ROKEBY RESOURCES LIMITED — Management Reports 2020

Nov 16, 2020

17 November 2020

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NOVEMBER 2020 MD’S LETTER TO SHAREHOLDERS

On behalf of Inca Minerals Limited ( Inca or the Company ), I would like to thank all those shareholders who have recently participated in our highly successful fundraising campaign. To our existing shareholders, thank you for taking up your entitlements, and to our new shareholders, welcome, and thank you for buying sold entitlements and/or bidding for shortfall shares. After fund campaign costs, you have all helped us raise circa $8.2M. Immediately after the announcement of the second supplementary prospectus, by which we accepted additional funds, our share price hit a 52-week high of 8.2c. It has come back ranging at around 5.0c-5.5c with some investors presumably watchful of immediate share price performance.

The funds raised will provide sustained exploration at Riqueza and at our Australian Projects. Allow me to explain the 2021 year ahead, where the funds will be deployed over the next 12 months and beyond. The key topics of my letter are:

• Drilling at Riqueza.

• Recent news from Peru.

• Australian portfolio completed.

• Capital consolidation completed and significant funds raised for sustained exploration.

Drilling at Riqueza

The recently raised funds will go to drill permitting and drilling. The first phase of drilling is focussing on the NE Area of Riqueza where we are testing eleven targets for large-scale gold-silver-copper porphyry, copper-zinc skarn, and silver-lead-zinc carbonate replacement mineralisation.

Drill permitting is advancing as rapidly as possible. We are experiencing delays relating to COVID-19 which were described in recent ASX announcements. We have been operation in Peru for just short of 10 years and we are familiar with the nuance of permitting. Our Peru-based team has delivered many permits in the past. Whilst the FTA permit is expected in 2020, it is likely that actual drilling will start in January-February 2021.

Peru’s Politics and Demonstrations

You may have read recent reports of popular protests staged in Lima, Peru. Peruvians are essentially demonstrating against the dismissal of President of Peru Martin Vizcarra. Parliament sought to remove the President due to unsubstantiated accusations of corruption. The President of Parliament, Manuel Merino, was appointed the new President of Peru. Manuel Merino was obligated to announce a date of fresh elections immediately, but has subsequently resigned and so we await further advice on what the Peruvian parliament will now do.

The Company does not believe that the change of President, demonstrations, or likely national election will cause material delays to the Company’s FTA application, nor cause disruption of our planned exploration activities. Peru remains a globally significant mining jurisdiction and past experience has shown that exploration and mining is strongly supported by all major political parties. Peru has enjoyed free and fair multi-party elections since 1980.

It might be interesting for you to know that Peru, like Australia, has mandatory voting for those aged over 18. Average voter turnout in Peru over the past 20 years is 83%.

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

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Australia Portfolio Completed

With the recent acquisition of the Hay River Project, Inca has completed the current acquisition phase of the Australian portfolio of projects[1] . A snapshot of the portfolio, all of which are consistent with the company’s overall strategy of focusing on potential Tier 1 type prospects, is provided below with the exploration model and broad status:

• Riqueza : 31 epithermal-porphyry-skarn targets to be drill tested in 2021-2022.

• Frewena Group (Frewena Fable, Frewena East, Frewena Far East) : At least four IOCG targets being covered by AMAGRAD right now.

• East Arunta Group (Jean Elson, Hay River, Lorna May) : At least four IOCG/orogenic targets with multiple geophysical anomalies and, at certain targets, strong coincident mineralisation.

• MaCauley Creek : At least six porphyry-skarn targets with coincident mineralisation and multiple geophysical anomalies.

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----- Start of picture text ----- MaCauley CreekFrewena GroupEast Arunta Group----- End of picture text -----

As the Company moves towards its “first-generation” tier-1 drilling at Riqueza, the Australian projects should be seen in the context of fulfilling the Company’s next-generation tier-1 drilling ambitions. Not only this, but the MaCauley Creek, Frewena Group and Lorna May Projects mediate against a range of operational risks, including but not limited to, geopolitical, currency and exploration risks.

With the completion of the East Arunta Group Project (the acquisition of Hay River) the portfolio is brimming with potential. All were specifically targeted for acquisition because of their tier-1 credentials. MaCauley Creek hosts six porphyry and/or skarn targets, that has been recently doubled from three. The Frewena Group hosts at least four tier-1 IOCG targets. East Arunta hosts least four tier-1 IOCG and/or orogenic gold targets.

1 NOTE: I would include the East Timor Group (Manatuto, Ossu and Paatal) as part of an Australasian portfolio. These are long-term applications highly dependent on the development of that country’s Mining Law. Please consider these projects as non-core assets, potentially valuable, but not our current focus.

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

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Remembering the effect airborne magnetics and radiometrics had at Riqueza (generating over two dozen targets), an airborne magnetics and radiometrics survey is well underway at Frewena, and as at the time of writing, approximately 40% of the aerial survey has been completed. The survey is designed to better define the existing targets and to “throw up” potential news ones. It is noted that $21.5B Newcrest Mining Limited has a large presence immediately to our north.

We anticipate work at Frewena, East Arunta and MaCauley Creek to intensify in 2021 and beyond. Exploration will be designed to find, refine and define our next-gen drill targets. At Frewena we are expecting to groundtruth likely airborne geophysical targets, preparing them for drilling testing in 2021 and 2022. In the case of Jean Elson, the next major exploration activity planned is an airborne geophysics survey. This is is tentatively scheduled for the middle of 2021. MaCauley Creek will also be prepared for possible geophysics and/or drilling in 2021 and 2020.

Capital Consolidation and Fund-Raising Campaign

With your tremendous effort and help, the Company completed a 20:1 capital consolidation earlier in the year, and, more recently, it’s best-ever capital fundraising campaign. With decreased issued stock there is increased share price discovery. The treasury is now very strong and will allow the company to advance critical exploration on a number of fronts. Nevertheless, the Company intends continuing expenditure saving incentives, including, but not limited to, directors’ salary sacrifices. We will remain diligent when it comes to expenditure and cash management.

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Ross Brown Managing Director Inca Minerals Limited

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Competent Person’s Statements

The information in this report that relates to exploration activities 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 exploration activities, 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.

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