Inca’s Stunalara Acquisition Sets Stage for High-Risk, High-Reward Drilling Campaign

Strategic Acquisition Bolsters Exploration Portfolio

Inca Minerals Limited has marked a pivotal moment in its growth trajectory by successfully completing a takeover of Stunalara Metals Limited, securing over 94% ownership and moving into compulsory acquisition of remaining shares. This acquisition significantly broadens Inca’s footprint across Australia, adding a suite of exploration projects with a particular focus on the high-grade Hurricane Project in North Queensland.

The Hurricane Project stands out as a compelling opportunity, featuring undrilled vein structures with rock chip samples returning exceptional grades, up to 81.5 grams per tonne (g/t) gold and 35.1% antimony. These results underscore the potential for a new generation of Tier-1 mineral discoveries in a region with established mineral richness but limited modern exploration.

Capital Raise Fuels Maiden Drilling Campaign

Backing the acquisition, Inca completed an oversubscribed $1.1 million capital raise in early April 2025, reflecting strong investor confidence in the company’s strategic direction. The funds are earmarked primarily for the maiden reverse circulation (RC) drilling and soil sampling program at Hurricane, scheduled to commence in the second quarter of 2025. This drilling campaign represents the first systematic test of the project’s high-grade targets and could unlock significant resource potential.

In parallel, Inca is advancing stakeholder engagement and regulatory approvals to ensure smooth execution of exploration activities. The company’s cash position at the end of March stood at $0.355 million, supplemented by the recent capital raise, providing a solid financial foundation for upcoming work.

Experienced Leadership to Drive Exploration Success

To spearhead exploration efforts, Inca appointed Gregor Bennett, a geologist with over 15 years of experience in precious and base metals exploration. Bennett’s track record includes significant resource growth achievements at Maximus Resources and Rox Resources, where he contributed to doubling gold resources and discovering major nickel sulphide deposits. His expertise is expected to be instrumental in unlocking value from the Hurricane Project and the broader portfolio.

Diversified Portfolio Expands Across Australia

Beyond Hurricane, the Stunalara acquisition adds strategic assets in Tasmania and Western Australia. The Mt Read Project in Tasmania covers 224 square kilometres in a highly prospective region known for copper, gold, nickel, and cobalt mineralisation. In Western Australia, the portfolio includes granted and application-stage tenements prospective for uranium and gold, particularly within palaeochannel systems north and northeast of Kalgoorlie.

Inca continues to re-evaluate its existing tenement holdings in the Northern Territory, Western Australia, and Queensland, with ongoing discussions around potential farm-outs or joint ventures to optimise exploration funding and risk management.

Outlook and Next Steps

The upcoming maiden drilling at Hurricane will be a critical catalyst for Inca Minerals, with the potential to validate the high-grade surface assays and define initial mineral resources. Success here could reposition the company as a significant player in Australia’s gold and antimony exploration landscape. Meanwhile, the expanded portfolio offers multiple avenues for discovery and growth, supported by experienced leadership and a strengthened balance sheet.