Arbitration AWARD Update

The most recent news (March 2, 2026) confirms that Lupaka Gold has officially filed an action in the U.S. District Court for the District of Columbia to enforce its ICSID arbitration award against the Republic of Peru. The award, originally issued on June 30, 2025, has grown to approximately US$68.6 million due to accruing interest (UST + 5%). Crucially, the 120-day window for Peru to request an annulment expired on October 28, 2025, without a challenge, making the award final and binding under international law. The company is now targeting the "attachment" of Peruvian assets located within the United States and other jurisdictions.

• Materiality: This is a high-impact development. While the "win" was announced in mid-2025, the transition to active asset seizure in U.S. courts is the critical "collection" phase.
• Financial Magnitude: The US$68.6M award is massive relative to the company’s balance sheet, which showed total assets of only $43,973 as of Sept 30, 2025.
• Enforcement Risk: While the legal right to the money is absolute (no annulment filed), the physical collection from a sovereign state is notoriously difficult and time-consuming.
• Precedent: Management cited that Peru paid a US$91M award to Kuntur Wasi in January 2026, suggesting the state is solvent and capable of paying, though it is currently choosing to delay Lupaka.

Lupaka Gold is essentially a "legal shell" company whose primary value is a massive legal claim against the Republic of Peru. The dispute stems from the Invicta Gold Project, where Lupaka alleges Peru violated the Canada-Peru Free Trade Agreement by failing to provide security and support when illegal community blockades prevented the company from developing the mine. The company has pivoted from being a miner to a litigation play.