VANCOUVER, BRITISH COLUMBIA, September 22, 2017 - Lupaka Gold Corp. ("Lupaka Gold" or the "Company") (TSXV:LPK, FRA:LQP) announces that the Company plans to issue warrants to its agent, Red Cloud Klondike Strike Inc., pursuant to Tranche 1 of the PLI financing.

In conjunction with the receipt of Tranche 1 of the Invicta Gold mining project financing agreement with PLI Huaura Holding L.P. previously announced on August 9, 2017, and pursuant to an advisory agreement entered into with Red Cloud Klondike Strike Inc. dated October 20, 2015 (the "Agent"), the Company will pay a cash consideration of 2% of the funds received and will issue, subject to the approval of the TSX Venture Exchange, 100,844 Advisor Warrants with an exercise price of $0.20, for a period of two years, expiring on August 4, 2019. The value of the Advisor Warrants is equal to 1% of the funds received, with an exercise price equal to 30% above the 5-day VWAP of the Company's shares.

The Agent is an Arm's Length party to the Company and is considered an "accredited investor" as such term is defined in National Instrument 45-106. The Warrants and any shares issued pursuant to the exercise of the warrants will be subject to a statutory hold period under Canadian securities laws expiring four months and a day after issue.

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.

About Lupaka Gold
Lupaka Gold is a Peru-focused gold explorer and developer with geographic diversification and balance through its interests in asset-based resource projects spread across three regions of Peru.

About Red Cloud Klondike Strike Inc.
In connection with the announced financing, Red Cloud Klondike Strike Inc. ("Red Cloud") acted as Lupaka Gold's advisor.

Red Cloud is an exempt market dealer focused on providing unique and innovative financing alternatives, growth opportunities, and market exposure for select mining companies.

The Red Cloud team has a mix of technical and financial expertise with over 100 cumulative years of combined mining and corporate finance experience. Working as an extension of management, the Red Cloud team uses its global network of mining and capital markets professionals and extensive in-house experience in the many facets of the mining business to help companies identify sources of capital and quality actionable merger, acquisition and divestiture opportunities, and to generate and maintain important relationships with key investors.

FOR FURTHER INFORMATION PLEASE CONTACT:
Gordon Ellis, President & C.E.O.
604-681-5900
gellis@lupakagold.com
or visit the Company's profile at www.sedar.com or its website at www.lupakagold.com