancellable operating leases and agreements contracted for but not recognised in the financial statements:

cted for but not recognised in the financial statements:
Not later than one year Between one and five years	2021 $ 2020 $ 17,551 17,551 35,102 35,102
	52,653 52,653

Note 24: Company Details

The principal place of business of the Company is:

Inca Minerals Limited Suite 1, 16 Nicholson Road Subiaco, WA, 6008 Australia

Directors’ Declaration

The Directors of the Company declare that:

the financial statements and notes, as set out on pages 13 to 44, are in accordance with the Corporations Act 2001 and:
a. comply with Accounting Standards, which, as stated in accounting policy Note 1 to the financial statements, constitutes explicit and unreserved compliance with International Financial Reporting Standards (IFRS);
b. give a true and fair view of the financial position as at 30 June 2021 and of the performance for the year ended on that date of the Group;
the Directors have been given the declarations required by s295A of the Corporations Act 2001 that:
a. the financial records of the Group for the financial year have been properly maintained in accordance with s286 of the Corporations Act 2001 ;
b. the financial statements and notes for the financial year comply with Accounting Standards; and
c. the financial statements and notes for the financial year give a true and fair view.
in the Directors’ opinion there are reasonable grounds to believe that the Group will be able to pay its debts as and when they become due and payable.

This declaration is made in accordance with a resolution of the Board of Directors.

On behalf of the Directors:

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Ross Brown Director

Dated at Perth this 29th day of September 2021

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Shareholder Information

The shareholder information set out below is applicable as at 29 September 2021 unless otherwise stated.

CAPITAL STRUCTURE

The Company currently has issued capital of 480,780,450 fully paid ordinary shares. The Company has also issued 46,636,077 options with an exercise price of $0.14 and an expiry date of 31 October 2022 and 68,266,589 options with an exercise price of $0.20 and an expiry date of 31 October 23 (see below). The Company has no other class of security or options on issue.

VOTING RIGHTS

The Company’s Constitution provides that at a meeting of shareholders, and on a show of hands, each shareholder present in person and each other person present as a proxy, attorney or representative of a shareholder has one vote. On a poll, each shareholder present in person has one vote for each fully paid ordinary share held by the shareholder and each person as a proxy, attorney or representative of a shareholder has one vote for each fully paid ordinary share held by the shareholder that person represents.

DISTRIBUTION OF EQUITY SECURITIES at 29 September 2021

The number of holders by size of their holding of fully paid ordinary issued shares in the Company is as follows:

SPREADS OF HOLDINGS	NUMBER OF HOLDERS	NUMBER OF UNITS	% OF TOTAL ISSUED CAPITAL
1 - 1,000	72	18,052	0.00%
1,001 - 5,000	153	539,258	0.11%
5,001 - 10,000	390	3,012,237	0.63%
10,001 - 100,000	1164	46,750,436	9.72%
100,001 >999,999,999	627	430,461,467	89.53%
TOTAL	2406	480,780,450	100%

SUBSTANTIAL SHAREHOLDERS

There are no Substantial Shareholders.

ESCROW

There are no Company securities subject to voluntary escrow.

UNMARKETABLE PARCELS

As at 29 September 2021 there were 142 shareholders with an unmarketable share parcel of less than 3,650 shares

at the prevailing share price of 13.7 cents.

RESTRICTED SECURITIES

There are no restricted securities.

DIVIDENDS

The Company has not paid any dividends in the period.

VOTING RIGHTS

Each ordinary share is entitled to one vote when a poll is called and has one vote if present at a meeting with a show of hands.

Shareholder Information (continued)

TWENTY LARGEST SHAREHOLDERS

The names and details of the twenty largest quoted shareholdings in the Company as at 29 September 2021 are as follows:

