Inca One Reports Record July Sales of US$6.2 Million

Rhea-AI Summary

Inca One reports record sales revenue of US$6.2 million for July 2023, a 343% increase from June 2023. Gold production also increased by 40% to 2,233 ounces. Deliveries to plants slightly lower month over month. Discussions ongoing for funding.

Positive

• Record sales revenue of US$6.2 million, a 343% increase from June 2023
• Gold production increased by 40% to 2,233 ounces

Negative

• Deliveries to plants slightly lower month over month
• Working capital levels need to be increased for purchase of mineral

Vancouver, British Columbia--(Newsfile Corp. - August 29, 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 July 2023 and comparative month over month ("MoM") operational results.

Sales revenue reached an all time high for any prior month of July, reaching US$6.2 million from the sale of 3,140 ounces of gold, a 343% increase over the prior month of June 2023. Sales this month also increased 68% YoY over July 2022 (US$3.7M). The increase was due to increased exports, some of which were from prior month contracts that had not been finalized, despite a slightly lower price of gold received (US$1,941.61 per ounce) over the prior month.

Consolidated Operations	July 2023	June 2023	MoM change
Sales (US$)	6.2 M	1.4 M	343%
Deliveries (tonnes)	5,103	5,665	-10%
Milling (tonnes)	5,461	5,430	1%
Gold Production (ounces)	2,233	1,601	40%

 

Milling activity increased MoM as Inca One processed 5,461 tonnes of material, operating at 176 tonnes per day ("TPD") daily throughput.

Gold production also increased by 40%, reaching 2,233 ounces for July. Accounting for this increase was the Company's purchase of higher grade mineral over this period.

Deliveries to Inca One Plants were slightly lower month over month as miners delivered 5,103 tonnes of mineral-bearing feedstock to Inca One Plants. Inca One continues its discussions to secure funding with insitutions and acknowledges ample supply of mineral available for purchase once working capital levels are increased.

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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