ROKEBY RESOURCES LIMITED — Capital/Financing Update 2016

Oct 12, 2016

13 October 2016

Riqueza Project Update

RECENT HIGHLIGHTS

• DIA drill permit application advances with receipt of Observations from MEM
• Review of all rock chip assay data pre-Inca and Inca (390 samples):
  • o Confirms Humaspunco as high priority Zn-Ag-Pb drill area
  • o Confirms Uchpanga as high priority Zn-Ag-Pb-Au drill area
• Half of all rock chip assay results (195 of 390 samples) average:
  • o 12.54% zinc (Zn)
  • o 311g/t or 9.43oz/t silver (Ag)
  • o 16.37% lead (Pb)
• Channel-sampling program begins at Humaspunco East: Vein HV10 and HV9 completed to date
• Excavation of the Rita Maria old mine working to re-expose historic ore (peak Inca grades: 920g/t Ag, 3.65g/t Au)
• October rock chip sample and mapping program commences next week

Permit News

Inca Minerals Limited (Inca or the Company) (ASX code: ICG) is pleased to report that the Ministerio de Energía y Minas Republica del Perú (MEM) has issued "observations" regarding the Company's DIA drill permit application. The observations (or action items) appear largely administrative and/or seek minor levels of additional information from Inca. Importantly there are no material deficiencies with Inca's application and the observations have presented no difficulties for Inca's easy and expeditious response.

Equally as important, the receipt of observations heralds the completion of the main assessment phase of the DIA application. Once the company lodges its response to the observations the DIA will then enter the approval and granting process which is expected to continue into October and November.

"Pre-permitting exploration at Riqueza [described below] is generating plenty of good results" says Inca Minerals Managing Director, Mr Ross Brown. "We are making valuable Zn-Ag-Pb discoveries that will almost certainly be added to the inventory of drill targets". Mr Brown travels to Peru today to continue this exploration effort (refer below).

Current Programs

The Company has commenced a multi-disciplined drill target assessment and prioritisation exploration program, which is incorporating results from channel-sampling and mapping (the CSM Program), ongoing rock chip sampling and mapping (the RCM Program), geophysics survey trials and targeted examination of past mine workings. These programs will assist in the design, configuration and prioritisation of drill holes prior to the commencement of the 14,000m drilling campaign at Riqueza.

Suite 1/16 Nicholson Road, Subiaco, WA 6008 • PO BOX 38, West Perth, WA 6872 Telephone: +61 (08) 6145 0300 • ABN: 36 128 512 907 Website: www.incaminerals.com.au

The CSM Program commenced at Humaspunco East in September 2016. It is focussing initially on the EWtrending Zn-Ag-Pb veins of this richly mineralised area. As it progresses, it will cover most of the known mineralised veins and mantos occurring at Humaspunco. Detailed grade analysis includes grade trends along and across each vein/manto. Detailed geological information includes vein dimensions (total vein length, interval true widths and therefore average vein width), vein dip and strike, footwall and hanging-wall characteristics, sulphides and alteration. To date, veins HV10 and HV9 (in that order) have been mapped and sampled. Analysis of surface dimensions and assay results from sampling these veins are pending.

The RCM Program commenced in May 2016 and to date has resulted in the discovery of numerous new veins and manto occurrences at Riqueza (ASX announcements: 2 & 29 June; 14 July; 15 & 29 August; 8, 20 & 27 September 2017). It has been tremendously successful and has repositioned Riqueza as one of the most exciting Zn-projects currently held by an Australian-listed junior explorer. The Company has now created a data base of circa 390 rock chip sample assay results, combining 130 sets of assays from Inca, and 260 from previous exploration1 . Analysis of this large assay data base confirms the very high prospectivity of the Humaspunco-Pinta and Uchpanga Prospect areas at Riqueza.

• The average grade of 50% of the 390 rock chip samples is 12.54% Zn, 311g/t Ag (or 9.43oz/t Ag) and 16.37% Pb.
• The top 40 average grade (presented in Table 1) is 21.50% Zn, 569g/t Ag (or 17.263oz/t Ag) and 27.44% Pb.
• The new peak Ag result of Uchpanga from previous exploration is 2668g/t Ag (81 oz/t).