Rank	Name	Units	% of Units
1	FORTE EQUIPMENT PTY LTD	17,500,000	3.64
2	MR CHRISTOPHER ERROL SCHUH	12,374,309	2.57
3	BNP PARIBAS NOMINEES PTY LTD ACF CLEARSTREAM	7,895,816	1.64
	JOHN HAZELDENE NOMINEE COMPANY PTY LTD <JOHN
4	HAZELDENE FT A/C>	7,647,728	1.59
5	MR CRAIG MICHAEL LAKE + MRS JUDITH MAY LAKE	6,132,596	1.28
6	MR STEVEN LOUGHREY	6,000,000	1.25
7	EXCEL SHARES PTY LTD	5,400,000	1.12
	BNP PARIBAS NOMINEES PTY LTD <IB AU NOMS RETAILCLIENT
8	DRP>	4,841,964	1.01
9	T C DRAINAGE (WA) PTY LTD	4,700,000	0.98
10	MS GIOVANNA LINA GAN	4,550,000	0.95
11	CITICORP NOMINEES PTY LIMITED	4,544,888	0.95
12	MR ANTONY CHAMBERS	4,466,099	0.93
13	MR STEPHEN CHEWTER	4,388,605	0.91
14	MR PETER JOHN FISHER + MRS LORIS JOYCE FISHER	4,275,000	0.89
15	MR ANDREW PETER FISHER	4,200,000	0.87
	MR ROBERT SAMUEL AMBROSE HEASLOP + MISS MELANY
16	CORDIER	4,110,097	0.85
	MR STEPHEN PHILIP CHEWTER + MRS MARGARET ELIZABETH
17	CHEWTER	4,072,491	0.85
18	MR PETER JOHN HANNAN	3,833,333	0.8
	DR JONATHAN PAUL WEST + MS JANET MARGARET STONE <WEST
19	STONE SUPER FUND A/C>	3,747,266	0.78
20	RENDINO PTY LTD	3,700,200	0.77
Totals:	Top 20 holders of ICG ORDINARY FULLY PAID	118,380,392	24.62
Total Remaining Holders Balance		362,400,058	75.38

Shareholder Information (continued)

TWENTY LARGEST OPTION HOLDERS - ICGOA

The names and details of the twenty largest quoted option holders in the Company as at 29 September 2021 are as follows:

Rank	Name	Units	% of Units
1	MR MARK BEVAN TILBROOK	4,364,833	9.36
2	MR JASON TANG	3,300,000	7.08
3	FORTE EQUIPMENT PTY LTD	3,140,000	6.73
4	GOFFACAN PTY LTD	2,226,015	4.77
5	BUSINESS SUPER PTY LTD	1,665,199	3.57
6	DVR INVEST PTY LTD	1,345,148	2.88
7	MR DANIEL JOHN BAKER	1,153,896	2.47
8	MR CRAIG MICHAEL LAKE + MRS JUDITH MAY LAKE	1,121,631	2.41
9	MRS DESHIKA SCHREIBER	1,050,000	2.25
10	GOFFACAN PTY LTD	1,000,000	2.14
11	EXCEL SHARES PTY LTD	1,000,000	2.14
12	DABBLER PTY LTD	800,000	1.72
13	PAUL THOMSON FURNITURE PTY LTD	682,559	1.46
14	MR PUNIT ARORA + MRS SHWETA ARORA	600,009	1.29
15	DR LEON EUGENE PRETORIUS	600,000	1.29
16	CHIEU VAN TRAN PTY LTD	600,000	1.29
17	MR MICHAEL THOMAS MAJOR	570,000	1.22
18	MR MICHAEL DAVID NEISH	500,000	1.07
19	TEAM KENVYN PTY LTD	500,000	1.07
	MR PAUL JAMES WHETHAM + MRS ELIZABETH WHETHAM
20		500,000	1.07
Totals:	Top 20 holders of ICGOA 31102022/$0.14	26,719,290	57.29
Total Remaining Holders Balance		19,916,787	42.71

Shareholder Information (continued)

TWENTY LARGEST OPTION HOLDERS - ICGOC

The names and details of the twenty largest quoted option holders in the Company as at 29 September 2021 are as follows:

