ROKEBY RESOURCES LIMITED — Capital/Financing Update 2017

Apr 27, 2017

28 April 2017

MINERALISED STRUCTURES IDENTIFIED IN DRILLING AT UCHPANGA

• Early drilling at Uchpanga identifies five mineralised structures (assay results pending)
• Structures host multiple types and styles of sulphides, including:
  • o Veinlets of sphalerite (sulphide containing zinc), galena (sulphide containing lead), chalcopyrite (sulphide containing copper) and pyrite
  • o Disseminated galena and sphalerite
  • o Chalcopyrite increases with depth and is dominant sulphide in deepest structure
  • o Structures also host argillic and silicic alteration
• Whole-rock analysis confirms pervasive hydrothermal alteration at Uchpanga and at new intrusive prospect
• Second rig to begin drilling at Humaspunco

Inca Minerals Limited (Inca or the Company) (ASX code: ICG) is pleased to report that multiple, stacked mineralised structures have been identified in drilling at Uchpanga. The structures range in down-hole width from 0.3m to 8.75m and are believed to dip1 to the south within a sequence of volcaniclastics. The structures occur over a down hole interval of 131.0m with the upper most structure occurring at 6.45m to the deepest structure occurring at 137.5m.

"This is very good news. What appears at surface to be a single zone of mineralisation associated with a 750m long gossan and line of workings has developed at depth into a plus-100m wide zone of interest, hosting multiple mineralised structures that hints at mineralising processes far more pervasive than previously thought" says Inca's Managing Director, Mr Ross Brown.

The sulphides occurring in the mineralised structures include sphalerite, galena, pyrite and chalcopyrite which occur as veinlets and as disseminations within argillic and silicic halos. Chalcopyrite levels in the structures increase down-hole.

"Chalcopyrite increases from subordinate to dominant levels within the mineralised structures at depth" says Mr Brown. "This is indicative of metal zoning associated with intrusive-related mineralisation. Assays

will determine if gold, known to occur at gram per tonne levels at the surface, has a similar trend, as might be expected in this model."

Figure 1: RIGHT Inca geologist inspecting core at Riqueza.

1 Detailed examination of the two holes drilled from this platform will assist in determining the angle of mineralisation.

The occurrence of stacked mineralised structures and chalcopyrite zoning in early drilling at Uchpanga is highly encouraging and consistent with intrusive-related mineralisation.

Whole-rock analysis of two hand specimens taken from different outcrops in the area where an intrusive stock was recently discovered strongly indicates multiple phases of intrusive activity and widespread hydrothermal alteration (Figures 2 & 3).

Figure 2: ABOVE LEFT Hydrothermally altered monzonite – a rock formed by the slow cooling of an intrusive granitic magma; MIDDLE magnified portion of the surface showing albite (white), orthoclase (pink) and ankerite/Fe-bearing dolomite (brown-yellow flecks); RIGHT Thin-section (polarised light) showing albite (blue arrow), orthoclase (pink arrow), ankerite/Fe-bearing dolomite (yellow arrow), apatite (green arrow).

Figure 3: ABOVE LEFT Hydrothermally altered meta-gabbro2 – a rock formed by the slow cooling of an intrusive mafic magma and subsequent metamorphism caused by an emplacement of an adjacent intrusion; MIDDLE magnified portion of the surface showing fibrous actinolite, relict feldspar (white) and biotite (brown arrow); RIGHT Thin-section (polarised light) showing the replacement of relict pro-grade biotite (brown arrow) with fibrous retrograde actinolite (green arrow).

Importance of Results

Recent knowledge gained from early drilling at Uchpanga and whole-rock analysis of rock specimens collected from adjacent intrusive stock outcrop strongly supports the Company's exploration model for Riqueza―that Riqueza hosts a large intrusive-related mineralised system comprising hydrothermal Zn-Ag-Pb-Au-Cu mineralisation at Uchpanga and replacement Zn-Ag-Pb mineralisation at Humaspunco.

The multiple phases of stock emplacement in the southern half of Riqueza, and the fact that these stocks are hydrothermally altered is direct evidence of persistent and/or repeated igneous activity―such igneous activity being the "engine-room" for widespread intrusive-related mineralisation. There are nine intrusiverelated mines and mineral deposits in the near vicinity to Riqueza that show that such mineralising processes are commonplace in the vicinity.