IP (chargeability) was recently trialled by the Company at Humaspunco. Preliminary analysis of the data by the geophysics service provider reveals a good response to chargeability with anomalism apparent. At the time of writing the trial data is being prepared for independent modelling ahead of further possible trials at Humaspunco and Uchpanga.

Access to the Rita Maria old mine working is currently being improved to better expose the sulphide-bearing vein (or dyke) that was mined in the past. Rita Maria occurs at the western end of a 750m long gossan at Uchpanga. To date, samples of this mineralised vein-dyke have returned very high precious and base metal grades, including peaks of 920g/t Ag, 3.59g/t Au, 20.96% Zn and 16.71% Pb. It is the intention of the Company to more accurately map the dip and strike of this mineralised body and, if possible, complete channel sampling across the mineralised body.

Assay results for samples featured in Photo Report (ASX announcement 8 September 2016)

The Company released a photo report from the August RCM Program on 8 September 2016. Assay results for rock specimens photographed and subsequently featured were reported on 20 & 27 September 2016. These previously released assay results are now paired with the relevant rock photo in this ASX announcement (Appendix 1).

1 Previous work was completed by T. Walker in 2011 and was made part of the 43-101 Technical Report

Future Programs - Riqueza

With the recent progress of its drill permit application, the Company's transition from pure reconnaissance-style exploration to drill targeting and prioritisation at Humaspunco is well-timed. A fourth and possible final RCM Program commences next week to complete first-pass coverage at Humaspunco. The CSM Program will continue marking off the 36 known veins and 4 mantos over the next few months. Commencement of drilling will depend on the permit, not upon the completion of these RCM and CSM Programs. Notwithstanding this, results from the CSM Program concerning surface mineralisation will continue to greatly assist the drilling program into next year.

First pass coverage will continue at Uchpanga and across prospective reaches of the greater project area to uncover the full Zn-Ag-Pb-Au potential of the entire project. Further geophysics trials are being considered for Riqueza. Applications for eight additional concessions surrounding Riqueza are advancing. Once these are granted, the greater Riqueza project area will be 7,600 hectares. "Whilst drilling is underway, we will look to increase the inventory of mineralisation even greater than that we have achieved to date. A precursory examination of satellite imagery of the new areas reveals many many new targets" says Mr. Brown.

The Company is very pleased with the recent positive developments regarding the DIA permit. Once permitting is complete the Company will launch its first drill campaign at Riqueza. The drilling company has been notified of permit developments and a service agreement is being drafted in order that drilling can commence as soon as requisite approvals have been obtained.

Future Programs – Cerro Rayas

A rock chip sampling and mapping program is scheduled for the Company's second Zn-Ag-Pb project, Cerro Rayas in October. Cerro Rayas is located 15km NE of Riqueza and hosts the same Jumasha limestone sequence as Riqueza. Known high-grade Zn-Ag-Pb mineralisation at Cerro Rayas is associated with veining. The purpose of the program is to investigate two groups of old mine workings which are located on a mineralised vein.

"Cerro Rayas is an exciting project with grades similar to, if not better than, Riqueza. By sheer weight of numbers Riqueza's veins and mantos justifiably merits our drilling focus. I am nevertheless confident that Cerro Rayas can produce significant discoveries over and above extant mineralisation and will also be drill tested in the near future.

Competent Person Statements

*****

The information in this report that relates to mineralisation for the Riqueza Project, located in Peru, is based on information compiled by Mr Ross Brown BSc (Hons), MAusIMM, SEG, MAICD Managing Director, Inca Minerals Limited, who is a Member of the Australasian Institute of Mining and Metallurgy. He has sufficient experience, which is relevant to the style of mineralisation and types of deposits under consideration, and to the activity which has been undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Brown is a full time employee of Inca Minerals Limited and consents to the report being issued in the form and context in which it appears.

