Investor Insight

With a clear, execution-focused strategy, Inca Minerals is poised to become a leading gold and antimony exploration company in Australia. The company is led by an experienced management team dedicated to unlocking value through strategic exploration and resource development.

Overview

Inca Minerals (ASX:ICG) is an Australia-focused exploration company targeting high-grade gold and gold-antimony mineralization. The company’s strategy is underpinned by its recent acquisition of Stunalara Metals, a transformational deal that strengthens its portfolio with high-grade exploration assets. The Hurricane project in Northern Queensland is Inca’s key focus, offering exceptional exploration potential in a region with significant structural controls for mineralization. With a strong macro backdrop of record gold prices and increasing demand for critical minerals, Inca is well-positioned to capitalize on this market opportunity.

Inca Minerals' primary objective is to advance the flagship Hurricane project through an aggressive exploration strategy. The company plans to initiate shallow drilling in Q2 2025, targeting high-priority gold-antimony mineralization identified from rock chip sampling and structural mapping. Concurrently, Inca is conducting geophysical and geochemical surveys to refine drill targets and expand the exploration footprint, ensuring a comprehensive approach to unlocking the project’s full potential.

Recognizing the increasing demand for critical minerals, Inca is strategically positioning itself as a key player in the antimony market. With China imposing export restrictions on this vital commodity, global supply constraints present a significant opportunity for Inca. The company aims to capitalize on this trend by advancing its high-grade gold-antimony deposits at Hurricane, demonstrating the economic viability of the project. Additionally, Inca is focused on educating the market about antimony’s essential role in energy transition, defence and high-tech applications, further reinforcing its value proposition to investors.

Beyond Hurricane, Inca is committed to maintaining a balanced and de-risked exploration portfolio. The company plans to commence fieldwork at the Mt Read project in Tasmania in late 2025, evaluating its potential for polymetallic mineralization, including copper, lead, zinc and gold.

Company Highlights

• The flagship Hurricane project in Northern Queensland features exceptional gold and antimony grades, with assays returning up to 81.5 g/t gold and 35.1 percent antimony. Despite its strong potential, the project remains undrilled, offering a first-mover advantage in an underexplored high-grade system.
• A shallow, cost-effective drilling campaign in Q2 2025 aims to define a maiden gold-antimony resource at Hurricane, with the potential to deliver rapid upside for shareholders.
• Inca Minerals’ acquisition of Stunalara Metals significantly expands its footprint across Queensland, Tasmania and Western Australia, strengthening its exposure to high-value gold and critical minerals like antimony.
• With China restricting antimony exports and global supply tightening, Inca is well-positioned to benefit from rising demand across the energy storage, defense and high-tech sectors.
• Northern Queensland has seen limited modern exploration compared to Western Australia. Inca is leveraging advanced techniques to uncover new high-grade gold-antimony systems.
• Led by an experienced team with a track record of discovery success, Inca maintains a disciplined capital allocation strategy to maximize shareholder value

Key Projects

Hurricane Project

The Hurricane project is Inca Minerals’ flagship asset, located in Northern Queensland, approximately 110 km west-northwest of Cairns. The project consists of three tenements positioned within a structurally favorable corridor between the Hurricane and Retina Faults. The project is highly prospective for gold and antimony mineralization, with multiple high-grade targets identified through historical and recent rock chip sampling.

Recent assay results from Hurricane confirm the presence of significant gold and antimony grades, with highlights including 81.5 grams per ton (g/t) gold at Hurricane South, 12.95 g/t gold at Hurricane North, and 35.1 percent antimony at Bouncer. Despite these impressive surface results, the project remains undrilled, offering a rare opportunity to test a virgin high-grade gold-antimony system. The mineralization is epithermal in nature, hosted within structurally controlled quartz veins that show strong alteration signatures, suggesting a robust hydrothermal system.

Inca plans to commence an initial shallow drilling program in Q2 2025, targeting the highest-priority areas identified from geochemical and structural mapping. The company is also conducting geophysical surveys and additional rock chip sampling to refine its understanding of the mineralized system and expand its exploration footprint.

With a strong technical basis and excellent exploration upside, Hurricane is positioned as a potential near-term discovery opportunity for high-grade gold and antimony resources.

Mt Read Project

The Mt Read project is an early-stage exploration asset located in Tasmania, a region well-known for its polymetallic mineralization. While not the immediate focus of Inca’s exploration strategy, Mt Read presents a significant longer-term opportunity for base metals, including copper, lead, zinc and, potentially, gold. The project is situated within a geologically prospective setting that has seen limited modern exploration.

Fieldwork at Mt Read is expected to begin in late 2025, following the advancement of the Hurricane project. Initial exploration efforts will include geological mapping, geochemical sampling and geophysical surveys to identify potential drill targets. While still in its infancy, Mt Read aligns with Inca’s strategy of securing highly prospective projects in stable jurisdictions with strong mineral endowments.

Management Team

Adam Taylor – Non-executive Chairman

Adam Taylor brings more than 20 years of experience in the civil construction and mining sectors. As CEO of a family-owned group of businesses, he oversees operations in mining, construction, waste management, dewatering and infrastructure maintenance across Western Australia. His core competencies include business management, strategy development, contract negotiation and implementing innovative solutions.

Trevor Benson – Chief Executive Officer

Trevor Benson has extensive experience in the mining and finance sectors, having worked with mining companies, investment banks and finance houses. He has completed mergers and acquisitions and capital market transactions across various natural resources and related industries. Benson holds a Bachelor of Science from the University of Western Australia.

Brad Marwood – Non-executive Director

With more than 40 years in the mining and exploration industry, Brad Marwood has held executive roles, including CEO and managing director positions at various companies, including Middle Island Resources and Tiger Resources. An engineer by training, he has been responsible for over 50 feasibility studies and has secured $500 million in funding for project development. His expertise encompasses exploration, project implementation, operational management and strategic planning.

Andrew Haythorpe – Non-executive Director

Andrew Haythorpe has more than 30 years of experience in the resources and investment industries. His background includes roles as a geologist with CRA, mining analyst with Suncorp and Hartleys, and fund manager at Bankers Trust, managing more than $40 billion. He has raised over $200 million for junior companies and led Crescent Gold from an $8 million explorer to a $250 million gold producer. Haythorpe currently serves as a director of Allup Silica and a non-executive director of Tempest Minerals.