Inca One Reports US$11.8 Million Sales in Calendar Q1 2024

Vancouver, British Columbia--(Newsfile Corp. - April 18, 2024) - INCA ONE GOLD CORP. (TSXV: INCA) (OTCQB: INCAF) (FSE: SU92) ("Inca One" or the "Company") a gold producer operating two mineral processing facilities in Peru, (the "Plants") reports sales (unaudited) for the first calendar quarter of 2024 ("Q1 2024" or "the Quarter") and comparative year over year ("YoY") operational results.

Sales revenue for Inca One in the Quarter continued to show improvement as sales reached US$11.8 million, a 36% increase YoY and a 17% 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 (US$2,081 compared to US$1,903 in the first quarter of 2023).

Deliveries and production also continued to show effective YoY 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% over March 2023 reflecting a strong performance from the Plants to end the quarter, while milling at an average of 175 tonnes per day ("TPD") 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 funding 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

Inca One Gold Corp is an established gold producer operating two permitted, gold mineral processing facilities in Peru. The Company possesses a combined 450 TPD permitted operating capacity at its two fully integrated plants, Chala One and Kori One, generating over US$200 million 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 UN 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. To learn more, visit www.incaone.com.

Figure 1. Inca One's gold processing facilities in Peru (left: Chala One facility; right: Kori One facility

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On behalf of the Board,

Edward Kelly
President and CEO
Inca One Gold Corp.

For More Information Contact:

Konstantine Tsakumis
ktsakumis@incaone.com
604-568-4877

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.

Statements regarding the Company which are not historical facts are "forward-looking statements" that involve risks and uncertainties. Such information can generally be identified by the use of forwarding-looking wording such as "may", "expect", "estimate", "anticipate", "intend", "believe" and "continue" or the negative thereof or similar variations. Since forward-looking statements address future events and conditions, they involve inherent risks and uncertainties by their very nature. Actual results in each case could differ materially from those currently anticipated in such statements due to factors such as: (i) fluctuation of mineral prices; (ii) a change in market conditions; and (iii) the fact that future operating results may not be accurately predicted based on this limited information to date. Except as required by law, the Company does not intend to update any changes to such statements. Inca One believes the expectations reflected in those forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included herein should not be unduly relied upon.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

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