2 Formerly referred to as a monzodiorite

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

Figure 4: ABOVE Satellite image of the southern half of the Riqueza Project showing the location of the Uchpanga Prospect, the intrusive complex, the approximate locations of the outcrop from which hand specimens were taken for whole-rock analysis and the location of the drill hole at Uchpanga which intersected several mineralised structures. INSERT Satellite image covering a larger area, including areas covered by Inca's other concession applications. A very large area, approximately 4km x 2km, shows marked discolouration possibly associated with widespread alteration.

The multiple mineralised structures with an overall metal zoning characteristic of a pervasive heatsource are entirely consistent with persistent and/or repeated igneous activity.

"That which occurs on a macro scale, can often be reflected in a micro scale" says Mr Brown. "Whole-rock analysis of a rock specimen from Uchpanga mimics the broader mineralising conditions in this part of the project." Detailed analysis of a Zn-Ag-Pb-Au-bearing sample collected from the Rita Maria working at the western end of Uchpanga reveals a sequence of sulphide mineralising events that reflects the broader mineralising conditions. The sample comprises four recognisable bands (Figure 5) each with a different sulphide and alteration mineral assemblage.

Figure 5: LEFT Vein material from the Rita Maria working at the western end of Uchpanga. Originally a chert, the rock specimen has four recognisable bands, Band 1: chert with galena, sphalerite, stibnite (antimony sulphide) and barite; Band 2: Quartz with pyrite and sphalerite; Band 3: Recrystallised quartz vein with sphalerite; and Band 4: Quartz with clays. Material such as this in previous sampling by Inca has returned plus-gram per tonne gold and bonanza grade silver.

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

Figure 6: RIGHT Core photo of the upper most mineralised structure zone with disseminated galena and pyrite associated with argillic and silicic alteration. It is very similar to the material pictured in Figure 5 and therefore highly prospective for gold and silver.

Drilling at Humaspunco

The Company will commence drilling at Humaspunco after completing initial drilling at Humaspunco South and Uchpanga. Drilling at Humaspunco was expected to commence shortly after the formal commencement date was provided. However, persistent heavy rains and frequent storms created unsafe conditions at this prospect. Therefore, a decision was made not to cut access for drilling at Humaspunco due to unstable soil conditions and the possibility of excessive erosion. With safety conditions now having been addressed, the second drill rig has been winched into position at Humaspunco and drilling thereat will commence 1 May 2017. Drilling will start at Platform 1 with the angled holes across the Zn-Ag-Pb-bearing vein and manto systems.

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 fulltime 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 fulltime 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

Appendix 1

The following information is provided to comply with the JORC Code (2012) requirements for the reporting of drilling and petrographic 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 does not refer to anysampleassayresults.Variousmetalsulphides, referred toin petrographicresults from four samples, are mentionedin this announcement. No quantitiveassessment of these sulphides has beenput forward.
	Include reference to measures taken to ensure samplerepresentivity and the appropriate calibration of anymeasurement tools or systems used.	This announcement does not refer to anysample assay results.
	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.	This announcement does not refer to anysample assay results.
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.).	In addition to petrographic descriptions,this announcement discusses zones ofmineralisation identified in one diamondcore drill hole. The announcement doesnot refer to any metal grade associatedwith these zones of mineralisation. Thedrilling technique used was diamond corefrom surface to end-of-hole. The corediameter used are HQ (63.5mm). Theangled hole was orientated as per industrybest practice.
Drill sample recovery	Method of recording and assessing core and chipsample recoveries and results assessed.	Core barrel v's core length measurementswere made. No significant core loss wasexperienced.
	Measures taken to maximise sample recovery andensure representative nature of the samples.	No significant core loss was experienced.
	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 – refer above. With no sample loss, nobias based on sample loss would occur.
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.	On-sitegeologist(s)logstructure,lithology, alteration, mineralisation on ashift basis. Core recoveries are noted.

