Inca One Reports February Sales of US$5.02 Million

Rhea-AI Summary

INCA ONE GOLD CORP. reports a significant increase in sales revenue for February 2024, reaching US$5.02 million, marking the highest ever February monthly sales. The Company saw a 161% YoY increase and a 10% increase over January 2024, driven by higher gold production and a rise in gold price. Operations also showed notable improvements with milling and gold production up by 83% and 41% YoY, respectively. Inca One faces working capital constraints that may affect future operations.

Positive

• Sales revenue for Inca One reached US$5.02 million in February 2024, a 161% increase YoY.
• February 2024 sales marked the Company's highest ever February monthly sales.
• Milling and gold production in February saw significant YoY increases of 83% and 41%, respectively.
• Inca One's operations were fueled by a higher gold price and increased gold production volume.
• The Company faces working capital constraints that may impact future operations.
• Inca One engaged Triple Bull Consulting Inc. for digital and video marketing services.
• TBC will provide content creation, digital marketing, and social media services to Inca One.
• The engagement with TBC involves a fee of $10,000 plus GST per month over a 4-month term.
• No common shares or options will be issued under the engagement with TBC.
• The engagement with TBC is subject to TSXV approval.

Negative

• Working capital constraints may affect Inca One's ore purchases and sales in the coming months.
• Deliveries slowed in February due to the initial effects of the rainy season, impacting the supply of gold ore feedstock to the Plants.

Vancouver, British Columbia--(Newsfile Corp. - March 26, 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 February 2024 and comparative year over year ("YoY") operational results.

Sales revenue for the Company reached US$5.02 million in February, a 161% increase YoY and a 10% increase over the prior month of January 2024, marking it as Inca One's highest ever February monthly sales. The increases were fueled by increased volume of gold ounces produced in the previous month and sold during February and a higher gold price (US$2,029 as compared to US$1,838 in February 2023).

Consolidated Operations	Feb-24	Feb-23	YoY change
Total sales (US$ millions)	$5.02	$1.92	161%
Deliveries (tonnes)	2,550	2,996	-15%
Milling (tonnes)	4,053	2,215	83%
Gold produced (ounces)	1,301	922	41%

 

Milling and gold production in February also showed significant YoY increases of 83% and 41%, respectively, with the Plants milling at an average of 140 tonnes per day ("TPD").

As reported in last month's production update, deliveries slowed during February from the initial effects of the rainy season. This is typical for this time of year and should temporarily impact the supply of gold ore feedstock to the Plants. The Company continues to have working capital constraints, which will likely impact ore purchases and sales in the coming months.

Marketing Services Engagement

Inca One also has engaged Triple Bull Consulting Inc. ("TBC") to provide content creation, digital and video marketing services to the Company. TBC is a digital marketing agency specializing in digital marketing services for public companies. TBC is focused on analytics and web traffic tracking, market research, preparation, and distribution of social media content. Under the terms of the engagement, TBC has been retained for a fee of $10,000 plus GST per month over an initial 4 (four) month term commencing March 1, 2024. 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/2645/203100_424b568cd42929a5_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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/203100

FAQ

What was Inca One GOLD CORP.'s sales revenue for February 2024?

Inca One GOLD CORP. reported sales revenue of US$5.02 million for February 2024.

What was the percentage increase in sales revenue YoY for Inca One GOLD CORP. in February 2024?

Inca One GOLD CORP. saw a 161% increase in sales revenue YoY for February 2024.

What were the total deliveries in tonnes for Inca One GOLD CORP. in February 2024?

In February 2024, Inca One GOLD CORP. had total deliveries of 2,550 tonnes.

What was the average daily milling rate for Inca One GOLD CORP. in February 2024?

In February 2024, Inca One GOLD CORP. milled at an average of 140 tonnes per day.

What marketing services company did Inca One GOLD CORP. engage with for digital and video marketing services?

Inca One GOLD CORP. engaged Triple Bull Consulting Inc. for digital and video marketing services.

What is the fee for the engagement with Triple Bull Consulting Inc. for Inca One GOLD CORP.?

The engagement with Triple Bull Consulting Inc. involves a fee of $10,000 plus GST per month over a 4-month term.