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VANCOUVER, BRITISH COLUMBIA, October 28, 2022 – Lupaka Gold Corp. ("Lupaka Gold" or the “Company") (TSX-V: LPK, FRA: LQP) announces that the Company has closed the non-brokered private placement (the “Closing”) previously announced on September 16, 2022 (the “Placement”).

At the Closing, the Company issued 2,000,000 units at a price of $0.10 per unit for gross proceeds of $200,000. Each unit consists of one common share of the Company (“Share”) and one transferable common share purchase warrant (“Warrant Share”) entitling the holder to purchase an additional common share of the Company at a price of $0.25 for a period of three years from the Closing (the “Placement”). All of the Shares issued and any Warrants Shares (if exercised prior to March 1, 2023) are subject to a hold period expiring four months and one day from the Closing in accordance with applicable securities laws. Closing of the Placement is subject to final acceptance by the TSX Venture Exchange.

The proceeds of the Placement will be used for property acquisitions and development expenditures, and general working capital.