Peru

Inca sold its Riqueza and Cerro Rayas projects in Peru to Circuit Resources in mid-2024. The decision to sell the assets was based on the fact that the cost and complexity of undertaking exploration in Peru was problematic and that the company has multiple prospective projects in Australia considered to warrant the higher priority.

However, Inca retains a 2% Net Smelter Royalty in any potential future discovery of an economic mineral resource on the recently sold Peru tenements. Inca considers that the Peru tenements, which make up the Riqueza and Cerro Rayas projects, remain highly prospective for both porphyry and epithermal style mineralisation.