Mr. Edward Kelly reports

INCA ONE PROVIDES THE FOLLOWING SHAREHOLDER UPDATE

Inca One Gold Corp. has provided the following general update on its Companies' Creditors Arrangement Act proceedings.

Since receiving a notice of default on April 8, 2024, from OCIM Precious Metals, related to a missed gold loan payment, Inca One sought and obtained an order for creditor protection from the Supreme Court of British Columbia pursuant to the Companies' Creditors Arrangement Act. The CCAA process allowed for the board of directors of the company to remain in place to work for all stakeholders and for management to maintain its responsibility for the day-to-day operations of the company, under the general oversight of a court-appointed monitor, FTI Consulting Canada Inc.

Throughout this CCAA process, the company has expended its best efforts at obtaining financing but has been unsuccessful in sourcing the necessary financing to settle the outstanding debts. Achieving this would have allowed the company to continue as a going concern in the best interests of all its stakeholders.

At the company's most recent court appearance on Oct. 7, 2024, the court ruled against a further extension for the company to continue to source a new financing arrangement and has appointed the monitor as the receiver to liquidate the company's assets.

The company would like to thank all its stakeholders, shareholders and employees for their support over the years and throughout this process.

For additional information, please visit the receiver's website.

During this CCAA period, the company's common shares have been suspended from trading on the TSX Venture Exchange and its secondary stock exchanges on the OTCQB in the United States and on the Frankfurt Stock Exchange in Europe, and will remain suspended pending clarification of company affairs.

We seek Safe Harbor.