Mr. Edward Kelly reports

INCA ONE PROVIDES THE FOLLOWING CORPORATE UPDATE

Inca One Gold Corp. provides the following corporate update.

On April 8, 2024, the company received a notice of default from OCIM Precious Metals related to a missed gold loan payment, due pursuant to the company's gold prepayment facility with OCIM, that was previously announced on Aug. 9, 2021 (see press release). The facility included an immediate $6-million (U.S.) drawdown payable in 4,181 ounces in gold in equal, monthly gold payments of 261.3 ounces with access to an additional $3-million (U.S.) after payment of 50 per cent of the facility. The missed payment consists of 75 ounces of gold valued at approximately $170,000 (U.S.).

Inca One continues to operate and serve its ASMs, partners and shareholders and is actively working to address the matter. The company is taking decisive action to stabilize its financial position and ensure a sustainable path forward. The company appreciates the continued support and patience of its stakeholders.

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 45-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.