Rank	Name	Units	% of Units
1	FORTE EQUIPMENT PTY LTD	3,444,445	5.05
2	PROSPERITY FUND PTY LTD	3,374,332	4.94
3	GOFFACAN PTY LTD	3,300,000	4.83
4	BUSINESS SUPER PTY LTD	3,295,890	4.83
5	MR CHRISTOPHER ERROL SCHUH	2,424,243	3.55
6	ZAMAN PERAK PTY LTD	2,275,000	3.33
	JOHN HAZELDENE NOMINEE COMPANY PTY LTD <JOHN
7	HAZELDENE FT A/C>	1,818,182	2.66
8	MINTON TRADING PTY LTD	1,500,000	2.2
9	MR JASON TANG	1,500,000	2.2
10	MS CHUNYAN NIU	1,227,287	1.8
11	MR ANDREW PETER FISHER	1,000,000	1.46
12	MR STEVEN LOUGHREY	1,000,000	1.46
13	MR PHILIP JAMES WHITMONT	1,000,000	1.46
14	T C DRAINAGE (WA) PTY LTD	952,727	1.4
15	MR JOHN EDMUND SAINSBURY	900,000	1.32
16	MR PAUL JAMES GILLINGHAM	870,783	1.28
17	ROOKHARP CAPITAL PTY LIMITED	849,861	1.24
18	MR TIM SHANE WESTON + MRS JOANNE CLARE WESTON	835,454	1.22
19	EXCEL SHARES PTY LTD	750,000	1.1
20	MR NORMAN GRANT OLVER	727,929	1.07
Totals:	Top 20 holders of ICGOC 31102023/$0.20	33,046,133	48.41
Total Remaining Holders Balance		35,220,455	51.59

Tenement Schedule

Location	Location	Tenement Identification	Tenement Identification	Tenement Status	Tenement Number	Tenement Ownership	Tenement Ownership
Country	State	Project Name	Tenement Name
Peru		Riqueza	Neuva Santa Ria	Granted	10045501	Earning100%1	Brillandino Minerals S.A.C.
Peru		Riqueza	Rita Maria	Granted	10171016	100%	Brillandino Minerals S.A.C.
Peru		Riqueza	Antacocha I	Granted	10249916	100%	Brillandino Minerals S.A.C.
Peru		Riqueza	Antacocha II	Granted	10249716	100%	Brillandino Minerals S.A.C.
Peru		Riqueza	Maihuasi	Granted	10249816	100%	Brillandino Minerals S.A.C.
Peru		Riqueza	Uchpanga	Granted	10170916	100%	Brillandino Minerals S.A.C.
Peru		Riqueza	Uchpanga II	Granted	10251716	100%	Brillandino Minerals S.A.C.
Peru		Riqueza	Uchpanga III	Granted	10251616	100%	Brillandino Minerals S.A.C.
Peru		Riqueza	Picuy	Granted	10171116	100%	Brillandino Minerals S.A.C.
Peru		Cerro Rayas	La Elegida	Granted	010109205	100%	Inca Minerales S.A.C.
Peru		CerroRayas	Puyuhuan	Granted	010336917	100%	Inca Minerales S.A.C.
Peru		Cerro Rayas	Huaytapata	Granted	010337017	100%	Inca Minerales S.A.C.
Peru		Cerro Rayas	Huaytapata Sur	Granted	010221018	100%	Inca Minerales S.A.C.
Peru		CerroRayas	Vicuna Puquio	Granted	010221018	100%	Inca Minerales S.A.C.
Peru		Cerro Rayas	Vicuna Puquio II	Granted	010221018	100%	Inca Minerales S.A.C.
Peru		Cerro Rayas	Tablamachay	Granted	010221018	100%	Inca Minerales S.A.C.
Peru		CerroRayas	Yacuna	Granted	010221318	100%	Inca Minerales S.A.C.
Peru		Cerro Rayas	Intihuanunan	Granted	010221418	100%	Inca Minerales S.A.C.
Australia	QLD	MaCauley Creek	MaCauley Creek South	Granted	EPM27124	Earning100%2	Inca Minerals Limited
Australia	QLD	MaCauley Creek	MaCauley Creek North	Granted	EPM27163	Earning100%2	Inca Minerals Limited
Australia	NT	Frewena Fable	Frewena Fable	Granted	EL31974	Earning100%3	Inca Minerals Limited
Australia	NT	Frewena Fable	Frewena Fable North	Application	EL32287	Earning100%3	Inca Minerals Limited
Australia	NT	Frewena East	Frewena East	Application	EL32289	Earning100%4	Inca Minerals Limited
Australia	NT	Frewena Far East	Frewena Far East	Application	EL32293	Earning100%5	Inca Minerals Limited
Australia	NT	Lorna May	Lorna May	Application	EL32107	Earning100%6	Inca Minerals Limited
Australia	NT	Jean Elson	Jean Elson West	Application	EL32485	Earning100%7	Inca Minerals Limited
Australia	NT	Jean Elson	Jean Elson East	Application	EL32486	Earning100%7	Inca Minerals Limited
East Timor		Manatuto	Manatuto	Application	N/A	100%	Inca Minerals Limited
East Timor		Ossu	Ossu	Application	N/A	100%	Inca Minerals Limited
East Timor		Paatal	Paatal	Application	N/A	100%	Inca Minerals Limited

