Arbitration Award Update
DRAFT
Arbitration Award Update
(February 3, 2026)
VANCOUVER, BRITISH COLUMBIA – February 3, 2026 – Lupaka Gold Corp.
("Lupaka" or the “Company") (TSX-V: LPK, FRA: LQP) advises as to current
progress in receiving the proceeds of the ICSID Arbitration Award initially
announced by the Company on July 2, 2025.
Having received no direct response from the Government of Peru regarding its
intended Award payment timeline, the Company is pursuing other avenues to
collect the Award. In this regard, the Company has identified significant Peruvian
assets in various jurisdictions and is proceeding with the legal processes
involved to attach and/or seize such assets.
Gordon Ellis (CEO) commented “When the Award was issued on June 30, 2025
the amount payable was approximately US$65 million. Due to the accruing
interest, the amount payable has grown to US$67.7 million as at December 31,
2025, and it continues to climb. We look forward to being able to announce that
Peru has fulfilled their obligations under the ICSID Arbitration Award and thereby
demonstrating their acknowledgement of and compliance with the Canada –
Peru Free Trade Agreement. Meanwhile, we continue to be pleased to have the
full support of Benchwalk, our funding partner, as we move forward in our
collection efforts.”
Further, the Company has instigated a media campaign focused on the mining
industry and government and business in general in Peru outlining the Award
and Peru’s related obligations and the fact that Peru is delinquent in meeting said
obligations. To date, there has been a wide response to the media campaign
within Peru. See https://www.bloomberg.com/news/articles/2026-01-19/gold-
miner-plots-seizure-of-peru-assets-over-67-million-arbitration-debt for one such
example.
Finally, a recent occurrence that speaks favourably to the Company’s collection
efforts is that the Republic of Peru paid another ICSID arbitration award in
January 2026. Kuntur Wasi S.A.is a private consortium that Peru contracted to
build a new airport in Cusco, Peru. After believing that they had been
inappropriately dismissed, Kuntur Wasi took the Republic of Peru to arbitration
through ICSID resulting in ICSID issuing an award of US$91 million in 2024
which Peru paid last month. This indicates that Peru has the available means
and will to honour their commitments under International Trade Agreements.
Award Background: In December 2019, the Company initiated an arbitration
claim against the Republic of Peru under the Canada-Peru Free Trade
Agreement. The related arbitration process was conducted through the
International Centre for Settlement of Investment Disputes (ICSID) and continued
until the ICSID Tribunal issued an Award in favour of the Company on June 30,
2025.
DRAFT
Subsequent to the Award date, Peru had 120 days in which to challenge the
Award via a request for an annulment. The 120-day period passed on October
28, 2025, with no annulment being requested. Having no further recourse, the
Republic of Peru must pay the Award amounts, otherwise risking serious impacts
to its desired reputation as a welcoming mining jurisdiction that protects foreign
investment.
For ongoing updates and more detail with respect to the Arbitration Award,
please refer to the Company’s website
(www.lupakagold.com/projects/arbitration).
For background on the basis for the Claim, please refer to the Company’s
previous news releases, also available on the Company’s website
(www.lupakagold.com/news).
Lupaka was represented in the arbitration proceedings by the international law
firm LALIVE (www.lalive.law), with the financial backing of Bench Walk Advisors
(www.benchwalk.com). Both firms continue to be involved until the Award
proceeds are received.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as
the term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy of this news release.
About Lupaka Gold
Lupaka is a Canadian-based company focused on creating shareholder value
through the identification and development of mining assets.
About LALIVE
LALIVE is an international law firm with offices in Geneva, Zurich and London,
that specializes in international dispute resolution. The firm has extensive
experience in international investment arbitration in the mining sector, amongst
others, and is currently representing investors and States as counsel worldwide.
About Bench Walk Advisors
Bench Walk Advisors is a global litigation financier with over USD 250 million of
capital deployed across in excess of 100 commercial cases. Bench Walk and its
principals have consistently been ranked as leading lawyers and litigation
funders in various global directories.
FOR FURTHER INFORMATION PLEASE CONTACT:
Gordon Ellis, C.E.O.
Tel: (604) 985-3147
or visit the Company’s profile at www.sedar.com or its website at
www.lupakagold.com