Inca One Reports US$13.2 Million Sales in Calendar Q3 2023

Rhea-AI Summary

INCA ONE GOLD CORP reports consolidated sales of US$13.2 million for Q3 2023, a 97% increase over the prior quarter. Deliveries of mineral bearing feedstock decreased by 12% compared to Q2 2023. Gold produced increased by 7% despite a lower price of gold received.

Positive

• Consolidated sales increased by 97% in Q3 2023 compared to the prior quarter
• Gold produced increased by 7% despite a lower price of gold received

Negative

• Deliveries of mineral bearing feedstock decreased by 12% compared to Q2 2023

Vancouver, British Columbia--(Newsfile Corp. - October 24, 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) and comparative operational results for the three month period of July, August and September 2023 ("Q3 2023" or the "Quarter").

Sales revenue in the Quarter was US$13.2 million, a 97% increase over the prior quarter (US$6.7 million) and a 38% increase over the same quarter last year. Contributing to the increase was a higher number of exports in this three-month period and an increase in total ounces produced despite a lower price of gold received over the Quarter (US$1,934.08 per ounce) versus the prior second quarter (US$1,990.49).

Consolidated Operations	Q3 2023	Q2 2023	QoQ change
Sales (US$)	13.2 M	6.7 M	97%
Deliveries (Tonnes)	13,239	15,069	-12%
Milling (Tonnes)	14,652	14,218	3%
Gold Produced (Ounces)	5,872	5,469	7%

 

Deliveries of mineral bearing feedstock to the Plants reached 13,239 tonnes over the Quarter, a 12% decrease from Q2 2023.

The Company operated at 159 tonnes per day ("TPD") over the three-month period indicating approximately 291 tonnes of capacity available for increasing production.

"I am extremely pleased to see such a productive quarter with sales doubling over the prior three months," reflected Edward Kelly, President and CEO of Inca One. "Our Peruvian team has operated very efficiently given the cash constraints facing us this year. We maintain discussions with prospective funding groups with a goal to secure a long-term funding arrangement that will help fill our excess capacity."

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)

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2645/185052_cee0b0c14415a801_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/185052

FAQ

What was the sales revenue for Q3 2023?

The sales revenue for Q3 2023 was US$13.2 million.

What was the change in sales revenue compared to the prior quarter?

The sales revenue increased by 97% compared to the prior quarter.

What was the change in gold produced compared to the prior quarter?

Gold produced increased by 7% compared to the prior quarter.

What was the change in deliveries of mineral bearing feedstock compared to Q2 2023?

Deliveries of mineral bearing feedstock decreased by 12% compared to Q2 2023.

What was the price of gold received in Q3 2023?

The price of gold received in Q3 2023 was US$1,934.08 per ounce.