What Rokeby Resources does

Rokeby Resources Limited (ASX: RKB, formerly Inca Minerals Limited) is an Australian junior mineral exploration company focused on the discovery of gold, antimony, copper and other critical minerals across highly prospective but underexplored regions of Australia. The company operates a portfolio of wholly-owned and joint-ventured exploration projects spanning Queensland (MaCauley Creek Cu-Au Porphyry Project and the Hurricane gold project), the Northern Territory (the Frewena suite of IOCG and SEDEX projects covering ~3,930 km² in the East Tennant province), Western Australia (uranium and gold licence applications targeting palaeochannel-hosted mineralisation around Mulga Rocks and Ponton), Tasmania (the Mt Read copper-cobalt-gold VHMS project), and Victoria (the newly acquired Omeo Gold Project). Core exploration methodology relies on geophysical surveys (AMAGRAD, EM), ASTER and historical dataset interrogation, field reconnaissance, and systematic drilling — with over 6,000 metres drilled to date across the Frewena targets and 30+ IOCG/SEDEX targets identified.

The business model is that of a pre-revenue explorer: there is no product sales revenue, and cash inflows come exclusively from equity capital raises (including a AUD $1.72M placement in August 2025), government grants, and the issuance of shares to service providers (64.2M shares issued in June 2026 to fund the Omeo acquisition, representing ~7.9% dilution). A 2% Net Smelter Royalty is retained on the divested Peru tenements (Riqueza and Cerro Rayas, sold to Circuit Resources in mid-2024). The company's "customers" are effectively the retail and institutional investors purchasing ASX-listed equity, with the company's go-to-market consisting of ASX announcements, investor presentations, conference participation (including the RIU Sydney Resources Round-up), and a corporate website. The headcount is 1–10 employees and the company faces material capital constraints, with only $851,000 in cash against a $3.75M annual loss.

Recent strategic activity includes a rebranding from Inca Minerals to Rokeby Resources in 2025, divestment of the Peru assets, acquisition of the Omeo Gold Project in June 2026, and a leadership refresh that installed mining engineer Richard Beazley as Managing Director and former Victorian Treasurer Tim Pallas as Non-Executive Chairman. Plans to issue up to 768 million additional shares to fund Omeo signal an aggressive growth posture funded almost entirely by shareholder dilution.

Name

Rokeby Resources

Legal name

Rokeby Resources Limited

Website

https://rokebyresources.com.au

Company type

Public

Founded year

2008

Operating status

Operating

Headcount range

1–10 employees

Short description

Rokeby Resources is an ASX-listed (RKB) Australian junior mineral exploration company focused on discovering gold, antimony, copper and critical minerals across Queensland, the Northern Territory, Western Australia, Tasmania and Victoria, serving retail and institutional equity investors through its pre-revenue, exploration-stage portfolio.

Ownership category

akta.pro rank

Product category

Mineral Exploration

NAICS

Support Activities for Mining (21311)

SIC

Oil & Gas Field Exploration Services (1382)

akta.pro primary industry

Exploration & Production Drilling Services (RC, Core, Directional, Sonic, Auger) (IMAKAKAB)

Keywords

• Mineral exploration services
• Gold copper exploration
• Critical minerals discovery
• ASX-listed explorer
• Junior resource company

Headquarters

HQ city

Perth

HQ country

Australia

HQ region

Oceania

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Technology or R&D, Marketing or Sales

Revenue model

1. Exploration Revenue (Pre-Revenue): Company is a pre-revenue mineral explorer with virtually no revenue. Generates cash only through capital raises, share issuances, and government grants. Reported only $851,000 in cash against a $3.75 million annual loss.
2. Net Smelter Royalty (Peru): Retains 2% Net Smelter Royalty on any potential future discovery of economic mineral resource on sold Peru tenements (Riqueza and Cerro Rayas projects sold to Circuit Resources in mid-2024).

Go-to-market motion2 records

Distribution channels1 record

Marketing channels5 records

Core offering

Rokeby Resources is an Australian mineral exploration company (ASX: RKB) that undertakes systematic, technically-driven exploration programs targeting gold, antimony, copper, and critical minerals deposits. The company operates a portfolio of wholly-owned and joint-ventured exploration projects across Queensland, Northern Territory, Western Australia, and Tasmania, with all drilling to date (6,000+ metres) validated by IOCG/SEDEX or porphyry-style indicators. The company is pre-revenue, generating no operating income and relying on equity raises and government grants to fund exploration activities.

Product overview

Rokeby Resources Limited is an Australian mineral exploration company (ASX: RKB) focused on the discovery of gold, antimony, copper, and critical minerals. The company operates a portfolio of wholly-owned and joint ventured exploration projects across Australia, including the MaCauley Creek Cu-Au Porphyry Project and Hurricane Project in Queensland, the Frewena suite of IOCG/SEDEX projects in the Northern Territory, the Mt Read Project in Tasmania, and emerging uranium-gold projects in Western Australia. Previously known as Inca Minerals Limited, the company underwent a strategic repositioning and name change to reflect its renewed focus on creating value through high-impact exploration of commodities aligned with long-term global demand trends.

