VANCOUVER, BRITISH COLUMBIA – February 3, 2026 – Lupaka Gold Corp. ("Lupaka" or the “Company") (TSX-V: LPK, FRA: LQP) advises as to current progress in receiving the proceeds of the ICSID 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 (CEO) commented “When the Award was issued on June 30, 2025 the amount payable was approximately US$65 million. Due to the accruing interest, the amount payable has grown to US$67.7 million as at December 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 acknowledgement 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 and 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. See https://www.bloomberg.com/news/articles/2026-01-19/gold-miner-plots-seizure-of-peru-assets-over-67-million-arbitration-debt for one such example.
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 S.A.is a private consortium that Peru contracted to build a new airport in Cusco, Peru. After believing that they had been inappropriately dismissed, Kuntur Wasi took the Republic of Peru to arbitration through ICSID resulting in ICSID issuing an award of US$91 million in 2024 which Peru paid last month. This indicates that Peru has the available means and will to honour their commitments under International Trade Agreements.
