Mr. Edward Kelly reports

INCA ONE REPORTS STRONG SUPPLY AND RECORD DELIVERIES FOR JUNE

Inca One Gold Corp. has released consolidated sales (unaudited) and comparative operational results for the three-month period of April, May and June, 2023 (Q2 2023 or the quarter).

Deliveries reached 15,069 tonnes over the quarter, a 75-per-cent increase over Q1 2023. June deliveries specifically reached their highest total on record, increasing both 13 per cent month over month and 5 per cent year over year, as 5,665 tonnes of mineral bearing feedstock was delivered to Inca One plants indicating a continued strong supply of mill feed being delivered to Inca One plants.

"It's gratifying to see a strong rebound in supply numbers over this second quarter," indicated Edward Kelly, president and chief executive officer of Inca One. "This was a very productive second quarter, and I am also extremely pleased to see the company record its highest deliveries for any month of June in our prior 10 years of operating in Peru. We expect this trend of strong mineral supply to continue. Looking forward, once the company is fully financed, we are confident we have the team and strategy in place to achieve full production of 450 tonnes per day (TPD) which will lead to increased profitability."

Milling activity also increased 61 per cent over the prior quarter as Inca One processed 14,218 tonnes of material in the quarter averaging 156 TPD, utilizing only 34 per cent of the company's built out and fully permitted operating capacity. The company also processed 5,430 tonnes this past June, an increase of 5 per cent over the prior month of May.

Gold production increased 43 per cent over the prior quarter, reaching 5,469 ounces.

Sales revenue in the quarter was $6.7-million, a decrease from $8.7-million the prior quarter. The decrease was due to the timing of exports near the end of June, of which there were 1,565 ounces of gold that were exported but the sale was not finalized until after the end of the quarter. The estimated revenue from these ounces was approximately $3.1-million.

About Inca One Gold Corp.

Inca One 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 130,000 ounces of gold, generating over $200-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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