VANCOUVER, BRITISH COLUMBIA – April 11, 2023 – Lupaka Gold Corp. ("Lupaka" or the “Company") (TSX-V: LPK, FRA: LQP) is pleased to announce that from March 27 to April 3, 2023, the arbitration hearing stage of the Company’s Arbitration Claim against the Republic of Peru convened in Washington, D.C. With the completion of the arbitration hearings, the Tribunal will now deliberate and grant the Parties an opportunity to answer specific questions the Tribunal may have. Thereafter, the Tribunal will weigh the parties’ claims and evidence. The Tribunal has not yet provided the Parties with any indication as to their timeline for any Arbitration Award decision.

Gordon Ellis (CEO) commented “We are very pleased with the performance of our lawyers, our expert witnesses and former employees over the last week. They each gave a very solid performance and I believe that we were able to convincingly establish and support our Claim”.

For ongoing updates and more detail with respect to the arbitration, please refer to the Company’s website (www.lupakagold.com/projects/arbitration).

For background on the basis for the Claim, please refer to the Company’s previous news releases, also available on the Company’s website (www.lupakagold.com/news/#2020).

Lupaka is represented in the arbitration proceedings by the international law firm LALIVE (www.lalive.law) ) and Boies Schiller Flexner (www.bsfllp.com), and has the financial backing of Bench Walk Advisors (www.benchwalk.com).

Neither the TSX Venture Exchange nor its Regulation Service Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of this news release.