Inca One Announces Record Production Numbers for May

Vancouver, British Columbia--(Newsfile Corp. - June 8, 2021) - INCA ONE GOLD CORP. (TSXV: INCA) (OTC Pink: INCAF) (FSE: SU92) ("Inca One" or the "Company"), a gold producer, operating two, fully permitted, mineral processing facilities in Peru, is pleased to report it has just recorded its most productive May since commencing operations in 2015. All comparative month-over-month ("MoM") production numbers represent consolidated operations from both facilities.

Gold production for May 2021 increased 94% on a MoM basis as Inca One produced 2,219 ounces of gold compared to April 2021 (1,141 ounces). The Company also processed 3,538 tonnes of material in May 2021 as compared to the prior month of April 2021 (2,968 tonnes). This was the highest level of gold production for the Company in over one year, dating back to pre COVID-19 operations of March 2020 (2,315 ounces). Average grade processed this past May also increased to 19 grams per tonne, an increase of 58% over the prior month of April.

Deliveries for the month of May 2021 also increased significantly by 46% on a MoM basis as 5,367 tonnes of gold and silver bearing material was delivered between our Chala One and Kori One processing facilities. Deliveries for the month averaged 173 tonnes per day ("TPD").

"I am pleased with the increase in production and especially the level of deliveries recorded at our plants over this past May," stated Edward Kelly, President and CEO of Inca One. "Our ore purchasing teams have been focused and working hard to source high quality, high grade mineral supplies and their effort has been recognized as we recorded record numbers this past month."

As indicated, this past month was the most productive May in the Company's history. The high level of deliveries should bode well for June's production numbers which generally lag deliveries by a few weeks. The steady increase in deliveries is a direct result of the effective deployment of the OCIM Gold Pre-Payment Facility (see Press Release dated March 31, 2021).

About Inca One

Inca One Gold Corp is a TSXV listed, gold producer operating two, fully permitted, gold mineral processing facilities in Peru. The Company has produced in excess of 92,000 ounces of gold, generating over US$125 million in revenue from its first 6 years of 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 miners in Peru. Peru is the world's seventh-largest producer of gold and its small-scale mining sector is estimated by government officials to be valued in the billions of dollars annually. Inca One possesses a combined 450 tonnes per day permitted operating capacity at its two fully integrated plants, Chala One and Kori One. 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
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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