Vancouver, British Columbia--(Newsfile Corp. - June 23, 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, is pleased to provide an update on its US$2.5 million gold pre-payment facility (the "Facility") from OCIM Precious Metals SA ("OCIM").

Since drawing on the Facility at the end of March 2021, the Company is now more than half-way through the initial term of the Facility and has successfully deployed all the funds. In addition, the first payment of gold to OCIM was made ahead of schedule.

To highlight the success of the Facility so far, the following table lays out the incremental increase in deliveries since January 2021, including a record month of May for both deliveries and gold production:

Figure 1. Ore supply

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As a result of satisfying the terms of the Facility ahead of schedule, the Company is now in discussions with OCIM for a significantly larger and longer-term pre-payment facility.

"We are pleased with the initial success of our OCIM gold pre-payment facility," stated Edward Kelly, President and CEO of Inca One. "It has allowed us to demonstrate that the supply of ore from our small-scale mining clients is sufficient to ramp up production to full capacity."

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 more than 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 2. 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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