New Risk • Apr 09
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Canadian stocks, typically moving 22% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (22% average weekly change). Negative equity (-US$4.6m). Earnings have declined by 23% per year over the past 5 years. Market cap is less than US$10m (CA$9.70m market cap, or US$7.14m). Minor Risk Shareholders have been diluted in the past year (33% increase in shares outstanding). Buy Or Sell Opportunity • Apr 01
Now 44% overvalued after recent price rise Over the last 90 days, the stock has risen 17% to CA$0.14. The fair value is estimated to be CA$0.094, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years, while earnings per share has been flat. Reported Earnings • Apr 01
Third quarter 2024 earnings released: US$0.017 loss per share (vs US$0.032 loss in 3Q 2023) Third quarter 2024 results: US$0.017 loss per share (improved from US$0.032 loss in 3Q 2023). Revenue: US$12.1m (down 3.0% from 3Q 2023). Net loss: US$716.4k (loss narrowed 43% from 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 34% per year, which means it is performing significantly worse than earnings. New Risk • Feb 24
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Canadian stocks, typically moving 18% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (18% average weekly change). Negative equity (-US$5.1m). Earnings have declined by 23% per year over the past 5 years. Market cap is less than US$10m (CA$7.00m market cap, or US$5.19m). Minor Risk Shareholders have been diluted in the past year (37% increase in shares outstanding). Announcement • Feb 07
Inca One Gold Corp. announced that it has received CAD 1.0179 million in funding On February 6, 2024, Inca One Gold Corp. closed the transaction. The company received CAD 321,000 in its final tranche. Together with proceeds from the first tranche of the offering, the company has raised an aggregate of CAD 1,017,900 under the offering. The Offering remains subject to receipt of TSXV approval and all other necessary regulatory approvals. Announcement • Dec 19
Inca One Gold Corp. announced that it expects to receive CAD 1 million in funding Inca One Gold Corp. announced a non-brokered private placement of 10,000,000 units at a price of CAD 0.10 per unit for gross proceeds of CAD 1,000,000 on December 19, 2023. Each unit will comprise one common share and one transferable common share purchase warrant. Each warrant will be exercisable to purchase an additional share at an exercise price of CAD 0.15 for a period of 36 months from the closing date. The transaction will include participation from insiders of the company. All securities issued in connection with the private placement will be subject to a statutory hold period of four months and one day from the closing date, in accordance with applicable securities legislation. The company may pay finders' fees may be paid in connection with this offering. The closing of the private placement is subject to the approval of the TSX Venture Exchange. Reported Earnings • Dec 10
Second quarter 2024 earnings released: US$0.026 loss per share (vs US$0.027 loss in 2Q 2023) Second quarter 2024 results: US$0.026 loss per share. Revenue: US$9.70m (up 3.3% from 2Q 2023). Net loss: US$1.05m (flat on 2Q 2023). Announcement • Oct 17
Inca One Gold Corp., Annual General Meeting, Dec 14, 2023 Inca One Gold Corp., Annual General Meeting, Dec 14, 2023. Reported Earnings • Oct 01
First quarter 2024 earnings released: US$0.008 loss per share (vs US$0.026 loss in 1Q 2023) First quarter 2024 results: US$0.008 loss per share (improved from US$0.026 loss in 1Q 2023). Revenue: US$11.5m (down 1.7% from 1Q 2023). Net loss: US$311.9k (loss narrowed 70% from 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has fallen by 36% per year, which means it is performing significantly worse than earnings. Reported Earnings • Aug 27
Full year 2023 earnings released: US$0.14 loss per share (vs US$0.13 loss in FY 2022) Full year 2023 results: US$0.14 loss per share (further deteriorated from US$0.13 loss in FY 2022). Revenue: US$40.2m (down 15% from FY 2022). Net loss: US$5.70m (loss widened 18% from FY 2022). Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has fallen by 43% per year, which means it is performing significantly worse than earnings. Reported Earnings • Apr 08
Third quarter 2023 earnings released: US$0.032 loss per share (vs US$0.029 loss in 3Q 2022) Third quarter 2023 results: US$0.032 loss per share (further deteriorated from US$0.029 loss in 3Q 2022). Revenue: US$12.5m (up 2.4% from 3Q 2022). Net loss: US$1.25m (loss widened 14% from 3Q 2022). Over the last 3 years on average, earnings per share has fallen by 10% per year whereas the company’s share price has fallen by 9% per year. Reported Earnings • Jan 01
