Mr. Edward Kelly reports

INCA ONE REPORTS OCTOBER SALES OF US$2.7 MILLION

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

While milling and gold production remained almost identical MoM, total ounces sold was lower as compared with the prior month, resulting in sales revenue in October of $2.7-million (U.S.) from the sale of 1,371 ounces of gold, a 10-per-cent decrease from September, 2023. The decrease was due to timing of exports and fewer ounces of gold sold, along with a slightly lower gold price received ($1,888.37 (U.S.) per ounce versus $1,928.53 (U.S.) per ounce in September). The balance of ounces remain in the system and are due for export in the following month, which is expected to positively impact sales in November.

Deliveries in October reached 5,766 tonnes, a 47-per-cent increase over the prior month of September. Inca One plants have seen a significant increase in supplied tonnage for processing as the company is entering a seasonal busy period of mining activity.

Inca One continues discussions with institutions for a suitable, non-dilutive finance arrangement that will fulfill the company's ore-buying requirements and fill the excess capacity at its plants.

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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