Inca One Provides Update on OCIM Loan Default

Rhea-AI Summary

Inca One Gold Corp (TSXV: INCA, OTCQB: INCAF, FSE: SU92), a gold producer in Peru, has provided an update regarding a loan default with OCIM Precious Metals. Following an announcement on April 8, 2024, about a missed gold loan payment, the company has now received a Notice of Intention to Enforce Security from OCIM on May 23, 2024. This notice involves enforcing security over Inca One's Peruvian subsidiaries, including the Chala One processing plant. The company is currently negotiating with OCIM to resolve the issue in the best interests of its stakeholders.

Positive

• Inca One is actively negotiating with OCIM to resolve the loan default.
• The company's focus remains on finding a solution beneficial to all stakeholders.

Negative

• Inca One missed a gold loan payment to OCIM.
• OCIM has issued a Notice of Intention to Enforce Security against Inca One's assets in Canada and Peru.
• Primary security affected includes Inca One's 100% owned subsidiaries and the Chala One processing plant in Peru.

Vancouver, British Columbia--(Newsfile Corp. - May 30, 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 provides the following update.

Further to the Company's news release on April 8, 2024 whereby the Company announced the receipt of a notice of default from OCIM Precious Metals ("OCIM") related to a missed gold loan payment, on May 23, 2024, OCIM delivered to the Company a Notice of Intention to Enforce Security in both Canada and Peru. OCIM's primary security is a share pledge over the Company's 100% owned Peruvian subsidiaries that own the Company's Chala One processing plant in Peru. The Company is in negotiations with OCIM and is committed to finding a solution that is in the best interests of all its stakeholders.

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:
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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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/211150

FAQ

What was the date of Inca One's loan default update?

Inca One provided a loan default update on May 30, 2024.

Which company issued a Notice of Intention to Enforce Security to Inca One?

OCIM Precious Metals issued the notice to Inca One.

What assets are affected by OCIM's security enforcement?

OCIM's security enforcement affects Inca One's Peruvian subsidiaries and the Chala One processing plant.

When did OCIM deliver the Notice of Intention to Enforce Security to Inca One?

The notice was delivered on May 23, 2024.

What is Inca One's stock symbol?

Inca One's stock symbol is INCAF.