Mr. Edward Kelly reports

INCA ONE REPORTS NOVEMBER SALES OF US$4.6 MILLION

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

Sales revenue in November reached $4.6-million (U.S.) from the sale of 2,251 ounces of gold dore, a 70-per-cent increase over the prior month of October. The increase was primarily driven by an increase in the number of exports, an increase in ounces sold and a slightly higher gold price ($1,978 (U.S.) per ounce).

Additionally, the company has realized year-over-year increases in operations, with deliveries up 66 per cent, milling up 27 per cent and gold production up 49 per cent as compared with November, 2022.

Deliveries in November reached their highest level (7,000 tonnes) since May, 2022, representing a 21-per-cent increase over the prior month, and deliveries in the first two weeks of December continue to be robust. As previously reported, Inca One is seeing evidence of increased seasonal mining activity among its artisanal and small-scale mining partners, which is expected to translate into increased milling activity in the coming weeks.

Total tonnes milled in November climbed 6 per cent as the company operated at 164 tonnes per day (tpd), while gold production was slightly lower on a MoM basis.

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, 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 gold miners (ASGM). Peru is one of the world's largest producers of gold, and its ASGM sector is estimated by government officials to be valued in the billions of dollars annually. Through the company's partnerships with the United Nations-backed PlanetGold program and the Swiss Better Gold Initiative, Inca One supports the sustainable development and mining practices of the ASGM sector, and the responsible gold supply chain from mine to market.

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