Mr. Gordon Ellis reports

ARBITRATION CLAIM UPDATE

Lupaka Gold Corp. has received an update from the Arbitral Tribunal regarding the company's continuing arbitration claim against the Republic of Peru.

Quoted from the tribunal's update

"The tribunal refers to the claimant's communication of March 14, 2025, and it wishes to provide the following status update to the parties:

"The ruling is in the final translation stage, but the process of translation and checking has been unexpectedly time-consuming. Considering the time necessary to finalize the ruling for dispatch in the two procedural languages, the tribunal anticipates and intends that the ruling will be dispatched this spring."

Gordon Ellis (chief executive officer) commented, "Although we had anticipated a final ruling by this time, the good news is that we are already into spring, so a final ruling is expected in the very near future."

For continuing updates and more detail with respect to the arbitration, 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 is represented in the arbitration proceedings by the international law firm Lalive, and has the financial backing of Bench Walk Advisors.

About Lupaka Gold Corp.

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