Inca One Gold In Discussions For Significant Gold Pre-Payment Facility

Inca One Gold Corp (TSXV: INCA) this morning provided a small update on its ongoing gold pre-payment facility. The facility, entered into with OCIM precious Metals SA, has enabled the company to significantly scale its operations as a result of the improved working capital position the facility provides.

The facility itself amounts to US$2.5 million in dollar terms. Since the initial drawing of the facility in March 2021, significant progress has been made in terms of the increase in deliveries of tonnes of feedstock, while also enhancing gold production. Notably, May was a record month for production for the company, with a total of 5,367 tonnes processed and 2,219 gold ounces produced.

All funds from the facility have now reportedly been successfully deployed, with the first payment of gold under the facility made ahead of schedule. As a result of this, discussions are reportedly underway with the firm for a “significantly” larger and longer term gold pre-payment facility.

The effects of the enhanced working capital as a result of the facility can be seen above. Note the first drawdown occurred at the end of March.

“We are pleased with the initial success of our OCIM gold pre-payment facility. 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.”

Edward Kelly, CEO

Inca One Gold last traded at $0.35 on the TSX Venture.


FULL DISCLOSURE: Inca One Gold Corp is a client of Canacom Group, the parent company of The Deep Dive. The author has been compensated to cover Inca One Gold Corp on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.

Video Articles

$5,000 Gold Next Year Is Now Realistic?! | Ryan Snow – i-80 Gold Corp

Gold’s Rise Isn’t About Inflation…It’s About Power! | Florian Grummes – Midas Touch

Gold at Record Highs Validates the Cycle | Tara Christie – Banyan Gold Corp

Recommended

Sage Potash Outlines US$502 Million NPV For Flagship Sage Plains Project

Ontario MPP Removed From Caucus After Assault Charges

Related News

Maritime Resources Repurchases Half Of Hammerdown Royalty At Discount

Maritime Resources (TSXV: MAE) this morning announced that it has reduced its future operating costs...

Thursday, September 17, 2020, 08:20:29 AM

Taiga Gold Stakes Further Claims In Trans Hudson Corridor

Taiga Gold Corp (CSE: TGC) is increasing its land holdings within the Province of Saskatchewan....

Wednesday, August 12, 2020, 09:04:58 AM

K92 Mining Approved For Toronto Stock Exchange Listing

K92 Mining (TSXV: KNT) this morning issued a brief update to the market, announcing to...

Tuesday, December 8, 2020, 07:46:37 AM

Mako Mining Completes Half Bench, Production To Begin This Month

Mako Mining (TSXV: MKO) is nearing commercial production at its San Albino gold project in...

Thursday, January 21, 2021, 07:21:13 AM

Gold Mountain Mining Officially Begins Mining Operations At Elk Gold Project

Mining is officially underway over at Gold Mountain Mining (TSXV: GMTN) in just a week...

Tuesday, November 9, 2021, 08:07:47 AM