Inca One Gold Reports Record Calendar Q4 2022 Sales of US$12.4 Million and December Production Results
Vancouver, January 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 its calendar Q4 2022 period, ending December 31, 2022 and comparative year-over-year ("YoY") operational results.
The Company's calendar Q4 2022 sales achieved an all time high for any prior fourth quarter reaching US$12.4 million, a 16% YoY increase. Sales also surpassed the Company's previous Q3 2022 by 29% (US$9.6 million). The increase in quarterly sales was driven by the Company's higher level of ounces sold in the quarter compared to the prior quarter and to Q4 2021.
Sales in December were US$3.5 million, a 13% decrease over December 2021 sales of US$4.0 million. Accounting for the decline this month was a lower volume of gold sold and exported and a slightly lower price of gold received.
| Consolidated Operations | Dec-22 | Nov-22 | MoM change |
| Deliveries (tonnes) | 4,671 | 4,214 | 11% |
| Milling (tonnes) | 3,979 | 3,869 | 3% |
| Gold Produced (ounces) | 1,682 | 1,267 | 33% |
| Sales (US$) | 3,525,811 | 5,455,314 | -35% |
Deliveries in December to both Plants reached 4,671 tonnes, representing an 11% monthly increase. Combined milling activities reached 3,979 tonnes, averaging 128 tonnes per day ("TPD") throughput for the month. Gold production in December increased 33% over November.
The Company continues discussions with prospective finance suitors to fulfill its near-term objective to raise non-dilutive capital to fund its ore purchases and scale operations to fill the 58% excess permitted capacity available at its Plants.
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 Figure 1, please visit:
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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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