Second quarter 2023 earnings released: US$0.027 loss per share (vs US$0.042 loss in 2Q 2022) Second quarter 2023 results: US$0.027 loss per share (improved from US$0.042 loss in 2Q 2022). Revenue: US$9.39m (down 13% from 2Q 2022). Net loss: US$1.04m (loss narrowed 33% from 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 1 highly experienced director. Independent Director Rodney Stevens was the last director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Announcement • Oct 15
Inca One Gold Corp., Annual General Meeting, Dec 15, 2022 Inca One Gold Corp., Annual General Meeting, Dec 15, 2022. Reported Earnings • Sep 30
First quarter 2023 earnings released: US$0.026 loss per share (vs US$0.035 loss in 1Q 2022) First quarter 2023 results: US$0.026 loss per share (improved from US$0.035 loss in 1Q 2022). Revenue: US$11.7m (up 40% from 1Q 2022). Net loss: US$1.03m (loss narrowed 19% from 1Q 2022). Over the last 3 years on average, earnings per share has fallen by 27% per year whereas the company’s share price has fallen by 23% per year. Reported Earnings • Aug 05
Full year 2022 earnings released: US$0.13 loss per share (vs US$0.097 loss in FY 2021) Full year 2022 results: US$0.13 loss per share (down from US$0.097 loss in FY 2021). Revenue: US$47.1m (up 55% from FY 2021). Net loss: US$4.85m (loss widened 49% from FY 2021). Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 1 highly experienced director. Independent Director Rodney Stevens was the last director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Reported Earnings • Apr 02
Third quarter 2022 earnings released: US$0.029 loss per share (vs US$0.035 loss in 3Q 2021) Third quarter 2022 results: US$0.029 loss per share (up from US$0.035 loss in 3Q 2021). Revenue: US$12.2m (up 24% from 3Q 2021). Net loss: US$1.09m (loss narrowed 10% from 3Q 2021). Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Recent Insider Transactions Derivative • Jan 17
President exercised options to buy CA$79k worth of stock. On the 10th of January, Edward Kelly exercised options to buy 200k shares at a strike price of around CA$0.37, costing a total of CA$74k. This transaction amounted to 34% of their direct individual holding at the time of the trade. Since March 2021, Edward's direct individual holding has increased from 1.31m shares to 1.35m. Company insiders have collectively bought CA$57k more than they sold, via options and on-market transactions, in the last 12 months. Reported Earnings • Dec 31
Second quarter 2022 earnings: EPS in line with analyst expectations despite revenue beat Second quarter 2022 results: US$0.042 loss per share (down from US$0.028 loss in 2Q 2021). Revenue: US$10.7m (up 114% from 2Q 2021). Net loss: US$1.56m (loss widened 61% from 2Q 2021). Revenue exceeded analyst estimates by 7.5%. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has fallen by 11% per year, which means it is performing significantly worse than earnings. Reported Earnings • Sep 30
First quarter 2022 earnings released: US$0.035 loss per share (vs US$0.023 profit in 1Q 2021) The company reported a soft first quarter result with weaker earnings and weaker control over costs, although revenues improved. First quarter 2022 results: Revenue: US$8.40m (up 28% from 1Q 2021). Net loss: US$1.27m (down 291% from profit in 1Q 2021). Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 21
Full year 2021 earnings released: US$0.097 loss per share (vs US$0.16 loss in FY 2020) The company reported a decent full year result with reduced losses and improved control over expenses, although revenues were weaker. Full year 2021 results: Revenue: US$30.4m (down 3.2% from FY 2020). Net loss: US$3.25m (loss narrowed 23% from FY 2020). Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Announcement • May 18
Inca One Gold Corp. announced that it expects to receive CAD 0.5 million in funding Inca One Gold Corp. (TSXV:INCA) announced a non-brokered private placement of 1,250,000 units at a price of CAD 0.40 per unit for gross proceeds of CAD 500,000 on May 17, 2021. The transaction will involve participation from the insiders of the company. Each unit consists of one common share and one transferable common share purchase warrant. Each warrant authorizes the investor to subscribe for one additional share of the company for a period of thirty-six months from the date of issue, at a price of CAD 0.60 per share. All securities issued in the transaction will be subject to a statutory hold period of 4 months plus a day from the closing date. Finder's fees may be paid in connection the transaction. The closing of the transaction is subject to the approval of the TSX Venture Exchange. Recent Insider Transactions • May 14
President recently sold CA$84k worth of stock On the 11th of May, Edward Kelly sold around 212k shares on-market at roughly CA$0.40 per share. This was the largest sale by an insider in the last 3 months. Edward has been a seller over the last 12 months, reducing personal holdings by CA$187k. Reported Earnings • Apr 03
