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VANCOUVER, BRITISH COLUMBIA, October 18, 2023 – Lupaka Gold Corp. ("Lupaka Gold" or the “Company") (TSX-V: LPK, FRA: LQP) announces that it intends to complete a non-brokered private placement (the “Placement”), to raise gross proceeds of up to $51,000.

The Company plans to issue up to 850,000 units at a price of $0.06 per unit. Each unit consists of one common share of the Company and one common share purchase warrant (each, a “Warrant”).  Each Warrant entitles the holder to purchase one additional common share of the Company at a price of $0.10 for a period of three years from closing.  

No insiders of the Company are participating in the Placement and no finders’ fees are expected to be paid.  The proceeds of the Placement will be used to fund property acquisitions and development expenditures, and general working capital.

Closing of the Placement is subject to receipt of final applicable regulatory approvals including approval of the TSX Venture Exchange.  The shares and Warrants issued in the Placement are subject to a four-month hold period.