CRITERIA	JORC CODE EXPLANATION	COMMENTARY
Logging cont…	Whether logging is qualitative or quantitative innature. Core (or costean, channel, etc.) photography.	Core logging is both qualitative andquantitative. Core photos were taken forevery core-tray.
	The total length and percentage of the relevantintersections logged.	100% of the core hosting zones ofmineralisation were logged.
Sub-samplingtechniques andsample preparation	If core, whether cut or sawn and whether quarter, halfor all core taken.	No core sample assay results werementionedinthisannouncement.Notwithstanding this, in the broadercontext of the drill program (describedabove) core will be sawn in half. One halfwill be bagged and labelled, the remaininghalf will be returned to the core tray
	If non-core, whether riffled, tube sampled, rotary split,etc. and whether sampled wet or dry.	N/A – future sampling of the current drillprogram (described above) will be core.
	For all sample types, the nature, quality andappropriateness of the sample preparation technique.	Core sampling will follow industry bestpractice.
	Quality control procedures adopted for all subsampling stages to maximise "representivity" ofsamples.	Nosub-samplingprocedureswillbeundertaken.
	Measures taken to ensure that the sampling isrepresentative ofthe in situ material collected,including for instance results for field duplicate/secondhalf sampling.	The core sawing orientation will be suchthat [apparent] mineralisation will beequally represented in both halves of thecore. Sample intervals will be determinedby either down-hole vein and mantointervals or by whole-metre intervals, andbe collected as either a one or part metresamples. In the case of vein and mantosampling, samplingwillbe subject tovisible signs of mineralisation. In all cases,measurestoensurerepresentativesampling will take place.
	Whether sample sizes are appropriate to the grain sizeof the material being sampled.	The sample sizes will be adequate in termsofthenatureanddistributionofmineralisation visible in the core. Wherevein and manto intervals are sub-onemetre, sampling will be sub-one metre.
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.	N/A – No assay results are referred to inthis announcement.
	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 assay results are referred to inthis announcement.
	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.	N/A – No assay results are referred to inthis announcement.

CRITERIA	JORC CODE EXPLANATION	COMMENTARY
Verification ofsampling and assaying	The verification of significant intersections by eitherindependent or alternative company personnel.	N/A – No assay results are referred to inthis announcement.
	The use of twinned holes.	N/A – No assay results are referred to inthis announcement.
	Documentationofprimarydata,dataentryprocedures, date verification, data storage (physicaland electronic) protocols.	N/A – No assay results are referred to inthis announcement.
	Discuss any adjustment to assay data.	N/A – No assay results are referred to inthis announcement.
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.	Thesamplelocationsforthefourpetrographic samples were determinedusing 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.	Exploration results mentioned in thisannouncementincludepetrographicresults from four hand specimens (unrelated to drilling) and core loggingresults. In this context, data spacing is notapplicable.
	Whether the data spacing and distribution is sufficientto establish the degree of geological and gradecontinuity appropriate for the Mineral Resource andOre Reserve estimation procedure(s) and classificationsapplied.	Please refer immediately above.
	Whether sample compositing has been applied.	N/A – No assay results are referred to inthis announcement.
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.	N/A – No assay results are referred to inthis announcement.
	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.	Several mineralised intervals recorded in adrillholewerementionedinthisannouncement. The orientation of themineralisation is unknown at this time,therefore, the intervals remain defined asdown-hole intervals with true thicknessesunknown.
Sample security	The measures taken to ensure sample security.	N/A – No assay results are referred to inthis announcement.
Audits or reviews	The results of any audits or reviews of samplingtechniques and data.	N/A – No assay results are referred to inthis 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

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, overridingroyalties,nativetitleinterests,historicalsites,wildernessornationalparkandenvironmentalsettings.	TenementType:Peruvianminingconcession.Concession Name: Nueva Santa Rita.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 does not refertoexploration conducted by previous parties.
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:•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.	Drill hole parameters:•Datum: WGS84-zone18S•Easting: 454533.84mE•Northing: 8592982.45mN•Dip: 90 degrees•Azimuth: N/A•Depth: 174.45m
	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 – drill parameters are provided above.
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.

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
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.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').	Theorientationofthezonesofmineralisation encountered in the drill holereferred to in this announcement areunknown.Thedrillcoreishoweverorientated and once geotechnical logginghas been completed true thicknesses can becalculated.
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.	A plan is provided showing the position ofthe drill hole and whole-rock samplelocations subject of this announcement.
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 exploration results referred to in thisannouncement.
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.	Thisannouncementdoesnotmakesubstantial reference to other explorationdata.
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 appearing in the drill holesubject of this announcement.
	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