Mr. Edward Kelly reports

INCA ONE REPORTS CLOSING FIRST TRANCHE $696,900 OF ITS PRIVATE PLACEMENT

Inca One Gold Corp. has closed the first tranche of its non-brokered private placement, the terms of which were announced Dec. 19, 2023, by issuing 6,969,000 units of the company at an offering price of 10 cents per unit for gross proceeds of $696,900. The company intends to extend the closing of a second and final tranche to Jan. 31, 2024, subject to TSX Venture Exchange final approval. Raising further funds is subject to the execution of additional subscription agreements by investors.

Each unit comprises one common share of the company and one transferable common share purchase warrant. Each warrant entitles the holder on exercise to purchase an additional share of the company at an exercise price of 15 cents for a period of 36 months from the closing date.

The proceeds from the offering will be used for general working capital requirements. All securities issued in connection with the offering will be subject to a statutory hold period of four months plus one day from the closing date in accordance with applicable securities legislation. In connection with the closing of the first tranche of the offering, the company paid cash finders' fees of $1,080 and issued 10,800 non-transferable finder warrants, with each finder warrant exercisable for one common share of the company at the exercise price of 15 cents until Jan. 8, 2027.

Certain directors, officers and other insiders of the company (interested parties) purchased or acquired direction and control over a total of 2,624,000 units under the offering, accounting for 37.9 per cent of the proceeds raised in the first tranche. The placement to those persons constitutes a related party transaction within the meaning of Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. Notwithstanding the foregoing, the directors of the company have determined that the interested parties' participation in the offering will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 in reliance on the exemptions set forth in sections 5.5(a) and 5.7(1)(b) of MI 61-101. The company did not file a material change report 21 days prior to the closing of the offering as the details of the participation of interested parties had not been confirmed at that time.

About Inca One Gold Corp.

Inca One Gold is an established gold producer operating two 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.

We seek Safe Harbor.