Mr. Edward Kelly reports

INCA ONE REPORTS US$11.8 MILLION SALES IN CALENDAR Q1 2024

Inca One Gold Corp. has provided an update on sales (unaudited) for the first calendar quarter of 2024 and comparative year-over-year operational results.

Sales revenue for Inca One in the quarter continued to show improvement as sales reached $11.8-million (U.S.), a 36-per-cent increase year over year and a 17-per-cent increase over the prior calendar quarter. The strong sales were driven by an increased volume of gold ounces produced and sold in the quarter and a higher gold price ($2,081 (U.S.) compared with $1,903 (U.S.) in the first quarter of 2023).

Deliveries and production also continued to show effective year-over-year growth despite operating within the seasonal constraints typical of this time of the year.

Notably, milling activities in March showed a significant increase of 47 per cent over March, 2023, reflecting a strong performance from the plants to end the quarter, while milling at an average of 175 tonnes per day over the three months.

With the rapidly increasing gold price, the company's gold feedstock costs have risen significantly and are expected to remain high despite the increased demand for processing services a higher gold price creates in Peru's artisanal and small-scale mining sector. Inca One's top priority remains to secure a favourable financing solution that will increase its working capital requirement, enable the company to fill its excess capacity and capitalize on the strengthening gold market.

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.

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