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Inca One Gold Corp. Reports January Sales of US$4.6 Million

27.02.2024  |  Newsfile
Vancouver, Feb. 27, 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 January 2024 and comparative year over year ("YoY") operational results.

Sales revenue for Inca One reached US$4.6 million in January 2024, a 32% increase over January 2023 and a 56% increase over the prior month of December 2023, marking the Company's best January monthly sales. The increases were the result of higher volume of gold ounces produced and sold, combined with an additional export in January, sold at a higher price per ounce of gold (US$2,049 as compared to US$1,909 in January 2023). The political turmoil that hindered mineral transportation across the country from December 2022 into the first quarter of 2023 also contributed to the year-over-year increases.

Consolidated Operations Jan-24 Jan-23 YoY change
Total sales (US$ millions) $4.58 $3.48 32%
Deliveries (tonnes) 5,121 2,427 111%
Milling (tonnes) 6,607 3,005 120%
Gold produced (ounces) 2,647 1,428 85%

Notably, gold production in January reached an all time high for any prior month of January.

Deliveries and milling activity also improved YoY as the Company realized increases of 111% and 120% respectively, with the Plants milling at an average of 213 tonnes per day ("TPD") in January 2024. With the seasonal rainy period expected in the weeks ahead, the Company may experience occasional but temporary impacts to its supply of gold ore feedstock.

The Company continues to look for the required working capital to purchase the gold ore feedstock necessary for the Plants to operate at full, permitted capacity of 450 tpd.

Marketing Services Engagement

Inca One also is pleased to announce it has engaged X-EC Digital Ltd ("XEC") to provide content creation, digital and video marketing services to the Company.

XEC is a Vancouver-based digital marketing agency that specializes in digital marketing services for public-companies. XEC is focused on the preparation and distribution of social media content, CEO interviews, email marketing, and other digital marketing services.

Under the terms of the engagement, XEC has been retained for a fee of $1,667 plus GST per month over an initial 6 (six) month term commencing March 1, 2024. The Company has the option to renew the engagement for an additional 6 (six) months. No common shares or common share purchase options will be issued under the engagement.

The engagement remains subject to TSXV approval.

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)

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2645/199446_ca06786e445799e4_001full.jpg

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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Inca One Gold Corp.
Bergbau
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CA45328X3058

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