Mr. Edward Kelly reports

INCA ONE REPORTS RECORD JULY SALES OF US$6.2 MILLION

Inca One Gold Corp. has provided consolidated sales (unaudited) for July, 2023, and comparative month-over-month (MoM) operational results.

Sales revenue reached an all-time high for any prior month of July, reaching $6.2-million (U.S.) from the sale of 3,140 ounces of gold, a 343-per-cent increase over the prior month of June, 2023. Sales this month also increased 68 per cent YoY (year-over-year) over July, 2022 ($3.7-million (U.S.)). The increase was due to increased exports, some of which were from prior-month contracts that had not been finalized, despite a slightly lower price of gold received ($1,941.61 (U.S.) per ounce) over the prior month.

Milling activity increased MoM as Inca One processed 5,461 tonnes of material, operating at 176-tonne-per-day (TPD) daily throughput.

Gold production also increased by 40 per cent, reaching 2,233 ounces for July. Accounting for this increase was the company's purchase of higher-grade mineral over this period.

Deliveries to Inca One plants were slightly lower month-over-month, as miners delivered 5,103 tonnes of mineral-bearing feedstock to Inca One plants. Inca One continues its discussions to secure financing with institutions and acknowledges ample supply of mineral available for purchase once working capital levels are increased.

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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