Company Name: Inca One Gold Corp.

Inca One Gold Corp. (TSXV: IO / OTC: INCAF / FSE: SU9) Ramping up Production with Relaxed COVID-19 Restrictions

Q1-FY2021 (quarter ended July 31, 2020) production from Inca One was down 68% YoY to 1.7 Koz, and missed our expectations. From March to July, the company significantly scaled back activities as a result of the pandemic. Production has been ramping up since July. During July-September 2020, the company produced 3.5 Koz, up 81% QoQ. We expect production to continue to increase as Peru has been experiencing a decline in daily new cases of COVID-19. Despite lower sales, revenue increased 18% YoY to $6.6M in Q1 due to stronger gold prices. Gross profit was $163/oz (9% of revenue) in Q1-FY2021 vs $51 per oz (4%) in FY2020. Gross margins were well above our expectations.

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