Lupaka Provides Mid-Year Update on Arbitration Claim before the International Centre for Settlement of Investment Disputes

VANCOUVER, May 28, 2021 - Lupaka Gold Corp. ("Lupaka" or the "Company") (TSX-V: LPK, FRA: LQP) provides an update on progress with its international arbitration claim against the Republic of Peru.

Since our previous update of February 2021, a number of important steps have been achieved in the arbitration process. These include:

1. The International Centre for Settlement of Investment Disputes (ICSID) has appointed the presiding arbitrator. The Tribunal held its first session together with the Parties on April 13, 202;

2. The Company has selected a Quantum Expert who is tasked with preparing a detailed evaluation of the Company's claim. This evaluation is progressing well and will be the basis for the value of the Company's claim against the Republic of Peru;

3. A definitive time schedule has been agreed to between the parties and the ICSID Tribunal. Lupaka will file its Memorial in September 2021; and

4. The Company and its legal team at Lalive continue to build the case. Document review and interviews with former employees and related personnel are progressing on schedule and with good success.

Overall, the case is developing as forecast, and both the Company and its legal team have a growing sense of confidence in achieving a successful outcome.

For ongoing updates with respect to the arbitration, please refer to the Company's website (www.lupakagold.com/projects/arbitration).

For background on the basis for the arbitration please refer to the Company's previous news releases, also available on the website (www.lupakagold.com/news/#2020).

With respect to the arbitration proceedings, Lupaka is represented by the international law firm, LALIVE (www.lalive.law), and has the financial backing of Bench Walk Advisors (www.benchwalk.com).

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 an active Canadian-based company focused on creating shareholder value through identification and development of mining assets.

About Bench Walk Advisors
Bench Walk Advisors is a global litigation financier with over USD 250m 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.

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.

FOR FURTHER INFORMATION PLEASE CONTACT:

Gordon Ellis, C.E.O.
gellis@lupakagold.com
Tel: (604) 985-3147

or visit the Company's profile at www.sedar.com or its website at www.lupakagold.com