Note 1: Mining Option Agreement between Inca Minerales and Minera Rimpago S.A.C. with Rimpago carried free interest to residual 1% NSR. Note 2: JV between Inca and MRG Resources Pty Ltd ( MRG ) with MRG having 10% carried free interest up to feasibility and residual 1.5 % NSR. Note 3: JV between Inca (90%), MRG (5%) and Dr West (5%) with MRG and West carried free up to feasibility and residual 1.5 % NSR shared between MRG and West. Note 4: JV between Inca (90%), MRG (5%) and Dr West (5%) with MRG and West carried free up to feasibility and residual 1.5 % NSR shared between MRG and West. Note 5: JV between Inca (90%), MRG (5%) and Dr West (5%) with MRG and West carried free up to feasibility and residual 1.5 % NSR shared between MRG and West. Note 6: JV between Inca and MRG with MRG having 5% carried free interest up to feasibility and residual 1.5 % NSR. Note 7: JV between Inca and MRG with MRG having 10% carried free interest up to feasibility and residual 1.5 % NSR.

END OF REPORT

AI assistant

ROKEBY RESOURCES LIMITED — Annual Report 2021

65707_rns_2021-11-21_3df97a26-6de7-4ce7-b612-a04bb47bfd12.pdf

ANNUAL REPORT 2021

CORPORATE PARTICULARS

Directors

Mr Ross Brown

Company Secretary

Registered Office

Corporate Office

Mailing Address

Share Registry

Auditor

Table of Contents

Managing Director’s Summary

If Inca is successful in its application for the NDIBK04 ground it would be as if the hole was drilled by us.

Corporate Governance Plan / Statement

Directors’ Report

Directors

Information on Directors and Company Secretary

Directors’ Report (continued)

Information on Directors and Company Secretary (continued)

GARETH LLOYD BSc (Hons)

MALCOLM SMARTT BA (Accounting), Grad Dip Corporate Management, FCPA, FCIS, FCIM Company Secretary

Directors’ Report (continued)

OPERATING AND FINANCIAL REVIEW

Operating Results

Principal Activities

Review of Operations

Directors’ Report (continued)

OPERATING AND FINANCIAL REVIEW (continued)

Review of Operations (continued)

Directors’ Report (continued)

OPERATING AND FINANCIAL REVIEW (continued)

Review of Operations (continued)

Financial Position

Significant Changes in the State of Affairs

Dividends Paid or Recommended

Significant Events After Reporting Date

Directors’ Report (continued)

Likely Developments and Expected Results

Environmental Issues

Proceedings on Behalf of the Company

Indemnification of Officers and Insurance Premiums

Options

Risk Management

Meetings of Directors

REMUNERATION REPORT (AUDITED)

Remuneration Policy

Performance Based Remuneration

Directors’ Report (continued)

REMUNERATION REPORT (AUDITED) (continued)

Remuneration Policy

Performance Based Remuneration

Directors’ Report (continued)

REMUNERATION REPORT (AUDITED) (continued)

Key management personnel service agreements

Directors’ Report (continued)

REMUNERATION REPORT (AUDITED) (continued)

b) Options and rights granted as remuneration

c) Share Based Payments

Directors’ Report (continued)

REMUNERATION REPORT (AUDITED) (continued)

Key Management Personnel Relevant Interests

END OF REMUNERATION REPORT

Non-Audit Services

Auditor’s Independence Declaration

Directors’ Report (continued)

Consolidated Statement of Profit and Loss and Other Comprehensive Income for the year ended 30 June 2021

as at 30 June 2021

For the year ended 30 June 2021

Note 1: Statement of Significant Accounting Policies

Basis of preparation

Going Concern

Accounting Policies

New and Amended Standards Adopted by the Group

Initial adoption of AASB 2020-04: COVID-19-Related Rent Concessions

Note 1: Statement of Significant Accounting Policies (continued)

Initial adoption of AASB 2019-1: Amendments to Australian Accounting Standards – References to the Conceptual Framework

a) Principles of Consolidation

ROKEBY RESOURCES LIMITED Annual Report 2021