Some of the information in this report may relate to previously released information concerning mineralisation for the Riqueza Project, located in Peru, and subsequently prepared and first disclosed under the JORC Code 2004. It has not been updated to comply with the JORC Code 2012 on the basis that the information has not materially changed since it was last reported, and is based on the information compiled by Mr Ross Brown BSc (Hons), MAusIMM, SEG, MAICD Managing Director, Inca Minerals Limited, who is a Member of the Australasian Institute of Mining and Metallurgy. He has sufficient experience, which is relevant to the style of mineralisation and types of deposits under consideration, and to the activity which has been undertaken, to qualify as a Competent Person as defined in the 2004 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Brown is a full time employee of Inca Minerals Limited and consents to the report being issued in the form and context in which it appears.

Suite 1/16 Nicholson Road, Subiaco, WA 6008 • PO BOX 38, West Perth, WA 6872 Telephone: +61 (08) 6145 0300 • ABN: 36 128 512 907 Website: www.incaminerals.com.au

Table 1 BELOW: Top 40 zinc, silver and lead assay results including all Inca and pre-Inca T. Walker rock chip sample program of 2011 (262 samples). The top 40 average Zn is 21.50%, average Ag is 569g/t and average is Pb 27.44%.

Sample #	Program	Zn	ZnSample #%		Ag	Ag		Program	Pb	Pb
		PPM		Program		PPM oz/t	Sample #		PPM	%
M184120	Inca P3	>10000 34.08		SRDG-series	T. Walker, 2011		2668 80.85		SRDG-series T. Walker, 2011 487000 48.70
5490	Inca P3	>10000 33.42		5403	Inca P1		920 27.88		SRDG-series T. Walker, 2011 462300 46.23
	SRDG-series T. Walker, 2011 280300 28.03			5453	Inca P2		799 24.21		SRDG-series T. Walker, 2011 455600 45.56
M184115	Inca P3	>10000 26.08		SRDG-series	T. Walker, 2011		768 23.27	5420	Inca P1	>10000 44.41
	SRDG-series T. Walker, 2011 260300 26.03			SRDG-series	T. Walker, 2011		684 20.73		SRDG-series T. Walker, 2011 387600 38.76
	SRDG-series T. Walker, 2011 253200 25.32			SRDG-series	T. Walker, 2011		674 20.42		SRDG-series T. Walker, 2011 380300 38.03
	SRDG-series T. Walker, 2011 250000 25.00			SRDG-series	T. Walker, 2011		674 20.42		SRDG-series T. Walker, 2011 347200 34.72
M184118	Inca P3	>10000 24.88		SRDG-series	T. Walker, 2011		590 17.88		SRDG-series T. Walker, 2011 334700 33.47
	SRDG-series T. Walker, 2011 247800 24.78			5449	Inca P2		583 17.67		SRDG-series T. Walker, 2011 305900 30.59
	SRDG-series T. Walker, 2011 247500 24.75			SRDG-series	T. Walker, 2011		564 17.09		SRDG-series T. Walker, 2011 288600 28.86
	SRDG-series T. Walker, 2011 239800 23.98			SRDG-series	T. Walker, 2011		561 17.00		SRDG-series T. Walker, 2011 287100 28.71
5443	Inca P2	>10000 22.70		5466	Inca P2		560 16.97		SRDG-series T. Walker, 2011 284700 28.47
	SRDG-series T. Walker, 2011 225600 22.56			5497	Inca P3		540 16.36		SRDG-series T. Walker, 2011 274900 27.49
	SRDG-series T. Walker, 2011 223500 22.35			SRDG-series	T. Walker, 2011		537 16.27		SRDG-series T. Walker, 2011 271100 27.11
M184116	Inca P3	>10000 22.19		SRDG-series	T. Walker, 2011		530 16.06	M184120	Inca P3	>10000 27.04
