Inca One Gold Corp. provides the following update on the small-scale mining sector and the formalization process in Peru. Further to press release dated January 31, 2020, the Peruvian Ministry of Energy and Mines (MEM) opened a four-month amnesty period beginning on January 15, 2020 to allow unregistered small-scale and artisanal miners an opportunity to be formalized. The formalization process requires small-scale and artisanal miners to register with the MEM, demonstrate their compliance with environmental and safety regulations and remit taxes on sales of extracted minerals. The initial four-month period saw a positive response to the MEM’s program and the amnesty period was further extended in the spring to allow for additional registrations. The amnesty period came to an official end on September 23, 2020 and the latest formalization results indicate that 88,858 small scale miners have registered under the country’s registry of small-scale miners, known as the REGISTRO INTEGRAL DE FORMALIZACION MINERA (REINFO). This represents a substantial increase of approximately 64% or 34,600 new, small-scale miners that have registered in the program and are now in the process of formalizing since the amnesty period commenced in January 2020. These additional miners will require custom milling services with excess processing capacity such as Inca One’s two facilities, Chala One and Kori One, to process their raw material.