Mr. Gordon Ellis reports

LUPAKA COMPLETES NON-BROKERED PRIVATE PLACEMENT

Lupaka Gold Corp. has completed its previously announced non-brokered private placement, having raised gross proceeds of $120,000 in two tranches.

As of Aug. 18, 2023, the company has closed tranche 2 of the placement and issued 700,000 units at a price of six cents per unit for gross proceeds of $42,000. All shares issued and warrant shares (if exercised prior to Dec. 19, 2023) are subject to a hold period expiring four months plus one day from the closing date of the second tranche of the placement in accordance with applicable securities laws.

Together with the previously announced July 26, 2023, closing of tranche 1, the company has issued two million units in aggregate at a price of six cents per unit. Each unit consists of one common share of the company and one common share purchase warrant. Each warrant entitles the holder to purchase one additional common share of the company at a price of 10 cents for a period of three years from closing, subject to receipt of final applicable regulatory approvals including approval of the TSX Venture Exchange. The shares and warrants issued in the placement are subject to a four-month hold period.

Gordon Ellis, president and chief executive officer of the company, acquired 200,000 units in tranche 1 of the placement. His participation is considered to be a related party transaction as defined under Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. The transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the units issued to Mr. Ellis, or the consideration paid, exceeded 25 per cent of the company's market capitalization.

No finders' fees were paid, and the proceeds of the placement will be used to finance property acquisitions and development expenditures, and general working capital.

About Lupaka Gold Corp.

Lupaka is an active Canadian-based company focused on creating shareholder value through identification and development of mining assets.