	SRDG-series T. Walker, 2011 218500 21.85			M184123	Inca P3		524 15.88	M184125	Inca P3	>10000 26.60
5470	Inca P2	>10000 21.70		SRDG-series	T. Walker, 2011		511 15.48		SRDG-series T. Walker, 2011 261400 26.14
5403	Inca P1	>10000 20.96		SRDG-series	T. Walker, 2011		499 15.12		SRDG-series T. Walker, 2011 260000 26.00
M184123	Inca P3	>10000 20.86		SRDG-series	T. Walker, 2011		497 15.06		SRDG-series T. Walker, 2011 251900 25.19
	SRDG-series T. Walker, 2011 203100 20.31			SRDG-series	T. Walker, 2011		496 15.03	5499	Inca P3	>10000 24.97
5468	Inca P2	>10000 20.20		SRDG-series	T. Walker, 2011		476 14.42		SRDG-series T. Walker, 2011 249400 24.94
	SRDG-series T. Walker, 2011 200000 20.00			SRDG-series	T. Walker, 2011		473 14.33		SRDG-series T. Walker, 2011 242400 24.24
	SRDG-series T. Walker, 2011 198100 19.81			SRDG-series	T. Walker, 2011		468 14.18	5456	Inca P2	>10000 24.15
M184119	Inca P3	>10000 19.74		SRDG-series	T. Walker, 2011		463 14.03	M184118	Inca P3	>10000 23.25
M184114	Inca P3	>10000 19.66		SRDG-series	T. Walker, 2011		457 13.85		SRDG-series T. Walker, 2011 231700 23.17
	SRDG-series T. Walker, 2011 196200 19.62			SRDG-series	T. Walker, 2011		455 13.79		SRDG-series T. Walker, 2011 230100 23.01
M184138	Inca P3	>10000 19.53		SRDG-series	T. Walker, 2011		450 13.64		SRDG-series T. Walker, 2011 227500 22.75
5494	Inca P3	>10000 19.39		M184114	Inca P3		439 13.30	5477	Inca P3	>10000 22.54
5496	Inca P3	>10000 18.80		SRDG-series	T. Walker, 2011		439 13.30		SRDG-series T. Walker, 2011 220200 22.02
5420	Inca P1	>10000 18.07		M184113	Inca P3		427 12.94		SRDG-series T. Walker, 2011 218400 21.84
	SRDG-series T. Walker, 2011 176800 17.68			SRDG-series	T. Walker, 2011		419 12.70		SRDG-series T. Walker, 2011 217200 21.72
M184130	Inca P3	>10000 17.60		5420	Inca P1		418 12.67	5431	Inca P2	>10000 21.65
	SRDG-series T. Walker, 2011 175100 17.51			SRDG-series	T. Walker, 2011		412 12.48		SRDG-series T. Walker, 2011 211100 21.11
	SRDG-series T. Walker, 2011 175000 17.50			5499	Inca P3		405 12.27	M184123	Inca P3	>10000 20.96
	SRDG-series T. Walker, 2011 174400 17.44			SRDG-series	T. Walker, 2011		405 12.27		SRDG-series T. Walker, 2011 209300 20.93
	SRDG-series T. Walker, 2011 173400 17.34			SRDG-series	T. Walker, 2011		402 12.18	5443	Inca P2	>10000 20.70
5419	Inca P1	>10000 17.22		SRDG-series	T. Walker, 2011		401 12.15		SRDG-series T. Walker, 2011 206100 20.61
	SRDG-series T. Walker, 2011 170900 17.09			5442	Inca P2		400 12.12		SRDG-series T. Walker, 2011 204100 20.41
	SRDG-series T. Walker, 2011 170700 17.07			5441	Inca P2		397 12.03		SRDG-series T. Walker, 2011 202500 20.25
	SRDG-series T. Walker, 2011 170400 17.04			SRDG-series	T. Walker, 2011		393 11.91		SRDG-series T. Walker, 2011 201900 20.19
			21.50				569 17.26				27.44

Appendix 1

Photo 1: Mineralised vein sample. Fine matrix of sulphides (sphalerite – a zinc sulphide and galena – a lead sulphide) with Fe-oxides (red-brown) and barite (creamy white). Barite is a common gangue mineral in Zn-Ag-Pb ores in several types of deposits, especially replacement deposits, such as that at Humaspunco. Fe-oxides have developed as weathering products of sulphides and carbonates. 17.03% Zn, 293g/t Ag, 13.07% Pb.

