Inca Minerals consolidates and secures Cultural Heritage Agreements

Inca Minerals Limited (ASX: $ICG) closed a renounceable Rights Issue during the March 2024 quarter, raising approximately $1.5 million for exploration and working capital. The company received Cultural Heritage Clearance from the AAPA, enabling drilling at Camel Creek and Frewena East. Additionally, it settled a dispute with Bullseye Mining over the Dingo Range Agreement. However, assay results for Alpaca Hill drilling were disappointing. Inca's Chairman, Mr Adam Taylor, highlighted the progress made in securing crucial Cultural Heritage Agreements and the decision to cease operations in Peru due to unsuccessful funding endeavors.

Chairman's Perspective on March Quarter Activities

The March Quarter was a period of consolidation with priority directed at raising capital to allow the Company to re-commence drilling, once the weather allows. It was also a period when significant progress was made in securing two crucial Cultural Heritage Agreements which will now allow the Company to advance its various priority targets, critically the highly prospective Camel Creek target at Jean Elson and the drilling at Frewena east to convert the large phosphate exploration target to a resource. The Company also took the difficult decision to cease operations in Peru. Despite the prospectivity of the Riqueza project and extensive discussions with potential JV partners, Inca has been unsuccessful in securing funding to continue to support this project. Accordingly, a decision to close Peru operations and sell all assets was made and actions are now being progressed to complete this.

Outlook and Planned Activities

Inca Minerals is set to commence drilling at Camel Creek and Frewena East, aiming to convert the large phosphate exploration target to a resource. The company also plans to investigate lithium potential in WA and the NT, negotiate Cultural Heritage Agreements, and commence resource definition drilling of phosphate Exploration Target at Frewena East. Additionally, the closure of Peru operations will allow the company to focus on priority exploration activities in Australia. The successful Rights Issue will enable Inca to progress exploration across its priority projects. The company's directors and management demonstrated their commitment by taking up their entitlements. Inca's cash reserves at the end of March 2024 were $1.376 million, and the company is looking to reduce costs further where possible.