Third quarter 2021 earnings released: US$0.035 loss per share (vs US$0.027 loss in 3Q 2020) The company reported a poor third quarter result with increased losses and weaker control over costs, although revenues were flat. Third quarter 2021 results: Revenue: US$9.80m (flat on 3Q 2020). Net loss: US$1.22m (loss widened 68% from 3Q 2020). Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Mar 03
New 90-day low: CA$0.42 The company is down 30% from its price of CA$0.61 on 02 December 2020. The Canadian market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is down 2.0% over the same period. Is New 90 Day High Low • Feb 11
New 90-day low: CA$0.45 The company is down 29% from its price of CA$0.63 on 12 November 2020. The Canadian market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 1.0% over the same period. Reported Earnings • Jan 02
Second quarter 2021 earnings released: US$0.028 loss per share The company reported a soft second quarter result with weaker revenues and control over expenses, though losses reduced. Second quarter 2021 results: Revenue: US$5.02m (down 52% from 2Q 2020). Net loss: US$972.0k (loss narrowed 32% from 2Q 2020). Over the last 3 years on average, earnings per share has increased by 72% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Recent Insider Transactions • Dec 09
President recently sold CA$55k worth of stock On the 2nd of December, Edward Kelly sold around 90k shares on-market at roughly CA$0.61 per share. This was the largest sale by an insider in the last 3 months. Edward has been a seller over the last 12 months, reducing personal holdings by CA$112k. Announcement • Nov 27
Inca One Gold Corp. Updates on the Small-Scale Mining Sector and the Formalization Process in Peru 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. Is New 90 Day High Low • Nov 24
New 90-day low: CA$0.48 The company is down 37% from its price of CA$0.76 on 25 August 2020. The Canadian market is up 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is down 9.0% over the same period. Reported Earnings • Oct 01
First quarter earnings released Over the last 12 months the company has reported total losses of US$2.13m, with losses widening by 59% from the prior year. Total revenue was US$32.4m over the last 12 months, down 6.1% from the prior year. Announcement • Aug 30
Inca One Gold Corp. Auditor Raises 'Going Concern' Doubt Inca One Gold Corp. filed its Annual on Aug 24, 2020 for the period ending Apr 30, 2020. In this report its auditor, Grant Thornton, gave an unqualified opinion expressing doubt that the company can continue as a going concern. Announcement • Jun 16
Inca One Gold Corp. Prepares to Ramp Up Processing in Accelerated Restart of Peruvian Economy Inca One Gold Corp. ("Inca One" or the "Company") is pleased to provide an update on the accelerated restart of small scale mining in Peru, helping to kickstart the Peruvian mining sector. On June 4, 2020, the Peruvian Government announced a new decree outlining a staged restart of industrial activity across the country. Initially scheduled to be included in a later phase restart in August 1, 2020, the small scale sector was deemed to be of national importance to the Peruvian economy and its accelerated restart will allow thousands of small scale and artisanal miners to return to work two months sooner than expected. During the lock-down period, there was reduced mining activity throughout the country, limiting deliveries to processing facilities due to the travel and transportation restrictions. Now, as a result of the unexpected, early restart, stockpiled ore can be transported to the Chala One and Kori One processing facilities on a regular basis. The Company used the slowdown period since early March to perform a number of updates to its processing facilities. At Chala One, management was able to fine-tune its systems, implement process improvements and complete necessary maintenance. Down time in between processing days at Kori One allowed for an extra clean out of the ball mills and tanks, providing additional ounces for smelting and export. Completing these necessary updates and maintenance in advance of a return to normal industrial activities is anticipated to improve efficiency and productivity at its plants in the future. Over these prior few months Inca One implemented COVID-19 protocols not only as requested by the authorities, but in some instances in advance of official governmental orders. Because of swift corporate actions, the Company was able to prioritize the health and safety of its staff and employees. The Company is proud to report its employees remain free of COVID-19 symptoms and are ready to support its suppliers in their protocols as well.