Photo 2: Mineralised manto sample. Fine matrix of sulphides (sphalerite and galena) with barite as gangue material, identified as highly altered Jumasha Limestone. 8.86% Zn, 340g/t Ag, 6.85% Pb.

Photo 3: Mineralised float sample (not in situ) collected near an old mine working. Blebby galena (grey patches) and fine sphalerite. The sulphides here occur as matrix material in a mineralised breccia. Dolomitised limestone clasts are highly weathered and often lined by calcite (opaque white). 7.77% Zn, 303g/t Ag, 11.48% Pb.

Photo 4: Mineralised float sample similar to Photo 3. Blebby galena (grey patches) and fine sphalerite. The breccia is highly vuggy (cavities). 19.93% Zn, 200g/t Ag, 14.76% Pb.

Photo 5: Mineralised float sample. Very coarse galena (up to 1.3cm) and fine sphalerite with barite and calcite. In places galena makes up 50% of the rock, forming large crystalline masses. 0.83% Zn, 405g/t Ag, 24.97% Pb.

Photo 6: Mineralised vein sample from an old mine working. Very coarse galena (up to 1.3cm) and fine sphalerite with barite and calcite. 34.08% Zn, 340g/t Ag, 27.04% Pb.

Photo 7: Mineralised manto sample from an old mine working. Very coarse galena (up to 1.0cm) and fine sphalerite with barite. The sulphides and barite here occur as matrix material in a mineralised breccia. 7.35% Zn, 129g/t Ag, 10.83% Pb.

Photo 8: Mineralised float sample from a manto mine working. Highly weathered, semigossanous rock specimen with fine grained sphalerite and galena forming a relatively hard matrix with relatively soft clast material. The clast material is altered Jumasha Limestone which is prone to weathering. 26.08% Zn, 322g/t Ag, 11.88% Pb.

Photo 9: Similar to Photo 8 -mineralised float sample from a manto mine working. Semigossanous rock specimen with fine grained sphalerite and galena forming a relatively hard matrix with relatively soft clast material. The clast material is Fe-oxide rich and is partially weathered away. The resultant texture is an intricate "lattice" of sphalerite and galena. 7.20% Zn, 386g/t Ag, 26.60% Pb.

Suite 1/16 Nicholson Road, Subiaco, WA 6008 • PO BOX 38, West Perth, WA 6872 Telephone: +61 (08) 6145 0300 • ABN: 36 128 512 907 Website: www.incaminerals.com.au

Appendix 2

The following information is provided to comply with the JORC Code (2012) requirements for the reporting of rock chip sampling by the Company on one concession known as Nueva Santa Rita (located in Peru).

