INCA One Reports Strong Supply and Record Deliveries for June
Vancouver, July 27, 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 April, May and June 2023 ("Q2 2023" or the "Quarter").
Deliveries reached 15,069 tonnes over the Quarter, a 75% increase over Q1 2023. June deliveries specifically reached their highest total on record, increasing both 13% month over month and 5% year over year, as 5,665 tonnes of mineral bearing feedstock was delivered to Inca One Plants indicating a continued strong supply of mill feed being delivered to Inca One Plants.
"It's gratifying to see a strong rebound in supply numbers over this second quarter," indicated Edward Kelly, President and CEO of Inca One. "This was a very productive second quarter, and I am also extremely pleased to see the Company record its highest deliveries for any month of June in our prior 10 years of operating in Peru. We expect this trend of strong mineral supply to continue. Looking forward, once the Company is fully financed, we are confident we have the team and strategy in place to achieve full production of 450 tonnes per day ("TPD") which will lead to increased profitability."
| Consolidated Operations | Q2 2023 | Q1 2023 | QoQ change |
| Deliveries | 15,069 | 8,612 | 75% |
| Milling | 14,218 | 8,806 | 61% |
| Gold produced | 5,469 | 3,823 | 43% |
| Sales(US$) | $6.7M | $8.7M | -23% |
Milling activity also increased 61% over the prior quarter as Inca One processed 14,218 tonnes of material in the Quarter averaging 156 TPD, utilizing only 34% of the Company's built out and fully permitted operating capacity. The Company also processed 5,430 tonnes this past June, an increase of 5% over the prior month of May.
Gold production increased 43% over the prior quarter, reaching 5,469 ounces.
Sales revenue in the Quarter was $6.7 million, a decrease from $8.7 million the prior quarter. The decrease was due to the timing of exports near the end of June, of which there were 1,565 ounces of gold that were exported but the sale was not finalized until after the end of the Quarter. The estimated revenue from these ounces was approximately $3.1 million.
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)
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On behalf of the Board,
Edward Kelly
President and CEO
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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