Inca One Gold Reports Calendar Q1 2023 Sales of US$8.7 Million

Vancouver, British Columbia--(Newsfile Corp. - April 26, 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 the three months of January, February and March 2023 ("Q1 2023" or "the Quarter") and comparative quarter-over-quarter ("QoQ") and year-over-year ("YoY") operational results.

Sales revenue in Q1 2023 reached US$8.7 million from the sale of 4,473 ounces of gold and silver, a 30% QoQ decrease as compared to the prior calendar Q4 2022 (US$12.4 million). YoY sales for the Company were also lower as compared to Q1 2022 by 40%.

The decline in sales was due to a lower supply of gold bearing feedstock available for processing. The decline in supply was a result of both civil unrest in various regions across Peru and due to a reduction of available working capital for mineral purchases, as compared to the prior quarters. The civil unrest forced miners to delay transportation of mineral in these regions.

Deliveries arriving to Inca Plants for processing have steadily increased month over month this Quarter and this trend is expected to continue, as regional disruptions have subsided. Milling, gold production and sales typically lag deliveries and are also anticipated to grow in the months ahead.

Notably, March 2023 sales of US$3.3 million rebounded over February 2023 sales of US$1.9 million increasing 73% on a month over month basis, also reflecting a return to increased supply of material, milling activity and increased exports this prior month of March.

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 116,000 ounces of gold, generating over US$165 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
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, 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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