Section 1 Sampling Techniques and Data

CRITERIA	JORC CODE EXPLANATION	COMMENTARY
Sampling techniques	Nature and quality of sampling (e.g. cut channels,random chips, or specific specialised industry standardmeasurement tools appropriate to the minerals underinvestigation, such as down hole gamma sondes, orhand-held XRF instruments, etc.). These examplesshould not be taken as limiting the broad meaning ofsampling.	This announcement refers to previouslyannounced assay results coupled with 9rockchipsamplephotospreviouslyappearing in a Photo Report of 8September2016.Previouslyreleasedassays also appear in this announcementas a table of top 40 assay results. No newassayresultsarereleasedinthisannouncement.
	Include reference to measures taken to ensure samplerepresentivity and the appropriate calibration of anymeasurement tools or systems used.	The sample locations of those mentionedabove were determined by hand-held GPS.Sampling protocols and QAQC are as perindustry best practice procedures.
	Aspects of the determination of mineralisation that areMaterial to the Public Report. In cases where 'industrystandard' work has been done this would be relativelysimple (e.g. 'reverse circulation drilling was used toobtain 1m samples from which 3 kg was pulverised toproduce a 30g charge for fire assay'). In other casesmore explanation may be required, such as where thereis a coarse gold that has inherent sampling problems.Unusual commodities or mineralisation types (e.g.submarine nodules) may warrant disclosure of detailedinformation.	Rock chip sampling is a very widely usedsampling technique in early exploration,typicallycombinedwithgeologicalmapping to determine the presence ofmineralisation at a specific location ofgeologicalinterest.Byvirtueofitspurpose, rock chip sampling is selective.Each sample was bagged separately andlabelled.Samplesweresenttoalaboratory for multi-element analysis.
Drilling techniques	Drill type (e.g. core, reverse circulation, open-holehammer, rotary air blast, auger, Bangka, sonic, etc.)and details (e.g. core diameter, triple or standard tube,depth of diamond tails, face-sampling bit or other type,whether core is oriented and if so, by what method,etc.).	N/A – no drilling or drill results werereferred to in this announcement.
Drill sample recovery	Method of recording and assessing core and chipsample recoveries and results assessed.	N/A – no drilling or drill results werereferred to in this announcement.
	Measures taken to maximise sample recovery andensure representative nature of the samples.	N/A – no drilling or drill results werereferred to in this announcement.
	Whether a relationship exists between sample recoveryand grade and whether sample bias may have occurreddue to preferential loss/gain of fine/coarse material.	N/A – no drilling or drill results werereferred to in this announcement.
Logging	Whether core and chip samples have been geologicallyand geo-technically logged to a level of detail tosupport appropriate Mineral Resource estimation,mining studies and metallurgical studies.	N/A – no drilling or drill results werereferred to in this announcement.
	Whether logging is qualitative or quantitative innature. Core (or costean, channel, etc.) photography.	N/A – no drilling or drill results werereferred to in this announcement.
	The total length and percentage of the relevantintersections logged.	N/A – no drilling or drill results werereferred to in this announcement.

CRITERIA	JORC CODE EXPLANATION	COMMENTARY
Sub-samplingtechniques and	If core, whether cut or sawn and whether quarter, halfor all core taken.	N/A – no drilling or drill results werereferred to in this announcement.
sample preparation	If non-core, whether riffled, tube sampled, rotary split,etc. and whether sampled wet or dry.	N/A – no drilling or drill results werereferred to in this announcement.
	For all sample types, the nature, quality andappropriateness of the sample preparation technique.	The sample preparation technique wasappropriate. Each sample was baggedseparately and labelled. Samples weresent to a laboratory for multi-elementanalysis.
	Quality control procedures adopted for all subsampling stages to maximise "representivity" ofsamples.	N/A – sub-sampling procedures were notundertaken by the Company.
	Measures taken to ensure that the sampling isrepresentative of the in situ material collected,including for instance results for field duplicate/secondhalf sampling.	Rockchipsamplingisatechnique(described above) that directly samples insitu rock. In the case of sampling subjectof this announcement, the in situ rockcomprises mineralised veins and mantosout cropping within and proximal to aditsof previous mining operations.
	Whether sample sizes are appropriate to the grain sizeof the material being sampled.	The sample sizes are considered adequatein terms of the nature and distribution ofin situ rock and geological target at eachsample location.
Quality of assay dataand laboratory tests	The nature, quality and appropriateness of the assayingand laboratory procedures used and whether thetechnique is considered partial or total.	The analytical assay technique used in theelemental testing of the samples for nonAu was four-acid digestion and HCl leach,which is considered a "complete" digestformostmaterialtypes.Elementalanalysis was via ICP and atomic emissionspectrometry. Over 20% detection analysisincludes additional titration analysis. Autechniques included Fire Assay with AAfinish. The analytical assay technique usedin the elemental testing is consideredindustry best practice.
	For geophysical tools, spectrometers, hand-held XRFinstruments, etc., the parameters used in determiningthe analysis including instrument make and model,reading times, calibrations factors applied and theirderivation, etc.	N/A - No geophysical tool or electronicdevice was used in the generation ofsample results other than those used bythe laboratory in line with industry bestpractice.
	Nature of quality control procedures adopted (e.g.standards, blanks, duplicates, external laboratorychecks) and whether acceptable levels of accuracy (i.e.lack of bias) and precision have been established.	Blanks, duplicates and standards wereusedasstandardlaboratoryQAQCprocedures.
Verification ofsampling and assaying	The verification of significant intersections by eitherindependent or alternative company personnel.	Thesampleassayresultsareindependently generated by SGS Del Peru(SGS) who conduct QAQC procedures,which follow industry best practice.
	The use of twinned holes.	N/A – no drilling or drill results werereferred to in this announcement.

