Arbitration Award Update (February 3, 2026)

The February 3, 2026, news release provides an update on Lupaka Gold’s efforts to collect a significant ICSID arbitration award against the Republic of Peru. Following the initial award of approximately US$65 million on June 30, 2025, the amount has grown to US$67.7 million as of December 31, 2025, due to accruing interest (UST + 5%). Crucially, the 120-day period for Peru to request an annulment passed on October 28, 2025, with no challenge, making the award final and binding. Lupaka is now actively identifying Peruvian assets for seizure and has launched a media campaign in Peru. The company highlighted a recent precedent where Peru paid a US$91 million award to Kuntur Wasi in January 2026, suggesting a path to payment exists.

The impact is material and positive, but carries high execution risk. - Validation of Debt: The growth of the award to US$67.7 million (nearly 4x the company's current market cap) is significant. - Precedent for Payment: The disclosure that Peru paid a US$91 million award to Kuntur Wasi in January 2026 is the most critical piece of new information, as it undermines the "sovereign refusal" risk. - Finality: The expiration of the annulment period removes the primary legal hurdle to collection. - Funding: Collection efforts remain funded by Bench Walk Advisors, shielding the company from immediate legal costs, though this comes at the cost of a significant portion of the eventual proceeds. - Financial Fragility: Despite the massive potential windfall, the company remains functionally insolvent with only $21,380 in cash and $408,581 in liabilities as of Q3 2025.

Lupaka Gold is a Canadian resource company that has transitioned into a legal claimant. Its flagship project was the Invicta Gold Project in Peru. The project was lost following an illegal blockade and what the ICSID tribunal ruled was a lack of protection by the Peruvian government, violating the Canada-Peru Free Trade Agreement. The company currently holds minor interests in the Idol City and Pine Creek properties in Oregon, USA, but these are secondary to the arbitration claim.