Inca One Exercises $3M Drawdown Option of OCIM Gold Pre-Payment Facility

Vancouver, British Columbia--(Newsfile Corp. - December 9, 2021) - INCA ONE GOLD CORP. (TSXV: INCA) (OTCQB: INCAF) (FSE: SU92) ("Inca One" or the "Company") a gold producer operating two, fully permitted, mineral processing facilities in Peru, announces it has exercised its drawdown option of US$3.0 million from OCIM Precious Metals SA ("OCIM"). All figures reported herein are stated in US dollars, unless otherwise indicated.

As previously reported in the Company's August 9, 2021 press release, Inca One secured a $9.0 million, non-dilutive, gold pre-payment facility from OCIM, payable in two tranches. The first tranche was for $6.0 million, and the second tranche of $3.0 million was to be made available at Inca One's request after certain conditions were met.

Due to the continued increase in the demand for mineral processing observed by Inca One, OCIM has agreed to the early drawdown of the second tranche by the Company. This $3.0 million in additional working capital is anticipated to increase gold-bearing mineral purchases, helping drive further production growth.

Inca One also reports that it has engaged David Skarica of addictedtoprofits.net to provide the Company marketing services. The term of the engagement is for six months commencing December 1, 2021, and for a total fee of C$40,000.

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 tonnes per day permitted operating capacity at its two fully integrated plants, Chala One and Kori One and has produced in excess of 100,000 ounces of gold, generating over US$125 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 government permitted, small-scale and artisanal 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 Figure 1, please visit:
https://orders.newsfilecorp.com/files/2645/107225_d84278d29454eb1f_001full.jpg

On behalf of the Board,

Edward Kelly
President and CEO
Inca One Gold Corp.

For More Information Contact:

Konstantine Tsakumis
Inca One Gold Corp.
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, by their very nature, they involve inherent risks and uncertainties. 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 operational 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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