Lupaka is currently evaluating projects. The Company’s objective is to identify exceptional opportunities
in mining friendly jurisdictions. Although additional projects in Peru have not been ruled out, there will
be a greater focus on projects which are not as remote, provide easier access and where mining enjoys
greater acceptance.

Management has reduced costs such that expenditures are relatively low and the Company can
continue to operate with minimal cash requirement. Once an appropriate relationship or project is
identified activities can be accelerated.

How quickly we move forward on new projects and relationships is partially related to the Company’s
progress in the arbitration suit with the Republic of Peru. Our lawyers and financial partners are very
optimistic about the likelihood of success and Lupaka’s management will be providing as much support
as possible. Success in this endeavour will be very beneficial to the Company, particularly its financial

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