Differentiator

Problem solved

Functional benefit

Products and services

• MaCauley Creek Porphyry Project A copper-gold porphyry exploration project located approximately 100km west of Townsville in Queensland, covering 359km². The project hosts known Cu-Au-Mo mineralisation over a 3km x 2.5km area with porphyry-style alteration and strong geophysical targets.
• Hurricane Project A gold exploration project located in the Hodgkinson Province of northeastern Queensland, approximately 125km north-northwest of Cairns. Targets sediment-hosted orogenic gold systems with Sb-As-Au-Ag geochemical signatures similar to Macreas and Fosterville deposits.
• Frewena Projects A suite of IOCG (Iron Ore Copper-Gold) and SEDEX exploration projects in the East Tennant province of Northern Territory, covering approximately 3,930km². Includes Frewena Fable, Frewena East, Frewena Far East, and Frewena Frontier tenements with over 30 identified IOCG/SEDEX targets.
• Western Australian Exploration Licence Applications Uranium and gold exploration licence applications in Western Australia north and northeast of Kalgoorlie, including Mulga Rocks (E28/3451), Boomerang Lake (ELA29/1264), and Ballard (ELA31/1387), targeting palaeochannel-hosted uranium mineralisation.
• Mt Read Project A copper-cobalt-gold exploration project located on the west coast of Tasmania covering 224km² (EL04/2024), within the Mount Read Volcanics belt that hosts multiple world-class deposits including Hellyer, Mt Lyell, Henty, Renison Bell, and Rosebery.
• Omeo Gold Project A gold exploration project in northeast Victoria acquired by the company in June 2026, subject to unverified historic resources rather than modern JORC-compliant estimates. The acquisition was funded via equity issuance of 64 million shares to service providers.

Quantifiable outcome

• All targets drilled validated with IOCG and/or SEDEX indicators recorded at all targets (Roadhouse, Jumping Spider, Mount Lamb SW, Mount Lamb NE, Alpaca Hill)
• +2 more outcomes

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Two partnerships are on record, tiered core and minor.

• MRG Resources Pty LtdcoreStrategic or Co-development PartnerMRG Resources is a joint venture partner in the Frewena suite of projects. Frewena Fable, Frewena East and Frewena Far East are part of a joint venture between Rokeby (90%), MRG Resources Pty Ltd (5%) and Dr Jonathan West (5%). Frewena Frontier is a joint venture between Inca (90%) and MRG Resources Pty Ltd (10%). MRG Resources was also the counterparty in the 2019 agreement to acquire the MaCauley Creek Project.
• Circuit ResourcesminorStrategic or Co-development PartnerCircuit Resources acquired the Riqueza and Cerro Rayas projects in Peru from Rokeby in mid-2024. Rokeby retains a 2% Net Smelter Royalty on any potential future discovery of an economic mineral resource on the sold Peru tenements.

Scale indicators8 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Antipa Minerals: ASX-listed junior mineral explorer focused on gold and copper in the Paterson Province of Western Australia. Directly comparable to Rokeby in size, commodity focus, and exploration-stage status, with a similar strategy of targeting large-scale IOCG and sediment-hosted mineral systems in underexplored Australian terranes.
• Tempest Minerals: ASX-listed junior mineral explorer with gold, copper, and base metals projects across Australia. Closely comparable in scale, commodity focus, and exploration strategy; shares management overlap with Rokeby through Andrew Haythorpe, who serves as a non-executive director at both companies.
• MetalsGrove Mining: ASX-listed junior explorer focused on gold and critical minerals in Australia. Highly comparable in size, commodity focus, and pre-resource exploration stage; Rokeby's Managing Director Richard Beazley serves as non-executive chair at MetalsGrove, making this a closely linked peer.
• Catalina Resources: ASX-listed junior gold and base metals explorer with Australian projects. Similar in size, commodity focus, and pre-resource exploration stage; shares management overlap with Rokeby through Richard Beazley (non-executive director).
• Spartan Resources: ASX-listed gold explorer with projects in Western Australia. Comparable in scale and commodity focus, with a similar strategy of pursuing high-grade gold discoveries in prospective Australian jurisdictions.
• Strickland Metals: ASX-listed gold and base metals explorer. Similar in size and pre-resource exploration stage, with a multi-project portfolio across Australian jurisdictions comparable to Rokeby's diversified approach to gold, copper, and critical minerals.
• Nova Minerals: ASX-listed gold and critical minerals explorer with flagship assets in Alaska and Australia. Shares management overlap with Rokeby through Richard Beazley (former non-executive chair) and pursues a similar strategy of high-impact gold and critical minerals exploration.
• Middle Island Resources: ASX-listed gold explorer. Similar in size, commodity focus, and exploration stage; shares management overlap with Rokeby through Brad Marwood (former CEO/managing director), making it a directly comparable junior in the Australian gold exploration space.

Broad incumbents

• Ramelius Resources: ASX-listed mid-tier gold producer operating in Western Australia. Comparable in commodity focus (gold) and Australian jurisdiction, but materially larger and at the production stage rather than exploration, making it a broader incumbent rather than direct peer.
• Evolution Mining: ASX-listed major gold producer with multiple operating mines across Australia. Operates in the same commodity (gold) and geography as Rokeby but is significantly larger and at the production stage, providing a relevant incumbent benchmark for what a successful Rokeby discovery could potentially evolve into.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/inca-minerals

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries4 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Rokeby Resources