Mr. Gordon Ellis reports

LUPAKA COMPLETES NON-BROKERED PRIVATE PLACEMENT

Lupaka Gold Corp. has closed the non-brokered private placement previously announced on Oct. 8, 2024.

At the closing, the company issued 1.5 million units at a price of five cents per unit for gross proceeds of $75,000. Each unit consists of one common share and one transferable common share purchase warrant, entitling the holder to purchase an additional common share of the company at a price of 10 cents for a period of three years from the closing. All shares issued and warrant shares (if exercised prior to March 2, 2025) are subject to a hold period expiring four months plus one day from the closing in accordance with applicable securities laws. Closing of the placement is subject to receipt of final applicable regulatory approvals, including approval of the TSX Venture Exchange.

Gordon Ellis, president and chief executive officer of the company, acquired 200,000 units 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, nor 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 research 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.