Inca One Gold Reports Increase in Supply in April

Vancouver, British Columbia--(Newsfile Corp. - May 30, 2023) - 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 consolidated sales (unaudited) for April 2023 and comparative month over month ("MoM") operational results.

Deliveries to Inca One Plants increased by 31% as transportation of gold feedstock picked up again as management previously referenced. This was a result of transport corridors re-opening following previous social unrest in some areas of the country and the end of the annual rainy season.

Milling activity also increased slightly as Inca One operated at 121 tonnes per day ("TPD") of throughput. Gold production in April also decreased by 6% reaching 1,499 ounces for the month.

Consolidated operations	April 2023	March 2023	MoM change
Deliveries	4,370	3,340	31%
Milling	3,619	3,594	1%
Gold production	1,499	1,602	-6%
Sales (US$)	1.4 M	3.3 M	-58%

Sales revenue in April reached US$1.4 million, from the sale of 675 ounces of gold, a 59% decrease over the prior month of March 2023. The decrease, as compared to the prior month of March, was due to the timing of exports which caused a lower volume of ounces sold, despite a higher gold price.

With a return to normal in-country transportation, ore supply to Inca One Plants continued to increase in the early days of May and the Company's outlook on future growth in raw material supply for processing remains positive.

About Inca One

Inca One Gold Corp is an established gold producer operating two fully 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 and has produced more than 130,000 ounces of gold, 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 miners (ASM) in Peru. Peru is one of the world's largest producers of gold, and its ASM sector is estimated by government officials to be valued in the billions of dollars annually. 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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