VANCOUVER, BRITISH COLUMBIA – October 7, 2022 – Lupaka Gold Corp. ("Lupaka" or the “Company") (TSX-V: LPK, FRA: LQP) issued a revised update which corrected certain inaccuracies in its original news release of September 29, 2022 entitled “Update on Arbitration Claim Sept 2022”.

The specific corrections made to the September 29 news release are outlined below.

As previously reported, in October 2020, Lupaka filed a request for arbitration in accordance with Article 36 of the International Convention on the Settlement of Investment Disputes (“ICSID”) and Article 824 of the CPFTA against Peru for breaches of the Free Trade Agreement between Canada and Peru which entered into force on August 1, 2009 (the “FTA”).  Lupaka filed its Memorial on the Merits with the ICSID on October 1, 2021, requesting full compensation for the loss of its investments in the Invicta Gold Project, which Lupaka alleges resulted from Peru’s breaches of its obligations under the FTA. 

On March 24, 2022, Peru submitted its Memorial on Jurisdiction and Counter-Memorial on the Merits. [Deleted Text (requesting the dismissal of Lupaka's Claim. Peru's dismissal request was rejected by the ICSID)] . The Company subsequently filed its Reply Memorial on September 23, 2022.

Peru is required to respond during January 2023 followed by the formal arbitration hearing, which is due to take place between late March and early April 2023. Any final award will be announced by the Arbitral Tribunal some time after the arbitration hearing.

“The Company has a very strong case here”, stated Gordon Ellis, C.E.O. He further commented that “I have reviewed the Memorial documents submitted by [Deleted Text (Peru)] Lupaka on September 23, 2022 and met with LALIVE, our legal counsel, earlier this week. With the very capable support of the Company’s current and previous employees, our combined legal counsel [Deleted Text (LALIVE)] has completed extensive and thorough investigation and research of all aspects of the Claim. In addition, independent, third-party reports have been prepared by the Company’s quantum evaluators and mining engineers in support of the Company’s Claim.”

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