Update on the Claim for Arbitration September 2022

VANCOUVER, British Columbia, September 29, 2022 (GLOBE NEWSWIRE) — Lupaka Gold Corp. (“forget it” or the “company“) (TSX-V: LPK, FRA: LQPA) provides an update on its ongoing arbitration (the “Claim”) with the Republic of Peru (“Peru”).

As previously reported, in October 2020, Lupaka filed a Request for Arbitration under Article 36 of the International Convention on the Settlement of Investment Disputes (“ICSID”) and Article 824 of the CPFTA against Peru for violations of the Free Trade Agreement between Canada and Peru, which was signed on August 1, 2009 came into effect (the “FTA”). Lupaka filed its Memorial on the Merits with ICSID on October 1, 2021, seeking full compensation for the loss of its investment in the Invicta Gold Project, which Lupaka said was due to Peru’s breaches of its FTA obligations.

On March 24, 2022, Peru filed its Memorial on Jurisdiction and Counter-Memorial on the Merits, seeking to dismiss Lupaka’s lawsuit. Peru’s request for dismissal was denied by ICSID and the company filed its second Reply Memorial on September 23, 2022.

Peru is required to respond in January 2023, followed by the formal arbitration hearing to be held 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,” said CEO Gordon Ellis. He further commented, “I reviewed the Memorial documents filed by Peru on September 23, 2022 and met with LALIVE, our Legal Counsel, earlier this week. With the very competent support of the company’s current and former employees, LALIVE has conducted extensive and thorough investigations and investigations into all aspects of the claim. In addition, independent third-party reports were completed by the Company’s quantum evaluators and mining engineers in…

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