Suite 1/16 Nicholson Road, Subiaco, WA 6008 • PO BOX 38, West Perth, WA 6872 Telephone: +61 (08) 6145 0300 • ABN: 36 128 512 907 Website: www.incaminerals.com.au

CRITERIA	JORC CODE EXPLANATION	COMMENTARY
Verification ofsampling and assayingcont…	Documentationofprimarydata,dataentryprocedures, date verification, data storage (physicaland electronic) protocols.	Primary data (regarding assay results) issupplied to the Company from SGS in twoforms: EXCEL and PDF form (the latterserving as a certificate of authenticity).Both formats are captured on Companylaptops which are backed up from time totime.Followingcriticalassessment(including price sensitivity) when timeotherwise permits, the data is entered intoa database by a Company GIS personnel.
	Discuss any adjustment to assay data.	No adjustments were made.
Location of datapoints	Accuracy and quality of surveys used to locate drillholes (collar and down-hole surveys), trenches, mineworkings and other locations used in Mineral Resourceestimation.	The rock chip sample locations weredetermined using a hand-held GPS.
	Specification of the grid system used.	WGS846-18L.
	Quality and adequacy of topographic control.	Topographic control is achieved via theuse of government topographic maps, inassociation with GPS and Digital TerrainMaps (DTM's), the latter generated duringantecedent detailed geophysical surveys.
Data spacing anddistribution	Data spacing for reporting of Exploration Results.	The distribution of the rock chip samplesfollows industry best practice and to alarge degree was subject to the location ofvisible direct (sulphides) and indirect(alteration) signs of mineralisation.
	Whether the data spacing and distribution is sufficientto establish the degreeof geological and gradecontinuity appropriate for the Mineral Resource andOre Reserve estimation procedure(s) and classificationsapplied.	Please refer immediately above. Note thatno Mineral Resource and Ore Reserveestimation has been provided in thisannouncement. The sample population ofthat released in this announcement isinsufficient to obtain an ExplorationTarget and additional sampling, to achievethis, would be required.
	Whether sample compositing has been applied.	Sample compositing was applied, in so faras, at any one rock chip location, rock wascollected from an array of outcrop withina 0.5m to 2m radius.
Orientation of data inrelation to geologicalstructure	Whether the orientation of sampling achieves unbiasedsampling of possible structures and the extent to whichthis is known, considering the deposit type.	The distribution of rock chip samplesfollows industry best practice.
	If the relationship between the drilling orientation andthe orientation of key mineralised structures isconsidered to have introduced a sampling bias, thisshould be assessed and reported if material.	N/A – no drilling or drill results werereferred to in this announcement.
Sample security	The measures taken to ensure sample security.	Sample security was managed by Inca inline with industry best practice.
Audits or reviews	The results of any audits or reviews of samplingtechniques and data.	The rock chip sampling regime wasappropriateforoutcropconditionsprevalent at this project location.

Suite 1/16 Nicholson Road, Subiaco, WA 6008 • PO BOX 38, West Perth, WA 6872 Telephone: +61 (08) 6145 0300 • ABN: 36 128 512 907 Website: www.incaminerals.com.au

