Mr. Edward Kelly reports

INCA ONE GOLD REPORTS CALENDAR Q1 2023 SALES OF US$8.7 MILLION

Inca One Gold Corp. has released consolidated sales (unaudited) for the three months of January, February and March, 2023, and comparative quarter-over-quarter and year-over-year operational results.

Sales revenue in Q1 2023 reached $8.7-million (U.S.) from the sale of 4,473 ounces of gold and silver, a 30-per-cent quarter-over-quarter decrease as compared with the prior calendar Q4 2022 ($12.4-million (U.S.)). Year-over-year sales for the company were also lower as compared with Q1 2022 by 40 per cent.

The decline in sales was due to a lower supply of gold-bearing feedstock available for processing. The decline in supply was a result of both civil unrest in various regions across Peru and due to a reduction of available working capital for mineral purchases, as compared with the prior quarters. The civil unrest forced miners to delay transportation of mineral in these regions.

Deliveries arriving to Inca plants for processing have steadily increased month over month this quarter and this trend is expected to continue as regional disruptions have subsided. Milling, gold production and sales typically lag deliveries and are also anticipated to grow in the months ahead.

Notably, March, 2023, sales of $3.3-million (U.S.) rebounded over February, 2023, sales of $1.9-million (U.S.), increasing 73 per cent on a month-over-month basis, also reflecting a return to increased supply of material, milling activity and increased exports this prior month of March.

About Inca One Gold Corp.

Inca One Gold is an established gold producer operating two fully permitted gold mineral processing facilities in Peru. The company possesses a combined 450-tonne-per-day permitted operating capacity at its two fully integrated plants, Chala One and Kori One, and has produced more than 116,000 ounces of gold, generating over $165-million (U.S.) in sales from its processing operations. Inca One is led by an experienced and capable management team that has established the company as a trusted leader in servicing permitted artisanal and small-scale miners (ASM) in Peru. Peru is one of the world's largest producers of gold, and its ASM sector is estimated by government officials to be valued in the billions of dollars annually.

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