Lupaka Gold Corp. - Arbitration Award Update

The most recent news release dated February 18, 2026, provides a critical update on Lupaka Gold’s efforts to collect a finalized ICSID arbitration award from the Republic of Peru. Key points include: - The total award amount, including accrued interest, has grown to USD $68.2 million as of the current date. - The award is now final and binding, as the 120-day annulment period expired on October 28, 2025, without a challenge from Peru. - Management highlights that Peru recently paid a USD $91 million award to another claimant (Kuntur Wasi) in January 2026, establishing a fresh precedent for compliance with ICSID obligations. - Lupaka is actively identifying Peruvian assets in various jurisdictions for potential seizure if the debt remains unpaid. - The company is supported by legal counsel (LALIVE) and a litigation funding partner (Bench Walk Advisors).

The impact is Material - Positive, as it confirms the transition from "legal uncertainty" to "final debt collection." - Financial Magnitude: The USD $68.2 million award is roughly 6x the company's current market capitalization. Even after accounting for the significant "success fee" and cost recovery owed to Bench Walk Advisors, the remaining proceeds would likely be transformative for a company that currently reports a working capital deficit. - De-risking: The expiration of the annulment deadline removes the primary legal hurdle. The news that Peru paid a larger award in January 2026 significantly reduces the perceived risk of sovereign default or "stonewalling." - Interest Accrual: The award is currently accruing interest at a rate of US Treasury Bill + 5% (compounding annually), which incentivizes the company to hold out for full payment while creating a growing liability for Peru.

Lupaka Gold was formerly a gold exploration and development company. Its flagship project was the Invicta Gold Project in Peru. The project was lost following an "illegal blockade" by a local community in 2018, which prevented development. Lupaka subsequently lost the property to its then-lender (Pandion Mine Finance). The company’s current "flagship asset" is the legal claim against the Republic of Peru for failing to protect Lupaka's investment under the Canada-Peru Free Trade Agreement. The company also holds minor interests in the Idol City and Pine Creek properties in Oregon, USA, but these are secondary to the arbitration.