Mr. Gordon Ellis reports

ARBITRATION AWARD UPDATE (FEBRUARY 3, 2026)

Lupaka Gold Corp. has provided its current progress in receiving the proceeds of the International Centre for Settlement of Investment Disputes arbitration award initially announced by the company on July 2, 2025.

Having received no direct response from the government of Peru regarding its intended award payment timeline, the company is pursuing other avenues to collect the award. In this regard, the company has identified significant Peruvian assets in various jurisdictions and is proceeding with the legal processes involved to attach and/or seize such assets.

Gordon Ellis (chief executive officer) commented: "When the award was issued on June 30, 2025, the amount payable was approximately $65-million (U.S.). Due to the accruing interest, the amount payable has grown to $67.7-million (U.S.) as at Dec. 31, 2025, and it continues to climb. We look forward to being able to announce that Peru has fulfilled their obligations under the ICSID arbitration award and thereby demonstrating their acknowledgment of compliance with the Canada-Peru free-trade agreement. Meanwhile, we continue to be pleased to have the full support of Benchwalk, our funding partner, as we move forward in our collection efforts."

Further, the company has instigated a media campaign focused on the mining industry, government and business in general in Peru outlining the award and Peru's related obligations and the fact that Peru is delinquent in meeting said obligations. To date, there has been a wide response to the media campaign within Peru.

Finally, a recent occurrence that speaks favourably to the company's collection efforts is that the Republic of Peru paid another ICSID arbitration award in January, 2026. Kuntur Wasi SA is a private consortium that Peru contracted to build a new airport in Cusco, Peru. After believing that it had been inappropriately dismissed, Kuntur Wasi took the Republic of Peru to arbitration through ICSID resulting in ICSID issuing an award of $91-million (U.S.) in 2024 which Peru paid last month. This indicates that Peru has the available means and will honour its commitments under international trade agreements.

Award background: In December, 2019, the company initiated an arbitration claim against the Republic of Peru under the Canada-Peru free-trade agreement. The related arbitration process was conducted through the International Centre for Settlement of Investment Disputes and continued until the ICSID tribunal issued an award in favour of the company on June 30, 2025.

Subsequent to the award date, Peru had 120 days in which to challenge the award through a request for an annulment. The 120-day period passed on Oct. 28, 2025, with no annulment being requested. Having no further recourse, the Republic of Peru must pay the award amounts, otherwise risking serious impacts to its desired reputation as a welcoming mining jurisdiction that protects foreign investment.

For continuing updates and more detail with respect to the arbitration award, please refer to the company's website.

For background on the basis for the claim, please refer to the company's previous news releases, also available on the company's website.

Lupaka was represented in the arbitration proceedings by the international law firm Lalive, with the financial backing of Bench Walk Advisors. Both firms continue to be involved until the award proceeds are received.

About Lupaka Gold Corp.

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