Mr. Gordon Ellis reports

ARBITRATION AWARD UPDATE

Lupaka Gold Corp. is advising as to its current progress in pursuing receipt of the proceeds of the International Centre for Settlement of Investment Disputes arbitration award announced by the company on July 2, 2025.

Lupaka has filed an action to enforce the award in the U.S. District Court for the District of Columbia. Enforcement actions in other jurisdictions will follow.

Pursuant to the Convention on the Settlement of Investment Disputes Between States and Nationals of Other States and the federal statute implementing the convention, 22 U.S.C. paragraph 1650a, a court asked to enforce an ICSID award that "may do no more than examine the award's authenticity and enforce the obligations imposed by the award."

Accordingly, as there is no doubt about the award's authenticity, Lupaka is confident that it will soon be able to begin attaching Peruvian assets anywhere within the United States.

Gordon Ellis (chief executive officer) commented: "We had expected that Peru would pay the award prior to the start of the Prospectors & Developers Association of Canada conference being held in Toronto, Canada, this coming week. The mining industry will undoubtedly take note of Peru's refusal to comply with its obligations under international law when making investment decisions."

Due to the significant interest awarded (UST plus 5 per cent, compounded annually), the award amount continues to grow as Peru continues to delay payment. As of this date, the award amount is approximately $68,648,774 (U.S.).

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, it risks 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 Advisor. 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.