Please refer to the Company’s news releases for the latest updates regarding the arbitration against the Republic of Peru. 


Dates in arbitration

12 December 2019  Lupaka delivers “Notice of Intent to Submit a Claim to Arbitration”. *

27 December 2019  Peru acknowledged receipt of Notice of Intent.

27 August 2020  Peru communicates their appointment of legal counsel for Peru’s defence.

23 September 2020  Lupaka selects arbitrator for arbitration suit. **

21 October 2020  Lupaka (Lalive) files Request for Arbitration.

27 October 2020  Letter from Peru Ministry of Economy and Finance acknowledging filing of arbitration request and reconfirming their legal counsel.

30 October 2020  Lupaka receives ICSID Secretary-General Notice of Registration and assignment of case number (ARB/20/46).

02 December 2020  Lupaka receives notice from Peru counsel that Peru’s co-arbitrator has been appointed.

10 December 2020  The parties agree on a procedure to elect the third and final arbitrator who will act as Chair.

02 February 2021  The process of selecting eight candidates from which to fill the third and final arbitrator position is complete and the candidate elimination to final selection process is underway.

17 February 2021  The third and final arbitrator position has now been filled. This position is also the chairman of the committee. With completed constitution of the Arbitral Tribune, the arbitration process can now proceed.

25 February 2021  The Company’s legal firm has appointed a Quantum Expert to carry out an independent evaluation of all available data and calculate a supported value for the financial claim against the Republic of Peru.

13 April 2021  The Tribunal held its first session together with the Parties.

20 April 2021  A definitive time schedule has been agreed to between the parties and the ICSID Tribunal.

06 October 2021  Compilation of background information, relevant documents and witness statements fundamentally completed, Quantum Evaluator’s assessment of damages underway and first round of comprehensive submissions submitted to Arbitration Tribunal.

26 March 2022  The initial response from Peru in the form of their Counter-Memorial was received and review plus preparation of response has begun. The process appears to remain on  schedule.

21 September 2022  Receipt of independent engineering report by Micon International Limited providing updated mine plans including block models for 350 and 590 tonne per day mining scenario and confirming sufficient defined mineralization present to support either scenario.

21 September 2022  Receipt of revised and updated Quantum Evaluator’s report responding to Peru’s previous Memorial and adding an abundance of additional evidence in support of Lupaka’s claim.  This Quantum Evaluator report included a discounted cash flow evaluation of loss based on Micon International’s report

23 September 2022  Lupaka submitted its second Reply Memorial in support of its claim. This submission included updated reports the Company’s Quantum Evaluator, additional witness statements and the independent engineering report by Micon International limited.

As of September 30, 2022, the arbitration process appears to remain on schedule with the formal Tribunal arbitration hearing to take place during late March and the first week of April 2023. The Tribunal will issue their decision within a few months after that.

Mid-January 2023 was the last date for the respondent (Republic of Peru) to submit their arguments and counterarguments to the Tribunal.

27 March - 03 April 2023  The formal Tribunal convened in Washington DC. Multiple witnesses from both sides gave statements and were cross examined. At the end of the formal hearing, the Tribunal stated that they may have further questions that they will convey to both parties. The parties will then have a limited time in which to respond with a limited number of words. Thereafter, the Tribunal will deliberate for an unspecified time frame prior to concluding with an award decision

30 June 2023  All post hearing responses to questions from the Tribunal have been submitted by both parties. There should be no further information submissions from either party. It is now up to the Tribunal to complete their work and come to a decision.

15 October 2023  ICSID has requested and has now received records of all potentially reimbursable expenses related to each parties’ arbitration related disbursements. These values may become part of the compensation in any award decision.

*-Note that delivery of Notice of Intent triggers a six month “cooling off period” during which the parties
are requested to meet and attempt to settle prior to filing a formal Request for Arbitration. The parties
did meet but no settlement was reached. Due primarily to Covid-19, the six-month period was

** -Note that each party in the arbitration will select one arbitrator, these two will then select a third for
a total of three.

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