Section 2 Reporting of Exploration Results

CRITERIA	JORC CODE EXPLANATION	COMMENTARY
Mineral tenementand land tenurestatus	Type, reference name/number, location and ownershipincluding agreements or material issues with thirdparties such as joint ventures, partnerships, overriding	TenementType:Peruvianminingconcession.Concession Name: Nueva Santa Rita.
	royalties,nativetitleinterests,historicalsites,wildernessornationalparkandenvironmentalsettings.	Ownership: The Company has a 5-yearconcession transfer option and assignmentagreement ("Agreement") whereby theCompany may earn 100% outright ownershipof the concession.
	The security of the land tenure held at the time ofreporting along with any known impediments toobtaining a licence to operate in the area.	The Agreement and concession are in goodstanding at the time of writing.
Exploration done byother parties	Acknowledgement and appraisal of exploration byother parties.	This announcement refers to mineralisationat Riqueza identified by previous parties.The Company has previously cited thesereferences.
Geology	Deposittype,geologicalsettingandstyleofmineralisation.	The geological setting of the area is that ofa gently SW dipping sequence of Cretaceouslimestones and Tertiary "red-beds", on awestern limb of a NW-SE trending anticline;subsequently affected by a series of nearvertical Zn-Ag-Pb bearing veins/breccia andZn-Ag-Pb [strata-parallel] mantos.
Drill holeinformation	A summary of all information material to theunderstanding of the exploration results including atabulation of the following information for all Materialdrill holes:	N/A – no drilling or drill results were referredto in this announcement.
	Easting and northing of the drill hole collarElevation or RL (Reduced Level – elevation abovesea level in metres) of the drill hole collar.Dip and azimuth of the hole.Down hole length and interception depth.Hole length.
	If the exclusion of this information is justified on thebasis that the information is not material and thisexclusion does not detract from the understanding ofthe report, the Competent Person should clearlyexplain why this is the case.	N/A – no drilling or drill results were referredto in this announcement.

CRITERIA	JORC CODE EXPLANATION	COMMENTARY
Data aggregationmethods	In reporting Exploration Results, weighting averagingtechniques,maximumand/orminimumgradetruncations (e.g. cutting of high grades) and cut-offgrades are usually Material and should be stated.	N/A–noweightingaveragesnormaximum/minimumtruncationswereapplied.
	Where aggregate intercepts incorporate short lengthsof high grade results and longer lengths of low graderesults, the procedure used for such aggregation shouldbe stated and some typical examples of suchaggregations shown in detail.	N/A–noweightingaveragesnormaximum/minimumtruncationswereapplied.
	The assumptions used for any reporting of metalequivalent values should be clearly stated.	N/A – no equivalents were used in thisannouncement.
Relationshipbetweenmineralisationwidths and interceptlengths	These relationships are particularly important in thereporting of Exploration Results.If the geometry of the mineralisation with respect tothe drill hole angle is known, its nature should bereported.	No representations of mineralisation widthhave been made in this announcement.
	If it is not known and only the down hole lengths arereported, there should be a clear statement to thiseffect (e.g. 'down hole length, true width not known').
Diagrams	Appropriate maps and sections (with scales) andtabulations of intercepts should be included for anysignificant discovery being reported. These shouldinclude, but not limited to a plan view of drill hole collarlocations and appropriate sectional views.	Plans showing the position of the 9 sampleshas been previously provided in the 20September 2016 and 27 September 2016 ASXannouncements.
Balanced reporting	Where comprehensive reporting of all ExplorationResults is not practicable, representative reporting ofboth low and high grades and/or widths should bepracticed to avoid misleading reporting of ExplorationResults.	TheCompanybelievestheASXannouncement provides a balanced reportof its sampling program and relation of it topreviously reported exploration referred toin this announcement.
Other substantiveexploration data	Other exploration data, if meaningful and material,should be reported including (but not limited to):geological observations; geophysical survey results;geochemical survey results; bulk samples – size andmethod of treatment; metallurgical test results; bulkdensity,groundwater,geotechnicalandrockcharacteristics; potential deleterious or contaminatingsubstances.	Thisannouncementmakesdetailedreference to previously released mappingand assay results of the August Program atRiqueza. No new information is providedthis announcement.
Further work	The nature and scale of planned further work (e.g. testsfor lateral extensions or depth extensions or large-scalestep-out drilling).	By nature of early phase exploration, furtherwork is necessary to better understand themineralisation that appear characteristic ofthis area.
	Diagrams clearly highlighting the areas of possibleextensions,includingthemaingeologicalinterpretations and future drilling areas, provided thisinformation is not commercially sensitive.	N/A: Refer above.

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Suite 1/16 Nicholson Road, Subiaco, WA 6008 • PO BOX 38, West Perth, WA 6872 Telephone: +61 (08) 6145 0300 • ABN: 36 128 512 907 Website: www.incaminerals.com.au