S32

INCA SIGNS EXCLUSIVE EARN-IN OPTION WITH SOUTH32 “RIQUEZA SEEMS CERTAIN TO RECEIVE A SIGNIFICANT RE-RATE” HIGHLIGHTS: EXCLUSIVE OPTION AGREEMENT ▪ South32 funds US$275,000 (Funding Amount) geophysical survey at Inca’s Greater Riqueza project (Project or Riqueza). ▪ Funding Amount covers Project-wide aeromagnetic, radiometric and digital terrain model survey inclusive of interpretation and target generation (AMAG-RAD). ▪ As consideration for Funding Amount, Inca grants South32: o An exclusive option to earn-in and acquire majority ownership of the Project on terms to be agreed (Option 1) and, if Option 1 is exercised but earn-in agreement not executed; o An exclusive option to match any other bona fide offer for Project or part thereof (Option 2). ▪ Inca and South32 agree key earn-in conditions and principles up front