Toronto, Ontario--(Newsfile Corp. - May 28, 2024) - OCIM Metals and Mining SA ("OCIM") announces that on May 23, 2024, pursuant to the provisions of the Bankruptcy and Insolvency Act (Canada), it delivered a Notice of Intention to Enforce Security in the prescribed form to Inca One Gold Corp. (TSXV: INCA) ("Inca One"), Chala One S.A.C. ("Chala") and Corizona One S.A.C. ("Corizona", and collectively with Inca One and Chala, the "Obligors").

OCIM and the Obligors are parties to the Gold Loan Agreement dated August 6, 2021, as amended and assigned from time to time (the "Agreement"). At the request of the Obligors, the Agreement was amended and the obligations of the Obligors extended as of April 29, 2022, October 14, 2022, March 30, 2023, November 27, 2023 and February 28, 2024.

The Obligors failed to meet their repayment obligations under the Agreement by failing to deliver the amount of gold owed on March 28, 2024 as required by the Loan Agreement. As of March 28, 2024, the Obligors owed OCIM 4,124.4 ounces of gold, which using the XAU LBMA AM fixing of May 23, 2024 is a USD equivalent amount of US$9,741,008.00. OCIM issued a notice of default to the Obligors, dated April 8, 2024, after discussions with the Obligors failed to reach an acceptable restructuring. That notice confirmed to the Obligors that they were in default of their obligations under the Loan Agreement. OCIM delivered a further notice of default to the Obligors on May 23, 2024.

OCIM has registered security registrations in place over the Obligors, both in British Columbia where Inca One is headquartered, and in Peru where Chala and Corizona are headquartered and operate. A share pledge over all of the shares of Chala and another over all of the shares of Corizona were granted in favour of OCIM on October 14, 2022 (the "Share Pledges") by the shareholders of those entities in favour of OCIM as security for the Obligors' obligations under the Agreement.

The Share Pledges provide that upon an event of default under the Agreement, OCIM can exercise its rights and immediately take ownership of the pledged shares of Corizona and Chala for purposes of Canadian law. OCIM provided such notice to the Obligors on May 23, 2024 and for Canadian law purposes now owns 100% of the shares of Chala and Corizona.

OCIM also is a secured creditor with respect to certain assets of Inca One, Chala and Corizona.

OCIM remains committed to recovery of the amounts owned to it under the Agreement.

Laurence Mathiot
Head of communication
laurence.mathiot@ocim.com

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