Mr. Edward Kelly reports

INCA ONE REPORTS AUGUST SALES OF US$4.0 MILLION

Inca One Gold Corp. has provided consolidated sales (unaudited) for August, 2023, and comparative year-over-year (YoY) operational results. Inca One is a gold producer operating two mineral processing facilities in Peru (the plants).

Sales revenue in August reached $4-million (U.S.) from the sale of 2,055 ounces of gold, a 15-per-cent increase over August, 2022. The increase was due to an increase in the ounces sold and to a slight increase in the gold price received ($1,926.67 (U.S.) per ounce). Sales this month decreased from the prior record month of July, 2023 ($6-million (U.S.)), due to fewer ounces of gold produced and fewer exports as compared with the prior month.

Deliveries in August were 4,206 tonnes to Inca One plants. Deliveries were down YoY due to tighter cyclical cash constraints.

Milling activity for the month was 4,578 tonnes of material, operating at 148-tonne-per-day (tpd) daily throughput, which represents excess capacity of 67 per cent available to scale-up operations when the ore buying account is fully funded.

Gold production in August reached 1,732 ounces.

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 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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