Mr. Gordon Ellis reports

ARBITRATION CLAIM UPDATE

On June 30, 2025, Lupaka Gold Corp. received the final award from the arbitral tribunal in the arbitration initiated by the company against Peru for violation of the free-trade agreement between Canada and Peru in connection with Lupaka's investment in the Invicta gold project. The tribunal upheld Lupaka's claims and ordered Peru to pay Lupaka a total amount, which is currently approximately $65-million (U.S.), as follows:

1. Compensation in the amount of $40.4-million (U.S.) (such as the full amount claimed by Lupaka), plus interest thereon at the rate of LIBOR (London Interbank Offered Rate) plus 4 per cent from Aug. 26, 2019, until June 30, 2023, and UST plus 5 per cent from July 1, 2023, to the date of payment, compounded annually;
2. Reimbursement of costs and expenses incurred by the company in the arbitration, totalling $4,215,956.42 (U.S.), plus compound interest at UST plus 5 per cent from the date of the award (June 30, 2025) to the date of final payment.

Gordon Ellis, chief executive officer, commented: "Receipt of the final award is exceptionally good news and a key step in our arbitration proceedings against the Republic of Peru. However, it does not necessarily mean that the company will recover the amounts awarded in the immediate future. We may have a few more hoops to jump through prior to the company actually receiving any cash."

Lupaka is in discussions with its legal counsel as to the next steps and how best to proceed. The first payments to be made subsequent to receipt of any award proceeds will go to the company's financing partner, Benchwalk LP. Lupaka will keep shareholders informed as it progresses.

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 L.A. Live, 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 the identification and development of mining assets.