Lupaka Announces Grant of Incentive Stock Options

Lupaka Gold Corp. ("

Lupaka Gold

" or the “

Company

") (TSX-V: LPK, FRA: LQP) reports that effective November 23, 2022, the Company has granted 320,000 incentive stock options to directors, officers, employees and consultants of the Company, pursuant to its 2010 Incentive Stock Option Plan. The options vest over 18 months from date of grant and are exercisable on or before November 23, 2027, at a price of $0.09 per share.

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 discoveries and strategic development of its assets in some of the most prolific mining regions of Peru.

FOR FURTHER INFORMATION PLEASE CONTACT:

Gordon Ellis, [e-mail]: [phone] (ext 2)

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